Annual Report of the Town of Sanbornton, New Hampshire 1989

Cover Annual Report of the Town of Sanbornton, New Hampshire 1989
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All Nonexpendable Trust Funds are accounted for using the accrual basis of accounting.
Budgetary Accounting General governmental revenues and expenditures accounted for in budgetary funds are controlled by a formal integrated budgetary accounting system in accordance with various legal requirements which govern the Town's operations. State Statutes require balanced budgets but provide for the use of beginning general fund unreserved fund balance to achieve that end. In 1989, the beginning fund
...balance was applied as follows: Beginning Fund Balance - Reserved For Encumbrances ^30^000 Fund Balance The portion of fund balance which has been legally segregated for a specific future use, or which indicates that that portion is not appropriable for expenditures, is shown as reserved.
Reserved for Encumbrances Encumbrance accounting, under which purchase orders, contracts, and continuing appropriations (certain projects and specific items not fully expended at year end) are recognized, is employed in the governmental funds.


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