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TOWN OF BOSTON, NEW YORK Notes to the Required Supplementary Information Year Ended December 31, 2024 1. PENSION LIABILITY—LOSAP Changes of Assumptions or Other Inputs—The discount rate used to measure the total pension liability was based on the yield to maturity of the Fidelity 20-Year GO AA Bond Index and was as follows: December 31, 2024 4.00% December 31, 2023 4.31% Trust Assets—There are no assets accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 73 to pay related benefits. 2. BUDGETARY INFORMATION Budgetary Basis of Accounting—Annual budgets are adopted on a basis consistent with generally accepted accounting principles in the United States of America for all governmental funds, with the exception of the Capital Projects Fund. The Capital Projects Fund does not have appropriated budgets since there are other means to control the use of these resources (e.g., grant awards) and sometimes span a period of more than one year. The appropriated budget is prepared by fund, function and department. The Town’s department heads may make transfers of appropriations within a department. Transfers of appropriations between departments require the approval of the Town Board. The legal level of budgetary control (i.e., the level at which expenditures may not legally exceed appropriations) is at the department level. Appropriations in all budgeted funds lapse at the end of the fiscal year even if they have related encumbrances. Actual results of operations presented in accordance with GAAP and the Town’s accounting policies do not recognize encumbrances and restricted fund balance as expenditures until the period in which the actual goods or services are received and a liability is incurred. Encumbrances are only reported on the balance sheet of the governmental funds included within restricted, committed or assigned fund balance. Significant encumbrances, if any, are disclosed in the notes to the financial statements. Excess of Expenditures over Appropriations—The Town’s appropriations for the year ended exceeded the December 31, 2024 final budget as follows: General fund debt service principal and interest payments exceeded the final budget due to lease payments. - 52 -