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MELANSON, GREENWOOD & COMPANY, P.C. CERTIFIED PUBLIC ACCOUNTANTS i l INDEPENDENT AUDITORS' REPORT I To the Board of Selectmen Town of Mashpee, Massachusetts �I We have audited the general purpose financial statements of the Town of Mashpee, Massachusetts as of June 30, 1994 and for the year then ended. These general purpose financial statements are the responsibility of the Town of Mashpee's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, and the provisions of Office of Management and Budget Circular A-128, "Audits of State and Local Governments". Those standards and OMB Circular A- 128 require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material mis- statement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The Town prepares its general purpose financial statements using accounting prin- ciples which are in conformity with the Uniform Municipal Accounting System prom- ulgated by the Commonwealth of Massachusetts Department of Revenue. As described in Note 2, these accounting principles differ in certain respects from gen- erally accepted accounting principles, primarily in the areas of accounting for fixed assets and recording of the expense and liability related to both pension and accumulated sick leave. The effects of these differences on the accompanying general purpose financial statements have not been quantified. i Until 1991, the Town's retirement costs were provided on a "pay-as-you-go" basis �I instead of an actuarial basis. As a result, an unfunded liability has accumulated j over the years. Generally accepted accounting principles require unfunded liabili- ties be reported as a liability in the financial statements; however, the amount has j 'i is I 74 Northeastern Boulevard, Unit 9 • Nashua, NH 03062 • 603-883-2440 j 75 Gilcreast Road, Suite 306 • Londonderry, NH 03053 • 603-434-3122 278 Main Street, Suite 208 • Greenfield, MA 01301 • 413-772-2546 -667-2710 277 High Street, Suite 2 • Ellsworth, ME 04605 • 207