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' Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 ' Capital assets(excluding land and construction-in-progress)are depreciated on a straight-line basis. The estimated useful lives of capital assets are as follows: ' Estimated Useful ' Life Capital Asset Type (in years) Buildings and improvements................... 20-40 ' Machinery,vehicles and equipment.......... 3-15 Infrastructure........................................ 40 ' The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend asset lives are not capitalized and are treated as expenses when incurred. Improvements are capitalized. Governmental Fund Financial Statements Capital asset costs are recorded as expenditures in the acquiring fund in the fiscal year of the purchase. K Interfund Receivables and Payables ' During the course of its operations,transactions occur between and within funds that may result in amounts owed between funds. Government-Wide Financial Statements Transactions of a buyer/seller nature between and within governmental funds are eliminated from the governmental activities in the statement of net assets. ' Fund Financial Statements ' Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund statements. Receivables and payables resulting from these transactions are classified as"Due from other funds" or"Due to other funds" on the balance sheet. ' L. Interfund Transfers During the course of its operations,resources are permanently reallocated between and within funds. ' Government-Wide Financial Statements Transfers between and within governmental funds are eliminated from the governmental activities in the statement of net assets. ' Fund Financial Statements Transfers between and within funds are not eliminated from the individual fund statements and are reported as transfers in and transfers out. Town of Mashpee,Massachusetts 25 Basic Financial Statements