1992-1998-FISCAL AUDITS - Laserfiche WebLink

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fund's portion of this pool is reflected on the combined financial state- ments under the caption "cash and cash equivalents". The interest earnings attributable to each fund type is included under earnings on investments. State and local statutes place certain limitations on the nature of depos- its and investment available to the Town. Deposits in any one financial institution may not exceed certain levels within the financial institution. Investments can be made in securities issued or unconditionally guar- anteed by the U.S. Government or agencies that have a maturity of less than one year from the date of purchase and repurchase agreements guaranteed by such securities with maturity dates of no more than 90 days from the date of purchase. The Town's deposits at June 30, 1995 were not covered entirely by federal depository insurance or by collateral held by the financial institution's trust department in the government's name. Warrants Payable - This represents fiscal year 1995 bills owed by the Town and paid during the first 15 days of fiscal year 1996. Accrued Payroll Payable - This represents teachers' summer payroll charged to fiscal year 1995 and paid during July and August of 1995. Deferred Revenues - The balance of the deferred revenues account is equal to the total of all June 30, 1995 net receivable balances less property taxes due to the Town prior to year end and collected within 60 days after the end of the fiscal year. The Town's statutory "allowance for abatements and exemptions" (overlay) account, with a balance of $ 1,375,118, has been classified as a component of deferred revenue for reporting purposes. Fund Balance Reserved for Encumbrances -Appropriations that are carried over into the next fiscal year and which do not constitute expenditures or liabilities are reported as reservations of fund equity. Fund Balance Reserved for Endowments - This represents the non- expendable portion of trust fund balances. F. Total Columns on Combined Statements Total columns on the combined statements are captioned "Memoran- dum Only" to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Inter- fund eliminations have not been made in the aggregation of this data. 10