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Lease Liability—The Town holds long-term capital leases for various equipment. The outstanding balance at December 31, 2025 was $4,216. Refer to Note 10 for additional information related to the Town’s leases. Net Pension Liability–ERS—In Schedule W to the AFR, the Town reported a liability of $457,441, for its proportionate share of the net pension liability related to the Employee Retirement System. Refer to Note 6 for additional information related to the Town’s net pension liability. Pension Liability–Fire LOSAP—In Schedule W to the AFR, the Town reported a liability of $6,489,644, for its pension liability related to the Fire Length of Service Award Program (LOSAP). Refer to Note 7 for additional information related to the Town’s pension liability. Compensated Absences—As explained in Note 1, the Town accrues the value of governmental fund type compensated absences. The value accrued at December 31, 2025 is $163,013 and relates to sick time earned each month that carries over at the end of the fiscal year up to the limit of 165 days per employee. Employees who retire or resign can choose to receive a cash payout for their unused sick time or roll it towards additional service credit in the New York State Retirement System. Management estimates that $47,101 is due within one year. Since payments of compensated absences are dependent upon many factors, timing of future payments is not readily determinable. A maturity schedule of the Town’s indebtedness is presented below: Pension Pension Year ending Serial Lease Liability Liability Compensated December 31, Bonds Liability ERS Fire LOSAP Absences Total 2026 $ 186,450 $ 3,260 $ - $ - $ 47,101 $ 236,811 2027 191,450 956 - - - 192,406 2028 196,750 - - - - 196,750 2029 207,150 - - - - 207,150 2030 212,950 - - - - 212,950 2031-2035 1,103,500 - - - - 1,103,500 2036-2040 1,028,000 - - - - 1,028,000 2041-2045 457,000 - - - - 457,000 2046 and thereafter 299,600 - 457,441 6,489,644 115,912 7,362,597 Total $ 3,882,850 $ 4,216 $ 457,441 $ 6,489,644 $ 163,013 $ 10,997,164 - 108 -