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The largest portion of the Town’s net position, $4,621,163, represents resources that are subject to external restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments and restrictions imposed by law through constitutional provisions or enabling legislation. An additional portion of the Town’s net position, $2,409,449, reflects its investment in capital assets (e.g. land, buildings, machinery, equipment, right-to-use leased equipment and infrastructure), net of accumulated depreciation less any related debt used to acquire those assets. The Town uses these capital assets to provide a variety of services to citizens; consequently, these assets are not available for future spending. Although the Town’s investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The remaining component of the Town’s net position, ($2,882,824), is considered to be an unrestricted deficit. This deficit does not mean that the Town does not have resources available to meet its obligations in the ensuing year; rather, it reflects liabilities not related to the Town’s capital assets and are not expected to be repaid from current resources. These long-term liabilities, including bonds payable, installment purchase debt, capital leases, compensated absences, and net pension liability, are funded annually within the funds. Table 2, as presented below, shows the changes in net position for the years ended December 31, 2024 and December 31, 2023. Table 2—Condensed Statements of Changes in Net Position—Primary Government Governmental Activities Year Ended December 31, 2024 2023 Program revenues: Charges for services $ 263,662 $ 233,206 Capital grants and contributions 217,913 168,028 General revenues 6,174,612 6,212,234 Total revenues 6,656,187 6,613,468 Total expenses 6,098,322 5,566,214 Change in net position 557,865 1,047,254 Net position–beginning 3,589,923 2,542,669 Net position–ending $ 4,147,788 $ 3,589,923 -4-