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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 <br /> M. Deferred Revenue ' <br /> Deferred revenue at the fund financial statement level represents billed receivables that do not meet the available ' <br /> criterion in accordance with the current financial resources measurement focus and the modified accrual basis of <br /> accounting. Deferred revenue is recognized as revenue in the conversion to the government-wide financial <br /> statements(full accrual). <br /> N. Net Assets and Fund Equity <br /> Government-Wide Financial Statements (Net Assets) ' <br /> Net assets are reported as restricted when amounts are not available for appropriation or are legally restricted by <br /> outside parties for a specific future use. , <br /> Net assets have been"restricted" for the following: <br /> "Loans" represents outstanding septic loans receivable. ' <br /> "Landbank" represents amounts restricted for the purpose of acquiring land for conservation and recreational <br /> purposes. , <br /> "Permanent funds-expendable"represents amounts held in trust for which the expenditures are restricted by <br /> various trust agreements. ' <br /> "Permanent funds-nonexpendable"represents amounts held in trust for which only investment earnings may <br /> be expended. , <br /> "Other specific purposes"represents restrictions placed on assets from outside parties. <br /> Fund Financial Statements (Fund Balances) ' <br /> Fund balances are reserved for amounts that are not available for appropriation or are legally restricted by <br /> outside parties for a specific future use. Designations of fund balance represent tentative management plans that ' <br /> are subject to change. <br /> Fund balances have been"reserved for" the following: ' <br /> "Encumbrances and continuing appropriations" represents amounts obligated under purchase orders,contracts <br /> and other commitments for expenditures that are being carried over to the ensuing fiscal year. , <br /> "Loans" represents outstanding septic loans receivable. <br /> "Perpetual permanent funds"represents amounts held in trust for which only investment earnings may be ' <br /> expended. <br /> "Other specific purposes" represents restrictions placed on assets from outside parties. , <br /> Fund balances have been"designated for" the following: <br /> "Subsequent year's expenditures" represents amounts appropriated for the fiscal year 2005 operating budget. t <br /> Town of Mashpee,Massachusetts 26 Basic Financial Statements <br />