1992-1998-FISCAL AUDITS - Laserfiche WebLink

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i derived principally from proceeds of general obligation bond issues and from federal and state grants. PROPRIETARY FUNDS Internal Service Funds - To account for goods or services provided by one Town department or agency to other Town departments or agencies. FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency Funds are used to account for assets held by the Town in a trustee capacity or as an agent for indi- viduals, private organizations, other governments, and/or other funds. These include Expendable Trust, Nonexpendable Trust and Agency Funds. Expendable Trust Funds are accounted for in essentially the same manner as governmental funds. Nonexpendable Trust Funds are accounted for in a manner that permits the periodic measurement of revenues earned, expenses incurred, and/or net income in order to demonstrate maintenance of capital. Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. ACCOUNT GROUP Long-Term Debt and Liabilities - Long-term liabilities expected to be financed from governmental funds are accumulated in the General Long-Term Debt Group of Accounts. This account group is not a fund. It is only concerned with the measurement of financial position and, therefore, is not involved with a measurement of the results from any operations. C. Basis of Accounting The Town's Nonexpendable Trust Funds are accounted for using the accrual basis of accounting. All other Town funds have been prepared using the modified accrual basis of accounting. This method recognizes revenues when they become measurable and available. Property taxes and certain intergovernmental revenues are the significant revenue sources considered susceptible to accrual. The Town accrues as revenue the amount of property taxes due to the Town and collected within sixty days after the end of its fiscal year. All other revenues are recognized when cash is received. i 8