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Level 2. Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets in markets that are not active; Observable inputs other than quoted prices for the asset or liability (for example, interest rates and yield curves); and, Inputs derived principally from, or corroborated by, observable market data correlation or by other means Level 3. Unobservable inputs for the asset or liability. Unobservable inputs should be used to measure fair value to the extent that observable inputs are not available. The Town’s restricted investments consist of annuity contracts related to the Town’s Length of Service Award Programs (“LOSAP”), a defined benefit volunteer firefighter award program (see Note 7) and a defined contribution volunteer ambulance worker program (See Note 8). These annuities are guaranteed fixed annuities. The interest on each annuity varies but they are all fixed rate with a guaranteed minimum rate for a specific period. As of December 31, 2024, the Town has annuity funds that are valued using observable inputs other than quoted prices and inputs derived from observable market data correlation (level 2 input) in the amounts of $2,601,939 recorded within the Fire Protection Fund, and $691,188 recorded within the Ambulance Fund. 3. RECEIVABLES Major revenues accrued by the Town at December 31, 2024, consisted of the following: Receivables—Represents amounts due from various sources. Receivables at December 31, 2024 are: General Fund: Franchise fees $ 27,941 Misc fees 959 Total governmental funds $ 28,900 Taxes Receivable—Represents taxes due in the amount of $1,500. These amounts are recognized as revenue when the amounts are both measurable and available. At December 31, 2025, the Town reported a deferred inflow of resources on the governmental fund financial statements in the amount of $1,500, which represents taxes receivable that the Town does not expect to receive within 60 days of year-end, in accordance with the modified accrual basis of accounting. Intergovernmental Receivables—Represents amounts due from other units of government, such as Federal, New York State, County of Erie or other local governments. Intergovernmental receivables at December 31, 2024 are presented on the following page. - 27 -