9358-R3_LGP_MechanicFalls_2024AnnualReport

comparison between governmental funds and governmental activities. These reconciliations are presented on the page immediately following each governmental fund financial statement. The Town of Mechanic Falls, Maine presents five columns in the governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances. The Town’s major governmental funds are the general fund, the ARPA fund (moved to non-major fund), the fire/rescue reserve fund and the highway reserve fund. All other funds are shown as nonmajor and are combined in the “Other Governmental Funds” column on these statements. The general fund is the only fund for which the Town legally adopted a budget. The Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund provides a comparison of the original and final budget and the actual expenditures for the current year. Proprietary Funds : The Town of Mechanic Falls maintains one proprietary fund, the Mechanic Falls Water Department. This fund is used to show activities that operate more like those of commercial enterprises. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. Like the government-wide financial statements, proprietary fund financial statements use the accrual basis of accounting. No reconciliation is needed between the government-wide financial statements for business-type activities and the proprietary fund financial statements. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the Government-Wide and the Fund Financial Statements. The Notes to Financial Statements can be found following the Statement of Changes in Fiduciary Net Position - Fiduciary Funds. Required Supplementary Information The basic financial statements are followed by a section of required supplementary information, which includes a Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual - General Fund, Schedule of Proportionate Share of the Net Pension Liability, Schedule of Contributions - Pension, Schedule of Proportionate Share of the Net OPEB Liability - Group Life, Schedule of Contributions - OPEB - Group Life and Notes to Required Supplementary Information. Other Supplementary Information Other supplementary information follows the required supplementary information. These combining and other schedules provide information in regard to nonmajor funds and other detailed budgetary information for the general fund.

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