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MALONE & TANDLER Certified Public Accountants 66 Long Wharf Boston, Massachusetts 02110 (617) 523-8024 i ' To the Honorable Board of Selectmen Town of Mashpee, Massachusetts We have examined the combined financial statements of the Town of Mashpee, Massachusetts, as of and for the year ended June 30, 1983 , as listed in the accompanying index. Our examination was made in accordance with generally accepted auditing standards and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The Town follows accounting practices prescribed by the Commonwealth "I of Massachusetts which- vary in certain respects from generally accepted accounting principles. The most significant difference relates to the use I ! of the cash basis method for recording pension expenses for employees. Generally accepted accounting principles require that pension costs be determined by actuarial methods instead of the cash or pay-as-you-go basis described in Note 4 to the accompanying financial statements. Information is not available to quantify the cumulative liability for pension benefits which would be reflected in the combined balance sheet as of June 30, 1983, had the Town followed the actuarial method of accounting for pension ! costs. Consistent with the practice of many municipalities in the Common- wealth of Massachusetts, the Town has not maintained historical cost records of its property, plant and equipment. Accordingly, the combined financial statements referred to above do not include a statement of fixed assets which should be presented to conform with generally accepted accounting principles. In our opinion, except for the effect of not providing for pension ( ' costs on an 'actuarial basis, and except that the omission of financial ! statements of the Town's fixed assets results in an incomplete presenta- tion as explained above, the combined financial statements referred to above present fairly the financial position of the Town of Mashpee, Massachusetts, at June 30, 1983, and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. 7-oaA,4-, , i Boston, Massachusetts October 20, 1983 I! � �a MEMBER OF American Institute of Certified Public Accountants Massachusetts Society of Certified Public Accountants, Inc.