7998-R1_ML&P_Hollis_2020-2021_AnnualReport_Web

STATEMENT A (CONTINUED)

TOWN OF HOLLIS, MAINE NOTES TO REQUIRED SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED JUNE 30, 2021 STATEMENT OF NET POSITIO JUN 30, 2021

Changes of Assumptions There was a change in the discount rate from 2.74% to 2.12% per GASB 75 discount rate selection. In addition, medical and prescription drug trend arrays were updated. Governmental Activities LIABILITIES Current liabilities: Accounts payable 27,675 $

Accrued expenses

11,208 14,768 300,000 353,651

Due to other governments

Current portion of long-term obligations

Total current liabilities

Noncurrent liabilities: Noncurrent portion of long-term obligations: Bond payable

2,100,000 100,074 2,200,074

Net OPEB liability

Total noncurrent liabilities

TOTAL LIABILITIES

2,553,725

DEFERRED INFLOWS OF RESOURCES Prepaid taxes

8,831 51,584 23,977 84,392

Deferred revenue

Deferred inflows related to OPEB

TOTAL DEFERRED INFLOWS OF RESOURCES

NET POSITION Net investment in capital assets

7,851,387 6,034,880 4,397,786 18,284,053

Restricted Unrestricted

TOTAL NET POSITION

TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND NET POSITION

20,922,170 $

See accompanying independent auditors' report and notes to financial statements. 55 See accompanying independent auditors' report and notes to financial statements. 13

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