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atw^ 2TS,= 77,7 7.: -_...tt iro.,:.. <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> �i <br /> The significant departures from G.A.A.P. included in the Town of Mashpee's <br /> financial statements are: <br /> a. Retirement benefits are provided for on a "pay-as- <br /> you-go" basis rather than an acceptable actuarial <br /> cost method (See Note 7). <br /> b. General fund fixed asset acquisitions are recorded <br /> as expenditures at the time purchases are made <br /> rather than being capitalized in a general fixed <br /> asset group of accounts. <br /> C. The town has not determined or recorded the <br /> accumulated cost of the vested vacation or sick <br /> leave benefits for town employees. (See Note 10.) <br /> i <br /> 3. Provision for Property Tax Abatements and Exemptions i <br /> Provisions for property tax abatements and exemptions are established for <br /> each annual tax levy as prescribed by statute. The primary intent is to provide <br /> for these potential refunds or allowances during the year in which the tax would <br /> otherwise be due and collected. Excessive amounts no longer necessary are to be <br /> I : <br /> transferred to a reserve account to be used for extraordinary or unforeseen � A! <br /> i <br /> expenses in accordance with Chapter 59, Section 25 of the Massachusetts General <br /> I <br /> Laws. <br /> Statutory provision for abatements and exemptions not in excess of the out- <br /> standing property tax levies have been reclassified as a liability on June 30, 1986. <br /> 4. Reserve Fund Balance <br /> (a) Reserve For Extraordinary or Unforeseen Expenses * <br /> The balance in this account represents the transfer of excess amounts <br /> I <br />