|
Management's Discussion and Analysis For the Fiscal Year Ended June 30,2004
<br /> As management of the Town of Mashpee,Massachusetts(Town),we offer readers of these financial statements '
<br /> this narrative overview and analysis of the Towns financial activities for the fiscal year ended June 30,2004.
<br /> Financial Highlights '
<br /> ➢ The assets of the Town exceeded its liabilities at the close of the most recent fiscal year by$94,850,118(net
<br /> assets). Of this amount,$13,388,372(unrestricted net assets)may be used to meet the government's '
<br /> ongoing obligations to citizens and creditors.
<br /> ➢ The Town's total net assets increased by$2,414,466. '
<br /> ➢ As of the close of the fiscal year,the Towns governmental funds reported combined ending fund
<br /> balances totaling$15,350,206,an increase of$6,198,147 in comparison with the prior year. Approximately '
<br /> $13,199,539 represents unreserved fund balance of the general fund,special revenue fund and permanent
<br /> fund. The capital projects fund deficit totaling$450,659 will be funded through the issuance of long-term
<br /> debt in future fiscal years. '
<br /> ➢ At the end of the fiscal year,undesignated fund balance for the general fund totaled$3,752,510,or 9.8
<br /> percent of total general fund expenditures.
<br /> ➢ The Towns total long-term debt(gross)increased by$2,984,702 during the fiscal year. $21,675,000 of new
<br /> debt was issued,of which$16,725,000 represented refunding bonds which advance refunded$16,345,000
<br /> of previously issued debt. '
<br /> Overview of the Basic Financial Statements
<br /> This discussion and analysis are intended to serve as an introduction to the basic financial statements,which '
<br /> consists of the following three components:
<br /> 1. Government-wide financial statements '
<br /> 2. Fund financial statements
<br /> 3. Notes to the basic financial statements.
<br /> Government-wide financial statements '
<br /> The government-wide financial statements are designed to provide readers with a broad overview of the Towns ,
<br /> finances,in a manner similar to a private-sector business.
<br /> The statement of net assets presents information on all of the Towns non-fiduciary assets and liabilities,with the '
<br /> difference between the two reported as net assets. Over time,increases or decreases in net assets may serve as a
<br /> useful indicator of whether the financial position of the Town is improving or deteriorating.
<br /> The statement of activities presents information showing how the government's net assets changed during the '
<br /> most recent fiscal year. All changes in net assets are reported as soon as the underlying event giving rise to the
<br /> change occurs,regardless of the timing of related cash flows. Thus,revenues and expenses are reported in this
<br /> statement for some items that will only result in cash flows in future fiscal periods (e.g.,uncollected taxes,earned ,
<br /> but unused vacation leave,etc.).
<br /> The government-wide financial statements present functions of the Town that are principally supported by taxes '
<br /> and intergovernmental revenues(governmental activities). Governmental activities include general government,
<br /> public safety,education,public works,health and human services and culture and recreation.
<br /> The government-wide financial statements can be found on pages 12-13 of this report. '
<br /> Town of Mashpee,Massachusetts 4 Required Supplementary Information
<br />
|