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The Town’s Capital Projects Fund fund balance decreased $283,110 resulting in a deficit ending fund balance of $(1,119,316). This is due to capital outlay expenditures outpacing revenues and the issuance of bond anticipation notes to support projects. The fund balance deficit is anticipated to be remedied through the issuance of long-term debt. General Fund Budgetary Highlights The Town’s General Fund budget generally contains budget amendments during the year. The budget is allowed to be amended upward (increased) for prior year’s encumbrances since the funds were allocated under the previous year’s budget, and the Town has appropriately assigned an equal amount of fund balance at year-end for this purpose. Furthermore, the budget is allowed to be amended upward (increased) for additional current year appropriations supported by an increase in budgeted revenues or appropriation of fund balance. A budgetary comparison schedule within the required supplementary information section of this report has been provided to demonstrate compliance with their budget. A summary of the General Fund results of operations for the year ended December 31, 2024 is presented in Table 5 below: Table 5—General Fund Budget Budgeted Amounts Actual Variance with Original Final Amounts Final Budget Revenues $ 1,808,783 $ 2,083,934 $ 2,144,788 $ 60,854 Expenditures and other financing uses 2,311,691 2,737,136 2,532,080 205,056 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses $ (502,908) $ (653,202) $ (387,292) $ 265,910 Original budget compared to final budget—During the year, overall budgeted appropriations increased $425,445 primarily due to capital project interfund transfers. Final budget compared to actual results—A review of actual revenues and expenditures compared to estimated revenues and appropriations in the final budget yields several favorable variances, most notably related to additional revenue in licenses and permits, and savings in general government support expenditures due to conservative spending town wide. Capital Assets and Debt Administration Capital assets—The Town’s investment in capital assets for its governmental activities as of December 31, 2024, amounted to $7,596,903 (net of accumulated depreciation/amortization). This investment in capital assets includes land, buildings, improvements, vehicles and equipment, and infrastructure. Capital assets net of depreciation for the governmental activities at the years ended December 31, 2024 and 2023 are presented on the following page. -7-