Laserfiche WebLink
' Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 <br /> ' Capital assets(excluding land and construction-in-progress)are depreciated on a straight-line basis. The <br /> estimated useful lives of capital assets are as follows: <br /> ' Estimated <br /> Useful <br /> ' Life <br /> Capital Asset Type (in years) <br /> Buildings and improvements................... 20-40 <br /> ' Machinery,vehicles and equipment.......... 3-15 <br /> Infrastructure........................................ 40 <br /> ' The cost of normal maintenance and repairs that do not add to the value of the assets or materially extend asset <br /> lives are not capitalized and are treated as expenses when incurred. Improvements are capitalized. <br /> Governmental Fund Financial Statements <br /> Capital asset costs are recorded as expenditures in the acquiring fund in the fiscal year of the purchase. <br /> K Interfund Receivables and Payables <br /> ' During the course of its operations,transactions occur between and within funds that may result in amounts <br /> owed between funds. <br /> Government-Wide Financial Statements <br /> Transactions of a buyer/seller nature between and within governmental funds are eliminated from the <br /> governmental activities in the statement of net assets. <br /> ' Fund Financial Statements <br /> ' Transactions of a buyer/seller nature between and within funds are not eliminated from the individual fund <br /> statements. Receivables and payables resulting from these transactions are classified as"Due from other funds" <br /> or"Due to other funds" on the balance sheet. <br /> ' L. Interfund Transfers <br /> During the course of its operations,resources are permanently reallocated between and within funds. <br /> ' Government-Wide Financial Statements <br /> Transfers between and within governmental funds are eliminated from the governmental activities in the <br /> statement of net assets. <br /> ' Fund Financial Statements <br /> Transfers between and within funds are not eliminated from the individual fund statements and are reported as <br /> transfers in and transfers out. <br /> Town of Mashpee,Massachusetts 25 Basic Financial Statements <br />