1988-1990-FISCAL AUDITS AND REPORT OF EXAMINATION - MASHPEE INDIAN MUSEUM

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TOWN OF MASHPEE, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS JUNE 30, 1990 F. Budgets and Budgetary Accounting) Continued. . . . . Budgets are prepared by town officials, reviewed by the finance earn- mittee, and the selectmen, and submitted to town meeting for approval. The Town must establish its property tax rate each year so that the ;a= . property tax rate levy will comply with the limits established by �•x{1 Proposition 2 1f2, as amended, and also equal the sum of (a) the ag- gregate of all annual appropriations for expenditures, plus (b) the provision, for prior year deficits, if any, less (c) the aggregate of all nor,-property tax revenues estimated to be received, and authorized available funds. Supplemental appropriations may be made from avail- able funds after the setting of the tax rate. I Appropriations may be transferred between departments with town meeting approval. Accounting principles applied for purposes of developing data an a budgetary basis differ from those used to present financial state- ments in conformity to generally accepted accounting principles (GAAP). A reconciliation of budgetary-basis to GAAP-basis results is presented below for the General Fund for the year ending June 30, 1990. Excess tDeficit) Revenues & other sources over expenditures arid other uses General Fund As reported on a GAAP basis t 954, `;'08) Adjustment to heal and Personal property to modified accrual basis from an accrual basis. 1, 101,647 Adjustments for prior years encumbrances 393, 822 Adjustments for current years encumbrances t 382,5.88) t Adjustments for unbudgeted transfers t 9, S31) Ay% Adjustment for other financing saurcesluses '1 not ref 1 ect ed or, a GAAP basis ---------- %rte As reported on a budgetary basis $1,274,843 �4 14