Laserfiche WebLink
Departments are limited to the line items as voted at the town <br /> meeting. Certain items may exceed the line item budget as approved <br /> if it is for an emergency and for the safety of the general public. <br /> Mese items are limited by the Massachusetts General Laws, and must <br /> be raised in the next year's tax rate. <br /> At year-end, appropriation balances lapse, except for certain <br /> unexpended capital items and encumbrances which will be honored <br /> during the subsequent year. <br /> 4 <br /> Formal budgetary integration is employed as a management control <br /> device during the year for the General Fund. Effective budgetary <br /> control is achieved for all other funds through provisions of the <br /> Massachusetts General Laws. <br /> I <br /> D. Assets. Liabilities and Fund Equity <br /> Cash - Cash balances from all funds, except those required to be <br /> segregated by law, are combined to form a consolidation of cash. <br /> Cash balances are invested to the extent available and interest <br /> earnings are recognized in the General Fund. certain special revenue <br /> funds and fiduciary funds cash are segregated and investment earnings <br /> become a part of those funds. <br /> Receivables - The property taxes receivable shown on page 3 are <br /> presented net of an allowance for abatements and exemptions of <br /> $448,804. <br /> I <br /> Warrants payable - This represents fiscal year 1992 bills owed by the <br /> Town and paid during the first 15 days of fiscal year 1993. <br /> Deferred Revenues - The balance of the deferred revenues account is <br /> of all June 30 1992 receivables balances ex <br /> equal to the total , (except <br /> Real and personal Property taxes that are accrued for subsequent 60 <br /> day collections) . <br /> Fund Balance Reserved for Encumbrances - Appropriations that are <br /> carried over into the next fiscal year and do not constitute <br /> expenditures or liabilities are reported as reservations of fund <br /> equity. <br /> Fund Balance Reserved for Experxlitures - This represents amounts <br /> reserved from undesignated fund balance to fund subsequent year <br /> appropriations. <br /> [ Fund Balance Reserved for Endowments This represents the non- <br /> expendable portion of Trust Fund balances. <br /> E. Total Columns On Combined Statements - Overview <br /> Total columns on the Combined Statements - Overview are captioned <br /> F 'Memorandum Only" to facilitate financial analysis. Data in these <br /> columns do not present financial position, results of operations, or <br /> - 10 - <br />