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i <br /> i <br /> i <br /> i. <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1986 <br /> The free cash designated for specific purposes was approved by the local <br /> appropriatory body (called the town meeting in Massachusetts towns) during the <br /> Spring 1986 annual town meeting. <br /> 5. (b) Undesignated Fund Balance <br /> In order to prepare the accompanying financial statements in accordance <br /> i. ' <br /> with generally accepted accounting principles, certain budgetary surpluses and �! <br /> deficits, which would otherwise be reflected on the balance sheet under the <br /> L <br /> •i <br /> Massachusetts Statutory System, have been included in undesignated fund balances <br /> as follows: <br /> i <br /> State and county underestimates, net ($ 7,790) �I <br /> Surplus revenue 750,408 <br /> Deficit appropriation - snow and ice removal ( 6,184) iI <br /> FYE87 vacation wages paid in advance ( 2,825) <br /> Bond premium 172 <br /> Total $733,781 <br /> The deficit appropriation of snow and ice removal was made in accordance with <br /> Chapter 44, Section 31D of Massachusetts General Laws. <br /> i <br /> 6. Summary of Long-Term Debt <br /> i <br /> (a) Legal debt limit: <br /> Legislative authority, as outlined in Chapter 44 of the General Laws <br /> �I <br /> Of the Commonwealth of Massachusetts, permits the issuance of bonds up to 5% of <br /> the equalized valuation, plus an additional amount which would bring the total <br /> up to, but less than, 10% with the approval of the Emergency Finance Board. At <br /> June 30, 1986, the total statutory debt limit of the town was approximately <br /> 23 <br />