Regular Fire Board Meeting - July 10, 2024

statements. These items are a consumption of net position by the District that is applicable to a future reporting period. Previous financial reporting standards do not include guidance for reporting those financial statement elements, which are distinct from assets and liabilities. The Apache County Treasurer was unable to supply information regarding the inflows of resources pertaining to property taxes receivable despite repeated attempts to obtain it.

NOTE 10 - CONTINGENT LIABILITIES

Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed by the grantor cannot be determined at this time although the government expects such amounts, if any, to be immaterial.

NOTE 11 – ACCUMULATED COMPENSATED ABSENCES

Accumulated unpaid compensated absences are accrued in the Government-Wide Statement of Net Position. The accrual at year end consisted of $2,851 payable in less than one year and $11,406 payable in future years.

The District’s non-vested sick leave on June 30, 2023 was $ 0.

NOTE 12 – CURRENT LIABILITIES

Accounts Payable are liabilities considered due and payable in 60 days or less. Current liabilities are those liabilities payable within one year or less.

Changes in Current Liabilities:

Balance

Balance

June 30, 2022

Additions

Deletions

June 30, 2023

Accounts Payable

$

7,823 3,231 9,965

$

0

$

2,247

$

5,576 3,748

Payroll/Withholding Taxes

517

0 0 0 0

Wages Payable

1,795

11,760 175,264

Warrant Account Overdraft Compensated Absences

55,117

120,147

0

2,851

2,851

Totals

$

76,136

$ 125,310

$

2,247

$

199,199

NOTE 13- LINE OF CREDIT

The District does not use a formal line of credit in its day to day operations. The Apache County Treasurer’s Office has historically covered the District’s over drafts when the need arises and is expected to continue to do so.

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