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Notes to Basic Financial Statements For the Fiscal Year Ended June 30,2004 <br /> Revenues Expenditures <br /> ' Budgetary basis as reported on the statement of <br /> revenues,expenditures and changes in fund <br /> balance-budget and actual....................................... $ 37,286,588 $ 37,812,225 <br /> ' Adjustments <br /> Net change in recording 60-day receipts...................... 321,800 - <br /> Net change in recording tax refunds payable................ (55,473) - <br /> To record activity for MTRS on-behalf payments........... 628,700 628,700 <br /> To record activity for MWPAT subsidies..................... 43,512 43,512 <br /> ' Net change in recording short-term interest accrual....... 7,644 <br /> Net change in recording other expenditures.................. . (51,720) <br /> GAAP basis as reported on the statement of revenues, <br /> ' expenditures and changes in fund balances.................. $ 38,225,127 $ 38,440,361 <br /> C. Excess of Expenditures over Appropriations <br /> For the fiscal year ended June 30,2004,expenditures exceeded appropriations for state and county charges. This <br /> over-expenditure will be funded by available funds during fiscal year 2005. <br /> tD. Fund Deficits <br /> At June 30,2004,the following fund deficits exist: <br /> Fund Amount Funding Source <br /> ' Senior citizen building capital projects fund........ $ (638,437) Issuance of long-term debt <br /> Fire renovations capital projects fund................ (12,986) Available funds <br /> ' NOTE 3-CASH AND INVESTMENTS <br /> ' A cash and investment pool is maintained that is available for use by all funds. Each fund type's portion of this <br /> pool is displayed on the combined balance sheet as"Cash and short-term investments". <br /> ' Statutes authorize the investment in obligations of the U.S.Treasury,agencies, and instrumentalities,certificates <br /> of deposit,repurchase agreements,money market accounts,bank deposits and the State Treasurers Investment <br /> Pool(the Pool). In addition,there are various restrictions limiting the amount and length of deposits and <br /> ' investments. <br /> The Pool meets the criteria of an external investment pool. The Pool is administered by the Massachusetts <br /> Municipal Depository Trust(MMDT),which was established by the Treasurer of the Commonwealth who serves <br /> as Trustee. The fair value of the position in the Pool is the same as the value of the Pool shares. <br /> Town of Mashpee,Massachusetts 29 Basic Financial Statements <br />