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Assigned to Subsequent Year’s Expenditures—Represents available fund balance being appropriated to meet expenditure requirements in the 2025 fiscal year. Assigned to Encumbrances—Represents commitments related to unperformed contracts or purchase orders for goods or services. Assigned to Specific Use—Represents fund balance within the special revenue funds that is assigned for a specific purpose. The assignment’s purpose relates to each fund’s operations and represents amounts within funds that are not restricted or committed. Unassigned fund balance represents the residual classification of the government’s General Fund surplus and the Capital Projects Fund deficit. If the Town must use funds for emergency expenditures, the Board shall authorize the Supervisor to expend funds first from funds classified under GASB as nonspendable (if the funds become available) then restricted funds. The use of committed and assigned funds as classified by GASB will occur after the exhaustion of available restricted funds. Finally, if no other funds are available, the Town will use unassigned fund balance. 14. INTERFUND BALANCES AND ACTIVITY Interfund receivables and payables are short term in nature and exist because of temporary advances or payments made on behalf of other funds. All interfund balances are expected to be collected/paid within the ensuing year. Interfund transfers are routine annual events for both the budget and accounting process and are necessary to present funds in their proper fund classification. Interfund transfers as of the year ended December 31, 2024 consisted of the following: Transfers In Transfers Out General Fund $ - $ 331,563 Water Fund 2,706 26,790 Fire Protection Fund 134,624 Capital Projects Fund 223,729 2,706 Total $ 361,059 $ 361,059 In 2024, the transfer in of $134,624 in the Fire Protection Fund represents excess sales tax that was received in the general fund to contribute to the Fire LOSAP. $181,151 was related to ARPA and transferred from the General Fund to the Capital Projects Fund. $15,788 was a General Fund transfer to the Capital Projects fund. $2,706 was a BAN premium transferred to the Water Fund to paydown debt. $26,790 represents interest owed to the General Fund based on borrowing from the General Fund before the BAN financing. 15. LABOR CONTRACTS Certain Town employees are represented by one bargaining unit, with the balance governed by Town Board rules and regulations. The International Operating Engineers Local 17 AFL-CIO bargaining unit has a negotiated contract in place through December 31, 2026. - 43 -