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Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance Cash and Cash Equivalents—The Town’s cash and cash equivalents consist of cash on hand, demand deposits, time deposits and short-term, highly liquid investments with original maturities of three months or less from the date of acquisition. New York State law governs the Town’s investment policies. Permissible investments include obligations of the United States Treasury, United States Agencies, repurchase agreements and obligations of New York State or its localities. Restricted Cash and Cash Equivalents—Restricted cash and cash equivalents represent fund balance restricted for tax stabilization, capital projects purposes, unspent debt proceeds and unearned revenues. The Town reported restricted cash and cash equivalents balances of $3,984,390 within governmental funds. Restricted Investments—The Town’s restricted investments consist of annuity contracts related to the Town’s Length of Service Award Programs (“LOSAPs”). The Town records investments at fair value based on quoted market value. Receivables—Receivables include amounts due from state and federal governments which represent amounts owed to the Town to reimburse it for expenditures incurred pursuant to state and federally funded programs. Receivables are recorded and revenues recognized as earned. Allowances are recorded when appropriate. Intergovernmental Receivables—Receivables include amounts due from state and federal governments and represent amounts owed to the Town to reimburse it for expenditures incurred pursuant to state and federally funded programs. Receivables are recorded and revenues recognized as earned. Allowances are recorded when appropriate. Prepaid Items—Certain retirement payments reflect costs applicable to future accounting periods and are recorded as prepaid items. The cost of prepaid items is recorded as expenses/expenditures when consumed rather than when purchased. Unearned Revenue—Represents unearned revenue related a New York State Energy Research and Development Authority (“NYSERDA”) grant. Capital Assets—Capital assets, which include land, buildings, improvements, machinery and equipment, right-to-use leased equipment, construction in progress, and infrastructure assets, are reported in the government-wide financial statements. Such assets are recorded at historical cost or estimated historical cost, if purchased of constructed. The reported value excludes normal maintenance and repairs, which are essentially amounts spent in relation to capital assets that do not increase the capacity or efficiency of the item or increase its estimated useful life. Donated capital assets are recorded at acquisition value. - 21 -