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RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET , <br /> TOTAL FUND BALANCES TO THE STATEMENT OF NET ASSETS <br /> FOR THE FISCAL YEAR ENDED JUNE 30,2004 ' <br /> Total governmental fund balances(page 14)........................................................................................ $ 15,350,206 <br /> Capital assets(net of accumulated depreciation)used in governmental activities are not , <br /> financial resources and,therefore,are not reported in the governmental funds................................. 93,430,200 <br /> Other assets are not available to pay for current period expenditures and, <br /> therefore,are deferred in the governmental funds....................................................................... 20,578,413 ' <br /> In the statement of activities,interest is accrued on outstanding long-term debt, <br /> whereas in the governmental funds interest is not reported until due.............................................. (500,086) , <br /> Long-term liabilities are not due and payable in the current period and, <br /> therefore,are not reported in the governmental funds. <br /> Bonds and notes payable,net of unamortized premiums and deferred losses on refundings........... (32,216,439) <br /> Landfillclosure................................................................................................................ (586,400) <br /> Compensated absences...................................................................................................... (1205,776) <br /> Net assets of governmental activities(page 12).................................................................................... $ 94,850,118 ' <br /> See notes to basic financial statements. , <br /> Town of Mashpee,Massachusetts 16 Basic Financial Statements <br /> 1 <br />