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Management's Discussion and Analysis For the Fiscal Year Ended June 30,2004 '
<br /> Government-Wide Financial Analysis ,
<br /> The following tables present current and prior year data on the government-wide financial statements. '
<br /> Net Assets
<br /> As noted earlier,net assets may serve over time as a useful indicator of a government's financial position. The '
<br /> Towns assets exceeded liabilities by$94,850,118 at the close of the fiscal year and are summarized as follows:
<br /> Governmental Activities '
<br /> 2004 2003
<br /> Assets '
<br /> Current assets.......................... $ 22,241,073 $ 21,368,488
<br /> Noncurrent assets(excluding
<br /> capital assets)...................... 17,513,161 17,485,464 '
<br /> Capital assets(net)................... 93,430,200 93,185,948
<br /> Total assets......................... 133,184,434 132,039,900 '
<br /> Liabilities
<br /> Current liabilities
<br /> (excluding debt).................. 2,971,279 3,213,811
<br /> Noncurrent liabilities
<br /> (excluding debt).................. 1,646,598 1,624,595 '
<br /> Current debt............................ 4,305,441 7,631,988
<br /> Noncurrent debt...................... 29,410,998 27,133,854
<br /> Total liabilities.................... 38,334,316 39,604,248
<br /> Net Assets ,
<br /> Invested in capital assets
<br /> (net of related debt).............. 77,032,348 76,559,106
<br /> Restricted................................ 4,429,398 1,557,168 ,
<br /> Unrestricted............................ 13,388,372 14,319,378
<br /> Total net assets.................... $ 94,850,118 $ 92,435,652 ,
<br /> By far the largest portion of the Towns net assets(81.1%)reflects its investment in capital assets(e.g.,land,
<br /> buildings and improvements,machinery,vehicles and equipment,infrastructure and construction in progress), '
<br /> less any related outstanding debt used to acquire those assets. These capital assets are used to provide services to
<br /> citizens;consequently,these assets are not available for future spending. Although the investment in its capital
<br /> assets is reported net of related debt,it should be noted that the resources needed to repay this debt must be ,
<br /> provided from other sources,since the capital assets themselves cannot be used to liquidate these liabilities.
<br /> An additional portion of the Town's net assets(4.7%)represents resources that are subject to external restrictions
<br /> on how they may be used. The remaining balance of unrestricted net assets (14.2% or$13,388,372)may be used ,
<br /> to meet the Towri s ongoing obligations to citizens and creditors.
<br /> At the end of the current fiscal year, the Town reports positive balances in all three categories of net assets. '
<br /> Town of Mashpee,Massachusetts 6 Required Supplementary Information
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