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Show NOTES TO FINANCIAL STATEMENTS - GENERAL FUND UPPER COLORADO RIVER COMMISSION June 30, 1966 Note 1 - At June 30, 1966, unrecorded liability of the Commission to its full time employees for accrued annual leave amounted to $4,351.42. According to Commission policy (effective July 1, 1960), each employee is expected to take annual leave of 15 days each calendar year during which period of time regular salary payments are continued. Employees may accumulate a maximum of 30 days annual leave. Note 2 - The Commission created the Upper Colorado River Commission Pension Trust effective October 1, 1965. The purpose of this trust is to purchase insurance policies which will provide retirement income and life insurance for qualified employees of the Commission. The Commission is required to pay the premiums on the policies one year in advance, in October of each year, and amounts equivalent to 3% of the base pay is withheld from the pay checks of the participating employees during the ensuing twelve month period to cover the employee's share of the premium cost. Note 3 - While the actual expenses exceeded budgeted expenses by the amount of $6,082.05 for the fiscal year ended June 30, 1966, this overexpenditure was due to the payment of approximately $18,000.00 for engineering services and other expenses relative to a special hydro-logic report. Expenses relative to the preparation of this report were not included in the budget for this fiscal year when it was adopted in year 1963. 127 |