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- r _ <br /> i <br /> Ij <br /> TOWN OF MASHPEE MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> i, <br /> Incorporated in 1870, Mashpee lies in southwestern Barnstable County, and is `�. <br /> bordered by the Towns of Falmouth, Sandwich and Barnstable to the west, north and <br /> east respectively. <br /> The annual appropriations of the town are ordinarily made at the annual <br /> I , <br /> meeting which takes place in May. Appropriations may also be voted at special �! <br /> meetings. The .town has a finance committee which submits reports and recommenda- <br /> tions on proposed expenditures at town meetings. Mandatory items, such as state <br /> and county assessments, the overlay for abatements, abatements in excess of <br /> . overlays, principal and interest on debt not otherwise provided for and final <br /> judgments, are included in the tax levy whether or not included in the appropria- <br /> tions voted at town meeting. Revenues are not required to be set forth in the <br /> budget but estimated non-tax revenues are taken into account by the assessors in <br /> i <br /> fixing the next tax levy. <br /> I ' <br /> 1• Summary of Significant Accounting Policies <br /> The accounting policies for financial reporting purposes of the Town of <br /> 'Mashpee, Massachusetts conform to generally accepted accounting principles for <br /> local governmental units except as indicated in Note 2. The following is a <br /> summary of the significant accounting policies: <br /> A. Fund Accounting <br /> The accounts of the town are organized on a basis of funds and account <br /> groups, each of which is considered a separate accounting entity. The operations <br /> If each fund are accounted for with a separate set of self-balancing accounts thatr' <br />