planning department - Town of Scarborough

July 1, 2010, through June 30, 2011
This year, per the Governmental Accounting Standard’s
Board (GASB) Statement No. 54, Fund Balance Reporting
and Governmental Fund Type Definitions, municipalities
are now required to report their fund balances in a manner
that is intended to provide an easier understanding of what
makes up the fund balance. In the past, the categories were,
designated, reserved or unreserved fund balance. The new
categories are nonspendable (scholarship and cemetery
principal contributions), restricted (limits imposed by others
outside of Town government), committed (self-imposed
limitation set in place by the Town Council), Assigned
(limitations resulting from the intended use established by
the highest level of decision making-Town Manager or
committee), or unassigned (residual net resources not set
aside in one of the other classifications. This statement is
effective for financial statements for period beginning after
June 15, 2010.
As part of the GASB Statement No. 54, is a change to how
some of the other governmental funds (Special Revenue
Funds, Capital Projects Fund and Permanent Fund) fund
balances are reported. Of importance are the special
revenue funds. After reviewing the various programs
shown as special revenues, three have been moved from
special revenues to the general fund. The three are the
unemployment compensation fund, the beach improvement
fund and the Hunnewell House fund. Since the revenues
from these three are essentially from transfers out of the
general fund, they are no longer considered special
revenues but a part of the general fund for reporting
purposes and are reflected in the audited comprehensive
annual financial statements.
I value the opportunities provided to the Finance
Department staff by the citizens, the council and manager. I
also need to acknowledge the work of all of the employees
in the Finance Department. Their dedication to helping
Scarborough grow and prosper is very much appreciated.
Respectfully submitted,
Ruth D. Porter, Finance Director
AUDIT FOR YEAR ENDING JUNE 30, 2011
The schedules on the following pages have been extracted from the financial statements of the Town of Scarborough, Maine,
a complete copy of which is available for inspection at the Town Office. The schedules included herein are:
Statement 1: Statement of Net Assets
Statement 3: Balance Sheet - Governmental Funds
Statement 4: Statement of Revenues, Expenditures and Changes in Fund Balance - Governmental Funds
Exhibit A-1: General Fund Comparative Balance Sheets
Exhibit A-2: General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance - Budgetary and Actual
Exhibit G: Statement of Changes in Long-term Debt
Photography by Jonathan Reed
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