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Waste Water Treatment Plant Improvements — Phase 1 During the fiscal year ended May 31, 2024 the Village Board of Trustees approved the Waste Water Treatment Plant Improvements project (Phase 1) to make major upgrades and improvements to the Village’s wastewater treatment facility. This project is budgeted for $8,250,000. The Village spent $832,231 on this project prior to fiscal year 2025 and $4,571,455 on this project during fiscal year 2025. Phase 2 for this project has been approved by the Department of Environmental Conservation (“DEC”) and the Village plans to begin work on this capital project subject to administrative requirements which Management is currently working through. This project is being funded through a federal grant of $2,800,500, a state grant of $1,375,000,.and short-term financing (BAN) of $2,157,528. To provide relief for the paydown of the BAN required in the future, the Village is currently pursuing Congressional direct spending assistance of $1,250,000, and DOCCS additional allocation assistance of $3,492,418. Per the agreement among the Village, the federal Environmental Protection Agency, and the New York State Environmental Facilities Corporation, as project spending progresses, 50% of grant funds are ; released to cover the Village’s costs, followed by 100% of the BAN issue (see footnote 9), followed by the remaining 50% of grant funding. At May 31, 2025, the full amount of the BAN had been issued in the amount of $2,157,528 The Village entered into a contractual agreement with the New York State Department of Corrections and Community Supervision (“DOCCS”) whereby the Village will accepts the wastewater from the Collins Correctional Facility in exchange for payments to be made to support the funding of the Waste Water Treatment Plan Improvements project (Phase 1). DOCCS agreed to fund 71.5% of the original project cost estimate which amounted to $2,331,972 of funding. Per the agreement, DOCCS paid to the Village 50% of this.total at the time the construction project contract was executed and will pay 25% upon the project being 50% complete and 25% upon the project’s completion. The agreement is subject to future cost escalations via a new contract if agreed upon between DOCCS and the Village. The Village has used, and plans to continue using, this DOCCS funding to cover the costs of the Wastewater Treatment Plan project which are not covered by grant funding. 15. CONTINGENCIES Assessments—The Village may be, from time to time, a defendant in litigation under Article 7 of the Real Property Tax Law of the State of New York to review tax assessments. At May 31, 2025, the Village is not subject to any such litigation. Village management believes that any unasserted claims that may -be made against the Village in the future would not result in any material liability for the Village. Grants—In the normal course of operations, the Village receives grant funds from various Federal and State agencies. These grant programs are subject to audit by agents of the granting authority, the purpose of which is to ensure compliance with conditions precedent to the granting of funds. Any disallowed expenditures resulting from such audits could become a liability of the governmental funds. While the number of expenditures, if any, which may be disallowed cannot be determined at this time, management expects any amounts to be immaterial. Litigation- The Village may be, from time to time, subject to lawsuits in the ordinary course of its affairs, Village Management is of the opinion that any such litigation will not, in the aggregate, have a material adverse effect on the Village’s financial position. 31