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TOWN OF BOSTON, NEW YORK Management’s Discussion and Analysis Year Ended December 31, 2024 As management of the Town of Boston, New York (the “Town”), we offer readers of the Town’s financial statements this narrative overview and analysis of the financial activities of the Town for the year ended December 31, 2024. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Town’s financial statements, which follow this narrative. Financial Highlights The assets and deferred outflows of resources of the Town exceeded its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $4,147,788 (net position). This consists of $2,409,449 net investment in capital assets, $4,621,163 restricted for specific purposes, and unrestricted net position of ($2,882,824). The Town’s total net position increased by $557,865 during the year ended December 31, 2024. At the end of the current fiscal year, the Town’s governmental funds reported a combined ending fund balance of $7,894,926, an decrease of $135,971 in comparison with the prior year’s fund balance of $8,030,897. At the end of the current fiscal year, unassigned fund balance for the General Fund was $1,505,816, or approximately 59.5 percent of total General Fund expenditures and transfers out. This total amount is available for spending at the Town’s discretion and constitutes approximately 59.0 percent of the General Fund’s total fund balance of $2,552,204 at December 31, 2024. During the year ended December 31, 2024, the Town’s total serial bonds outstanding decreased by $171,751 as a result of the Town’s scheduled principal payments. Overview of the Financial Statements The discussion and analysis provided here are intended to serve as an introduction to the Town’s basic financial statements. The Town’s basic financial statements comprise three components: 1) government- wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements—The government-wide financial statements are designed to provide readers with a broad overview of the Town’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the Town’s assets, liabilities and deferred outflows/inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Town is improving or deteriorating. -1-