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12. INTERFUND BALANCES AND ACTIVITY The outstanding balances between funds result from payments made on-behalf of other funds or temporary advances. These balances are expected to be collected/paid within the subsequent year. Interfund transfers are used primarily to support capital project expenditures. Interfund receivables, payables, and transfers of the Village as of, and for the year ended May 31, 2025, consisted of the following: Transfers Transfers Fund Receivables Payables In Out General Fund $ 43,507 177 10,309 - Community Development Fund - - - * 10,309 Water Fund lll 275 - - Sewer Fund 66 100 - - Capital Projects Fund - 43,132 - - Total $ 43,684 43,684 10,309 10,309 13. PETER COOPER SITE The Peter Cooper Glue Factory was a large, former industrial commercial enterprise that was located in the Village of Gowanda and ceased operations several decades ago. For many years, even prior to the business’ closing, there had been concerns expressed about the environmental impact of the site on which this business had operated. In 2001, the Village commissioned a reuse assessment and concept plan for this site. The United States Environmental Protection Agency (“EPA”) provided financial support for this project through its Superfund Redevelopment Initiative (“SRI”) project. The clean-up work at the site was completed in 2010 and included (1) re-grading and stabilizing creek banks, (2) excavating contaminated waste, consolidating the waste, moving it to an inactive landfill, and covering it with a protective cap, (3) collecting leachate, and (4) installing a gas venting system, Because of the work performed, the EPA removed the Peter Cooper site from its federal Superfund list in 2019. Certain responsible parties are required to fund the on-going testing, repairs, maintenance, and general upkeep of this site until the year 2040. Funds to be used to finance this upkeep are held in trust and are reported in the Village’s Community Development fund as restricted investments, The Village reports $305,500 of such funds at May 31 2025. 14. CAPITAL PROJECTS The Village will, from time to time, undertake capital improvement projects which management accounts for in the Village’ s Capital Projects Fund. These projects are generally funded either through federal sources, state sources, local sources, debt issuance or some combination of these sources. The Village expended funds for two such capital projects during the year ended May 31, 2025. Point Peter Reservoir Infrastructure Improvements In 2014, a flood damaged the Point Peter Reservoir (located in the Village of Gowanda), impacting the Village's water source. Village management began the process of making infrastructure improvements to the reservoir to repair this damage and to mitigate the likelihood of major debilitating damages in the future. The Village applied for funding from the Federal Emergency Management Authority (‘FEMA") to cover the costs of this project. The project was completed during the year ended May 31, 2025. The project’s total cost was $4,214,565. This amount was paid for through the use of FEMA funds of $3,160,924 (75%) and New York. State grant contributions of $1,053,641 (25%). 30