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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> Year Ended June 30, 1983 <br /> Note 1 . Summary of Significant Accounting Policies <br /> The accompanying combined financial statements present the financial <br /> position of the Town of Mashpee at June 30, 1983 and the results of its <br /> operations for the year then ended. ! <br /> The Town maintains its accounting records in accordance with <br /> practices prescribed by the Uniform Municipal Accounting System (Uniform <br /> System) promulgated by the Commonwealth of Massachusetts, Department of <br /> Revenue. The accounting requirements of this system differ in some <br /> respects from accounting practices prescribed by generally accepted <br /> accounting principles. Certain adjustments and reclassifications have <br /> been made to present the accompanying financial statements in accordance <br /> with generally accepted accounting principles except for two principal I � <br /> differences. These differences relate to the accounting for fixed assets <br /> and pension costs as described hereinafter. The following is a summary of <br /> significant accounting policies reflected in the accompanying financial <br /> statements. <br /> i <br /> Description of Funds - Financial transactions of the Town are classified <br /> in the following funds for combined financial statement presentation: <br /> I <br /> General Fund is used to account for all transactions <br /> i <br /> not accounted for in other funds. <br /> Special Revenue Funds are used to account for proceeds <br /> of specific revenue sources restricted by law or <br /> administrative action for specified purposes (other <br /> than those sources related to major special projects, <br /> special assessments or trusts) . <br /> Capital Projects Fund is used to account for i <br /> financial resources, consisting generally of debt <br /> proceeds and grants, segregated for the acquisition of J <br /> capital assets or completion of major special <br /> projects. <br /> i <br /> . 00 <br /> h <br /> Long-Term Debt Accounts are used to account for all <br /> long-term debt of the Town to be repaid in future <br /> e <br /> years. <br /> Trust and Agency Funds are used to account for the II <br /> Town's stabilization and unemployment compensation <br /> funds and assets held by the Town as trustee or agent <br /> for individuals, private organizations, other <br /> governmental units and/or other funds. <br /> 4 '( ' <br />