1992-1998-FISCAL AUDITS - Laserfiche WebLink

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G. Compensated Absences Employees earn vacation and sick leave as they provide services. The cost of vacation and sick leave benefits is accounted for as a use of financial resources or as an operating expense of the General Fund when paid. H. Nonexpendable Trust Funds The accompanying general purpose financial statements do not report statements of revenues, expenses and cash flows for nonexpendable trust funds since there was no fiscal year 1995 activity. I. Internal Service Fund No statement of cash flows for the Internal Service Fund is presented since the year ended June 30, 1995 represents the first year of operation of this fund. The Town reports its participation in the Cape Cod Municipal Health Group in its Internal Service Fund. 2. Departures From Generally Accepted Accounting Principles The significant departures of the Town's financial statements from generally accepted accounting principles are as follows: • General fixed asset acquisitions are not capitalized in a general fixed asset group of accounts. • Certain pension disclosure information, required by generally accepted accounting principles, was not available for presentation. 3. Collateralization of Cash Balance State and local statutes place certain limitations on the nature of deposits and investments available to the Town. Deposits in any one financial institution may not exceed certain levels within the financial institution. I' Investments can be made in securities issued by or unconditionally guaranteed by the U.S. Government or agencies that have a maturity of less than one year from the date of purchase and repurchase agree- ments guaranteed by such securities with maturity dates of no more than 90 days from the date of purchase. The carrying amount of the Town's deposits with financial institutions was $ 11,554,276. The bank balance of$ 11,855,867 was and is categorized as ! follows: 11