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i <br /> B. UNIFORM MUNICIPAL ACCOUNTING SYSTEM <br /> DEPARTMENTAL BUDGET WORKSHEETS <br /> it <br /> i <br /> it <br /> ' i <br /> We noted that the Town is planning during fiscal year 1590 to <br /> develop new accounting records in order to convert to the Uniform <br /> Municipal Accounting System prescribed by the Commonwealth' s Depart- <br /> ment of Revenue, for the fiscal year 1991. The advantages of im- <br /> plementing this system are: <br /> i ' <br /> l <br /> A. The Town' s accounting system will be organized and operated on <br /> a fund basis_ A fund is defined as a fiscal accounting entity with a <br /> self-balancingset of accounts segregated for the l <br /> , purpose of carrying <br /> cn specific activities or attaining certain objectives in accordance <br /> With special regulations, restrictions, or limitations. <br /> i ' <br /> I <br /> i r <br /> B. The UMAS System provides the accountant' s office with informa- <br /> tion in an improved format, which will aid in the preparation of <br /> required financial reports. <br /> C. Upon the implementation, of a computerized UMAS Accounting Sys- <br /> tern,; greater levels of revenue and expense detail can be maintained <br /> sirnultaneously. This will assist the Town in budgeting and capital <br /> Planning for future years. <br /> 5 <br />