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As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are payments and charges between the Town’s various functions. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Basis of Presentation—Fund Financial Statements The fund financial statements provide information about the government’s funds, including its fiduciary funds. Separate statements for each fund category—governmental and fiduciary—are presented. The emphasis of fund financial statements is on major governmental funds, each displayed in a separate column. All remaining governmental funds are aggregated and reported as nonmajor funds. The Town reports the following major governmental funds: General Fund—The General Fund constitutes the primary operating fund of the Town and includes all operations of the general government, not required to be recorded in other funds. The principal source of revenue for the General Fund is non-property tax items. Highway—Town Wide Fund—The Highway—Town Wide Fund was established pursuant to Highway Law Section 141 to account for revenues and expenditures specific to highway purposes. The principal source of revenue for the Highway—Town Wide Fund is real property taxes, non-property tax items and State aid. Fire Protection Fund—The Fire Protection Fund is used to record all revenues and expenditures related to operation and maintenance of the fire protection in the Town. The principal source of revenue for the Fire Protection Fund is real property taxes. Water Fund—The Water Fund is used to record all revenues and expenditures related to operation and maintenance of the Town’s water districts. The principal source of revenue for the Water Fund is real property taxes. Garbage and Refuse Fund—The Garbage and Refuse Fund is used to record all activity related to garbage pickup and recycling within the Town. The principal source of revenue for the Garbage and Refuse Fund is real property taxes. Capital Projects Fund—The Capital Projects fund is used to account for financial resources to be used for the acquisition and construction of major capital assets. The Town reports the following nonmajor funds: Lighting District Fund and Ambulance Fund. Additionally, the Town reports the following fund type: Fiduciary Fund—The Custodial fund is used to account for assets held by the Town in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. Trust funds account for resources received and disbursements made in accordance with trust agreements or applicable legislative enactments for each particular fund. Fiduciary funds include the Custodial Fund. Activities reported in the fiduciary funds include monies from outside entities, controlled and administered by the Town for the benefit of others. - 19 -