1992-1998-FISCAL AUDITS - Laserfiche WebLink

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i several cases pending before the Appellate Tax Board in regard to discre- pancies in property assessments. The probable outcome of these cases at the present time is indeterminable. Grants -Amounts received or receivable from grantor agencies are subject to audit and adjustment by grantor agencies, principally the federal government. Any disallowed claims, including amounts already collected, may constitute !' a liability of the applicable funds. The amount of expenditures which may be disallowed by the grantor cannot be determined at this time, although the Town expects such amounts, if any, to be immaterial. 8. General Fund Undesignated Fund Balance I'. The general fund undesignated fund balance reported on page 3 is stated in accordance with generally accepted accounting principles (GAAP), which differs in certain respects from the Massachusetts municipal accounting system (UMAS). The following paragraphs summarize the differences. Massachusetts General Laws include provisions to allow municipalities to compensate for over or under budgeted state charges and unprovided for abatements issued by adjusting the subsequent year's tax rate. i The following summarizes the specific differences between GAAP and the statutory basis of reporting undesignated fund balance: GAAP basis undesignated balance $ 2,636,015 State assessments, under budgeted 6,410 Unprovided for abatements issued 2,652 Statutory (LIMAS) Undesignated Balance $ 2.645.077 9. Budget Basis of Accounting The General Fund appropriation appearing on page 5 of the financial state- ments has been calculated as follows: 1995 Annual Town meeting $ 20,357,018 1995 supplemental appropriations 494.551 Total Appropriation $ 29ilium The actual revenues and expenditures reported on page 5 have been adjusted to conform with the budgetary basis of accounting. The budgeted 17