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2. After a public hearing is conducted to obtain taxpayer comments, but no later than the end of April, the Village adopts the budget. 3. Formal budgetary integration is employed during the year as a management control device for the General, Water, and Sewer funds. 4, Budgets for the General, Water, and Sewer funds are legally adopted annually on a basis consistent with generally accepted accounting principles. Budgets for the Capital Project fund are adopted on a project basis. 5. All revisions that alter appropriations of any department or fund must be approved by the Board of Trustees through the use of budget modification. Unencumbered budgetary appropriations lapse at the close of each fiscal year, with the. exception of capital projects. 6. Budgetary appropriations are established for individual capital projects through resolutions authorizing the corresponding Capital Projects Fund to be established, which remain in effect for the life of the project. 3. CASH, CASH EQUIVALENTS AND INVESTMENTS The Village’s investment policies are governed by State statutes. Village monies must be deposited in FDIC-insured commercial banks or trust companies located within the State. The Mayor is authorized to use demand accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury and U.S. Agencies, repurchase agreements, and obligations of New York Siate or its localities. Collateral is required for demand deposits and certificates of deposits in an amount equal to or greater than the amount of 105% of all deposits not covered by federal deposit insurance. Obligations that may be pledged as collateral are obligations of the United States and its agencies and obligations of the state and its municipalities. Deposits with Financial Institutions — All deposits are carried at fair value and are classified by custodial credit risk at May 31, 2025. The balance of the Village’s unrestricted cash at May 31, 2025 was $3,147,568. The balance of the Village’s restricted cash at May 31, 2025 was $2,560,039. Investments — The Village invested some of its cash in an attempt to realize a better investment return on its deposits. These investments are in short-term, highly liquid, lower-risk money market, bank deposit, and certificate of deposit investments. These investments are classified as Level 1 investments. The balance of the Village’s investments at May 31, 2025 was $305,500 which is presented as restricted. 5 Custodial Credit Risk - Deposits — Custodial credit risk is the risk that in the event of a bank failure, the Village’ s deposits may not be returned to it. As noted above, by State statute all deposits in excess of FDIC insurance coverage must be collateralized. As of May 31, 2025, the Village's deposits were FDIC insured or collateralized, Restricted Cash and Investments—Restricted cash and investments in the General, Water, Sewer, and Capital Projects funds are related to the reserve funds in each of those individual funds. 20