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Until 1991, the Town's retirement costs were provided on a "pay as you go" <br /> basis instead of an actuarial basis. As a result, an unfunded liability has <br /> accumulated over the years. Generally accepted accounting principles require <br /> unfunded liabilities be reported as a liability in the financial statements, however, <br /> the amount has not been determined, and is therefore not reported. Also, <br /> certain additional pension disclosures, required by generally accepted <br /> accounting principles, were not available for presentation. <br /> t� <br /> In our opinion, except for items described in the third and fourth paragraphs, the <br /> general purpose financial statements referred to in the first paragraph present <br /> fairly, in all material respects, the financial position of the Town of Mashpee, <br /> Massachusetts, as of June 30, 1993, and the results of its operations and cash <br /> flows of its nonexpendable trust funds, for the year then ended in conformity with <br /> generally accepted accounting principles. <br /> Our audit was conducted for the purpose of forming an opinion on the general <br /> purpose financial statements of the Town of Mashpee, Massachusetts, taken as <br /> a whole. The accompanying schedule of federal financial assistance is <br /> presented for purposes of additional analysis and is not a required part of the <br /> general purpose financial statements. The information in that schedule has <br /> been subjected to the auditing procedures applied in the audit of the general <br /> purpose financial statements and, in our opinion, is fairly presented in all <br /> material respects in relation to the general purpose financial statements taken as <br /> a whole. <br /> Greenfield, Massachusetts <br /> September 10, 1993 <br /> - 2 - <br />