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06/30/1999-FISCAL AUDITS
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06/30/1999-FISCAL AUDITS
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Balance Balance <br /> July 1, 1997 Additions Reductions June 30 1998 <br /> Landfill closure cost $ 1,955 $ - $ ( 898) $ 1,057 <br /> General obligation debt 32,744 1,191 (3,149) 30,786 <br /> Accrued employee benefits 933 130 1,063 <br /> Contingent liability - 500 500 <br /> Totals $ 35.632 $111 $ !4.0471 $ 33.406 <br /> 15. Landfill Closure and Postclosure Care Costs <br /> State and Federal laws and regulations require the Town to place a final <br /> cover on its landfill site when it stops accepting waste and to perform certain <br /> maintenance and monitoring functions at the site for thirty years after closure. <br /> Although closure and post-closure care costs will be paid only near or after <br /> the date that the landfill stops accepting waste, the Town reports a portion <br /> of these closure and post-closure care costs as a liability in the general long- <br /> term debt account group in each period based on landfill capacity used as of <br /> each balance sheet date. <br /> The $ 1,057,400 reported as landfill closure and post-closure care liability at <br /> June 30, 1999 represents that cumulative amount reported to date based on <br /> ' the use of 100% of the estimated capacity of landfill. These amounts are <br /> based on what it would cost to perform all closure and post-closure care in <br /> 1999. The Town closed the landfill during fiscal year 1998. Actual cost may <br /> be higher due to inflation, changes in technology, or changes in regulations. <br /> ' 16. Reserves and Designations of Fund Equity <br /> The Town has established "reserves" of fund equity to segregate fund <br /> balances which are either not available for expenditure in the future or are <br /> legally set aside for a specific future use. Fund "designations," which are <br /> not legally required segregations, have also been established to indicate <br /> tentative plans for future financial utilization. <br /> The Town reported the following types of reserves and designations at <br /> June 30, 1999: <br /> ' Reserved for Endowments - Represents the principal of the nonexpendable <br /> trust fund investments. The balance cannot be spent for any purpose; how- <br /> ever, it may be invested and the earnings may be spent. <br /> Reserved for Expenditures - Represents the amount of fund balance appro- <br /> priated to be used for expenditures in the subsequent year budget. <br /> 19 <br />
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