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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 ,
<br /> The Commonwealth has approved school construction assistance. The assistance program,which is administered '
<br /> by the Massachusetts School Building Authority,provides resources for future debt service of general obligation
<br /> school bonds outstanding. During fiscal year 2004,approximately$1,611,904 of such assistance was received. ,
<br /> Approximately$21,063,000 will be received in future fiscal years. Of this amount,approximately$3,916,000
<br /> represents reimbursement of long-term interest costs,and approximately$17,147,000 represents reimbursement
<br /> of approved construction costs. Accordingly,a$17,147,000 intergovernmental receivable and corresponding
<br /> deferred revenue have been reported in the governmental fund financial statements. The deferred revenue has
<br /> been recognized as revenue in the conversion to the government-wide financial statements.
<br /> NOTE 5-CAPUAL ASSETS ,
<br /> Capital asset activity for the fiscal year ended June 30,2004,is as follows: t
<br /> Beginning Ending
<br /> Balance Increases Decreases Balance
<br /> Governmental Activities: '
<br /> Capital assets not being depreciated:
<br /> Land........................................................... $ 48,603,155 $ 107,800 $ - $ 48,710,955
<br /> Construction in progress................................. 3,148,563 691,297 (2,612,626) 1,227,234 '
<br /> Total capital assets not being depreciated...... 51,751,718 799,097 (2,612,626) 49,938,189
<br /> Capital assets being depreciated:
<br /> Buildings and improvements........................... 55,723,761 2,903,163 58,626,924
<br /> Machinery,vehicles and equipment.................. 4,865,503 501,903 (139,500) 5,227,906 ,
<br /> Infrastructure............................................... - 243,208 - 243,208
<br /> Total capital assets being depreciated........... 60,589,264 3,648,274 (139,500) 64,098,038 '
<br /> Less accumulated depreciation for:
<br /> Buildings and improvements........................... (17,165,578) (838,190) - (18,003,768) ,
<br /> Machinery,vehicles and equipment.................. (1,989,456) (717,253) ,110,850 (2,595,859)
<br /> Infrastructure............................................... - (6,400) - (6,400)
<br /> Total accumulated depreciation................... (19,155,034) (1,561,843) 110,850 (20,606,027)
<br /> Total capital assets being depreciated,net............... 41,434,230 2,086,431 (28,650) 43,492,011 ,
<br /> Total governmental activities capital assets,net........ $ 93,185,948 $ 2,885,528 $ (2,641,276) $ 93,430,200
<br /> Town ofMashpee,Massachusetts 32 Basic Financial Statements
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