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Management's Discussion and Analysis For the Fiscal Year Ended June 30,2004
<br /> Changes in Net Assets
<br /> For the fiscal year ended June 30,2004,the Towns total net assets increased by$2,414,466,compared to an
<br /> increase of$3,073,116 in the prior fiscal year. These amounts are summarized as follows:
<br /> Governmental Activities
<br /> ' 2004 2003
<br /> Revenues
<br /> Program Revenues:
<br /> Charges for services..................................... $ 3,778,031 $ 3,671,311
<br /> ' Operating grants and contributions................. 7,137,539 7,430,463
<br /> Capital grants and contributions..................... 924,687 1,272,781
<br /> General Revenues:
<br /> ' Real estate and personal property taxes........... 27,063,236 26,084,040
<br /> Motor vehicle and other excise taxes................ 1,710,451 1,860,099
<br /> Tax liens..................................................... 57,461 227,110
<br /> ' Penalties and interest on taxes........................ 298,842 182,081
<br /> Landbank surcharges................................... 805,002 746,486
<br /> Grants and contributions not restricted
<br /> ' to specific programs.................................... 1,019,827 923,616
<br /> Unrestricted investment income..................... 105,952 95,438
<br /> Premium from issuance of bonds and notes...... 7,264 29,440
<br /> Total revenues........................................ 42,908,292 42,522,865
<br /> ' Expenses
<br /> General government......................................... 3,631,278 3,844,226
<br /> Public safety.................................................... 7,393,955 7,315,063
<br /> ' Education........................................................ 22,943,499 21,960,100
<br /> Public works.................................................... 3,294,319 3,065,991
<br /> Health and human services................................ 832,567 635,246
<br /> ' Culture and recreation....................................... 889,604 916,123
<br /> Debt service-interest........................................ 1,508,604 1,713,000
<br /> ' Total expenses............................................. 40,493,826 39,449,749
<br /> Change in net assets.............................................. 2,414,466 3,073,116
<br /> ' Net assets-beginning of year.................................. 92,435,652 89,362,536
<br /> Net assets-end of year.......................................... $ 94,850,118 $ 92,435,652
<br /> In the prior year,governmental activities increased the Town's net assets by$3,073,116. The key element of this
<br /> change was an increase in education expenses totaling approximately$1,000,000.
<br /> Town of Mashpee,Massachusetts 7 Required Supplementary Information
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