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• <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1980 <br /> I . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> • (A) Basis of Accounting <br /> Accounting policies and reporting practices for <br /> Massachusetts ' municipalities are prescribed by <br /> • the Uniform Municipal Accounting System issued <br /> by the Commonwealth of Massachusetts ' Department <br /> of Revenue. General governmental revenues and <br /> expenditures accounted for in the General Fund <br /> are controlled by a budgetary accounting system. <br /> (B) Fund Accounting <br /> Financial transactions of the Town are recorded <br /> in the following funds or groups of accounts : <br /> (1) General Fund <br /> The General Fund reflects the financial <br /> transactions related to general governmental <br /> activities which are not otherwise accounted <br /> for in another fund. Real estate and <br /> personal property taxes are recorded as <br /> assets on the accrual basis; other General <br /> Fund revenue, such as motor vehicle excise <br /> taxes and departmental revenues, are recorded <br /> as assets in the General Fund, but are fully <br /> reserved until collected. Expenditures for <br /> budgetary accounts, special appropriations <br /> and grants are recorded when paid. Included <br /> within the General Fund are overlay surplus, <br /> appropriated and unappropriated fund balances . <br /> However, the Town provides for commitments <br /> made out of the current year budget by setting <br /> aside funds and including them in the appropri- <br /> ated balance. <br />• <br /> - 18 - <br />• <br /> CHARLES E.DiPESA&CO,BOSTON,MASS.(617)423-3555 <br />