Text · page 162 of 322
Read the whole document on one page (all 322 pages, each with its own heading)
Interest requirements on serial bonds payable are as follows: Year ending December 31, Interest 2026 $ 135,500 2027 128,544 2028 122,013 2029 114,883 2030 107,556 2031-2035 418,290 2036-2040 230,443 2041-2045 86,935 2046 and thereafter 18,056 Total $ 1,362,220 13. FUND BALANCE In the AFR, nonspendable amounts represent net current financial resources that cannot be spent because they are either not in spendable form or legally or contractually required to be maintained intact. The Town maintained the following nonspendable fund balance at December 31, 2025: • Prepaid items—Represents amounts prepaid to the retirement system that are applicable to future accounting periods. The General Fund and the Highway Fund reported amounts of $31,226 and $18,229, respectively relating to the retirement system. Further, in 2024, the Town entered into a Subscription Based IT Agreement for $8,500 but subsequently put the account on hold prior to implementation. The first payment made will be recognized as an expense in the General Fund when implementation begins. In the AFR, restricted fund balances are amounts constrained to specific purposes (such as creditors, grantors, contributors, or laws and regulations of other governments) through constitutional provisions or by enabling legislation. At December 31, 2025, the Town reported the following restricted fund balances: • Restricted for General Capital Projects—Represents amounts, $407,309, restricted for the construction of various general fund capital projects. • Restricted for Tax Stabilization—Represents amounts, $96,580, restricted by the Town Board in accordance with general municipal law section 6-e to be used for future unanticipated events. • Restricted for Highway Equipment—Represents amounts, $330,743, restricted for the purchase of highway equipment. • Restricted for Water Debt—Represents amounts, $403,772, restricted for the reduction of future debt service requirements. • Restricted for Ambulance Equipment —Represents amounts, $144,860, restricted for the purchase of ambulance equipment. - 109 -