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TOWN OF BOSTON, NEW YORK Reconciliation of the Balance Sheet—Governmental Funds to the Government-wide Statement of Net Position December 31, 2024 Amounts reported for governmental activities in the statement of net position (page 10) are different because: Total fund balances—governmental funds (page 12) $ 7,894,926 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the fund statements. The cost of the assets is $13,442,594 and the accumulated depreciation is $5,845,690. 7,596,903 Deferred outflows of resources and inflows of resources related to pensions are applicable to future periods and, therefore, are not reported in the fund statements: Deferred outflows related to employer contributions $ 535,203 Deferred outflows related to experience, changes of assumptions, investment earnings, and changes in proportion 1,379,082 Deferred inflows related to pension plans (1,637,386) 276,899 Amounts relating to taxes receivable have not met the revenue recognition criteria for fund financial purposes and, therefore, have been deferred. However, these revenues are recorded in the government-wide financial statements which report on the full accrual basis of accounting. This is the amount of revenues deferred in the funds, but recognized in the government-wide presentation. 1,500 Net accrued interest expense for serial bonds and BANs is not reported in the fund statements. (92,823) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the fund statements. The effects of these items are: Serial bonds $ (4,059,400) Lease liability (8,738) Compensated absences (179,285) Net pension liability—ERS (496,713) Total pension liability—LOSAP (6,785,481) (11,529,617) Net position of governmental activities $ 4,147,788 The notes to the financial statements are an integral part of this statement. - 13 -