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6. CAPITAL ASSETS (UNAUDITED) Capital asset activity for the year ended May 31, 2025 was as follows: Unaudited Unaudited Balance Balance 6/1/2024 Additions Disposals 5/31/2025 Non Depreciable Capital Assets land $217,078 - = 217,078 Total Non-Depreciable Capital Assets 217,078 - - 217,078 Depreciable Capital Assets . Buildings 2,400,969 - - 2,400,969 (mprovements other than Buildings 2,296,243 - - 2,296,243 Machinery and Equipment 6,430,369 20,016 : 6,450,385 Tota! Depreciable Capital Assets 11,127,581 20,016 - 11,147,597 Total Capital Assets, Net $11,344,659 20,016 = 11,364,675 The Village does not record depreciation expense on its capital assets. 7, PENSION PLANS New York State Police and Fire Retirement System s (“PFRS”) and New York State Employees’ Retirement System (“ERS”) - The Village participates in the PERS and ERS (the “System”), cost- sharing, multiple-employer retirement systems. The Systems provide retirement benefits as well as death and disability benefits. The net position of the Systems are held in the New York State Common Retirement Fund (the “Fund"), which was established to hold all assets and record changes in fiduciary het position allocated to the Systems. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the Systems. The system s benefit s are established under the provisions of the New York State Retirement and Social Security Law (“NYSRSSL”). Once a public employer elects to participate in the Systems, the election is irrevocable. The New York State Constitution provides that pension membershi p is a contractual relationship and plan benefits cannot be diminished or impaired. Benefits can be changed for future members only by enactment of a State statute. The Village also participates in the Public Emplo yees’ Group Life Insurance Plan (“GLIP”), which provides death benefits in the form of life insura nce. The Systems are included in the State’s financial report as a pension trust fund. That report, inchiding information with regards to benefits provided, may be found at www.osc.state.ny.us/retire/pub lications/index.php or obtained by writing to the New York State and Local Retirement System, 110 State Street, Albany , NY 12244, The Systems are noncontributory, except for employees who joined the ERS after July 27, 1976 who contribute three percent (3%) of their salary for the first ten years of membership, and employees who joined on or after January 10, 2010 (ERS) or January 9, 2010 (PFRS), who generally contribute three percent (3%) to three- and one-half percent (3.5%) of their salary for their entire length of service. In addition, employee contribution rates under ERS Tier VI. vary based on a sliding salary scale. The Comptroller annually certifies the actuarially determ ined rates expressly used in computing the employers’ contributions based on salaries paid during the Systems’ fiscal year ending March 31. 22