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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1987 <br /> current liabilities - except activities accounted for in proprietary funds - are <br /> accounted for through governmental funds. The governmental funds maintained by <br /> the town are as follows: <br /> * General Fund - is the general operating fund of the town. <br /> It is used to account for all financial resources except those required <br /> to be accounted for in another fund. <br /> * Special Revenue Funds - are used to account for the proceeds <br /> of specific revenue sources (other than expendable trusts or major <br /> capital projects) that are legally restricted to expenditure for <br /> specified purposes. General funds of component units are also included <br /> with special revenue funds. <br /> * Capital Projects Funds - are used to account for financial <br /> resources to be used for the acquisition or construction of major <br /> capital facilities (other than those financed by proprietary or trust <br /> funds) . <br /> 2) Fiduciary Funds. Fiduciary funds are used to account for assets <br /> held by the town in a trustee capacity or as an agent for individuals, private <br /> organizations, other governmental units, and/or other funds. Fiduciary funds <br /> maintained by the town or as follows: <br /> * Expendable Trusts Funds - are used to account for trust fund <br /> principal and income that may be expended in accordance with conditions <br /> of the trust. Expendable trust funds are accounted for in essentially <br /> the same manner as proprietary funds. <br /> 14 <br />