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Michael J. Cicoria <br /> CERTIFIED PUBLIC ACCOUNTANT <br /> 4 COLONEL DRIVE <br /> BOURNE. MASSACHUSETTS 02532 <br /> (617) 759.6761 <br /> AUDITOR'S REPORT <br /> i <br /> Board of Selectmen <br /> Town of Mashpee <br /> Mashpee, Massachusetts <br /> Honorable Selectmen: <br /> I have examined the general purpose financial statements of the various funds <br /> of the Town of Mashpee, Massachusetts, as of and for the year ended June 30, 1986, <br /> as listed in the Table of Contents. My examination was made in accordance with <br /> generally accepted auditing standards and accordingly included such tests of the <br /> accounting records and such other auditing procedures as I considered necessary <br /> .in the circumstances. <br /> The town follows accounting practices which vary in certain respects from <br /> generally accepted accounting principles. The most significant difference relates <br /> to the cash basis method for recording pension expenses for employees. Generally �! <br /> accepted accounting principles require that pension costs be determined by <br /> actuarial methods instead of the cash "pay-as-you-go" basis prescribed in Note 2 <br /> to the accompanying financial statements. <br /> i <br /> As described in Note 12, the town has not determined the accumulated cost of <br /> vested vacation and sick leave benefits for town employees as of June 30, 1986. <br /> Accordingly, the combined financial statements do not include the undeterminable <br /> cost of vested sick and vacation benefits as prescribed by the National Council on <br /> Governmental Accounting in their Statement 4 "Accounting and Financial Reporting <br /> Principles for Claims and Judgements and Compensated Absences". <br /> i <br /> Consistent with the practices of many municipalities in the Commonwealth <br /> Of Massachusetts, the town has not maintained historical cost records of its <br /> property, plant and equipment. Accordingly, the combined financial statements <br /> referred to above do not include a general fixed asset group of accounts which I. <br /> should be presented to conform with generally accepted accounting principles. <br /> I <br /> In my opinion, except for the effects of the matters referred to in the <br /> second, third, and fourth paragraphs of this report, the general purpose financial <br /> statements referred to above present fairly the financial position of the Town of <br /> Mashpee, Massachusetts at June 30, 1986 and for the year then ended in conformity <br /> With generally accepted accounting principles applied on a basis consistent with <br /> that of the preceding year. <br /> I u <br /> 1 <br /> • I <br /> � i L tfiltA�f+ <br /> ! <br /> I , , <br />