Laserfiche WebLink
Teachers and administrators under contract employed by the School <br /> Department participate in a contributory plan administered by the <br /> Massachusetts Teachers' Retirement Board. The Town does not contribute <br /> to this plan. <br /> Generally accepted accounting principles require additional disclosures on <br /> pensions that the Town did not have readily available. <br /> 8. Subsequent Year Authorization <br /> n <br /> The financial statements for the Town of Mashpee as of June 30, 1993, do <br /> 4 not reflect the fiscal 1994 annual budget authorized in May, 1993. The Town <br /> authorized a fiscal 1994 annual budget totaling $ 19,142,489. <br /> i <br /> 9. Notes Payable <br /> At June 30, 1993, the Town had two outstanding anticipation notes payable <br /> totaling $ 980,000. This money was borrowed in anticipation of permanent <br /> bonding. The following summarizes the notes payable: <br /> Description Issue Date Maturity Date Interest Rate Amount <br /> John's Pond Rd 9/25/92 9/24/93 3.28% 800,000 <br /> Donna's Lane 5/14/93 1/14/94 2.94% 180,000 <br /> 10. Deficit Fund Balance <br /> Within the Capital Projects Fund, there is a deficit fund balance which <br /> resulted from the Town financing projects with temporary, short-term debt. <br /> When bonds are finally issued for this project, the short-term debt will be paid <br /> thereby eliminating the deficit fund balance. <br /> 11. Overlapping Debt <br /> The Town's proportionate share of debt of other governmental units which <br /> provide services within the Town's boundaries, and which must be borne by <br /> the resources of the Town, is summarized below: <br /> - 17 - <br />