6/30/1999 - Laserfiche WebLink

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Balance Balance July 1, 1997 Additions Reductions June 30 1998 Landfill closure cost $ 1,955 $ - $ ( 898) $ 1,057 General obligation debt 32,744 1,191 (3,149) 30,786 Accrued employee benefits 933 130 1,063 Contingent liability - 500 500 Totals $ 35.632 $111 $ !4.0471 $ 33.406 15. Landfill Closure and Postclosure Care Costs State and Federal laws and regulations require the Town to place a final cover on its landfill site when it stops accepting waste and to perform certain maintenance and monitoring functions at the site for thirty years after closure. Although closure and post-closure care costs will be paid only near or after the date that the landfill stops accepting waste, the Town reports a portion of these closure and post-closure care costs as a liability in the general long- term debt account group in each period based on landfill capacity used as of each balance sheet date. The $ 1,057,400 reported as landfill closure and post-closure care liability at June 30, 1999 represents that cumulative amount reported to date based on ' the use of 100% of the estimated capacity of landfill. These amounts are based on what it would cost to perform all closure and post-closure care in 1999. The Town closed the landfill during fiscal year 1998. Actual cost may be higher due to inflation, changes in technology, or changes in regulations. ' 16. Reserves and Designations of Fund Equity The Town has established "reserves" of fund equity to segregate fund balances which are either not available for expenditure in the future or are legally set aside for a specific future use. Fund "designations," which are not legally required segregations, have also been established to indicate tentative plans for future financial utilization. The Town reported the following types of reserves and designations at June 30, 1999: ' Reserved for Endowments - Represents the principal of the nonexpendable trust fund investments. The balance cannot be spent for any purpose; how- ever, it may be invested and the earnings may be spent. Reserved for Expenditures - Represents the amount of fund balance appro- priated to be used for expenditures in the subsequent year budget. 19