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Interest requirements on serial bonds payable is as follows: Year ending Serial December 31, Bonds 2025 $ 142,424 2026 135,500 2027 128,544 2028 122,013 2029 114,883 2030-2034 458,428 2035-2039 266,909 2040-2044 105,977 2025 and thereafter 29,966 Total $ 1,504,644 13. NET POSITION AND FUND BALANCE The government-wide financial statements utilize a net position presentation. Net position is categorized as net investment in capital assets, restricted and unrestricted. Net Investment in Capital Assets—This category groups all capital assets including infrastructure, into one component of net position. Accumulated depreciation and the outstanding balances of debt that are attributable to the acquisition, construction or improvement of these assets reduce the balance in this category. A reconciliation of the Town’s governmental activities net investment in capital assets is presented below: Capital assets, net of accumulated depreciation $ 7,596,903 Related debt: Serial bonds $ (4,059,400) Bond anticipation notes issued (3,758,000) Unspent proceeds from debt 2,645,500 Lease liability (8,738) Debt issued and used for capital assets $ (5,180,638) Accounts payable (6,816) Net investment in capital assets $ 2,409,449 Restricted Net Position—This category presents external restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments and restrictions imposed by law through constitutional provisions and enabling legislation. Unrestricted Net Position—This category represents the net position of the Town not restricted for any project or other purpose. In the fund financial statements, nonspendable amounts represent net current financial resources that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. Nonspendable fund balance maintained by the Town at December 31, 2024 is presented on the following page. - 41 -