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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE 30, 1990 <br /> F. Budgets and Budgetary Accounting Continued. . <br /> �Y <br /> Budgets are prepared by town officials, reviewed by the finance earn- <br /> mittee, and the selectmen, and submitted to town meeting for approval, <br /> The Town, must establish its property tax rate each '+`. . <br /> year so that the �•r.,. <br /> property tax rate levy will comply with the limits established by <br /> t <br /> Proposition 2 1/2, as amended, and also equal the sure of (al the ag- <br /> gregate of all annual appropriations for expenditures, plus (b) the <br /> provision, for prier year deficits, if any, less (c) the aggregate of <br /> all nor►-property tax revenues estimated to be received, and authorized <br /> available funds. Supplemental appropriations may be made from avail- <br /> able funds after the setting of the tax rate. Appropriations may be <br /> transferred between departments with town meeting approval. <br /> Accounting principles applied for purposes of developing data on a <br /> budgetary basis differ from those used to present financial state- <br /> ments in conformity to generally accepted accounting principles <br /> (GAAP). A reconciliation of budgetary-basis to GAAP-basis results is <br /> presented below for the General Fund for the year ending <br /> June 30, 1990. <br /> Excess (Deficit) <br /> Revenues & other <br /> sources over expenditures <br /> and other uses <br /> General Fund <br /> As reported on a GAAP basis ($ 954, 408) <br /> Adjustment to Real and Personal Property <br /> to modified accrual basis from an <br /> accrual basis. 1, 101,647 <br /> Adjustments for prior years encumbrances 399,822 <br /> Adjustments for current years encumbrances ( 382,5a9) <br /> Adjustments for unbudgeted transfers { g,831) r r <br /> t <br /> t J,• <br /> Adjustment for other financing sources/uses ' <br /> root reflected an a GAAP basis 1, 120,202 <br /> y <br /> As reported or, a budgetary basis $1,274,843 <br /> i <br /> 14 <br />