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4, PROPERTY TAX The Village is responsible for collecting and depositing its Village property taxes. Property taxes attach to real property as an enforceable lien and are levied by the Counties of Cattaraugus or Erie as of October 31st. On or about October 31*, the Village turns over all unpaid property tax assessments to the Counties for enforcement at which time the Counties pays the Village for any uncollected portion of the Village’s levy. General Municipal Law Section 3-c establishes a tax levy limit for local governments in New York State effective June 24, 2011. This law generally limits the amount by which local governments can increase property tax levies to 2 percent or the rate of inflation, whichever is less. The law does provide exclusion for certain specific costs and allows the governing board to override the tax levy limit with a supermajority vote. RECEIVABLES Major revenue accrued by the Village at May 31, 2025 are: Accounts receivable — Represents amounts due to the Village from outside parties for various purposes. General Fund: Miscellatieous . $ 4243 Commercial Development Fund: UDAG Loans Receivable 4,939 Water Fund: _ Assessments Receivable 1347, Sewer Fund: Assessments Receivable 143,150 Total Accounts Receivable ~ $153,879 Federal and state aid receivable ~ Represents amounts due from the Federal government and/or New York State based on capital project expenditures and reimbursement. Amounts due the Village at May 31, 2025 are: Capital Projects Fund: U.S. Environmental Protection Agency $ 189,086 U.S. Department of Homeland Security 945,287 NYS Division of Homeland Security and Emergency Services 315,095 Total federal and state aid receivable $1,449,468 21