1992-1998-FISCAL AUDITS - Laserfiche WebLink

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The Town accepted Section 22D of Chapter 32 of the Massachusetts Gen- eral Laws in 1991. This acceptance changes the funding of the Barnstable County Retirement System from a "pay-as-you-go,, to an actuarially deter- mined funding schedule. The funding schedule was approved by PERA and was in effect at the beginning of the Town's fiscal year 1992. The amount of j the unfunded liability has not been determined and is therefore not reported in the accompanying financial statements. Teachers and administrators under contract employed by the School Depart- ment participate in a contributory plan administered by the Massachusetts Teachers' Retirement Board. The Town does not contribute to this plan. Generally accepted accounting principles require additional disclosures on pensions that the Town did not have readily available. 9. Subsequent Year Authorization The financial statements for the Town of Mashpee as of June 30, 1994 do not reflect the fiscal 1995 annual budget authorized in May 1994. The Town authorized a fiscal 1995 annual budget totaling $ 19,775,517. 10. Notes Payable At June 30, 1994, the Town had an outstanding anticipation note payable of $ 230,000 due December 14, 1994 at an interest rate of 3.7%. This money was borrowed in anticipation of state reimbursement for Chapter 90 Highway projects. I 11. Overlapping Debt The Town's proportionate share of debt of other governmental units which provide services within the Town's boundaries and which must be borne by the resources of the Town is summarized below: Total Town's Town's Related Entitv Principal Percent Share Barnstable County $ 1,640,000 3.87 $ 6 i i l i � I 16