1988-1990-FISCAL AUDITS AND REPORT OF EXAMINATION - MASHPEE INDIAN MUSEUM

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z TOWN OF MASHPEE, MASSACHUSETTS a NOTES TO FINANCIAL STATEMENTS JUNE 30, 1383 6. Budgets and Buzetary Accountinp Continued. . . . Budgets are prepared by town officials, reviewed by the finance com- mittee, and the selectmen, and submitted to town meeting for approval. The Town must establish its property tax rate each year so that the property tax rate levy will comply with the limits established by Proposition 2 1/2, as amended, and also equal the sum of (a) the ag- gregate of all annual appropriations for expenditures, plus (b) the provision for prior year deficits, if any, less (c) the aggregate of all non-property tax revenues estimated to be received, and authorized favailable funds. Supplemental appropriations may be made from avail- able funds after the setting of the tax rate. Appropriations may be transferred between departments with town meeting approval. Accountingprinciples P p applied for purposes of developing data an a budgetary basis differ from those used to present financial state- ments in conformity to generally accepted accounting principles (GAAP) . A reconciliation of budgetary-basis to GAAP"-basis results is Ipresented below for the General Fund for the year ending June 30, 198.3. Excess (Deficit) Revenues & other sources over. expenditures and other uses General Fund i j As reported on a GAAP basis (Exhibit 2) ( 463, 642) f Adjustment to Real and Personal Property to modified accrual basis from art accrual basis. 277, 110 Adjustments for prior years encumbrances 1, 060, 317 x Adjustments for current years encumbrances t 615, 835) Adjustments for unbudgeted transfers 67, 149 Adjustment for other financing sources/uses not reflected on a GAAP basis 1, 234, 369 ------------ As reported on a budgetary basis (Exhibit 3) $1, 619, 468 18