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Prepaid Items—Representing the portion of fund balance, $35,242 and $15,042 composed of prepaid items for the General Fund and the Highway—Town Wide Fund, respectively. This balance is nonspendable as the balance does not represent an available source. In the fund financial statements, restricted fund balances are amounts constrained to specific purposes (such as creditors, grantors, contributors, or laws and regulations of other governments) through constitutional provisions or by enabling legislation. Restricted fund balances of the Town at December 31, 2024 are presented below: General Highway—Town Fire Protection Water Ambulance Fund Wide Fund Fund Fund Fund Total LOSAP $ - $ - $ 2,601,939 $ - $ 691,188 $ 3,293,127 Capital projects 391,047 317,538 - - 139,076 847,661 Debt - - - 387,651 - 387,651 Tax stabilization 92,724 - - - - 92,724 Total $ 483,771 $ 317,538 $ 2,601,939 $ 387,651 $ 830,264 $ 4,621,163 Restricted for LOSAP—Represents monies, $3,293,127 held for the Town’s LOSAP. Restricted for Capital Projects—Represents $391,047 in the General Fund, $317,538 in the Highway—Town Wide Fund and $139,076 in the Ambulance Fund to be used for construction, reconstruction and/or the acquisition of capital improvements and equipment. Restricted for Debt—Represents $387,651 in the Water Fund, restricted for the reduction of future debt service requirements. Restricted for Tax Stabilization—Represents $92,724 in the General Fund set aside to lessen or prevent projected increases in excess of 2.5% of the real property tax levy. In the fund financial statements, commitments are amounts that are subject to a purpose constraint imposed by a formal action of the Town’s highest level of decision-making authority. At December 31, 2024, the Town reported no committed fund balance. In the fund financial statements, assignments are not legally required segregations but are subject to a purpose constraint that represents an intended use established by the Town Board. The purpose of the assignment must be narrower than the purpose of the General Fund, and in funds other than the General Fund, assigned fund balance represents the residual amount of fund balance. At December 31, 2024, the fund balances shown below were considered to be assigned. Highway Fire Nonmajor General Town Wide Protection Water Refuse Governmental Fund Fund Fund Fund Fund Funds Total Subsequent year's expenditures $ 509,330 $ 153,433 $ 26,773 $ 68,788 $ - $ 3,673 $ 761,997 Encumbrances 18,045 171,261 - - - - 189,306 Specific use - 751,991 150,703 681,313 200,742 100,927 1,885,676 Total $ 527,375 $ 1,076,685 $ 177,476 $ 750,101 $ 200,742 $ 104,600 $ 2,836,979 - 42 -