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i <br /> changes in financial position in conformity with generally accepted <br /> accounting principles. Neither is such data ccoparable to a <br /> consolidation. Interfund eliminations have not been made in the <br /> aggregation of this data. <br /> F. Absences <br /> Employees earn vacation and sick leave as they provide services. <br /> �. Accumulation of vacation and sick leave is determined on a fiscal <br /> year basis. <br /> The cost of vacation and sick leave benefits is accounted for as a <br /> use of financial resources or as an operating expense of the General <br /> Fund, when paid. At June 30, 1992, the Town could not reasonably <br /> determine its liability for accumulated unpaid vacation, sick pay, <br /> and other employer benefits. <br /> 2. Departures Fran Generally Accepted Accounting Principles <br /> The significant departures of the Town's financial statements fran <br /> generally accepted accounting principles are as follows: <br /> Retirement benefits are provided for on a "pay-as-you-go" basis <br /> rather than an acceptable actuarial cost method. <br /> General fixed asset acquisitions are recorded as expenditures and not <br /> capitalized in a general fixed asset group of accounts. <br /> Annulated vacation and sick leave earned but unused by the Town <br /> employees are not included as a liability in the accompanying <br /> financial statements. <br /> I ' <br /> Certain pension disclosures required by generally accepted accounting <br /> principles are not presented. <br /> r <br /> y I <br /> 3. Budget Basis of Acc�untinct <br /> >� I <br /> Y The General Fund appropriation appearing on page 5 of the financial <br /> statements has been calculated as follows: <br /> 1992 annual appropriations $ 18,271,641 <br /> 1992 supplemental appropriations 250,944 <br /> Total Appropriation $ 18,522,585 <br /> i <br /> i <br /> - 11 - <br /> I <br /> is <br />