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i <br /> x <br /> i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO COMBINED FINANCIAL STATEMENTS <br /> ,TUNE 30, 1982 i <br /> I <br /> The redemption must be exercised within <br /> six months; if not, it can be foreclosed by <br /> petition to land court. <br /> d) Motor Vehicle Excise - In addition to the tax <br /> I ( ' <br /> on real and personal property, the Town collects <br /> an annual excise at a uniform statewide rate of i Ii <br /> $25 per $1, 000 on the valuation of motor vehicles <br /> as determined by a statutory formula. Motor <br /> vehicle excises are not taken into account until <br /> 1 <br /> collected. <br /> e) Tax Possession - Upon foreclosure, a tax title I ' <br /> purchased or taken by the municipality becomes <br /> a "tax possession" and may be held and disposed I , <br /> of like any land held for municipal purposes. <br /> f) Overlay - The Town is authorized by law to <br /> increase each tax levy by up to five percent <br /> q� <br /> for a reserve against tax abatements. If <br /> abatements are granted in excess of the <br /> applicable overlay reserve, the excess is <br /> added to the next tax levy. <br /> I <br /> (2) Special Revenue Funds <br /> i <br /> The Special Revenue Fund is used to account for <br /> revenues derived from other significant sources. <br /> The Town of Mashpee' s Special Revenue Fund is <br /> comprised of the following: <br /> a) Federal Revenue Sharin - This fund reflects the <br /> revenues received by the Town under the Federal <br /> Revenue Sharing Program. The appropriations and <br /> disbursements of such funds are made in accordance <br /> with Federal guidelines. The funds were transferre ;i <br /> for expenditure from the General Fund as follows: �l�. t ,,;•,ia <br /> N <br /> General Government $35,237 <br /> Public Safety 21,843 I " <br /> Health 2,359 <br /> a <br /> Library 2,629 Q <br /> Highway 52,610 r <br /> $114,678 <br /> Total a <br /> 14 - <br /> C++ARLES E.DIPESA&CO..BOSTON.MASS.(617)423-3555 <br />