Text · page 165 of 322
Read the whole document on one page (all 322 pages, each with its own heading)
The Town made the following transfers between funds during the year ended December 31, 2025: Transfers out: General Fund Fund Transfers in: Capital Projects Fund 487,980 Total $ 487,980 The interfund transfer totaling $487,980 represents funding supplied by the general fund towards current capital projects. 16. LABOR CONTRACTS Certain Town employees are represented by one bargaining unit, with the balance governed by Town Board rules and regulations. The International Operating Engineers Local 17 AFL-CIO bargaining unit has a current negotiated contract in place through December 31, 2026. 17. CONTINGENCIES Litigation—The Town is involved in litigation in the ordinary course of its operations. The Town believes that its ultimate liability, if any, in connection with these matters will not have a material effect on the Town’s financial condition or results of operations. Assessments—The Town is a defendant in litigation under Article 7 of the Real Property Tax Law of the State of New York to review tax assessments. While the Town vigorously defends assessments, the likelihood of success is on a case by case basis, and is dependent upon various factors including market values and appraised amounts. No potential amount or potential range of loss is determinable. However, management believes that level of such potential loss, if any, would be immaterial and no provisions have been made within the financial statements. Grants—In the normal course of operations, the Town receives grant funds from various Federal and State agencies. These grant programs are subject to audit by agents of the granting authority, the purpose of which is to ensure compliance with conditions precedent to the granting of funds. Any disallowed expenditures resulting from such audits could become a liability of the governmental funds. While the amount of any expenditures which may be disallowed cannot be determined at this time, management expects any amounts to be immaterial. 18. SUBSEQUENT EVENTS Management has evaluated subsequent events through April 27, 2026, which is the date the AFR is available for issuance, and have determined there are no subsequent events that require disclosure in conformity with the format prescribed by the Office of the State Comptroller of the State of New York. ***** - 112 -