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i <br /> i <br /> ii <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> I . <br /> monies are virtually unrestricted as to purpose of expenditure and are usually I. <br /> revocable only for failure to comply with prescribed compliance requirements. <br /> These resources are reflected as revenues at the time of receipt or earlier if <br /> the susceptible to accrual criteria is met. <br /> i, <br /> 2) Expenses <br /> Disbursements for material and supply inventories are considered <br /> expenditures rather than assets at the time of purchase. Prepayments are <br /> i <br /> recorded as expenditures at the time of payment and are not deferred and <br /> amortized. Interest cost is recognized when due and is not accrued over time. <br /> The repayment of long-term debt principal is recorded as an expenditure of the <br /> General Fund. <br /> 3) Budgetary - GAAP Reporting Reconciliation <br /> Accounting principles applied for purposes of developing data on <br /> a budgetary basis differ from those used to present financial statements in <br /> conformity to generally accepted accounting principles (GAAP). A reconciliation <br /> of budgetary-basis to GAAP-basis results is presented below: <br /> Massachusetts law does not require preparation of a budget for grants <br /> accounted for in the Special Revenue funds. Since such grants, other than <br /> i <br /> Federal Revenue Sharing, are not budgeted, a budgetary comparison with actual <br /> results of operations is not presented. <br /> 19 <br />