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7. Financial Reportincr Entity <br /> The Town offor financial reporting includes all the <br /> Mashpee, po ing Puss <br /> funds and account groups relevant to the operations of the Town. The <br /> financial statements presented herein do not include agencies which have <br /> been formed under applicable state laws as separate and distinct units of <br /> government apart from the Town of Mashpee. <br /> The following goverrmental units are specifically excluded from the Town's <br /> l financial statements: <br /> Barnstable County <br /> Cape Cod Regional Vocational Technical <br /> High School District <br /> Mashpee Water District <br /> 8. Retirement Systems <br /> Substantially, all employees of the Town, (except teachers and <br /> administrators under contract employed by the school department) , are <br /> members of the Barnstable County Retirement System. The retirement system <br /> is partially funded by employee contributions. The Town's annual <br /> contributions to the retirement system are determined on a "pay-as-you-go" <br /> basis and are estimates of pensions actually payable during an accounting <br /> period. <br /> 'This so called "pay-as-you-go" method does not provide for the funding of j <br /> any unfunded liabilities that might exist as a result of an actuarial j <br /> determination of the fiscal condition of the plan. The Berkshire County <br /> Retirement System is actuarially determined periodically and reported to <br /> the County by the Massachusetts Retirement Taw Commission. This liability <br /> is not reported in the aco mpanying financial statements. <br /> Teachers and administrators under contract employed by the School <br /> y3t <br /> Department participate in a contributory plan administered by the <br /> Massachusetts TeachersRetirement Board. The Town does not contribute to <br /> this plan. <br /> Generally accepted accounting principles require additional disclosures on <br /> pensions that the Town did not have readily available. <br /> 9. Subsequent Year Authorization <br /> The financial statements for the Toof Mashpee as of June 30, 1992 do <br /> wn <br /> not reflect the fiscal 1993 annual budget authorized in May, 1992. The <br /> a <br /> Town authorized a fiscal 1993 annual budget totaling $18,011,608. <br /> sr <br /> 10. Notes Payable <br /> At June 30, 1992, the Town had an outstanding anticipation note payable of <br /> $906,600 maturing on January 20, 1993 at an interest rate of 3.77%. This <br /> money was borrowed in anticipation of permanent bonding. The temporary <br /> borrowing was authorized by town meeting vote. <br /> - 16 - <br />