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More detailed information about the General Fund’s budget as well as budgetary information for the Villages Water and Sewer funds can be found in the Required Supplementary Information section of this teport as listed in the table of contents. . Capital assets — As noted earlier, the Village does not record the value of capital assets. Long-term liabilities ~ At May 31, 2025, the Village had net pension liability of $764,241 and at May 31, 2024, the Village had a net pension asset of $725,878 which are not recorded per fund accounting. The Village had two long-term bonds outstanding at May 31, 2024 (the end of the prior year), which collectively had outstanding principal balances of $125,000 at that time. The Village made the required payments on these debt instruments during fiscal year 2025 which resulted in one of these bonds being paid in full, bringing the total outstanding principal balances to $10,000 at May 31, 2025. These amounts are not recorded on the Village’s balance sheet per fund accounting, Additionally, the Village was obligated under a capital lease in the amount of $105,805 at May 31, 2025. This lease term extend until fiscal year 2029. The Village estimated its liability for compensated absences at $63,677 and $61,391 at May 31, 2025 and 2024 respectively. The Village does not record this liability on its balance sheet per fund accounting. Additional information on the Village’s long-term liabilities can be found in Note 10 to the financial © statements. Economic Factors The various economic factors at the national, state, and county levels are considered when preparing the Village’s budgets. Management believes its’ budget preparation process is comprehensive and thorough and meets the various needs of the Village’s residents. Requests for Information This financial report is designed to provide our citizens, taxpayers, creditors, and investors with a general overview of the Village’s finances and to show the Village’s accounta bility for the money it receives. If you have any questions about this report or need additional financial information, contact Village Treasurer, Village of Gowanda, 27 East Main Street, Gowand a, New York 14070, 1