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Unaudited Unaudited Year of Amount Balance New Balance Tssue/ of Original — Interest at Debt Principal at Maturity Issue Rate 6/1/2024 Issued Payments 5/31/2025 General fund Public improvement bond 2014/2026 $ 865,000 1.75/3.25 $ 100,000 - 100,000 - Total general fund 100,000 - 100,000 - Water fund : Water bond 2002/2026 630,000 4.75/5.75 25,000 > 15,000 10,000 Total water fund 25,000 : 15,000 10,000 Total . $125,000 - 115,000 10,000 The Public Improvement bond was paid off during the year ended May 31,2025 and the last payment on the Water bond will be made during the year ended May 31, 2026. Compensated Absences — As described in Note 1, the Village calculated and discloses the estimated value of compensated absences. The annual budgets of the operating funds provide funding for these benefits as they become payable. The liability for compensated absences at May 31, 2025 amounts to $63,677. Since payment of compensated absences is dependent on many factors, the timing of future payments is not readily determinable. Net Pension Liabilities — The Village reports its proportionate share of the net pension liability for the Employees’ Retirement System and the Police and Fire Retirement System. At May 31, 2025, the net pension liability related to both retirement systems is estimated to be $764,241. Refer to Note 7 for additional information related to the Village’s pension liabilities. ii. FUND BALANCE In the fund financial statements, nonspendable amounts represent net current financial resources that cannot be spent because they are either not in spendable form or legally or contractua lly required to be maintained intact. The. Village did not have any nonspendable fund balance at May 31, 2025. : In the fund financial statements, restricted fund balances have constraints placed on the use of resources and are cither externally imposed by creditors (such as through debt covenants), grantors, contributors, or laws or regulations of other governments: or imposed by law through constituti onal provisions or enabling legislation. As of May 31, 2025, the Village reports the following as restricted fund balance: 28