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¢ Equipment purchases — Represents available fund balance to be used to fund future equipment purchases. © Capital improvements — Represents available fund balance to be used for future capital expenditures. , © Restricted for repairs — Represents available fund balance for future potential repair expenditures. - ¢ Restricted for Maintenance~ Represents available fund balance to fund certain future ongoing maintenance costs. Tn the fund financial statements, commitments are amounts that are subject to a purpose constraint imposed by a formal action of the Villages highest level of decision-making authority. As of May 31, 2025, the Village has no committed fund balance. : In the fund financial statements, assignments are not legally required segregations, but are segregated for a specific purpose by the Village. At May 31. 2025, the following balances were considered to be assigned: Community General Development Water Sewer Fund Fund Fund Fund Total Appropriated $ 350,000 - ~ - 350,000 Specific Use = 397,985 514,389 763,610 1,675,984 $ 350,000 $ 397,985 514,389 763,610 2,025,984 * Assigned to specific use — Represents fund balance within the special revenue funds that is assigned for a specific purpose. The assignments’ purpose relates to each fund's operations and represent the remaining amounts within funds that are not restricted or committed, Unassigned fund balance represents the residual classification of the Village’s General Fund and Capital Projects Fund. : Ifthe Village must use funds for emergency expenditures, the Village Board shall authorize the Mayor to expend funds first from funds classified under GASB 54as nonspendable (if funds become available) then restricted funds. The use of committed and assigned funds as classified by GASB 54 will occur after the exhaustion of available restricted funds. Finally, if no other fund balances are available the Village will use unassigned fund balance. 29