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4. CAPITAL ASSETS The Town’s capital asset activity for Schedule K to the AFR for the year ended December 31, 2025, is as follows: Balance Balance 1/1/2025 Increases Decreases 12/31/2025 Capital assets, not being depreciated: Land $ 203,600 $ - $ - $ 203,600 Construction Work in Progress 632,855 2,733,049 (435,757) 2,930,147 Total capital assets, not being depreciated 836,455 2,733,049 (435,757) 3,133,747 Capital assets, being depreciated: Buildings 5,084,557 - - 5,084,557 Improvements 1,295,691 340,887 - 1,636,578 Machinery & Equipment 3,536,606 206,506 (131,579) 3,611,533 Right-to-use leased equipment 22,380 - - 22,380 Infrastructure 2,661,399 - - 2,661,399 Art and Historical Treasures 5,505 99,505 - 105,010 Total capital assets, being depreciated 12,606,138 646,898 (131,579) 13,121,457 Less accumulated depreciation for: Buildings (2,451,425) (62,174) - (2,513,599) Improvements (336,874) (64,785) - (401,659) Machinery & Equipment (2,286,915) (154,340) 117,471 (2,323,784) Right-to-use leased equipment (14,090) (4,347) - (18,437) Infrastructure (756,236) (54,331) - (810,567) Art and Historical Treasures (152) (2,949) - (3,101) Total accumulated depreciation (5,845,692) (342,926) 117,471 (6,071,147) Total capital assets, being depreciated, net 6,760,446 303,972 (14,108) 7,050,310 Total capital assets, net $ 7,596,901 $ 3,037,021 $ (449,865) $ 10,184,057 5. ACCRUED LIABILITIES Accrued liabilities reported by governmental funds at the Town as of December 31, 2025, were as follows: Total General Highway Governmental Fund Fund Funds Salary and employeee benefits $ 29,111 $ 28,554 $ 57,665 Total $ 29,111 $ 28,554 $ 57,665 - 94 -