06/30/2004-FISCAL AUDITS - Laserfiche WebLink

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Management's Discussion and Analysis For the Fiscal Year Ended June 30,2004 ' General Fund Budgetary Highlights The original general fund budget of$40,044,917 was increased by$487,805 (1.2%)during the fiscal year. The following table summarizes the increase: Purpose of Increase Amount Funding Source ' Department of public works.......................... $ 361,805 Transfer from capital projects(roads) Assessors revaluation.................................... 50,000 Overlay surplus ' Maintenance of land..................................... 50,000 Transfer from major fund(landbank) Maintenance of waterways............................. 18,200 Transfer from special revenue(waterways) Conservation commission.............................. 7,800 Transfer from major fund(landbank) Total increase.............................................. $ 487,805 ' During the year,general fund revenues and other financing sources exceeded budgetary estimates while expenditures were less than budgetary estimates,resulting in an actual increase in fund balance that exceeded the final amended budget amount by approximately$3,541,000. Capital Asset and Debt Administration ' Capital assets The Towns investment in capital assets for its governmental type activities at the end of the fiscal year totaled ' $93,430,200(net of accumulated depreciation). This investment in capital assets includes land,buildings and improvements,machinery,vehicles and equipment,infrastructure and construction in progress. The total increase in the investment in capital assets for the current fiscal year totaled 0.26%. ' Major capital asset events that occurred during the current fiscal year include the following: ➢ Continued construction of Senior Citizen Building(approximately$690,000) ' ➢ Completed construction of fire station(approximately$2,400,000 in total cost) ' ➢ Construction of roads(approximately$240,000) The following table summarizes the Towns capital assets(net of accumulated depreciation): Governmental Activities 2004 2003 Land............................................... $ 48,710,955 $ 48,603,155 Buildings and improvements............... 40,623,156 38,558,183 ' Machinery and equipment.................. 2,632,047 2,876,047 Infrastructure................................... 236,808 - Construction in progress..................... 1,227,234 3,148,563 ' Total capital assets............................. $ 93,430,200 $ 93,185,948 Additional information on the Town's capital assets can be found in Note 5 on page 32 of this report. Town of Mashpee,Massachusetts 9 Required Supplementary Information