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i <br /> TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1987 <br /> 5. 1988 Budget <br /> The town has authorized a fiscal year 1988 operating and capital budget <br /> totaling $10,169,596, which will be financed from the following sources: <br /> Taxation $ 9,683,910 <br /> Reserve for extraordinary or unforeseen expenditures 240,000 <br /> Stabilization fund 197,957 <br /> Cranberry bog receipts 271,744 <br /> Ambulance receipts 17,195 <br /> Waterways improvement 1,775 <br /> Dog fund 1,015 <br /> Total $10,169,596 <br /> 6. Summary of Debt <br /> A. Legal Debt Limit <br /> The town is subject to debt limits established by law. Such limits are <br /> equal to 5% and 10% of the equalized valuation of taxable property and are known <br /> as debt issued inside and outside the debt limit respectively. Authorizations for <br /> debt outside the debt limit must be approved by the State Emergency Finance Board. <br /> The following is a computation of the legal debt margin as of June 30, 1987. <br /> Inside <br /> Debt Limit Debt Limit <br /> Equalized valuation $724,727,989 <br /> Debt limit $36,236,399 $72,472,798 <br /> Less outstanding debt 3,087,928 4,887,928 <br /> Total legal debt margin $33,148,471 $67,584,870 <br /> 24 <br />