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Home My WebLink AboutAUDIT 06-30-1981TOWN OF NORTH ANDOVER, MASSACHUSETTS FINANCIAL STATEMENTS AND AUDITOR' S REPORT June 30, 1981 SEP ~. TOWN OF NORTH ANDOVER, MASSACHUSETTS CONTENTS Exhibit Page AUDITOR' S REPORT FINANCIAL STATEMENTS Combined Balance Sheet - Ail Fund Types and Account Groups Combined Statement of Revenues, Expenditures and Changes in Fund Balances - Ail Governmental Fund Types Combined Statement of Revenues and Expenditures - Budget (Budgetary Basis) and Actual - General and Revenue Sharing Funds Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances - Ail Proprietary Fund Types and Similar Trust Funds Combined Statement of Changes in Financial Position - Ail Proprietary Fund Types and Similar Trust Funds Combining Balance Sheet - Ail Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances - All Special Revenue Funds Combining Statement of Changes in Assets and Liabilities - All Agency Funds 2 3 4 5 6 8 5 6 7 8 9 10 11 12 CONTENTS - CONTINUED NOTES TO FINANCIAL STATEMENTS SUPPLEMENTAL INFORMATION SCHEDULE OF RECONCILIATION OF TREASURER'S CASH SCHEDULE OF INVESTMENTS SCHEDULE OF TAXES, EXCISES, USER CHARGES, TAX LIENS, ASSESSMENTS AND DEPARTMENTAL ACCOUNTS RECEIVABLE SCHEDULE OF EXPENDITURES AND ENCUMBRANCES COMPARED WITH AUTHORIZATIONS BY FUNCTION AND ACTIVITY: GENERAL FUND FEDERAL REVENUE SHARING FUND SCHEDULE IN DETAIL OF RECEIPTS, DISBURSEMENTS AND CHANGES IN FUND BALANCE OF TRUST FUNDS IN CUSTODY OF TOWN TREASURER AND LIBRARY TRUSTEES Schedule I II III V VI [:'age 13 - 27 28 29 30 - 32 33 - 35 36 37 L. JOYCE HXMPE:RS CnMMISGInN£R EDWARD ,J. COLLINS. d~. HARVE:¥ J. BE:TH MAIL ADDRESS: P. O. BOX 7015 BOSTON. MASS. 02204 Board of Selectmen Town of North Andover North Andover, Massachusetts Honorable Selectmen: We have examined the combined financial statements of the various funds of the town of North Andover and the combining statements of changes in fund balances as of and for the year ended June 30, 1981, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly, included such tests of the accounting records and such other audit- ing procedures as we considered necessary in the circumstances. ' Our examination did not include the Community Development Block Grant Pro- gram which are audited by various independent auditors. However, the financial statements of the programs are included with the accompanying financial report. The town follows accounting practices prescribed by the Commonwealth of Massachusetts which vary in certain respects from generally accepted accounting principles. The most significant difference relates to the use of the cash basis method for recording pension expenses for employees. Generally accepted accounting principles require that pension costs be determined by actuarial methods instead of the cash "pay-as-you-go" basis described in Note 2 to the accompanying financial statements. Consistent with the practices of many municipalities in the Commonwealth of Massachusetts, the town has not maintained historical cost records of its property, plant and equipment. Accordingly, the combined financial statements referred to above, do not include a general fixed asset account group which should be presented to conform with generally accepted accounting principles. In our opinion, except for the effect of not providing for pension costs on an actuarial basis, and except that the omission of the financial statements of the town's general fixed assets results in an incomplete presentation as explained above, the combined financial statements referred to above present fairly the financial position of the town of North Andover at June 30, 1981, and the results of its oper- ations and the changes in financial position of its proprietary fund types and nonex- pendable trust funds for the year then ended in conformity with generally accepted accounting principles applied on a basis substantially consistent with that of the preceding year as described in Note ~ to the accompanying financial statements. 3 Our examination was made for the purpose of forming an opinion on the finan- cial statements taken as a whole. The accompanying finanical information listed as schedules in the table of contents is presented for purposes of additional analy- sis and is not a required par% of the financial statements of the town of North Andover, Massachusetts. The information has been subjected to the auditing proce- dures applied in the examination of the financial statements and, in our opinion, is stated fairly in all material respects in relation to the financial statements taken as a whole. In connection with our examination, we performed tests of compliance with the Revenue Sharing and Antirecession Fiscal Assistance Acts and regulations as required by Section II.C.3 of the Audit Guide and Standards for Revenue Sharing and Antirecession Fiscal Assistance Fund Recipients (Guide) issued by the Office of Revenue Sharing, U. S. Department of the Treasury and compared the data on Bureau of Census Form F-21-A to records of the town of North Andover as required by Section II.C.4 of the "Guide." Based on these procedures, we noted no instances of non-compliance with the regulations and no differences between Census Data on Form F-21-A and the un- audited records of the town of North Andover for the year ended June 30, 1980. Very truly yours, Department of Revenue December 22, 1981 TOWN OH NORTH ANDOVER~ HASSACHUSETT$ BAlaNCE SHEET . ALL FUND TYPES AND ACCOUNT GROUP June 30, 1981 Exhibit P~op~leta~, Governmental Fund Types . Fu~d ~e Revenue ShrUG Sp~ial ~eral & ~ttr~ess[on R~ue ~,te~r~se Assets Cash $ 922,785 [nvestments, ab Cost Receivables (note 1) Taxes 491,977 Excises 226,644 User Charqes and Liens 360 Tax Liens 13,218 Spec£al Assessments 108,532 Reserve for Uncollected Receivabl~s (note 3) (704,050) Accrued Interest 6s355 ~e from Other Funds ~Je from Other Governments ?~x Foreclosures 8,525 Fixed Assets (net of accumulated depreciation) (note 12) ~.~.ounts to be Provided Ear Payment of ~ounts to be Provided for Pa~n~ent of Notes Total Assets Warrants Payable $ 164,212 Employees' Withholdings 9,590 Other Liabilities Current Portto~ of Bo~ds Payable Due to Other Funds 265,764 Notes Payable Bonds Payable Total Ll~billtles 43~566 t~md E~uity Retained Eeznings Contr£buted Capital Fund Bal~ces: Reserved ~oc ~cumbrancea (note 5) Rese=~ed for ~xtteoFdinary oF ~nfoceseen Expenses (note 4) Unreserved: Designated {note 6) Undesl~eted Total Fund Equt~ Co~att=amta &C~tinqent Ltabtl~t[es (notes 7, 9, 10,1~ & Total Liabilities a~d Fu~d Equity 1,948 $ (16,019) 170,000 4,997 212,014 87,20! s ~ $ ~ 540,409 12,270 47,524 264,146 1,035,440 , , 1951~95 ~t635~643 2,~4~146 ~95f995 ~ s ~ ; 19s.99s 68,725 34,726 924,451 815,000 $ 126,000 815~000 210t000 1~151~000 271,131 420,771 6;~,,02 $ 1,842.902 See accompanying notes Fiduciary Trust and $ 96,184 180,565 19,024 s ~ $ 7,363 20,000 2681410 288,410 Account Group ~ong-Ter~ Oebt 4,090,000 090 000 ~t090t000 4.090,000 s 4,o~o~ooo Totals (Memorandum 0~1~) $ 1,004,898 1,350,565 481,977 226,644 69,085 13,218 i0,863 108,532 (704,050} 11,352 265,764 67,201 8,525 924,451 4,090,000 B15,000 $ 164,212 9,590 7,363 126,000 265,764 815,000 413001000 ~687~929 271,131 420,771 540,409 12,270 331,670 ~,t4991845 3,076.096 $ ~764.0~5 TOWN OF NORTH ANDOVZR, MASSACHUSETTS COMBINED STATZMf~tT OF REVENUES, EXP~DITURES AND CHANGES IN FUND BALANCES - ALL GOVERN~AL FU~D TYPES For the year ended June 30, 1981 Exhibit ~ Government:al Fund T~pes Revenue Sharing General & Antirecession Special Revenue Taxes $ 9,851,869 $ $ Tax Liens end Poreclosures 11,061 Ho~o= Vehicle Excise 727,784 Othe: Excise 1,797 ]Penalties and Interest 56,012 Licenses, Permits end Pines 68,150 Departmental 145,758 376,474 Intergovernmental 2 ~ 058,162 425 ~ 974 511,906 Earnings mi Investments 34~370 15t717 Miscellaneous 753 Total Revenues 12t9551716 4411691 888t 380 Expenditures: General Government 1,367,498 2,547 Public Safety 1,722~178 275,000 7,233 Highway end Street 925,414 6,122 Senltetion 22 ~ 506 Health end Nut~ittun 38,990 384t018 Welfare 18 ~463 Culture and Recreation 307,634 11 ~ 375 Educatlc~l 6 ~ 363 ~ 120 453 ~ 001 Debt Principal 565,000 Debt Interest 223,687 Temporary Loan Interest 1191360 T~tal Expenditures 1176731850 275 ~000 864 ~ 296 Excess (D~fictency) of Revenues Over (Under) Expenditures 112811866 1661691 24:084, Other Finencing Sources (Uses): Operating Trensfers In 778 State end County Charges (513,254) Operating Trensfe=s Out (2051183) Tote1 Other Financin9 Sources (Uses) (717v659) Excess of Revenues & Other Sources OveF (Unde=) Expenditures &Othe= Uses 564,207 166,691 24,084 Fund 8alence July ~, 1980 lj006~023 97,4~5 171,911 Decrease in Pro¥1s~on fo= Abatements end Exemptions 651413 Fund Balance June 30, 1981 $ 1~635t64~ $ 264,146 $ 195,995 Totals (Memorend~ Only) $ 9,851,869 11,061 727,784 1,797 56,012 68,150 522,232 2,996~042 50,087 753 14~285t787 1,370,045 2,004,411 931,536 22,506 423,008 18,463 319,009 6,816,121 565,000 223,687 1~9~360 12t813~146 114721641 778 (513,254) (2051183) (7171659) 754,982 1,275,389 651413 See accempanylng notes to finencial statements TOWN OF NORTH ANDOVER, MASSACHUSETTS COMBINED STATEMENT OF REVENUES AND EXPENDITURES . BUDGET (BUDGETARY BASIS) AND ACTUAL - GENERAL AND REV~UE SHARING FUNDS For the year ended June 30, 1981 Exhibit 3 P~o~ecty Taxes P£ot~rty Taxes-AdJus~mant to Budgetary Basis (note 1) Pro~rty T~es-~Just~ ~ B~get~ Basis T~ Li~s ~d For~los~es ~tor Vehicle ~ise 0~ E~lse P~alt[es ~d ~terest Licks*s, P~[~ ~d F~es ~tergove~tal Ea~s ~ ~ves~ts Niscell~us Total ~d~tures: ~al ~ve~t ~blic Safety Hig~a~ ~d S~t S~itati~ Health ~d Nu~iti~ Welf~e Cul~e ~d ~ucati~ ~bt Pr~cip~ ~bt ~te~est E~ess of R~ues ~e~ (~de~) ~di~es · G~s~eral Fund · Reveflue Sharing Fund Variance Favorable · *Budget A£tual (Unfavorable) '*Budget Actual $ $ 9,851,869 $ $ $ (196t231) 9,654,078 9,655,638 1,560 11,061 11,061 1,054,533 727,784 (326,749) 745 1,797 1,052 56,012 $6,012 66,269 68,150 1,881 92,292 145,758 53,466 2,043,156 2,058,162 15,006 425~974 425,974 38,594 34,370 (4,224) 15,717 753 753 12t949t667 12t759,485 (190,182) 425~974 441,691 1,391,732 1,367,498 24,234 1,738,566 1,722,178 16,388 275,000 275,000 1,015,473 925,414 90,059 22,556 22,506 50 39,113 38,990 123 18,463 18,463 310~721 307,634 3,087 6,382,840 6,363,120 19,720 580,000 565,000 15,000 263,962 223,687 40,275 30,000 1191360 (891360) 11~793t426 11~6737850 119;576 275~000 275~000 s~ s~ sc~o.~o~) s~so.~4 s~ Favorable (Unfavorable) 15,717 15t717 Totals (Memorandum Oaly) **Budget Variance Favorable Actual (Unfavorable) $ 9,851,889 $ ..(196t231) 9,654,078 9,655,638 1,560 11,061 11,061 1,054,533 727,784 (326,749) 745 1,797 1,052 56,012 56,012 66,269 68,150 1,881 92,292 145,758 53,466 2,469,130 2,484,136 15,006 38,594 50,087 11,493 753 753 13t375t641 !31201t176 (~74~465) 1,391,732 1,367,498 24,234 2,013,566 1,997,178 16,388 1,015,473 925,414 90,059 22~556 22t506 50 39,113 38,990 123 18,463 18,463 310,721 307,634 3,087 6,382,840 6,363,120 19,720 580,000 565,000 15,000 , 263,962 223,687 40,275 3Or000 119,360 (89,360) 12~068~426 11,948,850 ,~,~9t576 ~ s ~ s *(See Supplemental Schedule 1~ end V ~or Detailed Budget Analyais by ~ipal ~cti~ ~d ~tivity) ,'(S~get ~cl~es ~e =trot ye~,s ~get ~ts, ~J~t~ f~ ~r~c~ ~t~d~g at ~e ~g~g ~d ~d of ~e See accompanying notes to financial state.ants TOWN OF NORTH ANDOVER, MASSACHUSETTS QOMBINED STATEM~2f~ OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS/FUND BALANCES - ALL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS For the year ended June 30, 1981 Exhibit 4 Operating Revenues: Charges for Utility Usage Interest Gain on Sale of Securities Total Operating Revenues Operating ExDenses: Personal Services District Charges Capital Outlay Other Charges and Expenses Depreciation Total Operating Expenses Operating Income Nonoperating Revenues (Expenses): Interest Expense Total Nonoperating Revenues (Expenses) Income Before Other Financing Sources and Uses Other Financing Sources (Uses): Transfers In Transfers Out Total Other Financing Sources (Uses) Net Income (Loss) Retained Earnings/Fund Balance July 1, 1980 Retained Earnings/Fund Balance June 30, 1981 Proprietary Fund TyD~ Enterprise_ $ 773,788 773,788 175,781 248,493 248,813 336,626 27783q 1,037,543 (263,75~) (22,58%) (22t58%) (286,338) 205,183 (778) 204t40% (81,933) 773;8,35, $ 691,902, Fiduciary Fund ~ Nonexpendable Trust $ 30,523 5,280 35~803 14,219 ~4,2!9 21,58,4 21,584 21,584 266,82,~ $ 288,410 Totals (Memorandum Only) $ 773,788 30,523 5~280 809ts91 175,781 248,493 2A8,813 350,845 27~83q ~I051,762 (242,1~1) (22~583) (22~8~) (264,754) 205,183 (778) 204?405 (60,349) lt040,661 $ 980,312 See accompanying notes to financial statements 8 Exhibit 5 TOWN OF NORTH ANDOVER, MASSACHUSETTS COMBINED STATEMENT OF CHANGES IN FINANCIAL POSITION - ~LL PROPRIETARY FUND TYPES AND SIMILAR TRUST FUNDS For the year ended June 30, 1981 Sources of Working Capital: Operations: Net Income (Loss) Items not Requiring (Providing) Working Capital- Depreciation Working Capital Provided by Operations Uses of Working Capital: Retirement of Long-Term Debt Total Uses of Working Capital Net Increase (Decrease) in Working Capital Elements of Net Increase (Decrease) in Working Capital: Cash Utility Charges and Liens Due to Other Funds Net Increase (Decrease) in Working Capital Proprietary Fund Type Enterprise Fiduciary Fund Type Nonexpendable Trust $ (81,933) $ 21,584 27~83q .... (54,103) 21,584 (195,510) (195,510) -0- ,, $ (249,613) $ 21,584 $ (23,605) (226~008) $ 21,584 $ (2A9,613) $ 21,58,~ Totals (Memorandum On 1,~,,) (60,349) 27;830 (32,519) (195,510) (19s,51~) (228.029) $ 21,584 (23,605) (226t008) (228,029) See accompanying notes to financial statements Exhibit 6 Cash Due fcom Other l~ds Total Assets Fund Balance Fund Balances: Total Fund Balance TOWN OF NORTH ANDOVER, MASSACHUSETTS COMB~N2NG BALANCE SHEET - ALL SPECIAL REVENUE FUNDS June 30, 19~1 Community Highway Development ~morovements $ (16,o19) $ 97,617 S ,,I,~6,019) $ 97,617 $ 1161019) 971617 (16,019) $ 97,617 Special Cafeteria $ 2,822 $ 2,8~2 $ 21822 $ 2,822 Other Funds 12,555 12~555 $ 12~555 $ 12,555 Other Grants $ 99,020 $ 9gr020 $ 991020 $ 99~020 Totals (Memorandum Only) June 30, 1981 $ (16,019} 212~014 $ 195r995 $ 1951995 See accompanyin~ notes to financial statements 10 Exhibit 7 TOWN OF NORTH ANDOVER, MASSACHUSETTS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL SPECIAL REVENUE FUNDS For the yeaz' ended June 30, 1981 Revenues: Nonenterprise Charges For Services Intergovernmental Total Revenues Expenditures: General Government Public Safety Highway And Street Health and Nutrition Culture And Recreation Education Capital Outlay :ora! Expenditures Excess Of Revenues Over (Under) Expenditures Excess 0£ Revenues And Other Sources Over~nder) Expenditures And Other (Uses) Fund Balance July 1, 1980 Fund Balance June 30, 1981 Community Highway Development Improvement $ $ 211~254 86~728 211~254 86,728 2,611 School Ca~eteria $ 356,498 356,498 377,137 207,028 207,028 2,611 377~137 4,226 ~I17 (20~639~ 4,226 8~,117 (20,639) 120~245) 13~500 23~46! $ (16,019) $ .9?,6~T $ 2~822 Other Funds $ 19,976 19~976 2,547 4,622 6,122 6,881 11,375 2,365 33~912 (13093~) 26~491 $ 12~555 Other ~rants 213~924 ~13~924 243~608 243t608 128p704 $ 99,0~0 ~bt&ls {Memorandum OnlzI $ 3 76,474 511,906 888,380 2,547 7,233 6,122 364,018 11,375 2,365 450~636 864~296 24~084 24,08a 171~911 $ 195~995 See accompanying notes ~o financial statements 11 Exhibit 8 TOWN OF NORTH ANDOVER, ~{ASSACHUSETTS COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES ALL AGENCY FUNDS For the year ended June 30, 1981 Balance July 1, 1980 Additions Guarantee Deposits Deductions Assets Due From Other Funds $ 6.931 $ 61.439 $ 61.007 Liabilities Guaran%ee Deposits $ 6,931 $ 61,439 $ 61,007 $ 6,931,, $ 61,439 $ ~1,007 Total-All Agency Funds Assets Due From Other Funds 6,931 $ 61,439 $ 61,007 Liabilities Guarantee Deposi%s Balance June 30, 1981 7,363 7,363 $ 7,363 $ 7,363 See accompanying notes to financial statements 12 TO~N OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 1. Summary of Siznificant Accounting Policies The accounting policies for financial reporting purposes of the Town of North Andover conform to generally accepted accounting principles for local governmental units except as indicated in Note 2. The following is a summary of the significant accounting policies: A. Fund Accounting The town reports its financial activities in several funds and one account group in order to comply with the limitations and restrictions placed on both the resources made available to the town and the services provided. The various funds are grouped in the financial statements in this report into four generic fund types and three broad fund categories as follows: GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the town. It is used to account for all financial resources except those required to be accounted for in another fund. }_pecial Revenue Fund - General Revenue Sharing - This special revenue fund is used to account for the proceeds of the State and Local Fiscal Assistance Act and their expenditures as prescribed by the Office of Federal Revenue Sharing. ~pectal Revenue Funds - Others - This special revenue fund is used to account for the proceeds of specific revenue resources (other than general revenue sharing, special assessments, expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. 13 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 PROPRIETARY FUND Enterprise Fund - The fund used to account for operations financed and operated in a manner similar to private business enterprises where the intent is that the costs of providing goods or services to the general public on a continu- ing basis be financed through municipal contributions or recovered primarily through municipal contributions or recovered primarily through user charges. FIDUCIARY FUNDS Trust and Aqency Funds - Trust and agency funds are used to account for assets held by the town in a trustee capacity or as an agent for individuals, pri- vate organizations, other governments and/or other funds. These include nonexpend- able trust and agency funds. Nonexpendable trust funds are accounted for in a manner that permits the periodic measurement of revenues earned, expenses incurred and/or net income in order to demonstrate maintenance of capital. Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. ACCOUNT GROUP Long-Term Debt and Liabilities - Long-term liabilities expected to be financed from governmental funds are accumulated in the general long-term debt group of accounts. This account group is not a fund. It is only concerned with the measurement of financial position and therefore, is not involved with a measure- ment of the results from any operations. 14 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 B. Basis of Accounting The accompanying financial statements, except for the enterprise funds as noted below, have been prepared principally on the modified accrual basis of accounting. This method recognizes revenues when they become measurable and available. Expenses are recognized under this method as they are incurred. The accompanying financial statements of the enterprise fund have been prepared and presented on the accrual basis of accounting. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when the related liability is incurred. Revenue Recognition - Real and personal property tax levies and water and sewer user charges are considered as revenue when they are committed for collection. Anticipated refunds for abatements and exemptions~ are provided for in the levy. They are set up as a reserve against the receivable and related revenue when the tax levy recapitulation is recorded. No other provision is made for possible un- collectible property taxes. Ail other revenues are recognized throughout the year when cash is received. Receipts during the fifteen days immediately following the close of the fiscal year are also recognized as available revenue. In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the town, therefore, revenues are recognized based upon the expenditures 15 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 recorded. In the other, monies are virtually unrestricted as to purpose of expen- diture and are usually revocable only for failure to comply with prescribed com- pliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria is met. Accounts receivable balances, other than property taxes and the fifteen day receipts discussed above are offset by a reserve entitled "Reserve for Uncollected Receivables." Expenses - Expenditures are recorded during the year on a cash disbursement basis. In addition, as required by Massachusetts General Laws, disbursements made during the fifteen days immediately following the close of each fiscal year and per- tain to the prior year are recorded as warrants payable and expenses as of June 30th. School salaries and lists of bills remaining unpaid at June 30th related to annual operating expenses are recorded as encumbrances and accordingly, as a reser- vation of fund balances at that date. Reconciliation of Budqetary and GAAP Basis Amounts, - Property taxes reported on the combined statement of revenues and expenditures - budget (on a non-GAAP basis) and actual - general and revenue sharing funds (exhibit 3) have been restated so as to reflect the full accrual basis. This restatement was done in order to present both budget and actual amounts on a directly comparable basis. Property taxes, as reported on the GAAP basis statements have been adjusted as follows: 16 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 Property taxes - actual Add: Property taxes committed as of June 30, 1981 but not collected within sixty (60) days after the end of that fiscal year Less: Property taxes committed as of June 30, 1980 but not collected within sixty (60) days after the end of that fiscal year Property taxes - actual adjusted to a budgetary (non-GAAP) basis $ 9,851,869 369,532 10,221,401 565,76~ $ 9 655 638 2. Departures from Gene[ally Accepted Accounting Principles For years prior to 1981, the town presented its financial statements on the basis of accounting practices prescribed by the Commonwealth of Massachusetts, Department of Revenue. These practices vary in several significant respects from G.A.A.P. During 1981, the Commonwealth of Massachusetts issued a revised uniform municipal accounting system entitled "U.M.A.S." The departures from G.A.A.P. under this revised system have been substantially narrowed. The town has adopted the revised U.M.A.S. for its financial statement presentation for 1981. The significant departures from G.A.A.P. included in the town of North Andover's financial statements are: a. Retirement benefits are provided for on a "pay-as-you-go" basis rather than an accept- able actuarial cost method (see note 7.) b. General and proprietary fund fixed asset acquisitions are recorded as expenditures at the time purchases are made rather than being capitalized in a general fixed asset group of accounts or proprietary fund. 17 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 Purchases for materials and supplies inven- tories are recorded as expenditures rather than assets at the time of purchase. Reserve for Uncollected Receivables The reserve for uncollected receivables is comprised of the following: Outstanding property taxes June 30, 1981 $ 481,873 Less: Collections July and August 1981 ~12~341 Motor vehicle excise net of collections for July 1 to July 15, 1981 amount to $24,708. Tax liens, net of collections for July 1 to July 15, 1981 amount to $391. User charges and liens Departmentals Special assessment $ 369,532 201,936 12,827 360 10,863 10 ,532 $ 7o ,o5o 4. Reserve for Extraordinary or Unforeseen Expenses a. The balance in this account represents the transfer of excess amounts from the "Provision for Abatement and Exemption" accounts. This account was previous- ly known or classified as "Overlay Surplus" to be appropriated by town meeting vote for extraordinary or unforeseen expenses in accordance with Chapter 59, Section 25, Massachusetts General Laws. b. Provisions for property tax abatements and exemptions are established for each annual tax levy as prescribed by statute. The primary intent is to provide for these potential refunds or allowances during the year in which the tax would otherwise 18 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 be due and collected. Excessive amounts no longer necessary are to be transferred to a reserve account to be used for extraordinary or unforeseen expenses as prescribed by the Massachusetts General Laws. Statutory provision for abatements and exemptions not in excess of the outstanding property taxes have been reclassified as unreserved - undesignated fund balance on June 30, 1981, as follows: Tax levy of 1981 $ 65t413 5o Reserve for Enct~brances The balance in this account is made up of current and prior years unexpended appropriations carried forward. 6. Unreserved Fund Balance Certain budgetary surpluses and deficits must, according to the General Laws of the Commonwealth of Massachusetts, be utilized to reduce or be raised in the next subsequent tax rate. These items have been included within the unreserved fund balance pursuant to GAAP but have been connoted as "Designated" for identification purposes. These items include the following: Designated to Reduce the 1982 Tax Levy Reserve for State & County Assessments, Net Appropriation Deficit Reserve for Abatements & Exemption Deficits Gen er al Revenue Trust Fund Sharing Fund Fun.d $ 100,000 36,991 (89,360) (107) $ 264,146 $ 20,000 47,524 $ 264,146 $ 20,000 19 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 The amount designated to reduce the 1982 tax levy was voted from available funds by the local appropriatory body (called the town meeting in Massachusetts) during the spring 1981 ~nual town meeting. State and County overassessments, net, result from an excess of amounts raised in the tax levy of the current year as compared to the actual expenditures made for such purposes. These amounts will be utilized to reduce the 1982 tax levy. They are comprised of the following: Overassessments: State Assessment: Prior Fiscal Year Tax Fiscal Year Tax - 1981 County Assessment for Fiscal Year Tax $ 4,498 1,$,lOq $ 22,598 147393 $ 36,991 Appropriation deficit resulted from expenditures that exceeded appropriation during the fiscal year. Interest on Short-Term Borrowing $ (89,360) The deficit in the reserve for abatements and exemptions resulted from excess abatements granted on the levy for the years ended. June 30, 1978 $ (33) June 30, 1979 (36) June 30, 1980 (38) $ (107) 20 TO~I OF NORTH ANDOVER, HASSACHUSETTS NOTES TO FINANCIAL STATEHENTS June 30, 1981 7. Pension Plans Substantially, all employees of the town, except school teachers and certain other school department employees are members of the Essex County Contributory Retirement System. The pension plan provides retirement benefits for members who have attained a certain age and for periods of service. Members contribute certain percentages of their salaries or wages to the plan. In addition, the Massachusetts Department of Banking. and Insurance determines an amount, each year, that the town must contribute to the system in order to meet that yearts projected benefit payment. The town's contribution to the system for the year ended June 30, 1981 amounted to $445,221. This so called "pay-as-you-go" method does not provide for the funding of any unfunded liabilities that might exist as a result of an actuarial determination of the fiscal condition of the plan. The amount of the unfunded liability of the Essex County Contributory Retirement System is actuarialy determined periodically and re- ported to the County by the Massachusetts Retirement Law Co~ission. However, the amount of such liability directly related to the members from the Town of North Andover has not heretofore been separately determined and remains unknown. The school teachers and other non-member school department employees participate in a.plan administered by the Massachusetts Teachers' Retirement Board. The town does not directly contribute to this plan. 21 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 8. Subsequent Year Authorizations The financial statements for the town of North Andover as of June 30, 1981 do not reflect the fiscal 1982 town meeting held on April 24, 1981, except for that portion of fund balance designated for expenditures as explained in Note 6. The town has authorized a fiscal 1982 operating and capital budget totaling $13,883,220. These funds will be provided for as follows: 1982 Tax Levies, State Grants, Departmental Revenues, etc., Other Local Receipts Fund Balance Designated for Expenditures: Revenue Sharing Fund Trust Fund Anticipated Revenue Sharing Entitlements o $ 13,525,053 264,146 20,000 74,021 $ 13,883,220 Unemployment Compensation The town is on the reimbursable method for paying unemployment compensation. Under the reimbursable method, the Massachusetts Employment Security Division sends a list monthly to the community of who has received benefits. The community then reimburses the Massachusetts Employment Security Division for those claims against the town. 10. Vacation~ Sick and Terminal Leave Vacation Vacation A full-time employee or a part-time employee in continuous service shall be granted vacations with pay on the following terms: 22 TONN OF NORTH ANDOVER, I"L~SACHUSE'I~S NOTES TO FINANCIAL STATEMENTS June 30, 1981 (1) An employee who has completed one year of service shall be entitled to two weeks of vacation with pay, the first week of which may be taken at the end of six months. (2) An employee who has completed five years of service shall be entitled to three weeks of vacation with pay. (3) An employee who has completed ten years of service shall be entitled to four weeks of vacation with pay. Upon the death of an employee who is eligible for vacation under these rules, payment shall be made to the estate of the deceased in an amount equal to the vaca- tion allowance as accrued in the vacation year prior to the employee's death but which had not been granted. In addition, payment shall be made for that portion of the vacation allowance earned in the vacation year during which the employee died up to the time of his separation from the payroll. On June 30, 1981 accumulated vacation benefits had not been determined. Sick Time A full-time employee or a part-time employee in continuous service who has completed six months of service shall be allowed six days leave with pay and thereafter shall be allowed leave of one and one quarter days for each month of service, provided such leave is caused by sickness or injury or by exposure to contagious disease. Buy- back provisions are cited in "Terminal Leave." Terminal Leave An employee whose service is terminated by retirement shall be allowed a portion of his accumulated sick leave as terminal leave. The following formula shall be used in computing the amount of terminal leave to be allowed a retiring employee: 23 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 (1) Twenty-five (25) whole years of contin- uous full-time service shall be consid- ered 100% service. (2) An employee who qualifies for terminal leave shall be entitIed to the same per- centage that the number of years of ser- vice bears to the 100% service factor of 25 years, provided, that in no case shall said leave be measured by more than 60 days accumulated sick leave, or twelve work weeks, whichever is the lesser. On June 30, 1981, accumulated sick leave benefits had not been determined. 11. S~ummary of Lonq-Term Debt A. Lonq-Term Debt Transactions Bonds payable on June 30, 1981 amounting to $4,426,000 are secured by the general revenue raising powers of the town which are =estricted by the enactment of legislation during 1980. This legislation is best known as Proposition 2 1/2. The following is a summary of the long-term debt transactions, town of North Andover, for the year ended June 30, 1981: 24 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 B. Annual Debt Service Principal and interest payments due in future years relating to debt out- standing on June 30, 1981 are listed below: Fiscal Year Total Principal Interest Requirements 1982 $ 671,000 $ 211,289 $ 882,289 1983 605,000 179,893 784,893 1984 475,000 151,873 626,873 1985-1991 2~675;000 472~020 37147;020 $ 4,426,000 $ 1.015,075 $ .5,441,075 C. Overlappin9 Debt The town of North Andover is a member of the Greater Lawrence Sanitary Dis- trict, the Greater Lawrence Regional Vocational Technical High School District and Essex County. Due to its membership in the districts and the county, the town is indirectly responsible for its proportionate share of the debts incurred by such districts and county as follows: Name of District Principal Amount Percent Amount Greater Lawrence Sanitary District Greater Lawrence Regional Vocational Technical High School District Essex County $ 3,900,000 7.8% $ 304,200 2,440'000 5% 122,000 8t6307000 3.99% ' 344~337 14,970,000 '' $ 770,537 · Rate subjeCt to change based upon bi-annual report of the Massachusetts Commissioner of Revenue. · 'These figures were confirmed with data supplied by the above entities. 25 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 1981: Legal Debt Mar~in The following is a computation of the legal debt margin as of June 30, Equalized Valuation - Personal Property And Real Estate Debt Limit - 5% of Equalized Valuation Total Debt $ 4,426,000 Less: Debt Outside Debt Limit 4~251,000 Legal Debt Margin E. Trust Funds $ 402,500,00Q $ 20,125,000 175,000 $ 19.950.000 The town was unable to properly classify nonexpendable and-expendable trust funds. For statement purposes, all funds were classified as nonexpendable funds including those held by Library Trustees. Proprietary Fund - Fixed Assets The revised accounting system requires recognition and recording of all fixed assets related to enterprise fund activities within the respective fund. Since histor- ical records have not been maintained, only current additions are fully recorded. All other assets have been considered to be fully depreciated and, as such, contributed by the town's general fund for $1.00. The value assigned to fixed assets of the water and sewer enterprise funds includes the nominal amount discussed above, plus the general obligation serial loans which have been included in the enterprise funds under bonds payable. The values assigned and depreciation recorded are as follows: 26 TOWN OF NORTH ANDOVER, MASSACHUSETTS NOTES TO FINANCIAL STATEMENTS June 30, 1981 Depreciation Date Value Allowance Book Value Acquired Assi~ned. Method Prior Year Current June 30, 1981 Sewer Bonds 09/58 - 06/80 $ 385,001 S.L. 50 yrs. $ 167,475 $ 7,700 $ 209,826 Water Bonds i12/67 - 06/80 1,006,510 S.L. 50 yrs. $ 271,755 13. Contingent Liabilities 201130 714~625 $ 27,8~9 $ 924,451 As of June 30, 1981, various claims and lawsuits were pending against the town. There was no indication the potential loss on all claims when resolved will have a material effect upon the town's financial position. Schedule I TOWN OF NORTH ANDOVER, MASSACHUSETTS SCHEDULE OF RECONCILIATION OF TREASURER'S CASH For the year ended June 30, 1981 Balance July 1, 1980 Receipts Disbursements Balance June 30, 1981 Balance Classified by Depository: Arlington Trust Company Bay Bank - Middlesex Valley Boston Safe Deposit and Trust Company Community Savings Essex Bank First National Bank of Boston Massachusetts Municipal Depository Trust New England Merchants State Street Bank and Trust Company United State Trust Company Cash Variation Presentation of Cash in Balance Sheet: General Fund Revenue Sharing Fund Federal Anti-Recession Fund Special Revenue Fund 1,868,587 27,056,988 (28;016;86!) 908,714 164,664 322,967 25,215 13,685 29,099 1,959 65,567 48,446 23,634 213,475 3 908,714 922,785 780 1,168 (16;019,) 9°8,?!4 28 TOWN OF NORTH ANDOVER, MASSACHUSETTS SCHEDULE OF INVESTMENTS June 30, 1981 Schedule II Balance July 1, 1980 Purchases Maturities Balance June 30, 1981 900,000 2,595,000 (2~325~000) 1,170,000 General Fund: Certificate of Deposit: Arlington Trust Company Essex Bank State Street Bank and Trust Company State Street Bank and Trust Company Revenue Sharing Fund: Certificate of Deposit: Bay Bank Merrimack Valley Certificate Maturity Interest Number Date Rate (%) 5190 6681 135499 3382 07/30/81 06/04/81 07/07/81 07/21/81 07/06/81 12.5 17.4 17.5 16.375 14.5 Amount 400,000 200,000 200,000 200t,O00 ltOOOtO00 170~000 1,170,000 29 TOWN OF NORTH ANDOVER, MASSACHUSETTS SCHEDULE OF TAXES, EXCISES, USER CHARGES, TAX LIENS, ASSESSMENTS AND DEPARTMENTAL ACCOUNTS RECEIVABLE For the year ended June 30, 1981 Schedule Real Estate Taxesl Levy of 1981 Levy of 1980 Levy of 1979 Levy of 1978 Personal Property Taxes: Levy of 1981 Levy Of 1980 Levy of 1979 Levy of 1978 Levy of 1977 Levy of 1976 Levy of 1975 Forest Land: Levy of 1981 Motor Vehicle Excise~ Levy of 1981 Levy of 1980 Levy of 1979 Levy of 1978 Lev~of 1977 Levy of 1976 Levy of 1975 Levy of 1974 Levy of 1973 Levy of 1972 Uncollected July 17 1980 $ 433,360 74,903 2,029 2,795 1,607 1,465 858 15 52 s ~ $ 266,521 43,243 26,724 11,340 8,201 1,972 1,049 1,035 307 $ 360,392 Abatements, Collections Transfers & Adjusted Net Of Commitments Adjustments Collectible Refunds $ 9,684,478 Uncollected June 30~ 1981 Uncollected Per Detail June 30~ 1981 249,803 $ 9,434,675 $ 9,068,695 $ 365,980 $ 370,753 37 433,323 351,881 81,442 83,128 36 74,867 46,083 28,784 29,005 34 1,995 1,990 5 285,501 566 284,935 2,795 1,607 1,465 858 15 52 $ 10 236 587 283,639 1,756 268 339 63 1,296 1,039 1,339 1,126 795 15 52 s ~ 1,430 1,074 1,385 1,448 795 15 52 s 3 t....~s s 214 s 10_/4 s 10__! s 31._!~ s 21_.! s 1 o..! s 1 o__! 969 979 $ 250,476 31~8 430,665 S 20,114 223,982 65,588 586 759 $ 410,551 424,915 43,070 26,724 11,340 8,201 1,972 1,049 1,035 3O7 S 98,126 S 95,312 47,816 50,632 33,196 34,551 23,482 20,571 11,081 10,896 7,644 7,051 1,685 . 1,685 1,049 1,051 926 925 307 307 $ ~251312 $ 222198~ S 655~233 $ 86,46~ S 312,425 377,099 9,874 3,242 259 557 287 109 $ 7031852 3O TOWN OF NORTH ANDOVER, MASSACHUSETTS SCHEDULE OF TAXES, EXCISES, USER CHARGES, TAX LI~S, ASSESSMENTS AND DEPARTMENTAL ACCOUNTS RECEIVABLE For the year e~ded June 30, 1981 Schedule III (contfnued) Levy of 1981 Levy of 1980 Levy of 1978 Levy of 1977 User Charges and Llens= Water Mai~ Assessment Added to Taxes 1981 Comm£tted Interest on Assessment Added to Taxes 1981 Tax Liens: Taxes in Litigatio~ Tax Titles Departmentals; School Veterans Special Assessment: Unapportioned Sewer Apportfoned Sewer Not Due Abatements, Collections Uncollected Uncollected Transfers & Adjusted Net Of Uncollected Per Detail July 11 1980 Coeenitments Ad~ustmants Collectibl~ Refunds June 30t 1981 ~une 301 1981 $ 4_! s $ 5,672 81536 $ 1,979 101043 $ 1,220 $ 1,220 1,024 1,024 70 $ 3,050 11659 $ 894 1~488 $ $ 1,979 61684 1~498 $ 21,743 $ 77,444 20~736 8;?03 $ 10,553 5~247 s ~ 3,050 6,566 10,024 15~229 88,634 24,192 $ 110 $ 1,110 $ 1,110 913 111 111 70 70 41 4~ s ~ s ~ s ~ $ 2,810 $ 240 $ 240 11539 120 4]. $ 4.~49 S 36=,,00 S 28.=~ $ $ 6,566 $ 6,566 3~372 61652 6~65~, s ~ s ~ s ~ S S $ 4T366 ~0~863 10t864 s ~ s ~ s ~ S 4,294 S 84,340 S 80,809 241192 241192 s ~ s ~ s ~ 31 TOWN OP NORTH ANDOVER, IqASSAC}{USh'~$ ~SESS~S ~D DEP~ A~TS ~ For ~e ye~ ~d~ J~e 30, 198~ Schedule III (continued) User Charges and Liens: Water Liens Added to Taxes: 1978 1979 1980 1981 Water Rates Accounts Receivable Water Main tenance ~nd Construction Accoun ts Receivable Sewer Ll~s Added to Taxes: 1979 1980 1981 Sewer Rates Accounts Receivable Sewer Maintenance and Construction Accounts Receivable Uncollected July 1, 1980 $ 41 (105) 1,336 39,795 4,878 551 1,154 39,760 4~918 s ~ Abatements, Collections Uncollected Transfers & Adjusted Net Of Uncollected Per Detail Cor~itments Adlustoants Collectible Reffunds June 30r 1981 June 30v 1981 $ $ $ 41 (105) 84 1,252 7,136 137 6,999 460,274 7,545 492,524 37,622 42,500 551 1,154 9,291 168 9,123 234,?23 10,919 263,564 21~03! 11083 24~866 $ 41 27 145 6,240 462,423 40,540 365 357 6,717 235,574 21s315 $ (132) 1,107 759 30,101 1,960 186 797 2,406 27,990 $ 1,196 774 30,101 28 $0 873 2,274 27,990 *Detail list not provided 32 ~ OF NORTH ANDOVER, M~SACHUSET'rS GENERAL FI.~4D SCHF. DL{L~ OF EXPI~,{DITURES AND I~,{CUMBRANCI~.q (:DMPARED WTTH AUT~ORIZATIONS BY ~UNCTION/ACTIVITY IN DETAIL For the year ended June 30, 1981 Schedule IV ~unction/Activity General Government: Selectme~ Administrative Assistant Special Legal Service Boundary - Lawrence end North Andover Computer Service ~ocal Growth Po[ice Study Committee Appraisal School Zone Purchase of Yeterens' Graves Traffic Eagineering Sutton and Main Street Town Accountant Town Treasurer Town Collector Assessors Town Clerk Election Town Counsel Moderator Salsz7 Merrimack Commission - Planning Commission Planning Board Board of Appeals Personal Board Collective Bargaining Town Hall end Garage 8uil41ng Town Building Repairs and Renov&ti~ Conservatio~ Come ls sio~ Installing Devices Bradford School Advisory Commit tee Annual Town Meeting Capital Budget B~nd Expense Reserve For Less - Reserve Encumbrances Budget For Encumbrances July It 1980 1981 June 30t 1981 36,875 $ 21,600 10,000 2,500 4,525 200 230 270 20,694 3,461 545 4,710 7,000 10,000 49,041 46,675 43,581 55,182 26,270 21,475 9,000 200 4,071 27,139 3,103 5,201 10,533 35,480 14,000 6,025 1,779 6,966 1,115 4,000 4,525 6,000 1,973 12,547 2,326 545 7,910 Available For Expenditure 1981 $ 36,875 21,600 10,000 2,500 2OO 230 270 7,000 4,000 49,041 46,675 41,608 63,329 26,270 21,475 9,000 200 4,071 27,139 3,103 5,201 10,533 35,480 15,135 6,025 1,779 6,966 1,115 80O Variance Favorable Expand ftures (Unfavorable) 36,464 $ 411 21,600 8,848 1,152 2,500 2OO 2'~0 2?O 6,750 250 4,000 49,012 29 46,366 309 40,696 912 60,969 2,360 26,259 11 21,085 390 9,000 150 50 4,071 26,420 719 3,100 3 5,019 182 8,843 1,690 35,343 137 15,060 75 5,697 328 1,216 563 6,966 1,115 8OO 33 TOWN OF NORTH ANDOVER. MASSACHUSETTS GEN F-RAL FUND SCH~)ULS OF EXPENDITURES AND ENCUMBRANCES COMPARED WITH AUTHORIZATIONS BY FUNCTION/ACT17/ITY IN DETAIL For the year ended June 30. 1981 Schedule IV (continued) Function/Activity General Government (continued): I3~surance Essex County Retirement System Unemployment Compensation Fourth of July Patriotic and Civic Celebration Council on Aging Community Center Program Coordinator for Council on Aging North Andover Historical Commission Grave Registration Rental of Veterans' Quarters Industrial Commission Public Safety: Police Fire Insect and Pest Control Tree Department Dutch Elm Gas Ins pector Electrical Inspector Building Inspector Sealer of Weights and Measures Dog Officer Civil Defense Crossing Guards Highways end Streets: ~oard of Public Work Salary Street Lighting Snow Removal Reserve For ~ess - Reserve ~lcumbrences Budget For E~ccu~b rances Jul}, IT 1980 ,..1981 June 30~ 1981 943 943 aaa== 43,494 $ 433,600 445,221 10,000 7,500 915 18,300 12,676 6,000 400 1,050 1,200 lO0 s ~ $ 773,448 735,972 30,117 85,640 12,884 2,400 10,408 40,126 2,650 13,160 8,210 27~481 S 1,800 812. 779 110.000 100t000 $ 11024t 579 34 $ 2,710 140 s ~ $ 1,414 3,459 s ~ $ 52,600 Available For Expenditure 1981 Expenditures $ 433,600 $ 422,649 445,221 445,221 7.290 7,290 7,500 7,500 915 717 18.300 18.204 12,676 12.540 5,860 5,860 400 399 1,050 1,050 1,200 1,200 100 19 $ 772,034 732,513 30,117 85,640 12,884 2,400 10,408 41,069 2,650 13,160 8,210 27,481 s ~ $ 762,300 732,355 30,089 84,670 11,964 2,118 10,305 39,914 2,058 13,160 8,209 25~036 s~ $ 1,800 $ 1,800 803,673 719,574 110,000 110,000 ~90,000 94~040 Variance Favorable (Unfavorable) $ 10,951 198 96 136 1 81 $ 9,734 158 28 970 920 282 103 1,155 592 1 ~,445 s ~ S 84,099 :51960 s ~ TOWN OF NORTH ANDOVER, MASSACHUSETTS GENERA~ FUND SCHEDULe. OP EXPENDITURES AND ENCUMBRANCES COMPARED WI~H AU~HORZZATXON$ BY FUNCT2ON/AG~IVITY ~N DET~.IL Fo~' the year ended June 30, 1981 Schedule IV (continued) Function/Activity Sanitation: Garbage Disposal Health and Nutrition: Health Animal Inspector Welfare: Veterans' Benefits North Andover 8oxford District of Veterans' Services Culture and Recreation: Library Recreation Education: School Greater Lawrence Regional Vocational School School Salaries 1979/1980 Debt Principal Debt Interest Temporary Loan Interest: 1980 1981 Reserve For Less - Reserve Encumbrances Budget For Encumbrances July 17 1980 1981 June 30; 1981 $ 22~556 $ 38,693 420 $ ~_~9 ii3 $ 25,000 $ 14,118 . 7~581 $ 32,581 $ 14.118 $ $ 164,588 100 146,033 s xo_/o s ~ S 1,O00 S 6,425,328 125,410 258~776 $ 580t000 S ,~631962 S {62,946) $ 62,946 30:000 s c~) s ~ 427,674 Available For Expenditure 1981 Expenditures S 22~556 S 22.506 $ ~ s ~ $ 38,693 S 38,570 420 420 S 10,882 S 10,882 ,,7t581 7~581 S 18:463 $ 18,46~ $ 164,588 146:133 $ 5,998,654 125,410 , 258~776 $ ,~80,000 s ~ $ 263?962 S 30,000 $ 30,000 163,195 144:439 3071634 S 5,978,935 125,409 258:776 s~ $ 565~000 $ 223,687 $ 119~360 Variance ~avorablm (Unfavorable) $ 50 $ 123 s S 1,393 1;694 S 19,719 1 S 15:000 s ~ S 40t275 $ 40~275 S (89;360) $ (891360) TOWN OF NORTH ANDOVE8, MASSACHUSETTS FEDERAL REVENUE SHAR.~G FUND SCHEDULE OF EXPENDITURES AND ENCUMBRANCES COMPARED WITH AUTHORIZATIONS BY FUNCTION/ACTIVITY ~ DETAIL For the year ended June 30, 1981 Schedule V Function/Activity Public Safety: Police Fire Reserve For Less - Reserve Encumbrances Budget For Encumbrances July 1:1980 198! June 301 1981 $ 135,000 1401000 Available For Expenditure 1981 135,000 140t000 275 000 Expenditures 5 135,000 140~000 Variance Favorable (Unfavorable) 36 TOWN OF NORTH ANDOVER, MASSACHUSETTS TRUST FUNDS DETAILED SCHEDULE OF RECEIPTS, DISBURSEMENTS AND CHANGES iN FUND BALANCE FOr the yeer ended June 30, 1981 Schedule VI Custody of Town Treasurer~ Joseph M. and Susan Fo Stone Addle So Armitage Taylor Fund Moses Fund Sarah Barber Kate Ho Stevens Herman Kaber Cemetery Stabilization Fund Conservation Fund Flag Pole Fund Fund Balance Receipts July it 1980 Income $ 21,127 $ 456 13,231 830 363 16 9,247 530 3,582 205 396 23 171 10 5,720 298 44,188 2,300 1,206 Disbursements 55 Fund Balance J,,une 30~ 1981 21,583 14,061 379 9,777 3,787 419 181 6,018 46,488 1,151 Custody of Library Trustees= Charles Whitney Davis 11,411 1,086 2,298 10,199 Phillips 3,028 737 376 3,389 George W. and Ruth Semen 1,625 217 232 1,610 Elizabeth Po Stevens 11,931 1,735 839 12,827 Nathaniel and Elizabeth P. Stevens 31,325 4,451 2,292 33,484 Dale Stevens 15,089 2,170 732 16,527 Anne 8radstreet 1,555 216 1,771 Mary Oo Tyler 92,027 13,097 4,754 100,370 Special Gifts 65 514 313 266 Copier Fund 745 5t706 2,3~8 . 4~123