Text · page 41 of 103
Read the whole document on one page (all 103 pages, each with its own heading)
This document was a scan. Its text was produced by character recognition and may contain errors; check the original for exact wording.
Amounts in the assigned fund balance classification are intended to be used by the Village for specific purposes but do not meet the criteria to be classified as committed. The Village Board has authority to assign fund balance. The Village Board may also assign fund balance as it does when appropriating fund balance to cover a gap between estimated revenue and appropriations in the subsequent year's appropriated budget. Unlike commitments, assignments generally only exist temporarily. In other words, an additional action does not normally have to be taken for the removal of an assignment, Conversely, as discussed above, an additional action is essential to either remove or revise a commitment. Revenues and Expenditures/Expenses Property Taxes — The Village’s real property taxes are levied annually on June 1* based on assessed property values as of that date. The tax roll is returned to Erie and Cattaraugus Counties, as applicable, on or about November 1“ at which time all unpaid taxes and penalties are payable to those offices. The Village retains its full tax levies and all unpaid items are returned to the Counties. Thus, the Village is assured of receiving 100% of its tax levy. The Counties enforces all liens. Pensions - The Village is mandated by New York State law to participate in the New York State and Local Employees’ Retirement System (“ERS”) and the New York State Police and Fire Retirement System (“PFRS”). For purposes of measuring. the net pension liability or asset, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the defined benefit pension plans, and changes thereof, have been determined on the same basis as they are reported by the respective defined benefit pension plans, For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. More information regarding pensions is included in Note 7. Adoption of Applicable New Accounting Pronouncements — The Village did not implement the provisions of GASB Statement No. 101, Compensated Absences during the year ended May 31, 2025, which was the only new accounting pronouncement which became applicable during the year. As noted above, the Village does not present government-wide financial statements and, therefore, does not record a long-term liability for the value of compensated absences in accordance with government-wide accounting on these financial statements. ‘Future Impacts of Accounting Pronouncements — The Village has not completed the process of evaluating the impact that will result from adopting GASB Statements No. 102, Certain Risk Disclosures, No. 103, Financial Reporting Model Improvements, or No. 104, Disclosure of Certain Capital Assets. The Village is, therefore, unable to disclose the impact that adopting GASB Statements No. 102, 103, and 104 wiil have on its financial position and results of operations when such statements are adopted. LEGAL COMPLIANCE - BUDGETS Budgets and Budgetary Accounting — The Village employs the following budgetary procedures: 1. On or before February 1* of each year, all departments of the Village submit requests for appropriations to the Village Treasurer and the Board of Trustees reviews these requests at its next Board meeting, so that a budget may be preparéd. Public hearings are conducted to obtain taxpayer comments prior to the budget being approved by the Board of Trustees by March 31°, 19