Text · page 40 of 115
Read the whole document on one page (all 115 pages, each with its own heading)
TOWN OF BOSTON, NEW YORK Notes to the Financial Statements Year Ended December 31, 2024 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The basic financial statements of the Town of Boston, New York (the “Town”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applied to governmental units. The Governmental Accounting Standards Board (the “GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the Town’s accounting policies are described below. Description of Government-Wide Financial Statements The government-wide financial statements (i.e. statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the Town. All fiduciary activities are reported only in the fund financial statements. Governmental activities, which are normally supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business-type activities, which rely to a significant extent on fees and charges to external customers for support. The Town reports no business-type activities. Likewise, the primary government is reported separately from certain legally separate component units for which the primary government is financially accountable. For the year ended December 31, 2024 the Town reports no component units. Reporting Entity The Town, which was established in 1817, is located within the County of Erie, New York. The Town operates under provisions of New York State law and various local laws. The five-member Town Board is the legislative body responsible for overall operations. The Supervisor serves as both Chief Executive Officer and Chief Fiscal Officer. The Town provides the following services to its residents: fire protection, highway, senior services, street lighting, ambulance service, water service, and general administration. Independently elected officials of the Town include: Supervisor Town Clerk / Collector of Taxes Council Members (4) Superintendent of Highways Town Justices (2) Units of local government which operate within the boundaries of the Town consist of the County of Erie. Public education is provided by four school districts within the Town. Basis of Presentation—Government-Wide Financial Statements While separate government-wide and fund financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. - 18 -