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Program assets are required to be held in trust by LOSAP legislation, for the exclusive purpose of providing benefits to participants and their beneficiaries or for the purpose of defraying the reasonable expenses of the operation and administration of the program. Authority to invest program assets is vested in the Investment Committee. Subject to restrictions in the program document, program assets are invested in accordance with a statutory “prudent person” rule. The sponsor is required to retain an actuary to determine the amount of the sponsor’s contributions to the plan. The actuary retained by the sponsor for this purpose is Penflex, Inc. Portions of the following information are derived from the most recent report prepared by the actuary, dated December 31, 2025. Program Financial Condition Asset Reconciliation Share of Trust Account, January 1, 2025 $ 691,188 Changes during the year: Add: Plan contributions $ 6,207 Net investment income 75,473 Less: Administrative Charges (1,605) Trustee Fees (2,937) Distributions Made to Participant/Beneficiaries (39,498) Net change 37,639 Share of Trust Account, December 31, 2025 $ 728,827 Contributions and Administrative Fees The actuary determined that the Town contributions owed during the 2025 calendar year totaled $6,207. Administrative and Trustee Fees taken out of the account during the year ending December 31, 2025 were $4,542 with an additional $39,498 of distributions made to beneficiaries. Plan Assets The Town accounts for service award program assets within its Ambulance Fund. The fair value of these program assets as of December 31, 2025 is $728,827. - 103 -