Documents

presentation 103 pages

Also attached to this agenda item: Final 2024 Village of Croton Mgmt. Ltr

Village of Croton-on-Hudson, New York Financial Statements and Supplementary Information Year Ended May 31, 2024 Village of Croton-on-Hudson, New York Table of Contents Page No. Independent Auditors' Report Management’s Discussion and Analysis Basic Financial Statements Government-Wide Financial Statements Statement of Net Position Statement of Activities Fund Financial Statements Balance Sheet - Governmental Funds Reconciliation of Governmental Funds Balance Sheet to the Government - Wide Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General and Water Funds Notes to Financial Statements Required Supplementary Information Other Postemployment Benefits Schedule of Changes in the Village’s Total OPEB Liability and Related Ratios New York State and Local Employees’ Retirement System Schedule of the Village’s Proportionate Share of the Net Pension Liability Schedule of Contributions New York State and Local Police and Fire Retirement System Schedule of the Village’s Proportionate Share of the Net Pension Liability Schedule of Contributions Fire Service Awards Program Schedule of Changes in the Village’s Total Pension Liability and Related Ratios Combining and Individual Fund Financial Statements and Schedules Major Governmental Funds General Fund Combining Balance Sheet – Sub-Funds Combining Schedule of Revenues, Expenditures and Changes in Fund Balances – Sub-Funds Comparative Balance Sheet – Sub-Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual – Sub Funds Schedule of Revenues and Other Financing Sources Compared to Budget – Sub Fund Schedule of Expenditures and Other Financing Uses Compared to Budget – Sub Fund Village of Croton-on-Hudson, New York Table of Contents (Concluded) Page No. Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Schedule of Revenues Compared to Budget Schedule of Expenditures and Other Financing Uses Compared to Budget Debt Service Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Capital Projects Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Project-Length Schedule Non-Major Governmental Funds Combining Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Special Purpose Fund Comparative Balance Sheet Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Sewer Fund Comparative Balance Sheet Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Schedule of Expenditures and Other Financing Uses Compared to Budget PKF O’CONNOR DAVIES, LLP 500 Mamaroneck Avenue, Harrison, NY 10528 I Tel: 914.381.8900 I Fax: 914.381.8910 I www.pkfod.com PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Independent Auditors’ Report The Honorable Mayor and Board of Trustees of the Village of Croton-on-Hudson, New York Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, each major fund and the aggregate remaining fund information of the Village of Croton-on-Hudson, New York (“Village”), as of and for the year ended May 31, 2024, and the related notes to the financial statements, which collectively comprise the Village’s basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund and the aggregate remaining fund information of the Village, as of May 31, 2024, and the respective changes in financial position and the respective budgetary comparison for the General Fund and Water Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (“GAAS”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Village, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we:  Exercise professional judgment and maintain professional skepticism throughout the audit.  Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Village's internal control. Accordingly, no such opinion is expressed.  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Village’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that Management’s Discussion and Analysis and the schedules included under Required Supplementary Information in the accompanying table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit for the year ended May 31, 2024 was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Village's basic financial statements. The combining and individual fund financial statements and schedules for the year ended May 31, 2024 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements for the year ended May 31, 2024 and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole for the year ended May 31, 2024. We also previously audited, in accordance with auditing standards generally accepted in the United States of America, the basic financial statements of the Village as of and for the year ended May 31, 2023 (not presented herein), and have issued our report thereon dated December 1, 2023 which contained unmodified opinions on the respective financial statements of the governmental activities, each major fund and the aggregate remaining fund information. The combining and individual fund financial statements and schedules for the year ended May 31, 2023 are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and related directly to the underlying accounting and other records used to prepare the 2023 financial statements. The information was subjected to the audit procedures applied in the audit of the 2023 basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare those financial statements or to those financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements and schedules are fairly stated in all material respects in relation to the basic financial statements as a whole for the year ended May 31, 2023. PKF O’Connor Davies, LLP Harrison, New York December 11, 2024 Village of Croton-on-Hudson, New York Management’s Discussion and Analysis May 31, 2024 Introduction As management of the Village of Croton-on-Hudson, New York (“Village”), we offer readers of the Village’s financial statements this narrative overview and analysis of the financial activities of the Village for the fiscal year ended May 31, 2024. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Village's financial performance. Financial Highlights for Fiscal Year 2024  The General Fund completed fiscal year 2024 with a fund balance totaling $13,124,413, an increase of $442,673 from the prior year. Of the total General Fund, the unassigned fund balance totaled $6,280,011, a decrease from the prior year of $2,775,120. The large decrease in unassigned fund balance resulted from the Board assigning portions of the fund balance for various purposes, such as the purpose of a ladder truck for the fire department. The unassigned fund balance of $6,280,011 is 28% of the 2024-25 budgeted appropriations. The assigned classification included $218,291 for encumbrances, $675,000 for subsequent year’s expenditures, $3,325,140 for capital projects, and $290,010 for future retirement expenditures. $676,636 was restricted for employee benefits which represents accumulated vacation and sick leave in accordance with various collective bargaining agreements. In addition, $1,593,599 is restricted for pension benefits for the LOSAP and $64,015 is restricted for tax stabilization purposes.  On the government-wide financial statements, the assets and deferred outflows of resources of the Village was less than its liabilities and deferred inflows of resources at the close of the most recent fiscal year by $13,508,917.  As of the close of the current fiscal year, the Village’s governmental funds reported combined ending fund balances of $17,817,714.  The Capital Projects Fund expenditures totaled $3,174,110 and the fund balance at May 31, 2024 was $1,880,176.  The Village retired $173,972 of bond anticipation notes outstanding during the current fiscal year. At May 31, 2024, the Village had $773,106 of bond anticipation notes outstanding to finance capital projects.  During the 2024 fiscal year, the Village issued $2,269,620 of serial bonds and retired $2,431,500 of previously outstanding indebtedness. The Village’s total outstanding general obligation bonds payable at May 31, 2024 totaled $30,374,620, exclusive of unamortized issuance premiums of $1,400,970. This represents a decrease in serial bonds of $161,880 from the prior year. Overview of the Financial Statements The Village’s financial statements are comprised of this Management Discussion and Analysis (“MD&A”) and the basic financial statements. This discussion and analysis serves as an introduction to the basic financial statements. The MD&A provides an analysis and overview of the Village’s financial activities. The basic financial statements include three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also includes other supplementary information as listed in the table of contents. Government-wide Financial Statements The government-wide financial statements are presented in a manner similar to private-sector business financial statements. The statements are prepared using the accrual basis of accounting. The government-wide financial statements include two statements: the statement of net position and the statement of activities. Fiduciary activities, whose resources are not available to the Village's programs, are excluded from these statements. The statement of net position presents the Village’s total assets, liabilities and deferred inflows/outflows of resources, with the difference reported as net position. Over time, increases or decreases in the net position may serve as a useful indicator as to whether the financial position of the Village is improving or deteriorating. The statement of activities presents information showing the change in the Village’s net position during the current fiscal year. All revenues and expenses are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods such as uncollected taxes and earned but unused vacation and sick leave. The focus of this statement is on the net cost of providing various services to the citizens of the Village. The government-wide financial statements distinguish functions of the Village that are principally supported by taxes and intergovernmental revenues (“governmental activities”). The governmental activities of the Village include general government support, public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and interest. Fund Financial Statements A fund is an accounting entity with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balances, revenues and expenditures. Governmental resources are allocated to and accounted for in an individual fund based upon the purpose for which they are to be spent and the means by which spending activities are controlled. The Village, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related and legal requirements. All of the funds of the Village can be divided into two categories: governmental funds and fiduciary funds. Governmental Funds - Most of the basic services provided by the Village are financed and accounted for through governmental funds. Governmental fund financial statements focus on current inflows and outflows of spendable resources as well as the available balances of these resources at the end of the fiscal year. This information is useful in determining the Village’s financing requirements for the subsequent fiscal period. Governmental funds use the flow of current financial resources measurement focus and the modified accrual basis of accounting. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. From this comparison, readers may better understand the long-term impact of the Village’s near- term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Village of Croton-on-Hudson has six (6) individual governmental funds: General, Water, Debt Service, Capital Projects, Special Purpose and Sewer funds. Of these, the General, Water, Debt Service and Capital Projects funds are reported as major funds, and are presented in separate columns on the governmental funds balance sheet and the governmental funds statement of revenues, expenditures and changes in fund balances. Data for the other governmental funds are combined into a single, aggregated presentation. Individual fund data for these non-major funds can be found on the combining statements elsewhere in this report. The Village adopts an annual budget for its General, Water, Sewer and Debt Service funds. A budgetary comparison statement has been provided in the basic financial statements for the General and Water Funds to demonstrate compliance with the respective budgets. Fiduciary Funds - These funds are used to account for resources held for the benefit of parties outside the government. The fiduciary funds are not reflected in the government-wide financial statements because the assets of these funds are not available to support the activities of the Village. The Village maintains one type of fiduciary fund, the Custodial Fund. The Pension Trust Fund accounts for the Service Awards Program for volunteer firefighters, was previously recorded as a Fiduciary Fund. Resources are held in the Custodial Fund by the Village purely in a custodial capacity. The activity in this fund is limited to the receipt and remittance of resources to the appropriate individual, organization or government. The financial statement for the Fiduciary Fund can be found in the basic financial statements section of this report. Notes to Financial Statement The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes can be found following the basic financial statements section of this report. Other Information Additional statements and schedules can be found immediately following the notes to the financial statements. These include the required supplementary information for the Village’s Service Awards Program, other postemployment benefit obligations, the New York State Local Employees and Local Police and Fire Retirement Systems, the combining statements for the non-major governmental funds and schedules of budget to actual comparisons. Government-wide Financial Analysis The Village’s assets and deferred outflows of resources were less than the liabilities and deferred inflows of resources by $13,508,917 for fiscal year 2024. The reason for this is because beginning in fiscal year 2019 the Village was required to implement GASB Statement No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (“OPEB”)”. This statement addresses accounting and financial reporting for OPEB that is provided to the employees of state and local governments by establishing standards for recognizing and measuring liabilities, deferred outflows/inflows of resources and expenses/expenditures. This statement identifies the methods and assumptions that are required to be used to project benefit payments, discount projected benefit payments to their actuarial present value and attribute that present value to the periods of employee service. The following table reflects the condensed Statement of Net Position: Statement of Net Position Current Assets $ 22,614,135 $ 21,665,773 Capital Assets, net 54,135,344 53,505,394 Total Assets 76,749,479 75,171,167 Deferred Outflows of Resources* 16,859,403 17,772,108 Current Liabilities 3,104,355 3,101,798 Long-Term Liabilities 82,219,497 81,290,606 Total Liabilities 85,323,852 84,392,404 Deferred Inflows of Resources* 21,793,947 22,917,998 Net Position Net investment in capital assets 24,911,170 23,280,661 Restricted 1,079,797 1,149,902 Unrestricted (39,499,884) (38,797,690) Total Net Position $ (13,508,917) $ (14,367,127) May 31, *Detailed information pertaining to the Village’s Deferred Outflows/Inflows of Resources is presented in Notes 1 and 3 of the financial statements. The amounts are as follows: Police and Fire ("PFRS") $ 2,551,270 $ 1,063,516 Employee ("ERS") 1,926,314 1,436,098 Fire Service Award Program 663,719 698,119 OPEB 11,557,882 16,606,239 Leases - 1,989,975 Deferred Loss on Refunding Bonds 160,218 - $ 16,859,403 $ 21,793,947 Outflows Inflows 2024 Deferred Amounts One component of the Village’s net position is net investment in capital assets of $24,911,170 which reflects its investment in capital assets, less any related debt used to acquire those assets that is still outstanding. The Village uses these capital assets to provide services to its citizens and consequently, these assets are not available for future spending. Although the Village’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The restricted net position of $1,079,797 represents resources that are subject to external restrictions on their use. The restrictions are: Debt Service $ 250,896 $ 414,823 Special Purpose 828,901 735,079 Restricted Net Assets $ 1,079,797 $ 1,149,902 May31, Changes in Net Position REVENUES Program Revenues Charges for Services $ 8,880,698 $ 8,262,965 Operating Grants and Contributions 340,913 792,749 Capital Grants and Contributions 711,311 558,466 Total Program Revenues 9,932,922 9,614,180 General Revenues Real Property Taxes 12,869,773 12,662,904 Other Tax Items 32,100 33,192 Non-Property Taxes 2,493,667 2,465,174 Unrestricted Use of Money and Property 630,599 271,176 Sale of Property and Compensation for Loss 125,528 2,119,039 Unrestricted State Aid 174,398 206,397 Miscellaneous 23,616 1,424 Insurance recoveries 164,321 129,148 Total General Revenues 16,514,002 17,888,454 Total Revenues 26,446,924 27,502,634 PROGRAM EXPENSES General Government Support 5,659,924 5,521,632 Public Safety 8,662,547 8,010,987 Health 660,767 514,835 Transportation 4,341,342 4,377,146 Economic Opportunity and Development 34,922 34,771 Culture and Recreation 1,533,729 1,503,243 Home and Community Services 3,825,529 3,384,038 Interest 869,954 869,641 Total Expenses 25,588,714 24,216,293 Change in Net Position 858,210 3,286,341 NET POSITION Beginning, as reported (14,367,127) (17,653,468) Ending $ (13,508,917) $ (14,367,127) May 31, Year Ended Unrestricted State Aid 0.66% Non-Property Taxes 9.43% Real Property Taxes 48.66% Other 3.69% Operating Grants and Contributions 1.29% Charges for Services 33.58% Capital Grants and Contributions 2.69% Sources of Revenue for Fiscal Year 2024 Governmental Activities Home and Community Services, 14.95% Culture and Recreation, 5.99% Transportation, 16.97% Public Safety, 33.85% General Government Support, 22.12% Interest, 3.40% Health, 2.58% Economic Opportunity and Development, 0.14% Sources of Expenses for Fiscal Year 2024 Governmental Activities Governmental Activities: Governmental activities increased the Village’s net position by $858,210. For the fiscal year ended May 31, 2024, revenues from governmental activities totaled $26,446,924. Tax revenues of $15,395,540 consisting of real property taxes, other tax items and non-property taxes, represented the largest revenue source at 58.1%. Financial Analysis of the Government’s Funds As noted earlier, the Village uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Fund Balance Reporting GASB issued Statement No. 54, “Fund Balance Reporting and Governmental Fund Type Definitions”, in February 2009. The requirements of GASB Statement No. 54 became effective for financial statements for the fiscal period ending June 30, 2011. GASB Statement No. 54 abandoned the reserved and unreserved classifications of fund balance and replaced them with five new classifications: nonspendable, restricted, committed, assigned and unassigned. An explanation of these classifications follows below. Nonspendable – consists of assets that are inherently nonspendable in the current period either because of their form or because they must be maintained intact, including prepaid items, inventories, long-term portions of loans receivable, financial assets held for resale and principal of endowments. Restricted – consists of amounts that are subject to externally enforceable legal purpose restrictions imposed by creditors, grantors, contributors, or laws and regulations of other governments; or through constitutional provisions or enabling legislation. Committed – consists of amounts that are subject to a purpose constraint imposed by a formal action of the government’s highest level of decision-making authority before the end of the fiscal year, and that require the same level of formal action to remove the constraint. Assigned – consists of amounts that are subject to a purpose constraint that represents an intended use established by the government’s highest level of decision-making authority, or by their designated body or official. The purpose of the assignment must be narrower than the purpose of the General Fund, and in funds other than the General Fund, assigned fund balance represents the residual amount of fund balance. Unassigned – represents the residual classification for the government’s General Fund, and could report a surplus or deficit. In funds other than the General Fund, the unassigned classification should be used only to report a deficit balance resulting from overspending for specific purposes for which amounts had been restricted, committed, or assigned. These changes were made to reflect spending constraints on resources, rather than availability for appropriations and to bring greater clarity and consistency to fund balance reporting. This pronouncement should result in an improvement in the usefulness of fund balance information. Governmental Funds - The table below outlines the various balances that comprise the total fund balance of the Village as of May 31, 2024 according to their GASB Statement No. 54 classifications along with what the former classifications would have been. More detailed information about the Village’s fund balance is presented in note 3K in the notes to financial statements. GASB No. 54 Classification Includes Former Classifications Nonspendable Fund Balance Leases - Prepaid Expenditures 1,711 1,711 Restricted Fund Balance Reserved for Employee Benefits 683,707 Reserved for Pension Benefits 1,593,599 Reserved for Tax Stabilization 64,015 Reserved for Debt Service 150,896 Debt Service - for Subsequent Year's Expenditures 100,000 Reserved for Capital Projects 1,880,176 Reserved for Parklands 767,701 Reserved for Trusts 61,200 5,301,294 Assigned Fund Balance Reserved for Encumbrances: General Government Support 72,853 Public Safety 109,348 Health 4,198 Transportation 6,161 Culture and Recreation 6,177 Home and Community Services 83,128 Designated for Subsequent Year's Expenditures: Unassigned Fund Balance 675,000 Designated for Future Retirement Expenditures 290,010 Capital projects 3,325,140 Water Fund 873,233 Sewer Fund 789,450 6,234,698 Unassigned Fund Balance Unreserved and Undesignated: 6,280,011 Total Fund Balances (as of May 31, 2024) $ 17,817,714 Fund Balance The focus of the Village’s governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Village’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for discretionary use as it represents the portion of fund balance which has not yet been limited to use for a particular purpose by either an external party, the Village itself, or an individual that has been delegated authority to assign resources for use for particular purposes by the Village Board. As of the end of the current fiscal year, the Village’s governmental funds reported combined fund balances of $17,817,714, an increase of $1,156,588 from the prior year. General Fund Budgetary Highlights When the fiscal 2023-2024 budget was adopted, it anticipated the use of $725,000 of unassigned fund balance for the balancing of the operating budget. Actual operations resulted in an increase of $442,673 to the overall general fund balance. Unassigned fund balance decreased by $2,775,120, as a result of the Village Board assigning these funds to capital projects such as the purchase of a ladder truck for the fire department. Capital Asset and Debt Administration Capital Assets: The Village’s investment in capital assets for its governmental activities as of May 31, 2024, amounted to $54,135,344 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. Capital Assets (Net of Depreciation) Land $ 4,773,011 $ 4,773,011 Buildings and improvements 7,964,488 8,277,974 Machinery and equipment 3,897,731 4,542,680 Infrastructure 32,202,189 33,232,221 Construction-in-Progress 5,297,925 2,679,508 Total $ 54,135,344 $ 53,505,394 May 31, Additional information on the Village’s capital assets can be found in Note 3 of this report. Long-term Debt: On May 31, 2024, the Village had total debt outstanding of $31,775,590, comprised of general obligation bonded debt of $30,374,620 and $1,400,970 of unamortized premiums. During the 2023-2024 fiscal year, the Village issued $2,269,620 of serial bonds and retired $2,431,500 of serial bonds, $171,451 of unamortized premiums, and made the final principal payment of $241,987 of the installment debt. All of this debt is backed by the full faith and credit of the Village. Additional information on the Village’s long-term debt can be found in Note 3 of this report. Requests for Information This financial report is designed to provide a general overview of the Village’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to Bryan Healy, Village Manager, Village of Croton-on-Hudson, One Van Wyck Street, Croton-on- Hudson, New York 10520. Village of Croton-on-Hudson, New York Statement of Net Position ASSETS Cash and equivalents $ 14,263,022 Investments 4,480,738 Receivables Accounts 130,600 Water rents 824,630 Sewer rents 111,244 State and Federal aid 321,488 Due from other governments 443,947 Leases 2,036,755 Prepaid expenses 1,711 Capital assets Not being depreciated 10,070,936 Being depreciated, net 44,064,408 Total Assets 76,749,479 DEFERRED OUTFLOWS OF RESOURCES Deferred charge on refunding bonds 160,218 Pension related 4,477,584 OPEB related 11,557,882 Length of service awards programs 663,719 Total Deferred Outflows of Resources 16,859,403 LIABILITIES Accounts payable 446,947 Accrued liabilities 358,719 Deposits payable 298,888 Employee payroll deductions 178,767 Bond anticipation notes payable 773,106 Unearned revenues 750,019 Accrued interest payable 297,909 Non-current liabilities Due within one year 4,355,198 Due in more than one year 77,864,299 Total Liabilities 85,323,852 DEFERRED INFLOWS OF RESOURCES Leases 1,989,975 Pension related 2,499,614 OPEB related 16,606,239 Length of service awards programs 698,119 Total Deferred Inflows of Resources 21,793,947 NET POSITION Net investment in capital assets 24,911,170 Restricted Debt service 250,896 Special purpose Culture and recreation 828,901 Unrestricted (39,499,884) Total Net Position $ (13,508,917) The notes to the financial statements are an integral part of this statement. May 31, 2023 Governmental Activities Village of Croton-on-Hudson, New York Statement of Activities Year Ended May 31, 2024 Functions/Programs Governmental activities General government support $ 5,659,924 $ 579,086 $ 45,962 $ - $ (5,034,876) Public safety 8,662,547 891,621 48,047 20,000 (7,702,879) Health 660,767 602,721 - - (58,046) Transportation 4,341,342 2,868,089 165,349 499,927 (807,977) Economic opportunity and development 34,922 - - - (34,922) Culture and recreation 1,533,729 361,803 35,493 - (1,136,433) Home and community services 3,825,529 3,577,378 46,062 57,500 (144,589) Interest 869,954 - - 133,884 (736,070) Total Governmental Activities $ 25,588,714 $ 8,880,698 $ 340,913 $ 711,311 (15,655,792) General revenues Real property taxes 12,869,773 Other tax items Interest and penalties on real property taxes 32,100 Non-property taxes Non-property tax distribution from County 2,211,264 Franchise fees 114,990 Utilities gross receipts taxes 165,773 Emergency Tenant Protection Act 1,640 Unrestricted use of money and property 630,599 Sale of property and compensation for loss 125,528 Unrestricted State aid 174,398 Miscellaneous 23,616 Insurance recoveries 164,321 Total General Revenues 16,514,002 Change in Net Position 858,210 Net Position - Beginning (14,367,127) Net Position - Ending $ (13,508,917) The notes to the financial statements are an integral part of this statement. Program Revenues Expenses Services Charges for Contributions Grants and Operating Capital Grants and Contributions Changes in Net Position Net (Expense) Revenue and Village of Croton-on-Hudson, New York Balance Sheet Governmental Funds General ASSETS Cash and equivalents $ 9,794,481 $ 342,643 $ 59,969 Investments 3,613,656 323,506 - Other receivables Accounts 129,100 - - Water rents - 824,630 - Sewer rents - - - State and Federal aid 102,945 - - Due from other governments 443,947 - - Leases 2,036,755 - - Due from other funds 1,903,178 11,275 260,927 Prepaid expenditures 1,711 - - Total Assets $ 18,025,773 $ 1,502,054 $ 320,896 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities Accounts payable $ 161,970 $ 17,686 $ - Accrued liabilities 344,197 14,159 - Bond anticipation notes payable - - - Deposits payable 298,888 - - Employee payroll deductions 178,767 - - Due to other funds 1,177,544 548,077 70,000 Unearned revenues 750,019 - - Total Liabilities 2,911,385 579,922 70,000 Deferred inflows of resources Leases 1,989,975 - - Total Liabilities and Deferred Inflows of Resources 4,901,360 579,922 70,000 Fund balances Nonspendable 1,711 - - Restricted 2,334,250 7,071 250,896 Assigned 4,508,441 915,061 - Unassigned 6,280,011 - - Total Fund Balances 13,124,413 922,132 250,896 Total Liabilities and Fund Balances $ 18,025,773 $ 1,502,054 $ 320,896 The notes to the financial statements are an integral part of this statement. May 31, 2024 Water Debt Service Governmental $ 3,112,398 $ 953,531 $ 14,263,022 - 543,576 4,480,738 1,500 - 130,600 - - 824,630 - 111,244 111,244 218,543 - 321,488 - - 443,947 - - 2,036,755 53,005 76,928 2,305,313 - - 1,711 $ 3,385,446 $ 1,685,279 $ 24,919,448 $ 263,250 $ 4,041 $ 446,947 - 358,719 773,106 - 773,106 - - 298,888 - 178,767 468,914 40,778 2,305,313 - - 750,019 1,505,270 45,182 5,111,759 - - 1,989,975 1,505,270 45,182 7,101,734 - - 1,711 1,880,176 828,901 5,301,294 - 811,196 6,234,698 - - 6,280,011 1,880,176 1,640,097 17,817,714 $ 3,385,446 $ 1,685,279 $ 24,919,448 Total Funds Non-Major Governmental Projects Capital Village of Croton-on-Hudson, New York Reconciliation of Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position Amounts Reported for Governmental Activities in the Statement of Net Position are Different Because: Total Fund Balances - Governmental Funds 17,817,714 $ Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. Capital assets - non-depreciable 10,070,936 Capital assets - depreciable 96,381,047 Accumulated depreciation (52,316,639) 54,135,344 Differences between expected and actual experiences, assumption changes and net differences between projected and actual earnings and contributions subsequent to the measurement date for the postretirement benefits (pension and OPEB) are recognized as deferred outflows of resources and deferred inflows of resources on the statement of net position. Deferred outflows - pension related 4,477,584 Deferred outflows - OPEB related 11,557,882 Deferred outflows - length of service awards program(s) 663,719 Deferred inflows - pension related (2,499,614) Deferred inflows - OPEB related (16,606,239) Deferred inflows - length of service awards program(s) (698,119) (3,104,787) Long-term and other liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Accrued interest payable (297,909) General obligation bonds payable (30,374,620) Compensated absences (2,227,756) Net pension liability-ERS (2,549,499) Net pension liability-PFRS (3,323,464) Total OPEB Liability (39,861,293) Fire Service Award Program (2,481,895) (81,116,436) Governmental funds report the effect of premiums, discounts, and refundings and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Deferred amount on refunding 160,218 Premium on general obligation bonds (1,400,970) (1,240,752) Net Position of Governmental Activities (13,508,917) $ The notes to the financial statements are an integral part of this statement. May 31, 2024 Village of Croton-on-Hudson, New York Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds Year Ended May 31, 2024 General REVENUES Real property taxes $ 12,869,773 $ - $ - Other tax items 32,100 - - Non-property taxes 2,493,667 - - Departmental income 4,405,146 3,037,206 - Net change in fair value of investments 26,266 - - Use of money and property 945,414 34,932 133,884 Licenses and permits 286,935 - - Fines and forfeitures 434,303 - - Sale of property and compensation for loss 125,528 11,130 - State aid 234,085 - - Federal aid 131,916 - - Miscellaneous 26,282 - - Total Revenues 22,011,415 3,083,268 133,884 EXPENDITURES Current General government support 3,621,228 314,187 - Public safety 5,087,195 - - Health 592,138 - - Transportation 2,148,511 - - Economic opportunity and development 34,922 - - Culture and recreation 901,569 - - Home and community services 1,592,603 779,378 - Employee benefits 5,213,081 329,105 - Debt service Principal - - 2,673,487 Interest 13,669 - 970,670 Capital outlay - - - Total Expenditures 19,204,916 1,422,670 3,644,157 Excess (Deficiency) of Revenues Over Expenditures 2,806,499 1,660,598 (3,510,273) OTHER FINANCING SOURCES (USES) Bonds issued - - - Insurance recoveries 164,321 - - Transfers in 698,702 - 3,646,346 Transfers out (3,226,849) (1,313,531) (300,000) Total Other Financing Sources (Uses) (2,363,826) (1,313,531) 3,346,346 Net Change in Fund Balances 442,673 347,067 (163,927) FUND BALANCES (DEFICIT) Beginning of Year 12,681,740 575,065 414,823 End of Year $ 13,124,413 $ 922,132 $ 250,896 The notes to the financial statements are an integral part of this statement. Water Service Debt Governmental Governmental Funds $ - $ - $ 12,869,773 - - 32,100 - - 2,493,667 - 443,782 7,886,134 - - 26,266 - 27,697 1,141,927 - - 286,935 - - 434,303 - - 136,658 577,427 - 811,512 - - 131,916 - 5,130 31,412 577,427 476,609 26,282,603 - 67,679 4,003,094 - - 5,087,195 - - 592,138 - - 2,148,511 - - 34,922 - - 901,569 - 137,685 2,509,666 - 23,485 5,565,671 - - 2,673,487 - - 984,339 3,059,364 - 3,059,364 3,059,364 228,849 27,559,956 (2,481,937) 247,760 (1,277,353) 2,269,620 - 2,269,620 - - 164,321 710,231 61,069 5,116,348 (114,746) (161,222) (5,116,348) 2,865,105 (100,153) 2,433,941 383,168 147,607 1,156,588 1,497,008 1,492,490 16,661,126 $ 1,880,176 $ 1,640,097 $ 17,817,714 Non-Major Total Capital Projects Village of Croton-on-Hudson, New York Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Year Ended May 31, 2024 Amounts Reported for Governmental Activities in the Statement of Activities are Different Because: Net Change in Fund Balances - Total Governmental Funds $ 1,156,588 Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlay expenditures 3,273,865 Depreciation expense (2,643,915) 629,950 Issuance of long-term debt provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of debt principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Also, governmental funds report the effect of premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. Bonds issued (2,269,620) Principal paid on general obligation bonds 2,431,500 Principal paid on financed purchases debt 241,987 403,867 Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Accrued interest (28,282) Compensated absences (172,497) Changes in pension liabilities and related deferred outflows and inflows of resources (986,664) Changes in OPEB liabilities and related deferred outflows and inflows of resources (287,419) Amortization of loss on refunding bonds and issuance premium 142,667 (1,332,195) Change in Net Position of Governmental Activities $ 858,210 The notes to the financial statements are an integral part of this statement. Village of Croton-on-Hudson, New York Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual General and Water Funds Year Ended May 31, 2024 Final Variance with Final Budget REVENUES Real property taxes $ 12,871,445 $ 12,871,445 $ 12,869,773 $ (1,672) Other tax items 30,001 30,001 32,100 2,099 Non-property taxes 2,172,680 2,172,680 2,493,667 320,987 Departmental income 3,223,956 3,503,656 4,405,146 901,490 Net change in fair value of investments - - 26,266 26,266 Use of money and property 331,411 498,567 945,414 446,847 Licenses and permits 242,800 227,300 286,935 59,635 Fines and forfeitures 310,000 310,000 434,303 124,303 Sale of property and compensation for loss 22,600 116,460 125,528 9,068 State aid 210,347 235,435 234,085 (1,350) Federal aid - 272,910 131,916 (140,994) Miscellaneous - - 26,282 26,282 Total Revenues 19,415,240 20,238,454 22,011,415 1,772,961 EXPENDITURES Current General government support 3,653,990 3,751,342 3,621,228 130,114 Public safety 4,591,379 5,135,264 5,087,195 48,069 Health 589,606 606,738 592,138 14,600 Transportation 2,881,308 2,163,317 2,148,511 14,806 Economic opportunity and development 35,781 35,781 34,922 Culture and recreation 855,307 914,238 901,569 12,669 Home and community services 472,404 1,618,512 1,592,603 25,909 Employee benefits 5,407,706 5,432,014 5,213,081 218,933 Debt service Interest 13,669 13,669 13,669 - Total Expenditures 18,501,150 19,670,875 19,204,916 465,959 Excess of Revenues Over Expenditures 914,090 567,579 2,806,499 2,238,920 OTHER FINANCING SOURCES (USES) Insurance recoveries - 145,493 164,321 18,828 Transfers in 625,000 647,139 698,702 51,563 Transfers out (2,437,585) (3,226,849) (3,226,849) - Total Other Financing Uses (1,812,585) (2,434,217) (2,363,826) 70,391 Net Change in Fund Balances (898,495) (1,866,638) 442,673 2,309,311 FUND BALANCES Beginning of Year 898,495 1,866,638 12,681,740 10,815,102 End of Year $ - $ - $ 13,124,413 $ 13,124,413 The notes to the financial statements are an integral part of this statement. General Actual Budget Original Budget Final Variance with Final Budget $ - $ - $ - $ - - - - - - - - - 2,799,587 2,807,735 3,037,206 229,471 - - - - 1,000 1,000 34,932 33,932 - - - - - - - - - 10,685 11,130 - - - - - - - - - - - - 2,800,587 2,819,420 3,083,268 263,848 408,001 322,362 314,187 8,175 - - - - - - - - - - - - - - - - - - - - 812,856 909,712 779,378 130,334 321,422 332,807 329,105 3,702 - - - - 1,542,279 1,564,881 1,422,670 142,211 1,258,308 1,254,539 1,660,598 406,059 - - - - - - - - (1,291,392) (1,313,531) (1,313,531) - (1,291,392) (1,313,531) (1,313,531) - (33,084) (58,992) 347,067 406,059 33,084 58,992 575,065 516,073 $ - $ - $ 922,132 $ 922,132 Water Budget Actual Original Budget Village of Croton-on-Hudson, New York Notes to Financial Statements May 31, 2024 Note 1 - Summary of Significant Accounting Policies The Village of Croton-on-Hudson, New York (“Village”) was established in 1898 and operates in accordance with Village Law and the various other applicable laws of the State of New York. The Village Board of Trustees is the legislative body responsible for overall operation. The Village Manager serves as the chief executive officer and the Village Treasurer serves as the chief financial officer. The Village provides the following services to its residents: public safety, health, transportation, economic opportunity and development, culture and recreation, home and community services and general and administrative support. The financial statements of the Village have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental units and the Uniform System of Accounts as prescribed by the State of New York. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The Village's significant accounting policies are described below: A. Financial Reporting Entity The financial reporting entity consists of a) the primary government, which is the Village, b) organizations for which the Village is financially accountable and c) other organizations for which the nature and significance of their relationship with the Village are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete as set forth by GASB. In evaluating how to define the Village, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Village’s reporting entity was made by applying the criteria set forth by GASB, including legal standing, fiscal dependency and financial accountability. Based upon the application of these criteria, there are no other entities which would be included in the financial statements. B. Government-Wide Financial Statements The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report information on all non-fiduciary activities of the Village as a whole. For the most part, the effect of interfund activity has been removed from these statements, except for interfund services provided and used. The Statement of Net Position presents the financial position of the Village at the end of its fiscal year. The Statement of Activities demonstrates the degree to which direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use or directly benefit from goods or services, or privileges provided by a given function or segment, (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment and (3) interest earned on grants that is required to be used to support a particular program. Other items not identified as program revenues are reported as general revenues. The Village does not allocate indirect expenses to functions in the Statement of Activities. While separate government-wide and fund financial statements are presented, they are interrelated. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter is excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) C. Fund Financial Statements The accounts of the Village are organized and operated on the basis of funds. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts, which comprise its assets, deferred outflows of resources, liabilities, deferred inflows of resources, fund balances, revenues and expenditures. Fund accounting segregates funds according to their intended purpose and is used to aid management in demonstrating compliance with finance related legal and contractual provisions. The Village maintains the minimum number of funds consistent with legal and managerial requirements. The focus of governmental fund financial statements is on major funds as that term is defined in professional pronouncements. Each major fund is to be presented in a separate column, with non-major funds, if any, aggregated and presented in a single column. Fiduciary funds are reported by type. Since the governmental fund statements are presented on a different measurement focus and basis of accounting than the government-wide statements’ governmental activities column, a reconciliation is presented on the pages following, which briefly explain the adjustments necessary to transform the fund based financial statements into the governmental activities column of the government-wide presentation. The Village’s resources are reflected in the fund financial statements in two broad fund categories, in accordance with generally accepted accounting principles as follows: Fund Categories a. Governmental Funds - Governmental Funds are those through which most general government functions are financed. The acquisition, use and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The following are the Village’s major governmental funds: General Fund - The General Fund constitutes the primary operating fund of the Village in that it includes all revenues and expenditures not required by law to be accounted for in other funds. Special Revenue Funds - Special revenue funds are established to account for the proceeds of specific revenue sources that are restricted, committed or assigned to expenditures for certain defined purposes. The major special revenue fund of the Village is the Water Fund. The Water Fund is used to record the water utility operations of the Village, which renders services on a user charge basis to the general public. The major revenue of this fund is departmental income. Debt Service Fund - The Debt Service Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditures for principal and interest, and for financial resources that are being accumulated for principal and interest maturing in future years. Capital Projects Fund - The Capital Projects Fund is used to account for and report financial resources that are restricted, committed or assigned to expenditures for capital outlays, including the acquisition or construction of major capital facilities and other capital assets. The Village also reports the following non-major governmental funds. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) Special Revenue Funds: Special Purpose Fund - The Special Purpose Fund is used to account for assets held by the Village in accordance with the terms of a trust agreement. Sewer Fund - The Sewer Fund is used to record the sewer utility operations of the Village, which renders services on a user charge basis to the general public. b. Fiduciary Funds (Not Included in Government-Wide Statements) - The Fiduciary Funds are used to account for assets held by the Village on behalf of others. In accordance with the provisions of GASB Statement No. 84, “Fiduciary Activities”, the Village had no such activity to report in this fund category. D. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources (current assets less current liabilities) or economic resources (all assets and liabilities). The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized when they have been earned and they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. Property taxes are considered to be available if collected within sixty days of the fiscal year end. If expenditures are the prime factor for determining eligibility, revenues from Federal and State grants are recognized as revenues when the expenditure is made and the amounts are expected to be collected within one year of the fiscal year end. A ninety day availability period is generally used for revenue recognition for most other governmental fund revenues. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, net pension liability, total pension liability and other postemployment benefit liability are recognized later based on specific accounting rules applicable to each, generally when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuances of long-term debt are reported as other financing sources. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) E. Assets, Liabilities, Deferred Outflows/Inflows of Resources and Net Position or Fund Balances Cash and Equivalents, Investments and Risk Disclosure Cash and Equivalents - Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and short-term investments with original maturities of less than three months from the date of acquisition. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by Federal deposit insurance. The Village has entered into custodial agreements with the various banks which hold their deposits. These agreements authorize the obligations that may be pledged as collateral. Such obligations include, among other instruments, obligations of the United States and its agencies and obligations of the State and its municipal and school district subdivisions. The Village utilizes a pooled investment concept for all governmental funds to facilitate its investment program. Investment income from this pooling is allocated to the respective funds based upon the sources of funds invested. Investments - (except Service Awards Investments which are discussed in Note 3A) - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of New York State or its political subdivisions. The Village follows the provisions of GASB Statement No. 72, “Fair Value Measurement and Application”, which defines fair value and establishes a fair value hierarchy organized into three levels based upon the input assumptions used in pricing assets. Level 1 inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets. Level 2 inputs relate to assets with other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 inputs are unobservable inputs and are used to the extent that observable inputs do not exist. The Village participates in the Cooperative Liquid Assets Securities System (“CLASS”), a cooperative investment pool, established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. CLASS has designated Public Trust Advisors, LLC as its registered investment advisor. Public Trust Advisors, LLC is registered with the Securities and Exchange Commission (“SEC”) and is subject to all of the rules and regulations of an investment advisor handling public funds. As such, the SEC provides regulatory oversight of CLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State of New York and repurchase agreements. These investments are reported at fair value. CLASS issues separately available audited financial statements with a year end of June 30th. The Village’s position in the pool, $2,933,588, is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) Additional information concerning the cooperative is presented in the annual report of CLASS, which may be obtained from Public Trust Advisors, LLC, 717 17th Street, Suite 1850, Denver, CO 80202. Risk Disclosure Interest Rate Risk - Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Village does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from changing interest rates. Generally, the Village does not invest in any long-term investment obligations. Custodial Credit Risk - Custodial credit risk is the risk that in the event of a bank failure, the Village’s deposits may not be returned to it. GASB Statement No. 40, “Deposit and Investment Risk Disclosures – an amendment of GASB Statement No. 3”, directs that deposits be disclosed as exposed to custodial credit risk if they are not covered by depository insurance and the deposits are either uncollateralized, collateralized by securities held by the pledging financial institution or collateralized by securities held by the pledging financial institution’s trust department but not in the Village’s name. The Village’s aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at May 31, 2024. Credit Risk - Credit risk is the risk that an issuer or other counterparty will not fulfill its specific obligation even without the entity’s complete failure. The Village does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State of New York. Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government’s investments in a single issuer. The Village’s investment policy limits the amount on deposit at each of its banking institutions. Taxes Receivable - Real property taxes attach as an enforceable lien on real property as of June 1st and are levied and payable in June. The Village is responsible for the billing and collection of its own taxes. The Village also has the responsibility for in-rem foreclosure proceedings. Other Receivables - Other receivables include amounts due from other governments and individuals for services provided by the Village. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred. Allowances are recorded where appropriate. Lease Receivable - The Village is a lessor for a noncancellable leases of real property. The Village recognizes a lease receivable and a deferred inflow of resources in the government-wide and General Fund financial statements. At the commencement of a lease, the Village initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) Key estimates and judgements include how the Village determines (1) the discount rate it uses to discount the expected lease receipts to present value, 2) lease-term, and (3) lease receipts.  The Village uses its estimated incremental borrowing rate as the discount rate for leases.  The lease term includes the noncancellable period of the lease. Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee. The Village monitors changes in circumstances that would require measurement of its lease, and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable. Due From/To Other Funds - During the course of its operations, the Village has numerous transactions between funds to finance operations, provide services and construct assets. To the extent that certain transactions between funds had not been paid or received as of May 31, 2024, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. Inventories - There are no inventory values presented in the balance sheets of the respective funds of the Village. Purchases of inventoriable items at various locations are recorded as expenses/expenditures at the time of purchase and year-end balances at these locations are not material. Prepaid Expenses/Expenditures - Certain payments to vendors reflect costs applicable to future accounting periods, and are recorded as prepaid items using the consumption method in both the government-wide and fund financial statements. Prepaid expenses/expenditures consist of costs which have been satisfied prior to the end of the fiscal year, but represent items which have been provided for in the subsequent year’s budget and/or will benefit such periods. Reported amounts in governmental funds are equally offset by nonspendable fund balance, in the fund financial statements, which indicates that these amounts do not constitute “available spendable resources” even though they are a component of current assets. Capital Assets - Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items) are reported in the governmental activities column in the government-wide financial statements. Capital assets are defined by the Village as assets with an initial, individual cost of more than $2,500 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at acquisition value at the date of donation. Acquisition value is the price that would be paid to acquire an asset with equivalent service potential on the date of donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Village chose to include all such items regardless of their acquisition date or amount. The Village was able to estimate the historical cost for the initial reporting of these assets through backtrending (i.e., estimating the current replacement cost of the infrastructure to be capitalized and using an appropriate price-level index to deflate the cost to the acquisition year or estimated acquisition year). Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) Major outlays for capital assets and improvements are capitalized as projects are constructed. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives is not capitalized. Land and construction-in-progress are not depreciated. Property, plant, equipment and infrastructure of the Village are depreciated using the straight line method over the following estimated useful lives. Life Class in Years Buildings and Improvements 20-50 Machinery and Equipment 5-20 Infrastructure 15-50 The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financial statements. Capital assets are not shown on the governmental fund balance sheets. Unearned Revenues - Unearned revenues arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenues consist of revenue received in advance and/or amounts from grants received before the eligibility requirements have been met. Unearned revenues in fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Village has reported unearned revenues of $750,019 for ambulance, fire, parking permit fees and other fees received in advance in the General Fund. These amounts have been deemed to be measurable but not "available" pursuant to generally accepted accounting principles. Deferred Outflows/Inflows of Resources - In addition to assets, the statement of financial position includes a separate section for deferred outflows of resources. This separate financial statement element represents a consumption of net assets that applies to a future period and so will not be recognized as an outflow of resources (expense/expenditure) until then. In addition to liabilities, the statement of financial position includes a separate section for deferred inflows of resources. This separate financial statement element represents an acquisition of net assets that applies to a future period and so will not be recognized as an inflow of resources (revenue) until that time. The Village reported deferred inflows of resources in the General Fund of $1,989,975 in relation to its leases. This amount is deferred and recognized as an inflow of resources in the period that the amounts became available. The Village reported deferred outflows of resources of $160,218 for a deferred loss on refunding bonds in the government-wide Statement of Net Position. This amount results from the difference in the carrying value of the refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) The Village has also reported deferred outflows of resources and deferred inflows of resources in relation to its pension, fire service award and other postemployment benefit liabilities in the government-wide financial statement for governmental activities. These amounts are detailed in the discussion of the Village’s pension, fire service award and other postemployment benefit liabilities in Note 3H. Long-Term Liabilities - In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the Statement of Net Position. Bond premiums and discounts are deferred and amortized over the life of the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are expensed as incurred. In the fund financial statements, governmental funds recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of the debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as Capital Projects or Debt Service funds expenditures. Compensated Absences - The various collective bargaining agreements provide for the payment of accumulated vacation and sick time upon separation from service. The liability for such accumulated time is reflected in the government-wide Statement of Position as current and long- term liabilities. A liability for these amounts is reported in the governmental funds only if the liability has matured through employee resignation or retirement. The liability for compensated absences includes salary related payments, where applicable. Net Pension Liability (Asset) - The net pension liability (asset) represents the Village’s proportionate share of the net pension liability (asset) of the New York State and Local Employees’ Retirement System and the New York State and Local Police and Fire Retirement System. The financial reporting of these amounts are presented in accordance with the provisions of GASB Statement No. 68, “Accounting and Financial Reporting for Pensions” and GASB Statement No. 71, “Pension Transition for Contributions Made Subsequent to the Measurement Date – An Amendment of GASB Statement No. 68.” Other Postemployment Benefit Liability (“OPEB”) - In addition to providing pension benefits, the Village provides health care benefits for certain retired employees and their survivors. The financial reporting of these amounts are presented in accordance with the provisions of GASB Statement No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other than Pensions”. Total Pension Liability – Length of Service Award Program - The total pension liabilities for the Fire Service Award Program are presented in accordance with the provisions of GASB Statement No. 73, “Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements Nos. 67 and 68”. Net Position - represents the difference between assets and deferred outflows of resources less liabilities and deferred inflows of resources. Net position is comprised of three components: net investment in capital assets, restricted, and unrestricted. Net investment in capital assets consists of capital assets, net of accumulated depreciation/amortization and reduced by outstanding balances of bonds and other debt that are Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) attributable to the acquisition, construction, or improvement of those assets. Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt are also included in this component of net position. Restricted net position consists of restricted assets and deferred outflows of resources reduced by liabilities and deferred inflows of resources related to those assets. Assets are reported as restricted when constraints are placed on asset use either through the enabling legislation adopted by the Village or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Restricted net position for the Village includes restricted for debt service and special purpose. Unrestricted net position is the net amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that does not meet the definition of the two preceding categories. Fund Balance - Generally, fund balance represents the difference between the current assets and deferred outflows of resources and current liabilities and deferred inflows of resources. In the fund financial statements, governmental funds report fund classifications that comprise a hierarchy based primarily on the extent to which the Village is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Under this standard, the fund balance classifications are as follows: Nonspendable fund balance includes amounts that cannot be spent because they are either not in spendable form (inventories, prepaid amounts, long-term receivables) or they are legally or contractually required to be maintained intact (the corpus of a permanent fund). Restricted fund balance is reported when constraints placed on the use of the resources are imposed by grantors, contributors, laws or regulations of other governments or imposed by law through enabling legislation. Enabling legislation includes a legally enforceable requirement that these resources be used only for the specific purposes as provided in the legislation. This fund balance classification is used to report funds that are restricted for debt service obligations and for other items contained in General Municipal Law of the State of New York. Committed fund balance is reported for amounts that can only be used for specific purposes pursuant to formal action of the entity’s highest level of decision making authority. The Board of Trustees is the highest level of decision making authority for the Village that can, by the adoption of a resolution prior to the end of the fiscal year, commit fund balance. Once adopted, these funds may only be used for the purpose specified unless the entity removes or changes the purpose by taking the same action that was used to establish the commitment. This classification includes certain amounts established and approved by the Board of Trustees. Assigned fund balance, in the General Fund, represents amounts constrained either by the policies of the entity’s highest level of decision making authority or a person with delegated authority from the governing board to assign amounts for a specific intended purpose. Unlike commitments, assignments generally only exist temporarily, in that additional action does not normally have to be taken for the removal of an assignment. An assignment cannot result in a deficit in the unassigned fund balance in the General Fund. Assigned fund balance in all other governmental funds represents any positive remaining amount after classifying nonspendable, restricted or committed fund balance amounts. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 1 - Summary of Significant Accounting Policies (Continued) Unassigned fund balance, in the General Fund, represents amounts not classified as nonspendable, restricted, committed or assigned. The General Fund is the only fund that would report a positive unassigned fund balance. For all governmental funds other than the General Fund, any deficit fund balance is reported as unassigned. In order to calculate the amounts to report as restricted and unrestricted fund balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. When both restricted and unrestricted amounts of fund balance are available for use for expenditures incurred, it is the Village’s policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of fund balance, it is the Village’s policy to use fund balance in the following order: committed, assigned, and unassigned. F. Encumbrances In governmental funds, encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve applicable appropriations is generally employed as an extension of formal budgetary integration in the General, Water and Sewer funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. G. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities and deferred inflows of resources and disclosures of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could differ from those estimates. H. Subsequent Events Evaluation by Management Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were available to be issued, which date is December 11, 2024. Note 2 - Stewardship, Compliance and Accountability A. Budgetary Data The Village generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: a) On or before March 20th, the budget officer submits to the Board of Trustees a tentative operating budget for the fiscal year commencing the following June 1st. The tentative budget includes proposed expenditures and the means of financing. b) The Board of Trustees, on or before March 31st, meets to discuss and review the tentative budget. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 2 - Stewardship, Compliance and Accountability (Continued) c) The Board of Trustees conducts a public hearing on the tentative budget to obtain taxpayer comments on or before April 15th. d) After the public hearing and on or before May 1st, the Trustees meet to consider and adopt the budget. e) Formal budgetary integration is employed during the year as a management control device for General, Water, Debt Service and Sewer funds. f) Budgets for General, Water, Debt Service and Sewer funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. An annual budget is not adopted for the Special Purpose Fund since other means control the use of these resources (e.g., grant awards) and sometimes span a period of more than one fiscal year. g) The Village Board has established legal control of the budget at the function level of expenditures. Transfers between appropriation accounts, at the function level, require approval by the Board of Trustees. Any modification to appropriations resulting from increases in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. h) Appropriations in General, Water, Debt Service and Sewer funds lapse at the end of the fiscal year, except that outstanding encumbrances are reappropriated in the succeeding year pursuant to the Uniform System of Accounts promulgated by the Office of the State Comptroller. Budgeted amounts are as originally adopted, or as amended by the Board of Trustees. B. Property Tax Limitations The Village is permitted by the Constitution of the State of New York to levy taxes up to 2% of the five year average full valuation of taxable real estate located within the Village, exclusive of the amount raised for the payment of interest on and redemption of long-term debt. In accordance with this definition, the maximum amount of the levy for 2023-2024 was $26,978,316 which exceeded the actual levy (inclusive of exclusions) by $14,106,871. In addition to this constitutional tax limitation, Chapter 97 of the Laws of 2011, as amended (“Tax Levy Limitation Law”), modified previous law by imposing a limit on the amount of real property taxes a local government may levy. The following is a brief summary of certain relevant provisions of the Tax Levy Limitation Law. The summary is not complete and the full text of the Tax Levy Limitation Law should be read in order to understand the details and implementations thereof. The Tax Levy Limitation Law imposes a limitation on increases in the real property tax levy, subject to certain exceptions. The Tax Levy Limitation Law permits the Village to increase its overall real property tax levy over the tax levy of the prior year by no more than the “Allowable Levy Growth Factor,” which is the lesser of one and two-one hundredths or the sum of one plus the Inflation Factor; provided, however that in no case shall the levy growth factor be less than one. The “Inflation Factor” is the quotient of: (i) the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the coming fiscal year minus the average of the National Consumer Price Indexes determined by the United States Department of Labor for the twelve-month period ending six months prior to the start of the prior fiscal year, divided by (ii) the average of the Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 2 - Stewardship, Compliance and Accountability (Continued) National Consumer Price Indexes determined by the United States with the result expressed as a decimal to four places. The Village is required to calculate its tax levy limit for the upcoming year in accordance with the provision above and provide all relevant information to the New York State Comptroller prior to adopting its budget. The Tax Levy Limitation Law sets forth certain exclusions to the real property tax levy limitation of the Village, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Village. The Village Board of Trustees may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Board first enacts, by a vote of at least sixty percent of the total voting power of the Board, a local law to override such limit for such coming fiscal year. C. Excess of Actual Expenditures over budget – Capital Projects Fund The following capital projects exceeded their budgetary provisions by the amounts indicated: Capital Projects Fund Shed for Equipment at Municipal Building $ 12,669 Police Vehicle Equipment Upgrade Peg 31,328 Upgrade Phone System Hessian Hills Upgrade 4,431 DPW Vehicles 89,910 Renovation Harmon Firehouse 49,697 IT Server Upgrade Police Electric Hybrid Vehicle Speed Recorders Vehicles-Marine Unit D. Capital Projects Fund Deficits The deficits in various individual projects arise in-part because of the application of generally accepted accounting principles to the financial reporting of such funds. The proceeds of bond anticipation notes issued to finance construction of capital projects are not recognized as an “other financing source”. Liabilities for bond anticipation notes payable are accounted for in the Capital Projects Fund. Bond anticipation notes are recognized as revenue only to the extent that they are redeemed. This deficit will be reduced and eliminated as the bond anticipation notes are redeemed from interfund transfers from other governmental funds or converted to permanent financing. Other deficits, where no bond anticipation notes were issued or outstanding to the extent of the project deficit, arise because of expenditures exceeding current financing on the projects. These deficits will be eliminated with the subsequent receipt or issuance of authorized financing. E. New Accounting Pronouncement GASB Statement No. 96, “Subscription-Based Information Technology Arrangements (SBITA’s)”, established a single model for SBITA accounting based on the concept that SBITA’s are a financing of a “right-to-use” underlying asset. This statement requires a subscriber to recognize a subscription liability and an intangible right-to-use subscription asset. The requirements of GASB Statement No. 96 are effective for the Village’s fiscal year ended May 31, 2024. The Village has completed its evaluation of the financial impact of GASB Statement No. 96 and determined that the implementation of this standard was not required as it did not have a material impact on its financial statements. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds A. Investments Investment of the Fire Service Award Program are invested in accordance with a statutory prudent person rule and in accordance with an investment policy adopted by the Village. The Village had the following investments with average maturities and credit ratings in its Service Awards Program. Type of Investment Bond funds $ 247,116 $ - $ - $ 247,116 $ - Certificates of deposit 597,199 597,199 - - - U.S. and international equities funds 606,283 606,283 - - - Other 96,552 96,552 - - - $ 1,547,150 $ 1,300,034 $ - $ 247,116 $ - Type of Investment Bond funds $ 247,116 $ - $ 162,585 $ 84,531 $ - $ - Certificates of deposit 597,199 597,199 - - - - U.S. and international equities funds 606,283 606,283 - - - - Other 96,552 96,552 - - - - $ 1,547,150 $ 1,300,034 $ 162,585 $ 84,531 $ - $ - Value N/A A or better BBB BB B or less Fair Fair 1-5 6-10 Value N/A Years Years Thereafter Investments in bond funds and U.S. and international equities fund are valued using Level one inputs. Certificates of deposits are not subject to the fair value hierarchy. B. Taxes Receivable Taxes receivable at May 31, 2024 consisted of the following: Property acquired for taxes $ 34,055 Less - Allowance for uncollectible amounts (34,055) $ - C. Leases Receivable The Village has entered into lease agreements of real property. The leases are effective through May 2078. Lease income during 2024 was $182,501 and interest revenue was $57,985. As of May 31, 2024, the leases receivable for the Village was $2,036,755 and the deferred inflows of resources was $1,989,975. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) The following is a summary of the principal and interest requirements to maturity for the Village's lease receivable. Years Ended $ 157,644 $ 54,481 150,703 50,746 113,123 47,657 65,328 45,264 62,809 43,569 2030-2034 341,030 190,860 2035-2039 231,976 149,914 2040-2044 267,797 114,093 2045-2049 270,806 73,060 2050-2054 44,653 52,057 2055-2059 51,531 45,179 2060-2064 59,469 37,241 2065-2069 68,629 28,081 2070-2074 79,200 17,510 2075-2078 72,057 5,311 $ 2,036,755 $ 955,023 Interest Principal D. Due From/To Other Funds The balances reflected as due from/to other funds at May 31, 2024 were as follows: Fund General $ 1,903,178 $ 1,177,544 Water 11,275 548,077 Debt Service 260,927 70,000 Capital Projects 53,005 468,914 Non-Major Governmental 76,928 40,778 $ 2,305,313 $ 2,305,313 Due Due From To The outstanding balances between funds results mainly from the time lag between the dates that 1) interfund goods and services are provided or reimbursable expenditures occur, 2) transactions are recorded in the accounting system and 3) payments between funds are made. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) E. Capital Assets Changes in the Village’s capital assets are as follows: Deletions Capital Assets, not being depreciated: Land $ 4,773,011 $ - $ - $ 4,773,011 Construction-in-progress 2,679,508 2,823,325 204,908 5,297,925 Total Capital Assets, not being depreciated $ 7,452,519 $ 2,823,325 $ 204,908 $ 10,070,936 Capital Assets, being depreciated: Buildings and improvements $ 17,247,853 $ 329,443 $ - $ 17,577,296 Machinery and equipment 15,299,957 223,692 - 15,523,649 Infrastructure 63,177,789 102,313 - 63,280,102 Total Capital Assets, being depreciated 95,725,599 655,448 - 96,381,047 Less Accumulated Depreciation for: Buildings and improvements 8,969,879 642,929 - 9,612,808 Machinery and equipment 10,757,277 868,641 - 11,625,918 Infrastructure 29,945,568 1,132,345 - 31,077,913 Total Accumulated Depreciation 49,672,724 2,643,915 - 52,316,639 Total Capital Assets, being depreciated, net $ 46,052,875 $ (1,988,467) $ - $ 44,064,408 Capital Assets, net $ 53,505,394 $ 834,858 $ 204,908 $ 54,135,344 Balance June 1, May 31, Balance Additions Depreciation expense was charged to the Village’s functions and programs as follows: General Government Support $ 343,507 Public Safety 466,638 Health 66,193 Transportation 998,697 Culture and Recreation 249,070 Home and Community Services 519,810 $ 2,643,915 Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) F. Accrued Liabilities Accrued liabilities at May 31, 2024 were as follows: Payroll and Employee Benefits $ 344,197 $ 14,159 $ $ 358,719 Fund General Total Fund Water Non-Major Governmental Funds G. Short-Term Capital Borrowings - Bond Anticipation Notes The schedule below details the changes in short-term capital borrowings. Original Issue Maturity Purpose Date Date Various 12/14/2018 9/29/2023 - % $ 87,541 $ - $ 87,541 $ - Various 12/9/2021 9/27/2024 4.50 132,742 - 33,187 99,555 Various 9/29/2022 9/27/2024 4.50 204,220 - 53,244 150,976 Various 9/28/2023 9/27/2024 4.50 - 522,575 - 522,575 $ 424,503 $ 522,575 $ 173,972 $ 773,106 Interest Rate Issues New June 1, May 31, Balance Redemptions Balance Liabilities for bond anticipation notes are generally accounted for in the Capital Projects Fund. Bond anticipation notes issued for judgments or settled claims are recorded in the fund paying the claim. Principal payments on bond anticipation notes must be made annually. State law requires that bond anticipation notes issued for capital purposes or judgments be converted to long-term obligations generally within five years after the original issue date. However, bond anticipation notes issued for assessable improvement projects may be renewed for periods equivalent to the maximum life of the permanent financing, provided that stipulated annual reductions of principal are made. Interest expenditures of $13,669 were recorded in the fund financial statements in the General Fund and $28,001 were recorded in the government-wide financial statements for governmental activities. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) H. Long-Term Liabilities The following table summarizes changes in the Village’s long-term liabilities for the year ended May 31, 2024: General Obligation Bonds Payable $ 30,536,500 $ 2,269,620 $ 2,431,500 $ 30,374,620 $ 2,554,620 Plus Unamortized premium on bonds 1,572,421 - 171,451 1,400,970 - 32,108,921 2,269,620 2,602,951 31,775,590 2,554,620 Financed Purchases Payable 241,987 - 241,987 - - Other Non-Current Liabilities: Net Pension Liability-ERS 3,744,258 - 1,194,759 2,549,499 - Net Pension Liability-PFRS 3,815,368 - 491,904 3,323,464 - Total Pension Liability - Length of service award program 1,945,096 626,279 89,480 2,481,895 - Compensated Absences 2,055,259 378,497 206,000 2,227,756 223,000 Other Postemployment Benefit Liability 37,379,717 4,890,011 2,408,435 39,861,293 1,577,578 Total Other Non- Current Liabilities 49,181,685 5,894,787 4,632,565 50,443,907 1,800,578 Total Long-Term Liabilities $ 81,290,606 $ 8,164,407 $ 7,235,516 $ 82,219,497 $ 4,355,198 Balance June 1, 2023 Maturities Balance Due Within One Year New Issues/ Additions and/or Payments May 31, Each governmental fund's liability for net pension liability, total pension liability – length of service award program, compensated absences and other postemployment benefit obligations is liquidated by the General, Water and Sewer funds. The Village's indebtedness for general obligation bonds and installment purchase debt is liquidated by the Debt Service Fund which is funded by the General, Water and Sewer Funds. General Obligation Bonds Payable General obligation bonds payable at May 31, 2024 are comprised of the following individual issues: Year of Final Purpose Issue Maturity Refunding Bond $ 3,270,000 November, 2024 2.000 % $ 185,000 Various Purposes 4,360,531 January, 2040 2.500-5.00 3,160,000 Refunding Bond 2,035,000 July, 2026 4.000-5.00 710,000 Various Purposes 8,578,200 April, 2036 3.000 5,695,000 Various Purposes 1,331,780 February, 2032 2.250-3.00 780,000 Various Purposes 1,616,700 December, 2032 2.250-3.00 1,025,000 Various Purposes 640,000 May, 2034 4.000-5.00 475,000 Refunding Bond 4,585,000 May, 2030 5.000 2,525,000 Various Purposes 3,335,400 December, 2036 2.000-2.25 2,650,000 Various Purposes 2,609,990 October, 2038 1.000-2.00 2,210,000 Refunding Bond 8,350,000 April, 2044 2.000-4.00 7,135,000 Various Purposes 740,000 October, 2040 2.000-4.00 685,000 Various Purposes 886,500 October, 2040 4.000-4.50 870,000 Various Purposes 2,269,620 September, 2043 3.000-4.00 2,269,620 $ 30,374,620 Amount Outstanding at May 31, Original Issue Amount Interest Rates Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Interest expenditures of $959,727 were recorded in the fund financial statements in the Debt Service Fund. Interest expense of $836,455 was recorded in the government-wide financial statements for governmental activities. Financed Purchases Payable The Village had entered into a contract to purchase land at a cost of $4,000,000. An initial payment of $500,000 was made at the closing and the balance of $3,500,000 is payable in semi-annual installments of $126,465, including interest at a rate of 6.0% per annum through 2024. The balance was paid in full as of May 31, 2024. Interest expenditures of $10,943 were recorded in the fund financial statements in the Debt Service Fund. Interest expense of $5,498 was recorded in the government-wide financial statements for governmental activities. Payments to Maturity The annual requirements to amortize all bonded and installment purchase debt outstanding as of May 31, 2024, including interest payments of $6,827,912 are as follows: Year Ending May 31, $ 2,554,620 $ 985,264 2,500,000 855,894 2,610,000 764,944 2,440,000 677,132 2,060,000 590,481 2030-2034 9,600,000 1,953,703 2035-2039 5,895,000 796,669 2040-2044 2,715,000 203,825 $ 30,374,620 $ 6,827,912 General Obligation Principal Interest Bonds The above general obligation bonds are direct borrowings of the Village for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property located within the Village. Legal Debt Margin The Village is subject to legal limitations on the amount of debt that it may issue. The Village’s legal debt margin is 7% of the five year average full valuation of taxable real property. Pension Plans New York State and Local Retirement System The Village participates in the New York State and Local Employees’ Retirement System (“ERS”) and the New York State and Local Police and Fire Retirement System (“PFRS”) which are Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) collectively referred to as the New York State and Local Retirement System (“System”). These are cost-sharing, multiple-employer defined benefit pension plans. The System provides retirement benefits as well as death and disability benefits. The net position of the System is held in the New York State Common Retirement Fund (“Fund”), which was established to hold all assets and record changes in fiduciary net position. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. The Comptroller is an elected official determined in a direct statewide election and serves a four year term. Obligations of employers and employees to contribute and benefits to employees are governed by the New York State Retirement and Social Security Law (“NYSRSSL”). Once a public employer elects to participate in the System, the election is irrevocable. The New York State Constitution provides that pension membership 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 Employees’ Group Life Insurance Plan, which provides death benefits in the form of life insurance. The System is included in the State’s financial report as a pension trust fund. That report, including information with regard to benefits provided may be found at www.osc.state.ny.us/retire/about_us/financial_ statements_index.php or obtained by writing to the New York State and Local Retirement System, 110 State Street, Albany, NY 12244. The System is noncontributory except for employees who joined after July 27, 1976, who contribute 3% of their salary for the first ten years of membership, and employees who joined on or after January 1, 2010, who generally contribute between 3% and 6% of their salary for their entire length of service. Under the authority of the NYSRSSL, the Comptroller annually certifies the actuarially determined rates expressly used in computing the employers’ contributions based on salaries paid during the System’s fiscal year ending March 31. The employer contribution rates for the plan’s year ended March, 31, 2024 are as follows: Tier/Plan Rate ERS 3 A14/41J 14.9% 4 A15/41J 14.9 5 A15/41J 12.9 6 A15/41J 9.5 PFRS 2 384D 30.4% 5 384D* 26.2 5 384D 29.0 6 384D* 21.1 * Indicates employees are required to make contributions for this PFRS tier/plan. At May 31, 2024, the Village reported the following for its proportionate share of the net pension liability for ERS and PFRS: Measurement date Net pension liability $ 2,549,499 $ 3,323,464 Villages' proportion of the net pension liability 0.0173152 % 0.0700735 % Change in proportion since the prior measurement date (0.0001454) % 0.0008350 % March 31, 2024 March 31, 2024 PFRS ERS Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) The net pension liability was measured as of March 31, 2024 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The Village’s proportion of the net pension liability was based on a computation of the actuarially determined indexed present value of future compensation by employer relative to the total of all participating members. For the year ended May 31, 2024, the Village recognized its proportionate share of pension expense in the government-wide financial statements of $1,037,417 for ERS and $1,146,698 for PFRS. Pension expenditures of $662,370 for ERS and $891,699 for PFRS were recorded in the fund financial statements and were charged to the following funds: $ 599,315 $ 891,699 Water Fund 61,218 - Sewer Fund 1,837 - $ 662,370 $ 891,699 ERS PFRS At May 31, 2024, the Village reported its proportionate share of deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Differences between expected and actual experience $ 821,191 $ 69,518 $ 1,023,915 $ - Changes of assumptions 963,908 - 1,253,614 - Net difference between projected and actual earnings on pension plan investments - 1,245,416 - 902,160 Changes in proportion and differences between Village contributions and proportionate share of contributions 11,933 121,164 103,010 161,356 Village contributions subsequent to the measurement date 129,282 - 170,731 - $ 1,926,314 $ 1,436,098 $ 2,551,270 $ 1,063,516 Differences between expected and actual experience $ 1,845,106 $ 69,518 Changes of assumptions 2,217,522 - Net difference between projected and actual earnings on pension plan investments - 2,147,576 Changes in proportion and differences between Village contributions and proportionate share of contributions 114,943 282,520 Village contributions subsequent to the measurement date 300,013 - $ 4,477,584 $ 2,499,614 of Resources of Resources Total Deferred Deferred Outflows Inflows ERS PFRS Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows of Resources of Resources of Resources of Resources Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) $129,282 and $170,731 reported as deferred outflows of resources related to ERS and PFRS, respectively, resulting from the Village’s accrued contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended March 31, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to ERS and PFRS will be recognized in pension expense as follows: Year Ended March 31, $ (531,783) $ (258,882) 462,169 958,478 715,743 536,058 (285,195) (79,246) - 160,615 $ 360,934 $ 1,317,023 ERS PFRS The total pension liability for the March 31, 2024 measurement date was determined by using an actuarial valuation date as noted below, with update procedures used to roll forward the total pension liabilities to that measurement date. Significant actuarial assumptions used in the valuation were as follows: ERS PFRS Measurement Date March 31, 2024 March 31, 2024 Actuarial valuation date April 1, 2023 April 1, 2023 Investment rate of return 5.9% * 5.9% * Salary scale 4.4% 6.2% Inflation rate 2.9% 2.9% Cost of living adjustments 1.5% 1.5% *Compounded annually, net of pension plan investment expenses, including inflation. Annuitant mortality rates are based on the System’s experience with adjustments for mortality improvements based on Society of Actuaries Scale MP-2021. The actuarial assumptions used in the valuation are based on the results of an actuarial experience study for the period April 1, 2015 - March 31, 2020. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected return, net of investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation is summarized in the following table. Asset Type Domestic Equity 32 % 4.00 % International Equity 6.65 Private Equity 7.25 Real Estate 4.60 Opportunistic/ARS Portfolio 5.25 Credit 5.40 Real Assets 5.79 Fixed Income 1.50 Cash 0.25 100 % Long-Term Expected Target Real Rate Allocation of Return The real rate of return is net of the long-term inflation assumption of 2.9%. The discount rate used to calculate the total pension liability was 5.9%. The projection of cash flows used to determine the discount rate assumes that contributions from plan members will be made at the current contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based upon those assumptions, the System’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. The following presents the Village’s proportionate share of the net pension liability calculated using the discount rate of 5.9%, as well as what the Village’s proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate that is 1 percentage point lower (4.9%) or 1 percentage point higher (6.9%) than the current rate: Village's proportionate share of the ERS net pension liability (asset) $ 8,015,884 $ 2,549,499 $ (2,016,067) Village's proportionate share of the PFRS net pension liability (asset) $ 7,767,716 $ 3,323,464 $ (348,137) (4.9%) (5.9%) (6.9%) 1% Current 1% Decrease Discount Rate Increase Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) The components of the collective net pension liability as of the March 31, 2024 measurement date were as follows: Total pension liability $ 240,696,851,000 $ 46,137,717,000 $ 286,834,568,000 Fiduciary net position 225,972,801,000 41,394,859,000 267,367,660,000 Employers' net pension liability (asset) $ 14,724,050,000 $ 4,742,858,000 $ 19,466,908,000 Fiduciary net position as a percentage of total pension liability 93.88% 89.72% 93.21% ERS PFRS Total Employer contributions to ERS and PFRS are paid annually and cover the period through the end of the System’s fiscal year, which is March 31st. Retirement contributions as of May 31, 2024 represent the employer contribution for the period of April 1, 2024 through May 31, 2024 based on paid ERS and PFRS wages multiplied by the employers’ contribution rate, by tier. Employee contributions are remitted monthly. Accrued retirement contributions to ERS and PFRS as of May 31, 2024 were $129,282 and $170,731, respectively. Voluntary Defined Contribution Plan The Village can offer a defined contribution plan to all non-union employees hired on or after July 1, 2013 and earning at the annual full-time salary rate of $75,000 or more. The employee contribution is between 3% and 6% depending on salary and the Village will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. Defined Benefit - Fire Service Award Program The Village’s financial statements are for the year ended May 31, 2024. The information contained in this note is based on information for the Croton Volunteer Fire Department Length of Service Award Program for the program year ending on December 31, 2023, which is the most recent program year for which complete information is available. The Program is accounted for in the Village’s financial statements within the General Fund - Fire Service Award Program – sub-fund. Plan description The Village established a defined benefit Service Award Program (referred to as a “LOSAP” - Length of Service Award Program - under Section 457(e)(11) of the Internal Revenue Code) effective January 1, 2000 for the active volunteer firefighter members of the Village of Croton Volunteer Fire Department. This is a single employer defined benefit plan. The Program was established pursuant to Article 11-A of the New York State General Municipal Law. The Program provides municipally-funded deferred compensation to volunteer firefighters to facilitate the recruitment and retention of active volunteer firefighters. The Village is the Sponsor of the Program and the Program administrator. An eligible Program Participant is defined to be an active volunteer firefighter who is at least 18 years of age and upon earning 50 or more points in a calendar year after 2000 under the provisions of the Program point system, is eligible to become a participant in the Program. Points are granted for the performance of certain activities in accordance with a system established by the Village on the basis of a statutory list of activities and point values. A participant may also receive credit for five years of firefighting service rendered prior to the establishment of the Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Program. Participants are fully vested upon attainment of entitlement age, upon death or upon general disablement and after earning five years of service credit. A participant, upon attainment of entitlement age (the later of age 62 or the participant’s age after earning 50 program points), shall be able to receive their service award, payable in the form of a ten-year certain and continuous monthly payment life annuity. Benefits provided The monthly benefits are $20 for each year of service credit, up to a maximum of 40 years. The benefits and refunds of the plan are recognized when due and payable in accordance with the terms of the plan. The Program also provides disability and death benefits. The trustees of the Program, which are the members of the Village Board, are authorized to invest the funds in authorized investment vehicles. Administrative costs are paid by the Village from the General Fund. Separate financial statements are not issued by the Program. Participants covered by the benefit terms. At the December 31, 2023 measurement date, the following participants were covered by the benefit terms. Inactive participants currently receiving benefit payments Inactive participants entitled to but not yet receiving benefit payments Active participants Total Contributions New York State General Municipal Law §219(d) requires the Village to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the Village. Measurement of Total Pension Liability The total pension liability at the December 31, 2023 measurement date was determined using an actuarial valuation as of that date. Actuarial Assumptions. The total pension liability in the December 31, 2023 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Actuarial Cost Method: Entry Age Normal Inflation: 2.25% Salary Scale: None assumed Mortality rates were based on RP-2014 Male Mortality Table without projection for mortality improvement. Discount Rate. The discount rate used to measure the total pension liability was 4.00%. This was the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index as of December 31, 2023. In describing this index, S&P Dow Jones Indices notes that the index consists of bonds Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) in the S&P Municipal Bond Index with maturity of 20 years and with a rating of at least Aa2 by Moody’s Investors Services, AA by Fitch or AA by Standard & Poor’s Rating Services. Changes in the Total Pension Liability Balance as of 12/31/2022 measurement date 1,945,096 $ Service Cost 68,003 Interest 84,836 Changes of assumptions or other inputs 94,236 Differences between expected and actual experience 88,361 Changes in plan provisions 290,843 Benefit Payments (89,480) Balance as of 12/31/2023 measurement date 2,481,895 $ Sensitivity of the Total Pension Liability to changes in the discount rate. The following presents the total pension liability of the Village as of the December 31, 2023 measurement date, calculated using the discount rate of 4.00 percent, as well as what the Village’s total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.00 percent) or 1-percentage point higher (5.00 percent) than the current rate: 1% Current 1% Decrease Discount Rate Increase (3.00%) (4.00%) (5.00%) Total Pension Liability 2,895,389 $ 2,481,895 $ 2,151,370 $ Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions For the year ended December 31, 2023, the Village recognized pension expense of $454,865 in the governmental activities and $98,247 in the Fire Service Award Program – sub-fund. At December 31, 2023, the Village reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows Inflows of Resources of Resources Differences between expected and actual experience 152,569 $ 9,025 $ Changes of assumptions or other inputs 471,936 689,094 Benefit payments & administrative expenses subsequent to the measurement date 39,214 - 663,719 $ 698,119 $ $39,214 reported as deferred outflows of resources related to pensions resulting from Village transactions subsequent to the measurement date will be recognized as a reduction of the total pension liability in the year ended May 31, 2025. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Plan Year Ended December 31 , 6,063 $ 6,063 6,063 (3,426) (5,630) Thereafter (82,747) (73,614) $ Compensated Absences Under the terms of existing collective bargaining agreements, employees are entitled to accumulate sick and vacation leave based upon the terms of their respective collective bargaining agreements. Payments upon separation of service varies with each agreement. The Village's liability for accumulated sick and vacation leave has been recorded in the government-wide financial statements. Other Postemployment Benefit Liability (“OPEB”) In addition to providing pension benefits, the Village provides certain health care benefits for retired employees through a single employer defined benefit OPEB plan. The various collective bargaining agreements stipulate the employees covered and the percentage of contribution. Contributions by the Village may vary according to length of service. The cost of providing postemployment health care benefits is shared between the Village and the retired employee as noted below. Substantially all of the Village's employees may become eligible for those benefits if they reach normal retirement age while working for the Village. No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other than Pensions”, so the net OPEB liability is equal to the total OPEB liability. Separate financial statements are not issued for the plan. At May 31, 2024, the following employees were covered by the benefit terms: Inactive employees currently receiving benefit payments Active employees Total The Village’s total OPEB liability of $39,861,293 was measured as of May 31, 2024, and was determined by an actuarial valuation as of June 1, 2023. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) The total OPEB liability in the June 1, 2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Salary increases and inflation rate 3.00% Discount rate 4.40% Healthcare cost trend rates 8.0% for 2024, decreasing by up to 1.0% per year to an ultimate rate of 5.0% rate. Retirees' share of benefit-related costs Varies from 2% to 100%, depending on applicable retirement year and bargaining unit The discount rate was based on the Bond Buyer’s 20-year Bond Index. Mortality rates were based on the RP 2010 mortality table projected fully generationally using projection scale MP-2021. The Village’s change in the total OPEB liability for the year ended May 31, 2024 is as follows: Total OPEB Liability - Beginning of Year $ 37,379,717 Service Cost 965,562 Interest 1,551,455 Difference between expected and actual experience 2,372,994 Change in assumptions or other inputs (830,857) Benefit payments (1,577,578) Total OPEB Liability - End of Year $ 39,861,293 The following presents the total OPEB liability of the Village, as well as what the Village’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (3.40%) or 1 percentage point higher (5.40%) than the current discount rate: Total OPEB Liability $ 46,158,173 $ 39,861,293 $ 34,781,343 (3.40%) (4.40%) (5.40%) 1% Current 1% Decrease Discount Rate Increase The following presents the total OPEB liability of the Village, as well as what the Village’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower (7.0% decreasing to 4.0%) or 1 percentage point higher (9.0% decreasing to 6.0%) than the current healthcare cost trend rates: Current Healthcare (8.0% decreasing Total OPEB Liability $ 34,314,898 $ 39,861,293 $ 46,926,616 Decrease Rates Increase to 4.0%) to 5.0%) to 6.0%) (7.0% decreasing (9.0% decreasing 1% Cost Trend 1% Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) For the year ended May 31, 2024, the Village recognized OPEB expense of $1,864,997 in the government-wide financial statements. At May 31, 2024, the Village reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Changes of assumptions or other inputs $ 6,510,348 $ 13,535,525 Differences between expected and actual experience 5,047,534 3,070,714 $ 11,557,882 $ 16,606,239 of Resources of Resources Deferred Deferred Outflows Inflows Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year Ended May 31, $ (652,020) (652,020) (814,223) (1,338,557) (1,591,537) $ (5,048,357) I. Revenues and Expenditures Interfund Transfers Interfund transfers are defined as the flow of assets, such as cash or goods and services, without the equivalent flow of assets in return. The interfund transfers reflected below have been reflected as transfers: Transfers Out General Fund $ - $ 2,516,544 $ 710,231 $ $ 3,226,849 Water Fund 297,139 1,016,392 - - 1,313,531 Debt Service Fund 300,000 - - - 300,000 Capital Projects Fund 51,563 2,188 - 60,995 114,746 Non-Major Governmental Funds 50,000 111,222 - - 161,222 $ 698,702 $ 3,646,346 $ 710,231 $ 61,069 $ 5,116,348 Non-Major Governmental Funds Transfers In Fund Debt Projects Service Capital General Fund Total Fund Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Transfers are used to 1) move funds from the operating funds to the Debt Service Fund as debt service principal and interest payments become due, 2) move amounts earmarked in the operating funds to fulfill commitments for Capital Projects Fund expenditures and 3) move amounts from the Capital Projects Fund to the General Fund, for unspent transfers and 4) move amounts from the Water Fund to the General Fund for shared costs 5) move amounts in the Debt Service Fund to the General Fund as principal and interest payments become due. J. Net Position The components of net position are detailed below: Net Investment in Capital Assets - the component of net position that reports the difference between capital assets less both the accumulated depreciation and the outstanding balance of debt, excluding unexpended bond proceeds, that is directly attributable to the acquisition, construction or improvement of those assets. Restricted for Debt Service - the component of net position that reports the difference between assets and liabilities with constraints placed on their use by Local Finance Law. Restricted for Special Purpose - the component of net position that reports the difference between assets and liabilities of the certain programs with constraints placed on their use by either external parties and/or statute. Unrestricted - all other amounts that do not meet the definition of “restricted” or “net investment in capital assets”. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) K. Fund Balances Nonspendable: Leases $ - $ - $ - $ - $ - $ - $ 16,227 $ - $ - $ - $ - $ 16,227 Prepaid expenditures 1,711 - - - - 1,711 3,819 - - - - 3,819 Total Restricted 1,711 - - - - 1,711 20,046 - - - - 20,046 Restricted: Employee benefits 676,636 7,071 - - - 683,707 656,928 6,865 - - - 663,793 Pension benefit 1,593,599 - - - - 1,593,599 1,390,652 - - - - 1,390,652 Tax stabilization 64,015 - - - - 64,015 100,000 - - - - 100,000 Debt service - - 150,896 - - 150,896 - - 114,823 - - 114,823 Debt service - for subsequent year's expenditures - - 100,000 - - 100,000 - - 300,000 - - 300,000 Capital projects - - - 1,880,176 - 1,880,176 - - - 1,497,008 - 1,497,008 Parklands - - - - 767,701 767,701 - - - - 735,004 735,004 Trusts - - - - 61,200 61,200 - - - - Total Restricted 2,334,250 7,071 250,896 1,880,176 828,901 5,301,294 2,147,580 6,865 414,823 1,497,008 735,079 4,801,355 Assigned: Purchases on order: General government support 72,829 - - 72,853 27,292 - - 28,090 Public safety 109,348 - - - - 109,348 102,815 - - - - 102,815 Health 4,198 - - - - 4,198 5,126 - - - - 5,126 Transportation 6,161 - - - - 6,161 11,982 - - - - 11,982 Culture and recreation 6,177 - - - - 6,177 8,524 - - - - 8,524 Home and community services 19,578 41,811 - - 21,739 83,128 17,756 32,468 - - 3,844 54,068 218,291 41,828 - - 21,746 281,865 173,495 33,084 - - 4,026 210,605 Subsequent year's expenditures 675,000 - - - - 675,000 725,000 - - - - 725,000 Future retirement expenditures 290,010 - - - - 290,010 311,376 - - - - 311,376 Contractual obligations - - - - - - 252,931 - - - - 252,931 Capital projects 3,325,140 - - - - 3,325,140 - - - - - - Water Fund - 873,233 - - - 873,233 - 535,116 - - - 535,116 Sew er Fund - - - - 789,450 789,450 - - - - 753,385 753,385 Total Assigned 4,508,441 915,061 - - 811,196 6,234,698 1,462,802 568,200 - - 757,411 2,788,413 Unassigned 6,280,011 - - - - 6,280,011 9,051,312 - - - - 9,051,312 Total Fund Balances (Deficits) $ 13,124,413 $ 922,132 $ 250,896 $ 1,880,176 $ 1,640,097 $ 17,817,714 $ 12,681,740 $ 575,065 $ 414,823 $ 1,497,008 $ 1,492,490 $ 16,661,126 Fund Fund Governmental Fund Fund Fund Fund Fund Funds Funds Total Fund General Water Service Projects Capital Debt General Service Water Projects Governmental Capital Non-Major Debt Non-Major Total Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 3 - Detailed Notes on All Funds (Continued) Certain elements of fund balance are described above. Those additional elements which are not reflected in the statement of net position but are reported in the governmental funds balance sheet are described below. Prepaid Expenditures has been provided to account for certain payments made in advance. The amount is classified as nonspendable to indicate that funds are not “available” for appropriation or expenditure even though they are a component of current assets. The Restriction for Employee Benefits represents funds set aside for the payment of accumulated vacation and sick leave in accordance with various collective bargaining agreements and pursuant to General Municipal Law. The Restriction for Pension Benefits represents the component of net position that has been set aside to be used for LOSAP pension benefits in accordance with Article 11-A of the General Municipal Law of the State of New York. The Restriction for Tax Stabilization represents funds set aside for an emergency to prevent a large tax increase. The Restriction for Parklands represents funds received by the Village in lieu of parklands as a condition precedent to the approval of a subdivision by the Planning Board. These funds may be used only for park, playground or recreation purposes. The funds of the Gouveia Trust account represents an endowment to be used for the care and upkeep of Gouveia Park. The Restriction for Trusts has been established to set aside funds in accordance with the terms of the grants. Purchases on order are assigned and represent the Village’s intention to honor the contracts in process at year-end. The subsequent year's appropriation will be amended to provide authority to complete the transactions. Subsequent year’s expenditures represent that at May 31, 2024, the Board of Trustees has assigned the above amounts to be appropriated for the ensuing year’s budget. The future retirement expenditures represents funds set aside for the payment of future retirement expenditures. Assigned for Contractual Obligations - This assignment is used to segregate a portion of fund balance of the General Fund for contractual obligations. Assigned for Capital Projects - This assignment is used to segregate a portion of fund balance of the General Fund to be utilized for the purpose of funding future Village capital projects. Unassigned fund balance in the General Fund represents amounts not classified as nonspendable, restricted or assigned. Note 4 - Summary Disclosure of Significant Contingencies A. Litigation The Village, in common with other municipalities, receives numerous notices of claims for money damages arising from false arrest, property damage or personal injury. Of the claims currently pending, none are expected to have a material effect on the financial position of the Village, if adversely settled. Village of Croton-on-Hudson, New York Notes to Financial Statements (Continued) May 31, 2024 Note 4 - Summary Disclosure of Significant Contingencies (Continued) There are currently pending certiorari proceedings, the results of which could require the payment of future tax refunds by the Village if existing assessment rolls are modified based on the outcome of the litigation proceedings. However, the amount of the possible refunds cannot be determined at the present time. Any payments resulting from adverse decisions will be funded in the year in which the payment is made. B. Contingencies The Village participates in various Federal grant programs. These programs may be subject to program compliance audits pursuant to the Single Audit Act. The amount of expenditures, which may be disallowed by the granting agencies cannot be determined at this time, although the Village anticipates such amounts, if any, to be immaterial. C. Risk Management The Village purchases various conventional insurance coverages to reduce its exposure to loss. The Village maintains general liability and public official’s liability insurance coverage with policy limits of $1 million per occurrence. In addition, the Village maintains an umbrella policy with a coverage limit of $10 million. The law enforcement liability policy provides coverage up to $1 million. In addition, the Village purchases workers’ compensation insurance with coverage at statutory limits. Conventional health insurance is also provided to employees. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. Note 5 - Subsequent Events The Village, on September 26, 2024 issued serial bonds in the amount of $1,288,400. The bond proceeds will be used for various capital expenditures. The bonds mature annually through September 2040, with interest at rates from 1.0% to 4.0% The Village on September 26, 2024 issued a $976,362 bond anticipation note. The proceeds of the note along with $198,944 in available funds will be used to redeem $773,106 of outstanding bond anticipation notes and provide $402,200 in new money for various capital expenditures. The note is due on September 26, 2025 with interest at 3.75%. Note 6 - Recently Issued GASB Pronouncements GASB Statement No. 101, “Compensated Absences”, provides guidance on the accounting and financial reporting for compensated absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning recognition and measurement guidance under a unified model and by amending certain previously required disclosures. The requirements of this Statement are effective for reporting periods beginning after December 15, 2023. Village of Croton-on-Hudson, New York Notes to Financial Statements (Concluded) May 31, 2024 Note 6 - Recently Issued GASB Pronouncements (Continued) GASB Statement No. 102, “Certain Risk Disclosures” provides guidance related to a government’s vulnerabilities due to certain concentrations or constraints. A concentration is defined as a lack of diversity related to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government’s highest level of decision-making authority. Concentrations and constraints may limit a government’s ability to acquire resources or control spending. Under this statement, a government is required to assess whether an event or events associated with a concentration or constraint that could cause substantial impact have occurred, have begun to occur, or are more likely than not to begin to occur within 12 months of the date the financial statements are issued. The requirements of this Statement are effective for reporting periods beginning after June 15, 2024. GASB Statement No. 103, “Financial Reporting Model Improvements”, has been issued to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. The requirements of this Statement are effective for reporting periods beginning after June 15, 2025. This is not an all-inclusive list of recently issued GASB pronouncements but rather a listing of Statements that the Village believes will most impact its financial statements. The Village will evaluate the impact this and other pronouncements may have on its financial statements and will implement them as applicable and when material. ***** Total OPEB Liability: Service cost $ 965,562 $ 1,179,273 Interest 1,551,455 1,568,710 Changes of benefit terms - - Differences between expected and actual experience 2,372,994 (3,452,316) Changes of assumptions or other inputs (830,857) (3,577,410) Benefit payments (1,577,578) (1,472,194) Net Change in Total OPEB Liability 2,481,576 (5,753,937) Total OPEB Liability – Beginning of Year 37,379,717 43,133,654 Total OPEB Liability – End of Year $ 39,861,293 $ 37,379,717 Village's covered-employee payroll $ 7,698,661 $ 7,177,398 Total OPEB liability as a percentage of covered-employee payroll 518% 521% *Discount Rate 4.40% 4.24% Notes to Schedule: See independent auditors' report. Village of Croton-on-Hudson, New York Required Supplementary Information - Schedule of Changes in the Village's Total OPEB Liability and Related Ratios Last Ten Fiscal Years (1) (2) (3) Restated for the implementation of the provisions of GASB Statement No. 75. (1) Data not available prior to fiscal year 2019 implementation of Governmental Accounting Standards Board Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions ". (2) No assets are accumulated in a trust that meets the criteria in paragraph 4 of this Statement to pay related benefits. $ 1,766,027 $ 940,629 $ 762,647 $ 736,786 889,610 1,151,200 1,366,788 1,396,140 - - - - 1,944,641 3,709,278 (2,051,120) - (16,733,127) 7,687,580 5,900,868 1,685,609 (1,367,571) (1,252,949) (1,041,371) (1,102,051) (13,500,420) 12,235,738 4,937,812 2,716,484 56,634,074 44,398,336 39,460,524 36,744,040 (3) $ 43,133,654 $ 56,634,074 $ 44,398,336 $ 39,460,524 $ 6,935,501 $ 7,179,336 $ 8,820,034 $ 8,820,000 622% 789% 503% 447% 3.70% 1.59% 2.63% 3.51% Village's proportion of the net pension liability (asset) 0.0173152% 0.0174606% 0.0178650% Village's proportionate share of the net pension liability (asset) $ 2,549,499 $ 3,744,258 $ (1,460,394) Village's covered payroll $ 5,276,179 $ 4,619,584 $ 4,783,933 Village's proportionate share of the net pension liability (asset) as a percentage of its covered payroll 48.32% 81.05% (30.53%) Plan fiduciary net position as a percentage of the total pension liability 93.88% 90.78% 103.65% Discount Rate 5.90% 5.90% 5.90% Contractually required contribution $ 639,706 $ 551,631 $ 789,905 Contributions in relation to the contractually required contribution (639,706) (551,631) (789,905) Contribution excess $ - $ - $ - Village's covered payroll $ 5,306,403 $ 4,686,425 $ 4,738,948 Contributions as a percentage of covered payroll 12.06% 11.77% 16.67% See independent auditors' report. (1) Data not available prior to fiscal year 2016 implementation of Government Accounting Standards Board Statement No. 68, "Accounting and Financial Reporting for Pensions". (2) The amounts presented for each fiscal year were determined as of the March 31, measurement date within the current fiscal year. (3) Increase in the Village's proportionate share of the net pension liability mainly attributable to decrease in plan fiduciary net position due to investment losses. (4) Decrease in the Village's proportionate share of the net pension liability mainly attributable to increase in plan fiduciary net position due to investment gains. 2023 (3) Schedule of Contributions Village of Croton-on-Hudson, New York Required Supplementary Information New York State and Local Employees' Retirement System Last Ten Fiscal Years (1) 2022 (4) 2024(4) Schedule of the Village's Proportionate Share of the Net Pension Liability (Asset) (2) 0.0177371% 0.0197402% 0.0196808% 0.0206840% 0.0205204% 0.0200875% $ 17,662 $ 5,227,312 $ 1,394,445 $ 667,565 $ 1,928,144 $ 3,224,099 $ 4,826,651 $ 4,992,669 $ 5,173,650 $ 5,100,191 $ 5,117,569 $ 4,878,324 0.37% 104.70% 26.95% 13.09% 37.68% 66.09% 99.95% 86.39% 96.27% 98.24% 94.70% 97.90% 5.90% 6.80% 7.00% 7.00% 7.00% 7.00% $ 755,833 $ 754,473 $ 757,401 $ 773,967 $ 742,631 $ 851,684 (755,833) (754,473) (757,401) (773,967) (742,631) (851,684) $ - $ - $ - $ - $ - $ - $ 4,923,858 $ 4,918,388 $ 5,106,990 $ 5,168,567 $ 4,981,026 $ 4,810,512 15.35% 15.34% 14.83% 14.97% 14.91% 17.70% 2021 (4) 2020 (3) Village's proportion of the net pension liability 0.0700735% 0.0692385% 0.0744281% 0.0784524% Village's proportionate share of the net pension liability $ 3,323,464 $ 3,815,368 $ 422,785 $ 1,362,150 Village's covered payroll $ 3,577,174 $ 3,446,277 $ 2,956,251 $ 2,801,190 Village's proportionate share of the net pension liability as a percentage of its covered payroll 92.91% 110.71% 14.30% 48.63% Plan fiduciary net position as a percentage of the total pension liability 89.72% 87.43% 98.66% 95.79% Discount rate 5.90% 5.90% 5.90% 5.90% Contractually required contribution $ 865,162 $ 787,007 $ 784,725 $ 716,842 Contributions in relation to the contractually required contribution (865,162) (787,007) (784,725) (716,842) Contribution excess $ - $ - $ - $ - Village's covered payroll $ 3,874,244 $ 3,582,757 $ 2,985,672 $ 2,800,430 Contributions as a percentage of covered payroll 22.33% 21.97% 26.28% 25.60% See independent auditors' report. (2)The amounts presented for each fiscal year were determined as of the March 31, measurement date withing the current fiscal year. (3) Increase in the Village's proportionate share of the net pension liability mainly attributable to decrease in plan fiduciary net position due to investment losses. (4) Decrease in the Village's proportionate share of the net pension liability mainly attributable to increase in plan fiduciary net position due to investment gains. (1) Data not available prior to fiscal year 2016 implementation of Government Accounting Standards Board Statement No. 68, "Accounting and Financial Reporting for Pensions ". 2023 (3) Schedule of Contributions Village of Croton-on-Hudson, New York Required Supplementary Information New York State and Local Police and Fire Retirement System Last Ten Fiscal Years (1) 2022 (4) 2024 (4) Schedule of the Village's Proportionate Share of the Net Pension Liability (2) 2021 (4) 0.0814350% 0.0708670% 0.0777509% 0.0758163% 0.0798780% $ 4,352,650 $ 1,188,485 $ 785,873 $ 1,571,408 $ 2,365,019 $ 3,007,375 $ 2,849,777 $ 2,791,364 $ 2,923,361 $ 2,860,350 144.73% 41.70% 28.15% 53.75% 82.68% 84.86% 95.09% 96.93% 93.50% 90.20% 6.80% 7.00% 7.00% 7.00% 7.00% $ 661,366 $ 649,105 $ 703,784 $ 675,384 $ 627,862 (661,366) (649,105) (703,784) (675,384) (627,862) $ - $ - $ - $ - $ - $ 2,946,420 $ 2,904,160 $ 2,777,635 $ 2,826,988 $ 2,827,318 22.45% 22.35% 25.34% 23.89% 22.21% 2020 (3) Total Pension Liability Service Cost 68,003 $ 116,408 $ 119,225 $ Interest 84,836 58,037 50,586 Changes of assumptions or other inputs 94,236 (681,279) (126,546) Differences between expected and actual experience 88,361 28,266 19,896 Changes in plan provisions 290,843 - - Benefit payments (89,480) (101,712) (79,188) Net Change in total pension liability 536,799 (580,280) (16,027) Total pension liability – beginning 1,945,096 2,525,376 2,541,403 Total pension liability – ending 2,481,895 $ 1,945,096 $ 2,525,376 $ Covered payroll N/A N/A N/A Total pension liability as a percentage of covered payroll N/A N/A N/A Notes to Required Supplementary information Changes in assumptions or other inputs. The discount rate used to measure the total pension liability was based on the yield to maturity of the S&P Municipal Bond 20 Year High Grade Rate Index on December 31, 2017 through 2022 and was as follows: Discount rate 4.00% 4.31% 2.24% See independent auditors' report. (1) Data not available prior to fiscal year 2016 implementation of Government Accounting Standards Board Statement No. 68, "Accounting and Financial Reporting for Pensions ". Required Supplementary Information - Schedule of Changes in the Village's Total Pension Liability and Related Ratios - Fire Service Award Program Last Ten Fiscal Years (1) Village of Croton-on-Hudson, New York Trust Assets. There are no assets accumulated in a trust that meets the criteria in paragraph 4 of the GASB No. 73 to pay related benefits. 73,174 $ 67,846 $ 79,926 $ 71,769 $ 65,473 67,746 60,698 61,926 467,429 105,130 (132,769) 146,667 47,825 (19,050) 5,233 17,665 - - - - (95,422) (64,100) (57,280) (51,740) 558,479 157,572 (44,192) 246,287 1,982,924 1,825,352 1,869,544 1,623,257 2,541,403 $ 1,982,924 $ 1,825,352 $ 1,869,544 $ N/A N/A N/A N/A N/A N/A N/A N/A 1.93% 3.26% 3.64% 3.16% Village of Croton-on-Hudson, New York General Fund Combining Balance Sheet - Sub-Funds May 31, 2024 (With Comparative Actuals for 2023) ASSETS Cash and equivalents $ 9,746,832 $ 47,649 $ 9,794,481 $ 3,219,509 Investments 2,066,506 1,547,150 3,613,656 8,058,768 Taxes receivable Property acquired for taxes 34,055 - 34,055 34,055 Allowance for uncollectible taxes (34,055) - (34,055) (34,055) - - - - - Other receivables Accounts 129,100 - 129,100 120,136 State and Federal aid 102,945 - 102,945 294,926 Due from other governments 443,947 - 443,947 474,604 Leases 2,036,755 - 2,036,755 2,188,703 Due from other funds 1,903,178 - 1,903,178 3,379,030 4,615,925 - 4,615,925 6,457,399 Prepaid expenditures 1,711 - 1,711 3,819 Total Assets $ 16,430,974 $ 1,594,799 $ 18,025,773 $ 17,739,495 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities Accounts payable $ 160,770 $ 1,200 $ 161,970 $ 241,021 Accrued liabilities 344,197 - 344,197 647,614 Deposits payable 298,888 - 298,888 295,145 Employee payroll deductions 178,767 - 178,767 15,106 Due to other funds 1,177,544 - 1,177,544 839,506 Unearned revenues 750,019 - 750,019 846,887 Total Liabilities 2,910,185 1,200 2,911,385 2,885,279 Deferred inflows of resources Leases 1,989,975 - 1,989,975 2,172,476 Total Liabilities and Deferred Inflows of Resources 4,900,160 1,200 4,901,360 5,057,755 Fund balances Nonspendable 1,711 - 1,711 20,046 Restricted 740,651 1,593,599 2,334,250 2,147,580 Assigned 4,508,441 - 4,508,441 1,462,802 Unassigned 6,280,011 - 6,280,011 9,051,312 Total Fund Balances 11,530,814 1,593,599 13,124,413 12,681,740 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 16,430,974 $ 1,594,799 $ 18,025,773 $ 17,739,495 Fire Totals Service Award General Program See independent auditors' report. Village of Croton-on-Hudson, New York General Fund Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Sub-Funds Year Ended May 31, 2024 (With Comparative Actuals for 2023) REVENUES Real property taxes $ 12,869,773 $ - $ - Other tax items 32,100 - - Non-property taxes 2,493,667 - - Departmental income 4,405,146 216,334 (216,334) Net change in fair value of investments - 26,266 - Use of money and property 897,367 48,047 - Licenses and permits 286,935 - - Fines and forfeitures 434,303 - - Sale of property and compensation for loss 125,528 - - State aid 234,085 - - Federal aid 131,916 - - Miscellaneous 26,282 - - Total Revenues 21,937,102 290,647 (216,334) EXPENDITURES Current General government support 3,621,228 - - Public safety 4,999,495 87,700 - Health 592,138 - - Transportation 2,148,511 - - Economic opportunity and development 34,922 - - Culture and recreation 901,569 - - Home and community services 1,592,603 - - Employee benefits 5,429,415 - (216,334) Debt Service Interest 13,669 - - Total Expenditures 19,333,550 87,700 (216,334) Excess (Deficiency) of Revenues Over Expenditures 2,603,552 202,947 - OTHER FINANCING SOURCES (USES) Insurance recoveries 164,321 - - Transfers in 698,702 - - Transfers out (3,226,849) - - Total Other Financing Uses (2,363,826) - - Net Change in Fund Balances 239,726 202,947 - FUND BALANCES Beginning of Year 11,291,088 1,390,652 - End of Year $ 11,530,814 $ 1,593,599 $ - Fire Service Award General Program Eliminations See independent auditors' report. $ 12,869,773 $ 12,662,904 32,100 33,192 2,493,667 2,465,174 4,405,146 3,923,791 26,266 (254,838) 945,414 569,876 286,935 556,175 434,303 440,640 125,528 2,119,039 234,085 315,087 131,916 559,893 26,282 20,704 22,011,415 23,411,637 3,621,228 3,453,108 5,087,195 4,517,155 592,138 443,116 2,148,511 2,119,029 34,922 34,771 901,569 817,153 1,592,603 1,109,719 5,213,081 4,971,498 13,669 1,916 19,204,916 17,467,465 2,806,499 5,944,172 164,321 129,148 698,702 502,363 (3,226,849) (2,818,867) (2,363,826) (2,187,356) 442,673 3,756,816 12,681,740 8,924,924 $ 13,124,413 $ 12,681,740 Totals Village of Croton-on-Hudson, New York General Fund Comparative Balance Sheet - Sub-Fund May 31, ASSETS Cash and equivalents $ 9,746,832 $ 3,190,831 Investments 2,066,506 6,697,374 Taxes receivable Property acquired for taxes 34,055 34,055 Allowance for uncollectible taxes (34,055) (34,055) - - Other receivables Accounts 129,100 119,556 State and Federal aid 102,945 294,926 Due from other governments 443,947 474,604 Leases 2,036,755 2,188,703 Due from other funds 1,903,178 3,379,030 4,615,925 6,456,819 Prepaid expenditures 1,711 3,819 Total Assets $ 16,430,974 $ 16,348,843 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE Liabilities Accounts payable $ 160,770 $ 241,021 Accrued liabilities 344,197 647,614 Deposits payable 298,888 295,145 Employee payroll deductions 178,767 15,106 Due to other funds 1,177,544 839,506 Unearned revenues 750,019 846,887 Total Liabilities 2,910,185 2,885,279 Deferred inflows of resources Leases 1,989,975 2,172,476 Total Liabilities and Deferred Inflows of Resources 4,900,160 5,057,755 Fund balance Nonspendable 1,711 20,046 Restricted 740,651 756,928 Assigned 4,508,441 1,462,802 Unassigned 6,280,011 9,051,312 Total Fund Balance 11,530,814 11,291,088 Total Liabilities, Deferred Inflows of Resources and Fund Balance $ 16,430,974 $ 16,348,843 See independent auditors' report. Village of Croton-on-Hudson, New York General Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Sub-Fund Years Ended May 31, Original Final Variance with Budget Budget Actual Final Budget REVENUES Real property taxes $ 12,871,445 $ 12,871,445 $ 12,869,773 $ (1,672) Other tax items 30,001 30,001 32,100 2,099 Non-property taxes 2,172,680 2,172,680 2,493,667 320,987 Departmental income 3,223,956 3,503,656 4,405,146 901,490 Use of money and property 331,411 498,567 897,367 398,800 Licenses and permits 242,800 227,300 286,935 59,635 Fines and forfeitures 310,000 310,000 434,303 124,303 Sale of property and compensation for loss 22,600 116,460 125,528 9,068 State aid 210,347 235,435 234,085 (1,350) Federal aid - 272,910 131,916 (140,994) Miscellaneous - - 26,282 26,282 Total Revenues 19,415,240 20,238,454 21,937,102 1,698,648 EXPENDITURES Current General government support 3,653,990 3,751,342 3,621,228 130,114 Public safety 4,591,379 5,135,264 4,999,495 135,769 Health 589,606 606,738 592,138 14,600 Transportation 2,881,308 2,163,317 2,148,511 14,806 Economic opportunity and development 35,781 35,781 34,922 Culture and recreation 855,307 914,238 901,569 12,669 Home and community services 472,404 1,618,512 1,592,603 25,909 Employee benefits 5,407,706 5,432,014 5,429,415 2,599 Debt service Interest 13,669 13,669 13,669 - Total Expenditures 18,501,150 19,670,875 19,333,550 337,325 Excess of Revenues Over Expenditures 914,090 567,579 2,603,552 2,035,973 OTHER FINANCING SOURCES (USES) Insurance recoveries - 145,493 164,321 18,828 Transfers in 625,000 647,139 698,702 51,563 Transfers out (2,437,585) (3,226,849) (3,226,849) - Total Other Financing Uses (1,812,585) (2,434,217) (2,363,826) 70,391 Net Change in Fund Balance (898,495) (1,866,638) 239,726 2,106,364 FUND BALANCE Beginning of Year 898,495 1,866,638 11,291,088 9,424,450 End of Year $ - $ - $ 11,530,814 $ 11,530,814 See independent auditors' report. Original Final Variance with Budget Budget Actual Final Budget $ 12,662,993 $ 12,662,993 $ 12,662,904 $ (89) 27,001 27,001 33,192 6,191 1,983,640 1,983,640 2,465,174 481,534 2,760,123 3,051,895 3,923,791 871,896 246,375 465,496 525,371 59,875 203,500 223,500 556,175 332,675 200,000 209,134 440,640 231,506 22,000 22,420 2,119,039 2,096,619 171,068 171,068 315,087 144,019 - 453,056 559,893 106,837 45,347 45,347 20,704 (24,643) 18,322,047 19,315,550 23,621,970 4,306,420 3,527,207 3,496,372 3,453,108 43,264 4,057,766 4,576,424 4,417,463 158,961 458,016 447,572 443,116 4,456 2,774,743 2,212,905 2,119,029 93,876 29,412 34,871 34,771 739,394 850,312 817,153 33,159 437,475 1,140,018 1,109,719 30,299 4,923,347 5,143,086 5,095,169 47,917 1,916 1,916 1,916 - 16,949,276 17,903,476 17,491,444 412,032 1,372,771 1,412,074 6,130,526 4,718,452 - 85,689 129,148 43,459 500,000 500,000 502,363 2,363 (2,593,867) (2,818,867) (2,818,867) - (2,093,867) (2,233,178) (2,187,356) 45,822 (721,096) (821,104) 3,943,170 4,764,274 721,096 821,104 7,347,918 6,526,814 $ - $ - $ 11,291,088 $ 11,291,088 Village of Croton-on-Hudson, New York General Fund - Sub-Fund Schedule of Revenues and Other Financing Sources Compared to Budget Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Variance with Budget Budget Actual Final Budget Actual REAL PROPERTY TAXES $ 12,871,445 $ 12,871,445 $ 12,869,773 $ (1,672) $ 12,662,904 OTHER TAX ITEMS Interest and penalties on real property taxes 30,001 30,001 32,100 2,099 33,192 NON-PROPERTY TAXES Non-property tax distribution from County 1,925,000 1,925,000 2,211,264 286,264 2,166,744 Franchise fees 120,000 120,000 114,990 (5,010) 122,582 Utilities gross receipts taxes 125,000 125,000 165,773 40,773 174,208 Emergency Tenant Protection Act 2,680 2,680 1,640 (1,040) 1,640 2,172,680 2,172,680 2,493,667 320,987 2,465,174 DEPARTMENTAL INCOME Charges for Tax Redemption - - Clerk fees 6,000 9,850 12,220 2,370 4,926 Garbage removal 75,000 75,000 77,615 2,615 75,585 Parks and recreation charges 280,000 281,187 357,169 75,982 315,576 Ambulance service 515,451 515,451 599,271 83,820 429,292 Planning Board fees 5,500 5,500 9,325 3,825 8,475 Zoning fees 5,500 5,500 9,450 3,950 6,300 Fire protection services for other governments 188,715 188,715 188,715 - 276,310 Parking permits 2,122,500 2,247,494 2,847,795 600,301 2,506,711 Other 25,290 174,959 303,490 128,531 300,538 3,223,956 3,503,656 4,405,146 901,490 3,923,791 USE OF MONEY AND PROPERTY Earnings on investments 80,000 247,156 650,307 403,151 284,769 Rental of real property 251,411 251,411 247,060 (4,351) 240,602 331,411 498,567 897,367 398,800 525,371 LICENSES AND PERMITS Business and occupational licenses 10,000 10,000 8,610 (1,390) 12,100 Building permits 125,000 125,000 175,219 50,219 412,547 Dog license apportionment 5,800 5,800 8,124 2,324 7,785 Permit fees 102,000 86,500 94,982 8,482 123,743 242,800 227,300 286,935 59,635 556,175 FINES AND FORFEITURES Fines and forfeited bail 310,000 310,000 434,303 124,303 440,640 SALE OF PROPERTY AND COMPENSATION FOR LOSS Sale of equipment 2,500 96,360 99,208 2,848 2,052,442 Minor sales 15,100 15,100 14,059 (1,041) 16,611 Other 5,000 5,000 12,261 7,261 49,986 . 22,600 116,460 125,528 9,068 2,119,039 STATE AID Aid and incentives for municipalities 45,347 45,347 45,347 - 45,347 Mortgage tax 140,000 140,000 129,051 (10,949) 161,050 Snow and ice reimbursement 25,000 25,000 24,475 (525) 24,475 Emergency disaster - - 8,958 8,958 73,731 Other - 25,088 26,254 1,166 10,484 210,347 235,435 234,085 (1,350) 315,087 (Continued) Village of Croton-on-Hudson, New York General Fund - Sub-Fund Schedule of Revenues Compared to Budget (Continued) Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Budget Budget Actual Final Budget Actual FEDERAL AID American Rescue Plan Act $ - $ - $ - $ - $ 415,127 Emergency management assistance - 272,910 131,916 (140,994) 144,766 - 272,910 131,916 (140,994) 559,893 MISCELLANEOUS Refund of prior year's expenditures - - 23,616 23,616 1,424 Gifts and donations - - 2,666 2,666 19,280 - - 26,282 26,282 20,704 TOTAL REVENUES 19,415,240 20,238,454 21,937,102 1,698,648 23,621,970 OTHER FINANCING SOURCES Insurance recoveries - 145,493 164,321 18,828 129,148 Transfers in Water Fund 275,000 297,139 297,139 - 275,000 Capital Projects Fund - - 51,563 51,563 2,363 Sewer Fund 50,000 50,000 50,000 - 50,000 Debt Service Fund 300,000 300,000 300,000 - 175,000 TOTAL OTHER FINANCING SOURCES 625,000 792,632 863,023 70,391 631,511 TOTAL REVENUES AND OTHER FINANCING SOURCES $ 20,040,240 $ 21,031,086 $ 22,800,125 $ 1,769,039 $ 24,253,481 See independent auditors' report. Variance with Village of Croton-on-Hudson, New York General Fund - Sub-Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Variance with Budget Budget Actual Final Budget Actual GENERAL GOVERNMENT SUPPORT Board of Trustees $ 28,400 $ 29,119 $ 27,099 $ 2,020 $ 26,401 Justice 252,141 276,777 275,509 1,268 251,569 Mayor 6,522 6,522 6,025 6,358 Clerk - Treasurer 420,938 426,923 422,265 4,658 392,250 Assessment 31,900 32,131 31,992 23,043 Manager 259,749 360,812 360,623 236,308 Data processing 158,962 115,136 112,252 2,884 151,860 Law 154,288 156,997 137,741 19,256 157,672 Engineer 565,825 609,786 571,744 38,042 532,291 Operation of plant and buildings 124,553 277,865 268,516 9,349 274,563 Auditor 36,525 36,572 36,572 - 35,046 Central garage 689,444 663,869 655,856 8,013 669,705 Central communications 294,919 254,484 248,192 6,292 272,517 Unallocated insurance 375,115 363,842 363,842 - 356,515 Municipal association dues 8,701 6,201 6,201 - 8,607 Refunds of real property taxes - 74,902 37,451 37,451 3,687 Taxes and assessments on property 25,443 26,504 26,504 - 24,586 Tax advertising Metropolitan transportation authority commuter mobility tax 44,665 32,000 32,000 - 29,314 Contingent account 175,000 - - - - 3,653,990 3,751,342 3,621,228 130,114 3,453,108 PUBLIC SAFETY Police 3,965,166 4,455,265 4,380,962 74,303 3,842,365 Fire Department 598,373 650,468 592,327 58,141 526,474 Control of animals 7,340 7,340 4,302 3,038 5,000 Traffic control 20,500 22,191 21,904 43,624 4,591,379 5,135,264 4,999,495 135,769 4,417,463 HEALTH Registrar of Vital Statistics 5,300 5,300 3,860 1,440 4,314 Public health - - - - Ambulance 584,306 601,438 588,278 13,160 438,796 589,606 606,738 592,138 14,600 443,116 TRANSPORTATION Street maintenance and administration 2,443,107 1,616,075 1,607,180 8,895 1,560,520 Snow removal 172,795 164,923 163,922 1,001 170,995 Street lighting 8,500 9,185 8,941 28,650 Off-street parking 235,706 334,780 330,493 4,287 321,958 Brush and weeds 21,200 38,354 37,975 36,906 2,881,308 2,163,317 2,148,511 14,806 2,119,029 ECONOMIC OPPORTUNITY AND DEVELOPMENT Publicity 35,781 35,781 34,922 34,771 CULTURE AND RECREATION Arts and Humanities 5,000 5,000 4,850 - Parks, playgrounds and recreation 577,724 625,381 620,452 4,929 603,541 Youth programs 129,925 123,176 120,395 2,781 101,537 Historian 1,000 1,000 - Celebrations 87,328 105,351 102,975 2,376 67,025 Senior citizens programs 54,330 54,330 52,631 1,699 45,050 855,307 914,238 901,569 12,669 817,153 (Continued) Village of Croton-on-Hudson, New York General Fund - Sub-Fund Schedule of Expenditures and Other Financing Uses Compared to Budget (Continued) Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Variance with Budget Budget Actual Final Budget Actual HOME AND COMMUNITY SERVICES Zoning $ 4,250 $ 5,669 $ 5,469 $ $ 2,942 Planning 7,550 39,046 38,321 7,848 Diversity and Inclusion 11,350 11,350 10,823 - Recycling program 175,733 465,868 462,231 3,637 453,766 Sanitary and storm sewers 21,556 577,024 572,551 4,473 33,259 Refuse and garbage 143,941 344,705 329,780 14,925 337,845 Street cleaning 1,502 15,750 15,244 19,822 Shade trees 73,033 124,648 124,447 86,557 Conservation - - - - 2,126 Community beautification 25,500 25,563 25,559 27,005 Other 7,989 8,889 8,178 138,549 472,404 1,618,512 1,592,603 25,909 1,109,719 EMPLOYEE BENEFITS State retirement 577,956 599,315 599,315 - 532,895 State retirement - Police and Fire 847,694 891,699 891,699 - 802,968 Service award program 123,671 116,334 116,334 - 223,671 Social security 531,775 536,119 536,119 - 495,486 Workers' compensation benefits 219,750 219,750 217,816 1,934 214,938 Life insurance 8,674 8,674 8,634 8,354 Health insurance 2,733,357 2,678,818 2,678,193 2,467,209 Dental insurance 100,031 101,736 101,736 - 97,776 Medicare reimbursement 260,798 262,697 262,697 - 251,872 Unemployment benefits 4,000 16,872 16,872 - - 5,407,706 5,432,014 5,429,415 2,599 5,095,169 DEBT SERVICE Interest Bond anticipation notes 13,669 13,669 13,669 - 1,916 TOTAL EXPENDITURES 18,501,150 19,670,875 19,333,550 337,325 17,491,444 OTHER FINANCING USES Transfers out Capital Projects Fund 173,972 710,231 710,231 - 366,132 Debt Service Fund 2,263,613 2,516,544 2,516,544 - 2,452,735 Sewer Fund - - - TOTAL OTHER FINANCING USES 2,437,585 3,226,849 3,226,849 - 2,818,867 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 20,938,735 $ 22,897,724 $ 22,560,399 $ 337,325 $ 20,310,311 See independent auditors' report. Village of Croton-on-Hudson, New York Water Fund Comparative Balance Sheet May 31, Cash and equivalents $ 342,643 $ 944,731 Investments 323,506 307,115 Receivables Water rents 824,630 813,717 Due from other funds 11,275 209,361 835,905 1,023,078 Total Assets $ 1,502,054 $ 2,274,924 Liabilities Accounts payable $ 17,686 $ 26,167 Accrued liabilities 14,159 27,879 Due to other funds 548,077 1,645,813 Total Liabilities 579,922 1,699,859 Fund balance Restricted 7,071 6,865 Assigned 915,061 568,200 Total Fund Balance 922,132 575,065 Total Liabilities and Fund Balance $ 1,502,054 $ 2,274,924 ASSETS LIABILITIES AND FUND BALANCE See independent auditors' report. Village of Croton-on-Hudson, New York Water Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Years Ended May 31, Original Final Variance with Final Budget REVENUES Departmental income $ 2,799,587 $ 2,807,735 $ 3,037,206 $ 229,471 Use of money and property 1,000 1,000 34,932 33,932 Sale of property and compensation for loss - 10,685 11,130 Total Revenues 2,800,587 2,819,420 3,083,268 263,848 EXPENDITURES Current General government support 408,001 322,362 314,187 8,175 Home and community services 812,856 909,712 779,378 130,334 Employee benefits 321,422 332,807 329,105 3,702 Total Expenditures 1,542,279 1,564,881 1,422,670 142,211 Excess of Revenues Over Expenditures 1,258,308 1,254,539 1,660,598 406,059 OTHER FINANCING USES Transfers out (1,291,392) (1,313,531) (1,313,531) - Net Change in Fund Balance (33,084) (58,992) 347,067 406,059 FUND BALANCE Beginning of Year 33,084 58,992 575,065 516,073 End of Year $ - $ - $ 922,132 $ 922,132 See independent auditors' report. Budget Budget Actual Original Final Variance with Final Budget $ 2,710,904 $ 2,710,904 $ 2,901,168 $ 190,264 9,343 17,879 8,536 - 1,065 1,065 - 2,711,004 2,721,312 2,920,112 198,800 393,037 325,016 309,002 16,014 755,102 820,514 775,552 44,962 300,297 313,214 306,816 6,398 1,448,436 1,458,744 1,391,370 67,374 1,262,568 1,262,568 1,528,742 266,174 (1,292,280) (1,292,280) (1,292,280) - (29,712) (29,712) 236,462 266,174 29,712 29,712 338,603 308,891 $ - $ - $ 575,065 $ 575,065 Budget Actual Budget Village of Croton-on-Hudson, New York Water Fund Schedule of Revenues Compared to Budget Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Variance with Budget Budget Actual Final Budget Actual DEPARTMENTAL INCOME Metered water sales $ 2,774,587 $ 2,774,587 $ 3,000,375 $ 225,788 $ 2,875,851 Interest and penalties on water rents 25,000 33,148 36,831 3,683 25,317 2,799,587 2,807,735 3,037,206 229,471 2,901,168 USE OF MONEY AND PROPERTY Earnings on investments 1,000 1,000 34,932 33,932 17,879 SALE OF PROPERTY AND COMPENSATION FOR LOSS Insurance recoveries - 10,685 11,130 1,065 TOTAL REVENUES $ 2,800,587 $ 2,819,420 $ 3,083,268 $ 263,848 $ 2,920,112 See independent auditors' report. Village of Croton-on-Hudson, New York Water Fund Schedule of Expenditures and Other Financing Uses Compared to Budget Year Ended May 31, 2024 (With Comparative Actuals for 2023) Original Final Variance with Budget Budget Actual Final Budget Actual GENERAL GOVERNMENT SUPPORT Central communications $ 198,707 $ 203,053 $ 196,701 $ 6,352 $ 195,539 Auditor 8,766 8,781 8,777 8,264 Unallocated insurance 105,549 105,549 104,385 1,164 101,123 Taxes and assessments on property 4,979 4,979 4,324 4,076 Contingent account 90,000 - - - - 408,001 322,362 314,187 8,175 309,002 HOME AND COMMUNITY SERVICES Water administration 95,084 92,133 32,173 59,960 85,984 Pumping, supply and power 204,941 230,571 222,097 8,474 205,866 Transmission and distribution 502,831 546,163 525,108 21,055 483,702 Capital projects 10,000 40,845 - 40,845 - 812,856 909,712 779,378 130,334 775,552 EMPLOYEE BENEFITS State retirement 55,833 61,218 61,218 - 30,570 Social security 30,672 30,672 30,170 32,429 Workers' compensation benefits 52,740 52,740 52,740 - 55,839 Life insurance Health and dental insurance 174,505 180,505 177,443 3,062 179,795 Medicare reimbursement 7,173 7,173 7,076 7,689 321,422 332,807 329,105 3,702 306,816 TOTAL EXPENDITURES 1,542,279 1,564,881 1,422,670 142,211 1,391,370 OTHER FINANCING USES Transfers out General Fund 275,000 297,139 297,139 - 275,000 Debt Service Fund 1,016,392 1,016,392 1,016,392 - 1,017,280 TOTAL OTHER FINANCING USES 1,291,392 1,313,531 1,313,531 - 1,292,280 TOTAL EXPENDITURES AND OTHER FINANCING USES $ 2,833,671 $ 2,878,412 $ 2,736,201 $ 142,211 $ 2,683,650 See independent auditors' report. Village of Croton-on-Hudson, New York Debt Service Fund Comparative Balance Sheet May 31, ASSETS Cash and equivalents $ 59,969 $ 588,401 Due from other funds 260,927 92,213 Total Assets $ 320,896 $ 680,614 LIABILITIES AND FUND BALANCE Liabilities Due to other funds $ 70,000 $ 265,791 Fund balance Restricted 250,896 414,823 Total Liabilities and Fund Balance $ 320,896 $ 680,614 See independent auditors' report. Village of Croton-on-Hudson, New York Debt Service Fund Comparative Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual Years Ended May 31, Original Final Variance with Budget Budget Actual Final Budget REVENUES Use of money and property $ - $ - $ 133,884 $ 133,884 EXPENDITURES Debt Service Principal Serial bonds 2,431,500 2,431,500 2,431,500 - Fianced purchase debt 241,987 241,987 241,987 - 2,673,487 2,673,487 2,673,487 - Interest Serial bonds 959,727 959,727 959,727 - Financed purchase debt 10,943 10,943 10,943 - 970,670 970,670 970,670 - Total Expenditures 3,644,157 3,644,157 3,644,157 - Deficiency of Revenues Over Expenditures (3,644,157) (3,644,157) (3,510,273) 133,884 OTHER FINANCING SOURCES (USES) Transfers in 3,644,157 3,644,157 3,646,346 2,189 Transfers out (300,000) (300,000) (300,000) - Total Other Financing Sources 3,344,157 3,344,157 3,346,346 2,189 Net Change in Fund Balance (300,000) (300,000) (163,927) 136,073 FUND BALANCE Beginning of Year 300,000 300,000 414,823 114,823 End of Year $ - $ - $ 250,896 $ 250,896 See independent auditors' report. Original Final Variance with Budget Budget Actual Final Budget $ - $ - $ 65,754 $ 65,754 2,340,000 2,340,000 2,340,000 - 228,097 228,097 228,097 - 2,568,097 2,568,097 2,568,097 - 987,935 987,935 987,935 - 24,834 24,834 24,834 - 1,012,769 1,012,769 1,012,769 - 3,580,866 3,580,866 3,580,866 - (3,580,866) (3,580,866) (3,515,112) 65,754 3,580,866 3,580,866 3,608,271 27,405 (175,000) (175,000) (175,000) - 3,405,866 3,405,866 3,433,271 27,405 (175,000) (175,000) (81,841) 93,159 175,000 175,000 496,664 321,664 $ - $ - $ 414,823 $ 414,823 Village of Croton-on-Hudson, New York Capital Projects Fund Comparative Balance Sheet May 31, Cash and equivalents $ 3,112,398 $ 3,489,070 Receivables Accounts 1,500 1,500 State and Federal aid 218,543 - Due from other funds 53,005 581,622 273,048 583,122 Total Assets $ 3,385,446 $ 4,072,192 Liabilities Accounts payable $ 263,250 $ 302,564 Bond anticipation notes payable 773,106 424,503 Due to other funds 468,914 1,848,117 Total Liabilities 1,505,270 2,575,184 Fund balance Restricted 1,880,176 1,497,008 Total Liabilities and Fund Balance $ 3,385,446 $ 4,072,192 ASSETS LIABILITIES AND FUND BALANCE See independent auditors' report. Village of Croton-on-Hudson, New York Capital Projects Fund Comparative Statement of Revenues, Expenditures and Changes in Fund Balance Years Ended May 31, REVENUES State aid $ 577,427 $ 454,044 Miscellaneous - 38,668 Total Revenues 577,427 492,712 EXPENDITURES Capital outlay 3,059,364 2,256,152 Deficiency of Revenues Over Expenditures (2,481,937) (1,763,440) OTHER FINANCING SOURCES (USES) Bonds issued 2,269,620 886,500 Transfers in 710,231 366,132 Transfers out (114,746) (29,766) Total Other Financing Sources 2,865,105 1,222,866 Net Change in Fund Balance 383,168 (540,574) FUND BALANCE Beginning of Year 1,497,008 2,037,582 End of Year $ 1,880,176 $ 1,497,008 See independent auditors' report. Village of Croton-on-Hudson, New York Capital Projects Fund Project-Length Schedule Inception of Project Through May 31, 2024 . Project and Transfers Unexpended PROJECT Number Appropriation to Date Balance Sidewalks and Curbs $ 395,494 $ 416,310 $ 73,337 Nordica Sewer Pump Station 739,500 633,755 105,745 Harmon Firehouse HVAC System Overhaul 20,000 16,219 3,781 Police Headquarters Renovation 2,260,700 2,198,280 62,420 Sprinkler System - Harmon Fire House 61,200 4,339 56,861 Water Source and Well Field Improvement 1,146,300 1,141,355 4,945 Security Camera Croton Landing 8,670 7,218 1,452 Water Main Replacement and Extension 10,665,650 10,145,776 519,874 Half Moon Bay Bridge 542,192 33,051 509,141 Service Truck 76,500 72,901 3,599 Harmon Fire Windows 51,000 17,770 33,230 Shed for equipment at Municipal Building - 12,669 (12,669) Low Boy Dump Truck 107,100 107,100 - DPW Vehicles 2017/18 73,440 73,156 WEFH Renovations 254,000 254,000 - Renovation of New Building 882,988 709,306 173,682 Police Vehicle 39,780 39,790 (10) NYSERDA LED Lighting 50,000 50,000 - DPW Equipment 437,400 334,947 102,453 Relocation Water Department Offices 100,000 100,000 - 6 wheel Dump Truck Spreader 510,000 499,130 10,870 Command Car Replacement 75,000 69,932 5,068 Police Electric Hybrid Vehicle 108,000 51,957 56,043 Solar Power 63,900 63,893 Equipment Upgrade Peg 5,000 36,328 (31,328) Replacement of FD Radios 183,600 183,600 - Security Improvement 2nd Floor 50,000 43,927 6,073 Upgrade phone system - (474) Hessian Hills Upgrade - 4,431 (4,431) Village Wide Stormwater 102,000 102,000 - DPW Vehicles 430,440 395,195 35,245 SCBA Replacement Plan 93,840 24,953 68,887 Command Car Replacement 76,500 69,915 6,585 IT Upgrades 46,920 39,387 7,533 EMS Equipment 56,712 53,085 3,627 Police Equipment 32,717 32,041 TV Station Upgrade 15,300 9,917 5,383 Planning Studies Harmon Rezoni 83,950 80,258 3,692 Repair and Replace Storage Tank Upper No 25,500 24,779 Clean Energy Community House 95,000 19,018 75,982 Expenditures $ 395,494 $ (20,816) $ - 739,500 105,745 - 20,000 3,781 - 2,260,700 62,420 - [...truncated...]