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F. Changes in General Long-Term Liabilities <br /> During the year ended June 30, 1996, the following changes occurred <br /> in liabilities reported in the general long-term debt account group (in <br /> thousands): <br /> Balance Balance <br /> July 1, 1995 Additions Reductions June 30, 1996 <br /> Landfill closure cost $ 1,759,500 $ - $ - $ 1,759,500 <br /> General obligation debt 9,675,600 432,000 2,323,900 7,783,700 <br /> Accrued employee benefits 667.504 121,444 - 788.948 <br /> Totals $ 12.102.604 $ 53.444 $2.323.900 $10.332.148 <br /> i <br /> I <br /> i <br /> 10. Landfill Closure and Postclosure Care Costs <br /> State and Federal laws and regulations require the Town to place a final <br /> cover on its landfill site when it stops accepting waste and to perform cer- <br /> tain maintenance and monitoring functions at the site for thirty years after <br /> closure. Although closure and post-closure care costs will be paid only <br /> near or after the date that the landfill stops accepting waste, the Town <br /> reports a portion of these closure and post-closure care costs as a liability <br /> in the general long-term debt account group in each period based on land- <br /> fill capacity used as of each balance sheet date. In May 1995, the Town <br /> P Y <br /> authorized borrowing $ 1,263,000 to fund the expected costs of closure <br /> and monitoring. <br /> The $ 1,759,500 reported as landfill closure and post-closure care liability at <br /> June 30 1996 represents that cumulative amount reported to date based on <br /> 0 <br /> p p <br /> of landfill. The Town will recognize <br /> the use of 90/o of the estimated capacity g <br /> o ure and post-closure care of 1 <br /> 95 500 <br /> the remaining estimated cost of cls p $ <br /> as the remaining estimated capacity is filled. These amounts are based on <br /> what it would cost to perform all closure and post-closure care in 1996. The <br /> Town expects to close the landfill in the year 1997. The actual life of the <br /> landfill may be longer due to increased recycling efforts. Actual cost may be <br /> higher due to inflation, changes in technology, or changes in regulations. <br /> 11. Reserves and Desi nations of Fund Equity <br /> _q q Y <br /> The Town has established "reserves" of fund equity to segregate fund bal- <br /> ances which are either not available for expenditure in the future or are <br /> legally set aside for a specific future use. Fund "designations," which are <br /> not legally required segregations, have also been established to indicate <br /> tentative plans for future financial utilization. <br /> 19 <br />