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The following shows a summary of the Town’s short-term debt for the year ended December 31, 2024. Interest Maturity Balance Balance Description Rate Date 1/1/2024 Issues Redemptions 12/31/2024 2023 Bond Anticipation Note 3.67% 10/3/2025 $ 1,013,790 $ - $ 26,790 $ 987,000 2024 Bond Anticipation Note 3.67% 10/3/2025 - 2,771,000 - 2,771,000 Total $ 1,013,790 $ 2,771,000 $ 26,790 $ 3,758,000 12. LONG-TERM LIABILITIES In the government-wide financial statements, long-term debt and other long-term obligations are reported as noncurrent liabilities in the government-wide financial statements. In the fund financial statements, the unmatured principal of general long-term debt does not require current appropriation and expenditure of governmental fund financial resources. The Town’s outstanding long-term liabilities include serial bonds, installment purchase debt, lease liability, compensated absences, net pension liability—ERS and total pension liability—LOSAP. The serial bonds of the Town are secured by its general credit and revenue raising powers, as per State statute. A summary of changes in the Town’s long-term liabilities at December 31, 2024 is presented below: Balance Balance Due Within 1/1/2024 Additions Reductions 12/31/2024 OneYear Serial bonds $ 4,231,151 $ - $ 171,751 $ 4,059,400 $ 176,550 Installment purchase debt 13,926 - 13,926 - - Lease liability 13,106 - 4,368 8,738 4,523 Compensated absences* 188,822 25,997 35,534 179,285 17,928 Net pension liability—ERS* 751,475 - 254,762 496,713 - Total pension liability—LOSAP* 6,277,611 912,796 404,926 6,785,481 - Total $ 11,476,091 $ 938,793 $ 885,267 $ 11,529,617 $ 199,001 (*Reductions to the compensated absences and pension liability related to ERS and LOSAP are shown net of additions.) Serial Bonds—The Town issued general obligation bonds to provide funds for the acquisition, construction, and renovation of major capital facilities. General obligation bonds have been issued for governmental activities. General obligation bonds are direct obligations and pledge the full faith and credit of the Town. These bonds generally are issued as serial bonds with equal amounts of principal maturing each year with original maturities that range from 10 to 38 years. Principal is paid annually, interest is paid semi-annually; these payments are recorded in the associated fund, either being the General Fund or Water Fund. A summary of additions and payments for the year ended December 31, 2024, is presented on the following page. - 39 -