1992-1998-FISCAL AUDITS - Laserfiche WebLink

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Accrued Payroll Payable - This represents teachers' summer payroll 1 charged to fiscal year 1994 and paid during July and August of fiscal � 1995. I � Deferred Revenues - The balance of the deferred revenues account is equal to the total of all June 30, 1994 receivable balances less property taxes due to the Town prior to year end and collected within sixty days after the end of the fiscal year. Fund Balance Reserved for Encumbrances - Appropriations that are carried over into the next fiscal year and which do not constitute expendi- tures or liabilities are reported as reservations of fund equity. Fund Balance Reserved for Endowments - This represents the nonex- pendable portion of trust fund balances. F. Total Columns On Combined Statements Total columns on the Combined Statements are captioned "Memorandum Only" to facilitate financial analysis. Data in these columns do not pre- sent financial position, results of operations, or changes in financial posi- tion in conformity with generally accepted accounting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. 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. At June 30, 1994, the Town could not reasonably determine its liability for accumulated unpaid vacation, sick pay and other employer benefits. 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 1994 activity. 2. Departures From Generally Accepted Accounting Principles The significant departures of the Town's financial statements from generally accepted accounting principles are as follows: l 10