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TOWN OF BOSTON, NEW YORK Notes to the Annual Financial Report (Unaudited) Year Ended December 31, 2025 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The New York State Annual Financial Report Document (the “AFR”) of the Town of Boston, New York (the “Town”) has been prepared in conformity with the format prescribed by the New York State Office of the State Comptroller Annual Update Document guidelines. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The more significant of the Town’s accounting policies are described below. Reporting Entity The Town is a unit of local government created by the State of New York. The Town operates under provisions of New York State law and various local laws. The five-member Town Board is the legislative body responsible for overall operations. The Supervisor serves as both Chief Executive Officer and Chief Fiscal Officer. Independently elected officials of the Town include: Supervisor Town Clerk / Receiver of Taxes Councilmembers (4) Superintendent of Highways Town Justices (2) All governmental activities and functions performed for the Town are its direct responsibility. No other governmental organizations have been included or excluded from the reporting entity. Basis of Presentation—AFR The AFR provides information about the Town’s governmental and fiduciary funds. Separate statements for each fund category are presented. Governmental Funds – Governmental funds are those which most governmental functions are finances. The acquisition, use and balances of expendable financial resources and related liabilities are accounted for through governmental funds. The Town reports the following governmental funds: • General Fund—this is the principal operating fund of the Town and accounts for all financial resources of the general government, except those accounted for in another fund. The principal source of revenue is non-property tax items. • Highway Fund—this is used to record all revenues and expenditures related to road maintenance and construction throughout the Town. Major revenue sources include real property taxes, sales tax and State aid. • Water Fund—this is used to record all revenues and expenditures related to operation and maintenance of the Town’s water districts. Major revenue sources consist primarily of real property taxes. - 85 -