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• Ambulance Fund—this is used to record all revenues and expenditures related to emergency medical services within the Town. Major sources of revenue for the Ambulance Fund are real property taxes and sales tax. • Garbage and Refuse Fund—this is used to record all activity related to the garbage pickup and recycling within the Town. The principal source of revenue for the Garbage and Refuse Fund is real property taxes. • Lighting Fund—this is used to record the revenues and expenditures related to lighting maintenance in the Town’s lighting districts. The principal source of revenue for the Lighting Fund is real property taxes. • Fire Protection Fund—this is used to record the revenues and expenditures related to fire protection in the Town. The principal source of revenue for the Fire Protection Fund is real property taxes. • Capital Projects Fund—this is used to account for financial resources to be used for the acquisition and construction of major capital assets. During the course of operations the Town has activity between funds for various purposes. Any residual balances outstanding at year-end are reported as due from/to other funds and advances to/from other funds. Further, certain activity occurs during the year involving transfers of resources between funds. In the AFR these amounts are reported at gross amounts as transfers in/out. Fiduciary Funds – Fiduciary funds are those used to account for assets held by the local government in a trustee or custodial capacity. The Town reported the following fiduciary fund: • Custodial Fund—This is used to record the activity of any escrow accounts entered into by the town. This fund was established in 2023 due to a large scale solar project and it’s related escrow agreement. Additionally, in 2024, the Town recorded the turnover of unclaimed exonerated bail deposits that need to be held for six years after exoneration before the bail becomes the property of the town. Measurement Focus and Basis of Accounting The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the AFR. The AFR is reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources. - 86 -