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i <br /> 1i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> comprise its assets, liabilities, fund equity, revenues, and expenditures. <br /> Government resources are allocated to and accounted for in individual funds based <br /> upon the purposes for which they are to be spent and the means by which spending <br /> activities are controlled. The various funds are grouped in the financial <br /> statements in this report, into three generic fund types as follows: <br /> 1) Governmental Funds <br /> I <br /> a) General Fund J <br /> The general fund is the principal fund of the town which ! <br /> I . <br /> accounts for all financial transactions not accounted for in other funds. <br /> b) Special Revenue Funds <br /> These funds account for revenues derived from specific taxes T4 <br /> or other earmarked revenue sources including federal and state grants, federal <br /> revenue sharing entitlements, taxes and charges that are legally restricted to <br /> � I <br /> expenditure for specified purposes. When a special revenue fund is not an <br /> operating fund, transfers are made from the special revenue fund to the <br /> operating funds authorized to make expenditures. Because of the number of <br /> special revenue funds, the financial statements have been prepared for reporting <br /> purposes separating General Revenue Sharing Activities and combining other <br /> Special revenue funds which are similar in nature or funded by the same grantor <br /> i <br /> agency. <br /> c) Capital Projects Fund <br /> i <br /> Capital Projects Funds are used to account for financial <br /> resources to be used for the acquisition or construction of major capital <br /> 16 <br />