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S U-CL IVA N SULLIVAN, ROGERS & COMPANY, LLC D O ,Gt Corporate Place I,Suite 204 • 99 South Bedford Street ' a L '\ J- Burlington,Massachusetts 01803 ®M P P-781-229-5600 F•781-229-5610 w isullivan-rogers.cotn Certified Public Accountants ' Independent Auditors'Report ' To the Honorable Board of Selectmen Town of Mashpee,Massachusetts ' We have audited the accompanying financial statements of the governmental activities,each major fund,and the ' aggregate remaining fund information of the Town of Mashpee,Massachusetts,as of and for the fiscal year ended June 30,2004,which collectively comprise the Towri s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Town of Mashpee,Massachusetts' management. Our responsibility is to express an opinion on these financial statements based on our audit. , We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards,issued by ' the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,on a test basis,evidence supporting the amounts and disclosures in the financial statements. ' An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. , In our opinion,the financial statements referred to above present fairly,in all material respects,the respective financial position of the governmental activities,each major fund,and the aggregate remaining fund information of the Town of Mashpee,Massachusetts,as of June 30,2004,and the respective changes in financial position and , the budgetary comparison for the general fund for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management's discussion and analysis(located on pages 3 through 10)is not a required part of the basic ' financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures,which consisted principally of , inquiries of management regarding the methods of measurement and presentation of the supplementary information. However,we did not audit the information and express no opinion on it. In accordance with Government Auditing Standards,we have also issued our report dated November 3,2004,on , our consideration of the Town of Mashpee,Massachusetts' internal control over financial reporting and our tests of its compliance with certain provisions of laws,regulations,contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with ' this report in considering the results of our audit. LL November 3,2004 ' 2 '