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Management's Discussion and Analysis For the Fiscal Year Ended June 30,2004 Long-Term Debt , At the end of the current fiscal year,total bonded debt(gross)outstanding was$32,453,854,which is backed by ' the full faith and credit of the Town,and is summarized as follows: Governmental Activities 2004 2003 , General obligation bonds....... $ 31,300,000 $ 28,380,000 ' MWPAT notes..................... 1,153,854 1,089,152 Total bonds and notes........... $ 32,453,854 $ 29,469,152 ' The Town retired$18,690,298($16,345,000 represents advance refunding of previously issued debt)of long-term debt during the current fiscal year,with new debt issuances totaling$21,675,000($16,725,000 represents refunding bonds). The Towns rating source has changed from Moody s to Standard&Poor's(S&P). Whereas the rating in the ' previous year was A2 from Moody's,the current rating from S&P is AAA. Additional information on the Towns long-term debt can be found in Note 8 on pages 34-37 of this report. , Economic Factors and Next Year's Budgets and Rates The following factors were considered in preparing the Town's fiscal year 2005 budget: , The most significant factor was the sharp increase in the cost of medical health insurance. The amounts assessed to the Town from the Cape Cod Regional Technical High School increased,due in part from the reduction in ' funding at the State level. Finally,the Towns share of the retirement assessment also increased for fiscal year 2005. These costs,over which the Town has little control,resulted in minimal increases elsewhere in the operating budgets. Each department trimmed their budget requests and major capital items were deferred. , In the development of the fiscal year 2005 budget,the Board of Selectmen looked to increase revenue and cut expenses while maintaining an acceptable level of service. Requestsforinformation , This financial report is designed to provide a general overview of the Towns finances for all those with an interest in its finances. Questions concerning any of the information provided in this report or requests for ,. additional financial information should be addressed to the Finance Director,Town Hall,16 Great Neck Road North,Mashpee,Massachusetts 02649. t Town of Mashpee,Massachusetts 10 Required Supplementary Information