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HomeMy WebLinkAbout2026_03_18 Town Board Meeting Packet w rri H FOUNDED 1661 Town of Mamaroneck Town Board Agenda Wednesday, March 18, 2026 All Work Sessions and Regular Meetings are open to the public. Page 5:00 PM THE TOWN BOARD WORK SESSION The Work Session will convene in Conference Room A located on the Second Floor at the Town Center. WORK SESSION ITEMS 1. Discussion - Budget Committee Recommendations 4 - 70 Discussion - Budget Committee Recommendations - Pdf 2. Request for Executive Session 1 3. Discussion - 2025 Budget Report 71 - 75 2025 Budget Report - Pdf 4. Discussion - 2026 Operating Budget Amendments 76 - 78 2026 Operating Budget Amendments - Pdf 5. Discussion - 2026 Capital Budget Amendments 79 - 82 2026 Capital Budget Amendments - Pdf 6. Discussion - Housing Action Council Recertification Agreement 83 - 85 Housing Action Council Recertification Agreement - Pdf 7. Discussion - Award of Bid TA-26-02 - Reflectorized Pavement Markings & 86 - 88 Striping - Years 2026 & 2027 Bid - TA-26-02 Reflectorized Pavement Markings & Striping Years 2026 & 2027 - Pdf 8. Discussion - Proposed Local Law "Adoption of the Updated NYStretch Energy 89 - 92 Code" Proposed Local Law "Adoption of the Updated NYStretch Energy Code" - Pdf 9. Discussion - Proposed Local Law "Sport Court as an Accessory Use" 93 - 98 Proposed Local Law "Sport Court as an Accessory Use" - Pdf 10. Discussion - Proposed Local Law "Change in the Hours when Parks are Open" 99 - 101 Proposed Local Law "Change in the Hours when Parks are Open" - Pdf 11. Discussion - 2025 Financial Audit by EFPR Group 102 - 259 2025 Financial Audit by EFPR Group - Pdf 12. Request for Executive Session 2 Page 1 of 610 13. Updates 14. Changes to Regular Meeting Agenda 8:00 PM TOWN BOARD REGULAR MEETING The Town Board meeting will convene in the Courtroom Located on the second floor of the Town Center. The public may also view the meeting on local Page 1 of 229 municipal access television — now on Optimum 75/76/77 or Verizon Fios 34/35/36 -- or on LMC Media's website at LMCMedia.orq CALL TO ORDER SUPERVISOR'S REPORT PUBLIC HEARING(S) RESIDENT COMMENTS STAFF COMMENTS/ PRESENTATIONS 1. Presentation of 2025 Financial Audit by EFPR Group 260 - 417 2025 Financial Audit by EFPR Group - Pdf BOARD OF FIRE COMMISSIONERS 1. Call to Order 2. Fire Claims 418 - 420 Fire Claims - Pdf 3. Fire Report 4. Other Fire Department Business AFFAIRS OF THE TOWN OF MAMARONECK 1. Consideration - 2025 Financial Audit by EFPR Group 421 - 578 2025 Financial Audit by EFPR Group - Pdf 2. Consideration - 2026 Operating Budget Amendments 579 - 581 2026 Operating Budget Amendments - Pdf 3. Consideration - 2026 Capital Budget Amendments 582 - 585 2026 Capital Budget Amendments - Pdf 4. Consideration - 2026 Town & County Tax Warrant 586 - 588 2026 Town & County Tax Warrant - Pdf 5. Consideration - Housing Action Council Recertification Agreement 589 - 591 Housing Action Council Recertification Agreement - Pdf 6. Consideration to Reject Bid TA-26-02 - Reflectorized Pavement Markings & 592 - 594 Striping - Years 2026 & 2027 Bid - TA-26-02 Reflectorized Pavement Markings & Striping Years 2026 & 2027 - Pdf 7. Consideration to Set A Public Hearing - Proposed Local Law "Adoption of the 595 - 598 Updated NYStretch Energy Code" Proposed Local Law "Adoption of the Updated NYStretch Energy Code" - Pdf Page 2 of 610 8. Consideration - Proposed Local Law "Sport Court as an Accessory Use" 599 - 604 Proposed Local Law "Sport Court as an Accessory Use" - Pdf 9. Consideration to Set a Public Hearing - Proposed Local Law "Change in the 605 - 607 Hours when Parks are Open" Proposed Local Law "Change in the Hours when Parks are Open" - Pdf 10. Consideration - Resolution in Support of Countywide Action on Gasoline- 608 - 609 Powered Leaf Blowers Consideration - Resolution in Support of Countywide Action on Gasoline- Powered Leaf Blowers - Pdf 11. Consideration - Re-appointment to Recreation Commission 610 Consideration - Re-appointment to Recreation Commission - Pdf 12. Consideration - Agreement A REPORTS OF MINUTES REPORTS OF THE COUNCIL TOWN CLERK'S REPORT TOWN ATTORNEY'S REPORT ADJOURNMENT REGULARLY SCHEDULED MEETING - April 8, 2026 Any physically handicapped person needing special assistance in order to attend the meeting should contact the Town Administrator's office at 381-7810. Page 3 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: Discussion - Budget Committee Recommendations Date: March 18, 2026 The Budget Committee will be joining the work session to discuss their recommendations which are outlined in the attached memo. Additional attachments were forwarded on March 13th for your review as well. Action Requested: For discussion purposes, only, at this time. Attachment/s: Town Budget Committee's Recommendations 10-16-25 final draft 875 Memo- Organizational Assessment-3.13.26 Budget Committee Police Vehicle review - 3.13.26 Finance-and-Budget-Committee-Charter-12-07-2020 - 3.13.26 New N.Y. Government Reorganization and Citizen Empowerment Act- 3.13.26 NYtowndisolutionlaw - 3.13.26 public private policy final July 2024 - 3.13.26 VOL website budget committee - 3.13.26 VOM website budget committee - 3.13.26 VOMbudget_committee_resolution - 3.13.26 Page 4 of 610 Final Draft Recommendations of the 2025 Voluntary Budget Committee To: Supervisor Town of Mamaroneck and Members of the Town of Mamaroneck Board From: 2025 Voluntary Budget Committee Date: October 16, 2025 Subject: Recommendations of the Budget Committee I.Introduction The 2025 Voluntary Budget Committee was formed to support the Town of Mamaroneck(the "Town")to: 1) Improve the budget process; 2) Identify opportunities to save money; 3) Identify opportunities to increase revenue; and 4) Identify possible operational efficiencies. This was the first time the Town of Mamaroneck established such a committee. With the help of the Town Administrator and Town Comptroller, the committee members spent a significant amount of time developing an understanding of the rules and regulations, operations and financial reporting of the Town. The topics are complicated, and we appreciate the time and information provided to us by the Administrator and the Controller. Given the various nuances and laws surrounding these processes, the rest of the report should be considered as recommendations for further exploration between the Board and the Town Administration. This report outlines a categorized set of options that, if implemented,could contribute meaningfully to the goal of tax stabilization. Each recommendation reflects a theme that emerged through our discussions and research.We encourage you to consider these proposals in the context of both immediate budgeting efforts and the Town's long-term financial strategy. We recommend that The Budget Committee be a standing committee of the Town to assist with the annual budget process and specific/one off issues. II. Recommendations(Tier 1)—can be implemented or substantially implemented in the 2026 budget cycle and will have a significant impact 1. Changes to the Board's Procedures to Provide Early and Increased Direction to the Administration At the beginning of the budget cycle,e.g. in July or early August, the Board should provide specific goals to the Administration for the budget process.The Board might direct,for example,the tax levy increase to be no more than the New York State Property Tax cap. It might also specify,for example,that a maximum of$250,000 of fund balance can be used for operating expenses.And, it might identify projects that need to be done within capped operating budget and the KPIs(Key Performance Indicators or service levels)that need be to be met with the operating budget. Page 5of610 When the Administration presents its first version of the budget, it can identify the KPIs and projects, if any,that cannot be met or done within the goals proposed by the Board. This can be the starting point for the discussions between the Board and the Administration. The purpose of this effort is to communicate to the Administration the Board's expectation for the proposed budget at the start of the budget process. It allows the Administration to respond and state the impact of meeting the Board's targets and sets the parameters for the start of the discussions.This process would provide more time for the Board and the Administration to discuss the macro impact of the budget than exists in the current process. Recognizing the time commitment involved in understanding the complexities and getting to meaningful outcomes,the Board may want to consider establishing a financial sub-committee of two or three Board members that make recommendations for the full Board's discussion. 2. Budgeting Techniques for Greater Insight a. Zero-Based Budgeting (ZBB) Consider implementing ZBB on a pilot basis within select departments.This process requires departments to consider all service levels and expenses from the ground up, fostering a culture of intentional spending.This can result in reduced budget needs. Over time, this can be expanded or rotated to additional departments. For example: Highways or Assessments. b. "Zero Property Tax Increase"Planning The most recent property tax increase was well in excess of the NY State Property Tax cap(this limits the annual growth of property taxes levied to two percent or the rate of inflation, whichever is less, subject to certain adjustments). We recommend the administration should begin by working with a 2026 budget with no increase in property taxes, while also reducing the use of fund balance appropriation to have a structurally balanced budget.It should encourage departments to construct their budgets by assuming no increase in property taxes and by identifying items not funded due to this limitation.This approach can highlight which expenses are truly essential and help articulate why additional investments are needed to achieve specific outcomes. Page 2 of 7 Page 6of610 c. Five-Year Budget Planning The current Long Range Financial Plan (operating budget—page 35 of 2025 budget materials)shows five years of budget information, including projected budgets for the current year and the next three years. Revenue and expenses are shown by fund. We recommend: i. Revenues be shown by major revenue sources similar to the format on page 39(property taxes,fee income,etc.). Recognizing budgets become more difficult with each subsequent year, it would be appropriate to combine certain line items. However, property taxes and use of fund balance should be shown separately due to their significance. ii. Expenses should be shown for major expenses by classification similar to the format on page 46(personnel services,employee benefits,etc.). 3. Increasing Non-Tax Revenue a. Profit&Loss Tracking for Fee-based Town Amenities In the budget for 2025 the ice rink was projected to operate at a $180,000 loss and the pool was projected to operate at a $565,000 loss. Both amounts are on a fully loaded basis(employee benefits,debt service, etc.).We recommend these Town amenities operate at breakeven, accounting for all associated costs including personnel,fringe benefits,depreciation,and interest on debt. 2023 (Actual) 2024(Actual) 2025 (Budget) Ice rink—net income(loss) $17,000 $(45,000) $(183,000) Pool—net income(loss) $(425,000) $(513,000) $(565,000) Total—net income (loss) $(408,000) $(558,000) $(748,000) Both the pool and the ice rink ran at breakeven or made a small profit prior to the last few years. Similar government owned facilities in other municipalities run at breakeven or make a profit today.This may require lowering expenses or raising fees for the use of these facilities. In the case of the indoor pool, owned by the school, it will require negotiation with the school district. We also recommend looking for grants to support the use of the Town's recreation facilities for youth programs, e.g.,swimming classes and summer camp. Page 3 of 7 Page 7of610 Community Engagement for Financial Support b. Year-Round Outreach Campaigns Providing regular proactive communication about town services and costs can help build public trust and potentially stimulate volunteerism or philanthropic giving. c. Expansion of Volunteer Committees Encourage civic participation by supporting voluntary committees that contribute to town initiatives. Remove barriers by clearly stating what requirements(e.g., insurance, approvals) need to be met for resident-led efforts such as environmental clean-ups. d. "Friends of"Organizations Actively promote the formation of community-based support groups(e.g., "Friends of the Park","Friends of the Rink")to raise funds and contribute labor toward specific amenities or causes.This can be done,as has been done in other communities, without Town officials becoming directly involved in the fund- raising efforts. e. Legal Review of Sponsorship and Advertising Options Obtain legal and other guidance on how officials in other communities(Ex: Larchmont)are able to accept sponsorship or advertising for town activities and capital projects in accordance with rules and regulations.This can create potential new revenue streams. f. Promoting time-bound volunteer projects Residents(and students in particular) might be looking for outcome-based projects they can help with for a fixed duration of time. Below are some examples of projects that might be helpful to leverage residents'skills while being mutually beneficial to everyone i. Track the current town website usage. Implement changes that make it easier for residents to obtain the information they are looking for. ii. Identify ways to increase the number of residents who sign up and engage with the town newsletter. iii. Reimagine the recreation newsletter to better communicate information to the users of the recreation programs. iv. Increase the number of households that are aware of the alarm and pet permit requirements and are signed up for permits. v. Help each department create a one-page summary to communicate with Town residents. vi. Create a social media strategy for the Town including creating accounts where necessary. vii. Identify the latest cyber security trends and how they can be implemented cost effectively for the Town. Page 4 of 7 Page 8of610 III. Recommendations(Tier 2)—to consider in subsequent budget cycles 1. Budgeting Techniques for Greater Insight a. Staff Turnover Planning We recommend considering, in the salary and benefits budgets, a reduction for retirements, resignations and terminations for cause.This will account for the normal turnover in paid positions throughout the year. The decision to rehire should be based on the impact of the position to specific operations or projects that might be negatively impacted by the loss of that position, including where the cost of a delay would lead to a higher future cost or to an inappropriate reduction in services. b. Department-Level Continuous Improvement&Metrics Commented[RKR1]:The paragraph that follows this headline does not deal with"Continuous Improvement". We recommend departments set and measure outcome-based productivity goals. The report needs to say something like departments should For example, if capital investment is made in replacing an older truck with a newer have key performance metrics and they should have a goal one,there should be a reduction in repair costs associated with maintaining the of improving the metrics every year.The improvement can be achieved through changes in workflows,adding older one.There are also potential savings from automating specific workflows of s automation,elimination of specific tasks,etc. clerical and other functions that can free up work hours for other work.These data points can inform future operational and capital cost/investment decisions. c. Items to be Included in the Capital Budget vs.the Operating Budget We recommend capital assets with a life of five or more years be financed using municipal bonds with a maturity less than or equal to the life of the assets and that meet New York State's rules for municipal debt financing.These assets should not be financed through the operating budget.This allows taxpayers to pay for the assets as they use them over the life of the asset and doesn't burden the taxpayers with paying for a long-life asset in the year they are purchased.The cost of using debt financing (bond issuance expense and interest expense over the life of the bond)should be measured against the extra property tax expense in the year of purchase. Similarly, most capital items with a life of less than five years, e.g.,certain police vehicles,should be expensed in the year of purchase and not through issuing bonds.Also, other small capital expenses should be similarly financed in year the expense is incurred, I.e.,these expenses should be in the operating budget. d. Reassessing the AAA Credit Rating Strategy Understand key rating agency inputs to the Town's AAA rating and see if there are other levers to focus on beyond the fund balance.Also, review different rating agencies and determine if one fits the Town's characteristics better than the others. Once these are understood,also evaluate on a holistic basis, whether the pursuit and maintenance of the highest credit rating yields a net benefit for taxpayers. Page 5 of 7 Page 9of610 2. Increasing Non-Tax Revenue a. Grant Tracking and Effectiveness We recommend monitoring the volume,success rate,and financial impact of grant applications.The goal should be to increase the funding of operations and projects through grants.This data can also support decisions regarding grant advisor effectiveness and property tax needs.Care should be taken to limit the use of grants for on-going operating expenses and focus the use of grants on one-time expenses. Always be mindful that grants may be available for one or more years but may not be available forever. b. Increasing Fee income We recommend greater communication and enforcement of existing rules. i. The volume of alarm permits has been estimated at 1,000 for 10,519 households.This number appears low.Given that a functioning alarm system provides a discount for insurance premiums,consider working with home insurance providers and alarm companies to get a true understanding of the number of alarms.Also consider partnering with these firms to communicate the rules and better compliance with permit requirements.Also,for all police visits for a tripped alarm,verify the alarm was properly permitted. ii. Parking and enforcement fees seem understated.This is possibly due to reduced enforcement. We recommend the Town work with the relevant departments to track enforcement and improve the quality of life. 3. Inter-Municipal Agreements There are benefits of scale that can be obtained by sharing services with various municipalities and school districts on a fully loaded cost basis.These agreements should be formalized with a 3—5-year renewal clause.This enhances accountability and transparency. Dump trucks, gasoline,tax collection,sewer vacuum trucks,street sweepers, etc. are some of the services which can be or are shared for which the Town should collect the full cost of providing them. Similarly,the Town may save money by"buying"services, from other governmental entities and not having to carry the full cost itself. a. School District Cooperation Explore cross-budget opportunities where Town support for school functions (e.g., crossing guards,subsidized fuel, collection of school taxes, guarantor of school taxes)could be acknowledged or balanced by increased community access to school facilities like pools or gyms. Page 6 of 7 Page 10 of 610 b. Ambulance District Cooperation Consider ways to share resources and improve coverage between the Larchmont Volunteer Ambulance Corps(LVAC) and the Village of Mamaroneck Emergency Medical Services(MEMS)ambulance districts to help keep the costs down.Also, begin to audit the ambulance districts'use of Town appropriated funds. c. Police Resource Sharing Explore potential shared services between the Town and the Villages of Larchmont and Mamaroneck to control rising public safety expenditures. 4. Legislative Agenda for Long-Term Reform a. Homestead Tax Rule Modernization Work with state legislators to explore property tax reforms allowing uniform residential tax rates for future condominium and co-op apartment projects. b. Reduce accounting and administrative complexity Work with the state legislators to modify the Town-level financial structure rules to reduce the complexity of the Town's finances,specifically eliminate the need for "special districts"at the Town level and eliminate other requirements that add complexity without adding material value. c. School and County Tax Guarantee Explore legislative changes to relieve the Town from guaranteeing 100%of school and County taxes in the face of collection shortfalls.This could improve the Town's cash flow and budgetary flexibility.This is an example of an expense for a service for which the Town is not paid. If it is not possible to eliminate the"guarantee"requirement, find a way to be reimbursed for the opportunity cost(Fed Funds or another interest rate)for the use of the Town's cash. IV.Conclusion The Voluntary Budget Committee is grateful for the opportunity to contribute to the Town's efforts to maintain fiscal responsibility while delivering high-quality services to residents.These recommendations are offered as a foundation for further dialogue, prioritization,and community engagement. We remain committed to working collaboratively with the Town Supervisor,the Town Board and the administrative staff to shape sustainable financial policies that serve the best interests of the Town's residents now and in the future. Page 7 of 7 Page 11 of 610 MEMORANDUM Village of Mamaroneck ®1,,of VWfi` 7 To: Mayor and Board Lam:,. * A`tk: From: Kathleen Gill, Village Manager mod Re: RFP —Organizational Assessment of Village Government P 914-777-7703 Date: 3/5/2026 F 914-777-7760 www.villageofinamaroneck.org At the end of 2025, the Village issued an RFP, seeking proposals from qualified proposers to provide an organizational assessment of the Village government to find opportunities for improving efficiency, service delivery, and achieving its mission for constituents. The analysis involves reviewing staffing levels, processes, facilities and vehicle/equipment inventories.We received 18 proposals, which were reviewed internally. We are recommending two different consultants; one for the organization assessment and another for the vehicle inventory. We think that the review of vehicles/equipment for the Police and Fire departments would require a consultant that specializes in emergency services. Our recommendations are as follows: CGR - organization assessment$74,000 Fitch -vehicle inventory and equipment$88,000 Page 12 of 610 co N 6, n, (-) ❑1 < 0 O •• •• O (D u- a) n— �_ = Q OD al 't, e- (D 73 7 `r I - tQ 3 7 0O ■ �, HH r+ p to O v, v to N 3 nm.� • T� r (n :, 5 = ,, rr cu V (D 0_ u TI 1 -0 -'1 D Q 5 C Q v to C v LL i O n 3 C_ r, (D K tD N O o 0 m P^1' 1 Q °+ rr' 0- n (n 0 0_ X C a tn V i O Q u, in in rh C 0 0) D -0 (D el. C CD ul -9 � -s 't a o_ 0 a• 7 O i 0 , - a D- v on v 'R � c_LO - in v . 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CD N cu OC 0 II K i X C 0 N iv (0D 00 (<D tD �' 3 TY N 0. 0 v 1 `' v C rt C Fr; G So ,I; .. .,: , ID o a. rt 0 _„D N - - C r-+ W 0 e* = n 0 3 s W N r+ 0 -. m o fD 3 0 oQ O C r, O N 3`_ C _ 3 m -_ N d r+ O CD ID 0 9 wash (D 3 `t c zo _2 CI) < a)O (D • cu M z co � � - '< In o u) (D D m a m O Ir4 m 0 v o @. '* tD al p N o (CD (DD K v m to cu < 3 2 3 a C �a -7 O tD at 0 a v -0 C al 3 — COD ID C s4' v r4 nmi C in K o 7 G. - (D D o co 1 p 4) C '�` 3 m. 0- a o_ O o i='i -, f. a O Z. H ep j n c rf 0 C 0 O W y (1 r-r O 0 O a tO `I3 us `• 3 O n;, O (aD . OD rdi. 0 0- M VI Dc tQ �, O CD O C 0 I (D crt 0 N C C -0 — C O N Cu 3 N z (JD N v rt . ..._ t!i t 3• v ID O w 0 o to A 3 N r 0 u+ 0 a N 03 Page 14 of 610 VILLAGE OF LARCHMONT FINANCE AND BUDGET COMMITTEE CHARTER Resolution Whereas,the Village of Larchmont(the Village)is obligated,pursuant to the process and requirements set out by New York State Village Law,Article 5,to adopt a balanced budget by May 1 of each year; Whereas,the Village seeks the input of qualified residents to provide financial oversight and guidance with respect to matters of finance, including the Village's annual operating budget, capital planning, and debt service; Whereas, the Village created the Finance and Budget Committee to assist the Board in an advisory capacity and in other areas as requested by the Board and the Board seeks to clarify the operation of this volunteer committee; Now, therefore, be it resolved that the following is the Charter of the Finance and Budget Committee. VILLAGE OF LARCHMONT FINANCE AND BUDGET COMMITTEE CHARTER Section One. Mission. The Village of Larchmont Board of Trustees has established a Finance and Budget Committee (hereinafter, the "FBC") to provide advisory assistance, upon request of the Mayor, to the Mayor, the Village Board of Trustees (the "Board"), the Village Administrator, the Village Treasurer, and the Village Budget Officer, or their designees, with respect to matters of finance, including the Village's annual operating budget, capital planning, and debt service. Section Two. Composition, Requisite Skills, and Term of Membership. A. The FBC shall be comprised of five (5) members who are residents of the Village of Larchmont. The members shall be qualified either by training and/or experience to provide advice regarding budgeting, finance, capital planning, and/or debt management. B. Each member of the FBC shall be appointed by the Mayor upon approval of the Board, for a three-year term. Members may not serve more than three consecutive three-year terms (nine years). Members may be reappointed by the Mayor upon approval of the Board at the completion of their first or second terms. Members completing a third term shall rotate off the FBC. Former members of the FBC are eligible to be reappointed after one calendar year from the completion of their term has elapsed. Page 15 of 610 C. A three-year term commences with a member's appointment at the Annual Reorganization Meeting and expires at the Annual Reorganization Meeting (three years later)unless reappointed or rotating off. Notwithstanding, the previous sentence, all members serve at the request of the Mayor and can be removed at any time. Where a member is appointed mid-year to fill a vacant position, that member fills the remainder of the departing member's term. D. One member of the FBC will be appointed by the Mayor to act as FBC Chair and the term of the Chair shall be one year. Section Three. Membership Responsibilities. The membership responsibilities of the FBC include the following: A. Good Faith—Members of the FBC shall perform their duties in good faith, in a manner they reasonably believe to be in the best interests of the Village with such care as a generally prudent person in a similar position would use under similar circumstances. B. Advisory Status -Members are not to give direction to or manage Village employees. There are limited circumstances where FBC members may need to work with Village employees and such circumstances are to be with the express knowledge of the Mayor and the direct involvement of the Trustee liaison to the FBC. C. Independence—An individual may not serve on the FBC if he or she: a. Is employed by the Village b. Currently provides, or is the owner of, or has a direct and substantial material interest in, a company providing goods or services to the Village. An ownership interest of less than one per cent shall not be deemed a prohibited ownership/direct material interest for purposes of this section c. Is an immediate family member(spouse, spouse equivalent or dependent(whether or not related)) or close family member(parent, sibling or nondependent child) of an individual who is a Village employee, Village officer, or contractor providing services to the Village d. The conditions described in subparagraphs b and c shall be disclosed and potential conflicts may be waived by the Board D. Confidentiality—During the exercise of their duties and responsibilities, the FBC members may have access to confidential information. The FBC members shall have an obligation to the Village to maintain the confidentiality of such information. Section Four. Meetings and Notification. A. The FBC shall meet as frequently as necessary to provide timely and thoughtful guidance to the Village. The Trustee Liaison to the FBC should be apprised of all FBC meetings. B. A quorum constitutes a simple majority of the total membership and meetings will not be conducted unless a quorum is present. 2 Page 16 of 610 C. The Chair shall call meetings, set the agenda and ensure distribution of all relevant material to all FBC members. The Chair shall be the lead in conveying the guidance and advice from the FBC, though need not be the exclusive voice of the FBC. ADOPTED BY THE BOARD OF TRUSTEES 12/07/2020 3 Page 17 of 610 FJ' EWYORK Division of Local STATE OF OPPORTUNITY.. Government Services The New N.Y. Government Reorganization and Citizen Empowerment Act Effective March 21, 2010 Published: June 2009 Reprint Date: 2023 Kathy Hochul, Governor A Division of the New York Department of State Page 18 of 610 7X-1N Division of Local STATE OF OPPORTUNITY Government Services One Commerce Plaza, 10th Floor 99 Washington Avenue, Albany, NY 12231 Telephone: (518) 473-3355 www.dos.ny.gov E-mail: localgov@dos.ny.gov Page 19 of 610 The New N.Y. Government Reorganization and Citizen Empowerment Act The "New N.Y. Government Reorganization and Citizen Empowerment Act" establishes uniform procedures for the consolidation or dissolution of local government. The new procedures apply to the consolidation and dissolution of towns, villages, fire districts, fire protection districts, fire alarm districts, special improvement districts or other improvement districts, library districts, and other districts created by law. It does not include school districts, city districts or special purpose districts created by counties under county law. This publication presents the new and amended sections of law in one convenient place. Some of the amended sections have been reordered or retitled for the convenience of the reader. For the official text of the law, consult the public information websites of the New York State Legislature. Contents: Amendments to General Municipal Law 2 Article 17-A: Consolidation and Dissolution of Local Government 2 Title 1: Definitions 2 Title 2: Consolidation of Local Government Entities 2 Title 3: Dissolution of Local Government Entities 18 Title 4: Miscellaneous Provisions 30 Amendments to Municipal Home Rule Law 31 Amendments to Town Law 32 Amendments to Village Law 37 Amendments to Local Finance Law 38 Savings Clause 39 Effective Date 39 1 Page 20 of 610 AMENDMENTS TO GENERAL MUNICIPAL LAW A new Article 17-A has been added to General Municipal Law. ARTICLE 17-A CONSOLIDATION AND DISSOLUTION OF LOCAL GOVERNMENT Title 1. Definitions (§ 750) 2. Consolidation of local government entities (§§ 751-772) 3. Dissolution of local government entities (§§ 773-790) 4. Miscellaneous provisions (§§ 791-793) TITLE 1 DEFINITIONS Section 750. Definitions. § 750. Definitions. As used in this article, the following terms shall have the following meanings: 1. "Component local government entity" shall mean a local government entity that, as a result of successful consolidation proceedings, is combined into a consolidated local government entity. 2. "Consolidation" shall mean either (a) the combination of two or more local government entities resulting in the termination of the existence of each of the entities to be consolidated and the creation of a new entity which assumes jurisdiction over all of the terminated entities, or (b) the combination of two or more local government entities resulting in the termination of the existence of all but one of the entities which shall absorb the terminated entity or entities. 3. "Consolidated local government entity" shall mean a local government entity resulting from successful consolidation proceedings conducted pursuant to this article. 4. "Contiguous" shall mean when a portion of a town or village abuts the boundary of another town or village, including a town or village separated from the exact boundary of another town or village by a street, road, railroad, highway, river or other natural or artificial stream or body of water. 5. "Dissolution" shall mean the termination of the existence of a local government entity. 6. "Dissolution plan" shall mean a written document that contains terms and information regarding the dissolution of a local government entity and that has been finalized and approved by such entity's governing body pursuant to this article. 7. "Elector" shall mean a registered voter of this state registered to vote in the local government entity subject to consolidation or dissolution proceedings conducted pursuant to this article. 8. "Elector initiated consolidation plan" shall mean a written document that contains terms and information regarding the consolidation of two or more local government entities, a majority of 2 Page 21 of 610 whose electors have voted to consolidate, and that has been finalized and approved by the governing body or bodies of such entities or a judicial hearing officer pursuant to this article. 9. "Elector initiated dissolution plan" shall mean a written document that contains terms and information regarding the dissolution of a local government entity, a majority of whose electors have voted to dissolve, that has been finalized and approved by such entity's governing body or a judicial hearing officer pursuant to this article. 10. "Governing body" shall mean the body in which the general legislative, governmental and/or public powers of a local government entity are vested and by authority of which the official business of such entity is conducted. 11. "Initiative" shall mean the filing of the petition containing a proposal for a referendum to be placed on the ballot for an election. 12. "Joint consolidation agreement" shall mean a written document that contains terms and information regarding the consolidation of two or more local government entities and that has been finalized and approved by the governing body or bodies of such entities pursuant to this article. 13. "Local government entity" or"entity" shall mean a town, village, district, special improvement district or other improvement district, including, but not limited to, special districts created pursuant to articles eleven, twelve, twelve-A or thirteen of the town law, library districts, and other districts created by law; provided, however, that a local government entity shall not include school districts, city districts or special purpose districts created by counties under county law. 14. "Proposed dissolution plan" shall mean a written document that contains terms and information regarding the dissolution of a local government entity, and that has been proposed, but not yet finalized and approved, by such entity's governing body pursuant to this article. 15. "Proposed elector initiated consolidation plan" shall mean a written document that contains terms and information regarding the consolidation of two or more local government entities, a majority of whose respective electors have voted to consolidate such entities, that has been proposed, but not yet finalized and approved, by the governing body or bodies of such entities pursuant to this article. 16. "Proposed elector initiated dissolution plan" shall mean a written document that contains terms and information regarding the dissolution of a local government entity, a majority of whose electors have voted to dissolve such entity, and that has been proposed, but not yet finalized and approved, by such entity's governing body pursuant to this article. 17. "Proposed joint consolidation agreement" shall mean a written document that contains terms and information regarding the consolidation of two or more local government entities and that has been proposed, but not yet finalized and approved, by such entities' governing body or bodies pursuant to this article. 18. "Referendum" shall mean a vote seeking approval by a majority of electors of a local government entity or entities voting on a question of consolidation or dissolution placed on the ballot by initiative. 3 Page 22 of 610 TITLE 2 CONSOLIDATION OF LOCAL GOVERNMENT ENTITIES Section 751. Commencing the proceeding. 752. Proposed joint consolidation agreement. 753. Publication of proposed joint consolidation agreement. 754. Public hearings on proposed joint consolidation agreement. 755. Referendum resolution for consolidation of towns or villages. 756. Effective date of joint consolidation agreement. 757. Initiative of electors seeking consolidation. 758. Conduct of referendum. 759. Canvassing of vote; moratorium on further referendum. 760. Duty to approve proposed elector initiated consolidation plan. 761. Publication of proposed elector initiated consolidation plan. 762. Public hearings on proposed elector initiated consolidation plan. 763. Effective date of elector initiated consolidation plan; permissive referendum. 764. Court-ordered consolidation; mediation; judicial hearing officer. 765. General effect of consolidation. 766. Election and appointment of officials. 767. Effect of transition on employees. 768. Debts, liabilities and obligations. 769. Effect on existing laws; transition period. 770. Effect on actions and proceedings. 771. Registration of electors. 772. Determination of rights. § 751. Commencing the proceeding. 1. Two or more local government entities, whether within the same county or different counties, may be consolidated into a single local government entity if each of the local government entities is contiguous to at least one of the other consolidating local government entities and if together the local government entities would form a consolidated local government entity of a kind or class that is authorized under the laws of the state of New York. The requirement that local government entities be contiguous to consolidate does not apply to entities other than towns and villages. 2. Consolidation proceedings may be commenced by either: (a) a joint resolution by the governing body or bodies of the local government entities to be consolidated endorsing a proposed joint consolidation agreement; or (b) elector initiative. § 752. Proposed joint consolidation agreement. 1. The governing body or bodies of two or more local government entities may, by joint resolution, endorse a proposed joint consolidation agreement for the purpose of commencing consolidation proceedings under this article. 4 Page 23 of 610 2. The proposed joint consolidation agreement shall specify: (a) the name of each local government entity to be consolidated; (b) the name of the proposed consolidated local government entity, which name shall be such as to distinguish it from the name of any other like unit of government in the state of New York (except the name of any one of the entities to be consolidated); (c) the rights, duties and obligations of the proposed consolidated local government entity; (d) the territorial boundaries of the proposed consolidated local government entity; (e) the type and/or class of the proposed consolidated local government entity; (f) the governmental organization of the proposed consolidated local government entity insofar as it concerns elected and appointed officials and public employees, along with a transitional plan and schedule for elections and appointments of officials; (g) a fiscal estimate of the cost of and savings which may be realized from consolidation; (h) each entity's assets, including, but not limited to, real and personal property, and the fair value thereof in current money of the United States; (i) each entity's liabilities and indebtedness, bonded and otherwise, and the fair value thereof in current money of the United States; (j) terms for the disposition of existing assets, liabilities and indebtedness of each local government entity, either jointly, separately or in certain defined proportions; (k) terms for the common administration and uniform enforcement of local laws, ordinances, resolutions, orders and the like, within the proposed consolidated local government entity, consistent with section seven hundred sixty-nine of this title; (I) the effective date of the proposed consolidation; and (m) the time and place or places for the public hearing or hearings on such proposed joint consolidation agreement pursuant to section seven hundred fifty-four of this title. § 753. Publication of proposed joint consolidation agreement. No later than five business days after commencement of consolidation proceedings pursuant to section seven hundred fifty-two of this title, the governing body or bodies of the local government entities to be consolidated shall: 1. cause a copy of the proposed joint consolidation agreement, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within each entity; 2. cause the proposed joint consolidation agreement, along with a descriptive summary thereof and a reference to the public place or places within each entity where a copy thereof may be 5 Page 24 of 610 examined, to be displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located; and 3. arrange to be published a descriptive summary of the proposed joint consolidation agreement and a reference to the public place or places within the entities where a copy thereof may be examined, at least once each week for four successive weeks, in a newspaper having a general circulation within each entity. § 754. Public hearings on proposed joint consolidation agreement. 1. The governing body or bodies of the local government entities to be consolidated shall set a time and place or places for one or more public hearings on the proposed joint consolidation agreement. The hearing or hearings shall be held no less than thirty-five days and no more than ninety days after commencement of consolidation proceedings pursuant to section seven hundred fifty-two of this title. The hearing or hearings may be held jointly or separately by the governing body or bodies of the entities. Any interested person shall be given a reasonable opportunity to be heard on any aspect of the proposed consolidation. 2. The public hearing or hearings shall be held on notice of at least ten days, but not more than twenty days, published in a newspaper or newspapers having general circulation within each local government entity to be consolidated and displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located. The notice of the hearing or hearings shall provide a descriptive summary of the proposed joint consolidation agreement and a reference to the public place or places within the entities where a copy of such agreement may be examined. 3. After completion of the final hearing, the governing body or bodies of the local government entities to be consolidated may amend the proposed joint consolidation agreement, provided that the amended version complies with the provisions of subdivision two of section seven hundred fifty-two of this title and is publicized pursuant to subdivision four of this section, and/or approve a final version of the joint consolidation agreement, or decline to proceed further with consolidation proceedings. Any approval by the entities' governing body or bodies of the final version of the joint consolidation agreement must occur within one hundred eighty days of such final hearing. 4. No later than five business days after amending the proposed joint consolidation agreement, the governing body or bodies of the local government entities to be consolidated shall: (a) cause a copy of the amended version of the proposed joint consolidation agreement, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within each entity; and (b) cause the amended version of the proposed joint consolidation agreement, along with a descriptive summary thereof and a reference to the public place or places within each such entity where a copy thereof may be examined, to be displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located. 6 Page 25 of 610 § 755. Referendum resolution for consolidation of towns or villages. 1. If a joint consolidation agreement calls for the consolidation of two or more towns, two or more villages or one or more towns and villages, then contemporaneous with the final approval of the joint consolidation agreement pursuant to subdivision three of section seven hundred fifty- four of this title, the governing body or bodies of the local government entities to be consolidated shall enact a resolution calling for a referendum on the proposed consolidation by the electors in each of the entities. 2. The resolution calling for the referendum on the proposed consolidation shall: (a) provide (i) the name of each of the towns and/or villages proposed to be consolidated, (ii) a statement fully describing the territory to be included within the proposed consolidated local government entity, (iii) the name of the proposed consolidated local government entity, and (iv) the date for the referendum, in accordance with subdivision one of section seven hundred fifty-eight of this title; (b) state the substance of the question to be submitted to the electors; and (c) set forth such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 3. The resolution calling for a referendum on the proposed consolidation shall have attached to it the final approved version of the joint consolidation agreement. § 756. Effective date of joint consolidation agreement. Local government entities consolidated pursuant to a joint consolidation agreement shall continue to be governed as before consolidation until the effective date of the consolidation specified in the joint consolidation agreement; provided, however, that no joint consolidation agreement consolidating two or more towns, two or more villages or one or more towns and villages shall take effect unless approved by a majority of electors in each such town and/or village at a referendum called through a resolution enacted pursuant to section seven hundred fifty-five of this title. § 757. Initiative of electors seeking consolidation. 1. The electors of two or more local government entities may commence a consolidation proceeding by filing an original petition, containing not less than the number of signatures provided for in subdivision two of this section and in the form provided for in subdivision three of this section, with the clerk of the town in which the entities or the greater portion of their territory are located, except that if one or more of the entities to be consolidated is a village the original petition of electors from the village shall be filed with the clerk of the village. Accompanying the filed petition shall be a cover sheet containing the name, address and telephone number of an individual who signed the petition and who will serve as a contact person. 2. The petition shall contain the signatures of at least ten percent of the number of electors or five thousand electors, whichever is less, in each local government entity to be consolidated; provided, however, that where the local government entity to be consolidated contains five hundred or fewer electors, the petition shall contain the signatures of at least twenty percent of 7 Page 26 of 610 the number of electors. No signature on a petition is valid unless it is the original signature of an elector. 3. The petition shall substantially comply with, and be circulated in, the following form: PETITION FOR LOCAL GOVERNMENT CONSOLIDATION We, the undersigned electors and legal voters of(insert type of local government entity- e.g., town, village or district) of(insert name of local government entity), New York, qualified to vote at the next general or special election, respectfully petition that there be submitted to the electors and legal voters of (insert type and name of local government entities proposed to be consolidated), for their approval or rejection at a referendum held for that purpose, a proposal to consolidate (insert type and name of local government entity) with (insert type and name of local government entity or entities). In witness whereof, we have signed our names on the dates indicated next to our signatures. Date Name - print name under signature Home Address 1. 2. 3. (On the bottom of each page of the petition, after all of the numbered signatures, insert a signed statement of a witness who is a duly qualified elector of the state of New York. Such a statement shall be accepted for all purposes as the equivalent of an affidavit, and if it contains a material false statement, shall subject the person signing it to the same penalties as if he or she has been duly sworn. The form of such statement shall be substantially as follows: I, (insert name of witness), state that I am a duly qualified voter of the state of New York. Each of the persons that have signed this petition sheet containing (insert number) signatures have signed their names in my presence on the dates indicated above and identified themselves to be the same person who signed the sheet. I understand that this statement will be accepted for all purposes as the equivalent of an affidavit, and if it contains a materially false statement, shall subject me to the penalties of perjury. Date Signature of Witness) (In lieu of the signed statement of a witness who is a duly qualified voter of the state of New York, the following statement signed by a notary public or a commissioner of deeds shall be accepted: On the date indicated above before me personally came each of the electors and legal voters whose signatures appear on this petition sheet containing (insert number) signatures, who signed the petition in my presence and who, being by me duly sworn, each for himself or herself, identified himself or herself as the one and same person who signed the petition and that the foregoing information they provided was true. Date Notary Public or Commissioner of Deeds) 8 Page 27 of 610 4. An alteration or correction of information appearing on a petition's signature line, other than an un-initialed signature and date, shall not invalidate such signature. 5. In matters of form, this section shall be liberally construed, not inconsistent with substantial compliance thereto and the prevention of fraud. 6. Within ten days of the filing of the petition seeking consolidation pursuant to subdivision one of this section, the clerk with whom the petition was filed shall make a final determination regarding the sufficiency of the number of signatures on the petition and provide timely written notice of such determination to the contact person named in the cover sheet accompanying the petition. The contact person or any individual who signed the petition may seek judicial review of such determination in a proceeding pursuant to article seventy-eight of the civil practice laws and rules. 7. Upon the clerk's determination that the petition contains not less than the number of signatures of electors required in subdivision two of this section, the governing body or bodies of the local government entities to be consolidated shall, no later than thirty days thereafter, enact a resolution in accordance with subdivision two of section seven hundred fifty-five of this title calling for a referendum on the proposed consolidation by the electors in each of the entities and set a date for such referendum. § 758. Conduct of referendum. 1. A referendum required by sections seven hundred fifty-five or seven hundred fifty-seven of this title shall be placed before the electors of each of the local government entities to be consolidated at a special election to be held not less than sixty or more than ninety days after the enactment of a resolution calling for such referendum, provided, however, that in cases where a town or village general election falls within such period, the question may be considered during a town or village general election. 2. The referendum may be held in each local government entity on the same day, or on different days, however, not more than twenty days apart. 3. Notice of the referendum shall be given to the electors of each local government entity to be consolidated by publication in a newspaper having a general circulation within the boundaries of each entity at least once a week for four consecutive weeks immediately prior to the referendum. The notice shall include, but not be limited to: (a) a summary of the contents of the resolution and joint consolidation agreement or petition for consolidation, as the case may be; (b) a statement as to where may be examined a copy of the resolution and joint consolidation agreement or petition for consolidation, as the case may be; (c) the names of the local government entities to be consolidated and a description of their territory; (d) with respect to a resolution calling for a referendum under section seven hundred fifty-five of this title only, the name of the proposed consolidated local government entity; (e) the time and place or places at which the referendum will be held; and 9 Page 28 of 610 (f) such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 4. The referendum question placed before the electors of each local government entity to be consolidated shall be in a form reading substantially as follows: "Shall (insert type and name of local government entity) be consolidated with (insert type and name of local government entity or entities)? YES NO 5. In any referendum held pursuant to this title, each local government entity to be consolidated shall bear only the costs of holding such referendum in its respective entity and shall not be required to bear the costs of a referendum held in any other entity. 6. In any referendum held pursuant to this title, and except as otherwise specified herein, the referendum shall be conducted in the same manner as other municipal elections or referendums for the local government entities to be consolidated. § 759. Canvassing of vote; moratorium on further referendum. 1. In any referendum held pursuant to this title, the ballots cast shall be counted, returns made and canvassed and results certified in the same manner as other municipal elections or referendums for the local government entities to be consolidated. 2. Consolidation shall not take effect unless a majority of the electors voting in each local government entity to be consolidated vote in favor of consolidation. If in any one of the entities such a majority vote does not result, the referendum shall fail and consolidation shall not take effect. 3. If consolidation is approved by a majority of the electors voting in each local government entity to be consolidated, certificates of such result shall be immediately filed with the secretary of state and with the clerks of the entities and county in which any part of the entities is situated. 4. If the referendum shall fail, the consolidation process specified by this title shall not be initiated for the same purpose within four years of the date of such referendum. This subdivision, however, does not apply to a permissive referendum conducted pursuant to section seven hundred sixty-three of this title. § 760. Duty to approve proposed elector initiated consolidation plan. 1. In the case of a proposed consolidation of local government entities properly initiated by petition of electors pursuant to section seven hundred fifty-seven of this title, if a majority of the electors voting in a referendum held in each of the local government entities to be consolidated vote in favor of consolidation, the entities' governing body or bodies shall meet within thirty days after certification of the favorable vote and, within one hundred eighty days of such meeting, prepare and approve by resolution a proposed elector initiated consolidation plan. 2. The proposed elector initiated consolidation plan shall include: 10 Page 29 of 610 (a) the name of each local government entity to be consolidated; (b) the name of what will be the consolidated local government entity, which name shall be such as to distinguish it from the name of any other like unit of government in the state of New York (except the name of any one of the entities to be consolidated); (c) the rights, duties and obligations of the consolidated local government entity; (d) the territorial boundaries of the consolidated local government entity; (e) the type and/or class of the consolidated local government entity; (f) the governmental organization of the consolidated local government entity insofar as it concerns elected and appointed officials and public employees, along with a transitional plan and schedule for elections and appointments of officials; (g) a fiscal estimate of the cost of and savings which may be realized from consolidation; (h) each entity's assets, including, but not limited to, real and personal property, and the fair value thereof in current money of the United States; (i) each entity's liabilities and indebtedness, bonded and otherwise, and the fair value thereof in current money of the United States; (j) terms for the disposition of existing assets, liabilities and indebtedness of each local government entity, either jointly, separately or in certain defined proportions; (k) terms for the common administration and uniform enforcement of local laws, ordinances, resolutions, orders and the like, within the consolidated local government entity, consistent with section seven hundred sixty-nine of this title; (I) the effective date of the consolidation; and (m) the time and place or places for the public hearing or hearings on such proposed elector initiated consolidation plan pursuant to section seven hundred sixty-two of this title. § 761. Publication of proposed elector initiated consolidation plan. No later than five business days after approving a proposed elector initiated consolidation plan pursuant to section seven hundred sixty of this title, the governing body or bodies of the local government entities to be consolidated shall: 1. cause a copy of the proposed elector initiated consolidation plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within each entity; 2. cause the proposed elector initiated consolidation plan, along with a descriptive summary thereof and a reference to the public place or places within each entity where a copy thereof 11 Page 30 of 610 may be examined, to be displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located; and 3. arrange to be published a descriptive summary of the proposed elector initiated consolidation plan and a reference to the public place or places within the entities where a copy thereof may be examined, at least once each week for four successive weeks, in a newspaper having a general circulation within each entity. § 762. Public hearings on proposed elector initiated consolidation plan. 1. The governing body or bodies of the local government entities to be consolidated shall set a time and place or places for one or more public hearings on the proposed elector initiated consolidation plan. The hearing or hearings shall be held no less than thirty-five days and no more than ninety days after the proposed elector initiated consolidation plan is approved pursuant to section seven hundred sixty of this title. The hearing or hearings may be held jointly or separately by the governing body or bodies of the entities. Any interested person shall be given a reasonable opportunity to be heard on any aspect of the proposed consolidation. 2. The public hearing or hearings shall be held on notice of at least ten days, but not more than twenty days, published in a newspaper or newspapers having general circulation within each local government entity to be consolidated and displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located. The notice of the hearing or hearings shall provide a descriptive summary of the proposed elector initiated consolidation plan and a reference to the public place or places within the entities where a copy of such agreement may be examined. 3. After completion of the final hearing, the governing body or bodies of the local government entities to be consolidated may amend the proposed elector initiated consolidation plan, provided that the amended version complies with the provisions of subdivision two of section seven hundred sixty of this title and is publicized pursuant to subdivision four of this section. The entities' governing body or bodies must approve a final version of the elector initiated consolidation plan within sixty days of such final hearing. 4. No later than five business days after amending the proposed elector initiated consolidation plan, the governing body or bodies of the local government entities to be consolidated shall: (a) cause a copy of the amended version of the proposed elector initiated consolidation plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within each entity; and (b) cause the amended version of the proposed elector initiated consolidation plan, along with a descriptive summary thereof and a reference to the public place or places within each entity where a copy thereof may be examined, to be displayed on a website maintained by each entity or otherwise on a website maintained by the village, town and/or county in which the entities are located. § 763. Effective date of elector initiated consolidation plan; permissive referendum. 1. Local government entities consolidated pursuant to an elector initiated consolidated plan shall continue to be governed as before consolidation until the effective date of the consolidation specified in such plan, which date shall be no less than forty-five days after final approval of 12 Page 31 of 610 such plan pursuant to subdivision three of section seven hundred sixty-two or subdivision four of section seven hundred sixty-four of this title. 2. Notwithstanding subdivision one of this section, the elector initiated consolidation plan shall not take effect if, no later than forty-five days after final approval thereof pursuant to subdivision three of section seven hundred sixty-two or subdivision four of section seven hundred sixty-four of this title, electors of a local government entity to be consolidated pursuant to such plan shall: (a)file an original petition, containing not less than the number of signatures provided for in subdivision three of this section, seeking a referendum on the question whether the elector initiated consolidation plan shall take effect, with the clerk of the town in which the entity or the greater portion of its territory is located, except that if the entity is a village the original petition of electors from the village shall be filed with the clerk of the village; and (b) thereafter less than a majority of the electors in the entity vote in the affirmative on such question at a referendum. 3. The petition shall be circulated, signed and authenticated in substantial compliance with the provisions of section seven hundred fifty-seven of this title, shall contain the signatures of at least twenty-five percent of the number of electors or fifteen thousand electors, whichever is less, in the local government entity to be consolidated, and shall be accompanied by a cover sheet containing the name, address and telephone number of an individual who signed the petition and who will serve as a contact person. 4. Within ten days of the filing of the petition seeking a referendum on whether the elector initiated dissolution plan shall take effect, the clerk with whom the petition was filed shall make a final determination regarding the sufficiency of the number of signatures on the petition and provide timely written notice of such determination to the contact person named in the cover sheet accompanying the petition. The contact person or any individual who signed the petition may seek judicial review of such determination in a proceeding pursuant to article seventy-eight of the civil practice law and rules. Upon the clerk's determination that the petition contains no less than the required number of signatures, the governing body of the local government entity to which such petition applies shall within thirty days enact a resolution calling for a referendum by the electors of such entity on the question whether to approve the elector initiated consolidation plan and set a date for such referendum in accordance with subdivision five of this section. 5. The referendum on the question whether the elector initiated consolidation plan shall take effect shall be submitted at a special election to be held not less than sixty or more than ninety days after enactment of a resolution pursuant to subdivision four of this section, provided, however, that in cases where a town or village general election falls within such period, the referendum question may be considered during a town or village general election. 6. Notice of the referendum shall be given to the electors of the local government entity to which the petition applies by publication in a newspaper having a general circulation within the boundaries of the entity at least once a week for four consecutive weeks immediately prior to the referendum. The notice shall include, but not be limited to: 13 Page 32 of 610 (a) a summary of the contents of the resolution and elector initiated consolidation plan; (b) a statement as to where may be examined a copy of the resolution and elector initiated consolidation plan; (c) the time and place or places at which the referendum will be held, in accordance with subdivision five of this section; and (d) such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 7. In a referendum held pursuant to this section, the referendum question shall be placed before the electors of the local government entity to which the petition applies in a form reading substantially as follows: "The voters of the (insert type and name of each local government entity to which the consolidation plan applies) having previously voted to consolidate, shall the elector initiated consolidation plan take effect? YES NO 8. The elector initiated consolidation plan shall not take effect unless a majority of the electors voting in the local government entity to which the petition applies vote in favor of such plan taking effect. If such a majority vote does not result, the referendum shall fail and consolidation shall not take effect. § 764. Court-ordered consolidation; mediation; judicial hearing officer. 1. If the governing body or bodies of local government entities with a duty to prepare and approve a proposed elector initiated consolidation plan pursuant to section seven hundred sixty of this title fail to prepare and approve such plan or are otherwise unable or unwilling to accomplish and complete the consolidation pursuant to the provisions of this title, then any five electors who signed the petition seeking consolidation may commence a special proceeding against the entities pursuant to article seventy-eight of the civil practice law and rules, in the supreme court within the judicial district in which the consolidated local government entity or the greater portion of its territory will be located, to compel compliance with the provisions of this article. 2. If the court finds that the governing body or bodies attempted in good faith to prepare and approve a proposed elector initiated consolidation plan but were nevertheless unsuccessful, then the court may refer such matter to mediation pursuant to law, with costs of such mediation to be borne by the entities in such proportion as the court shall determine based on appropriate factors including population and the good faith efforts of the respective entities. If the governing body or bodies thereupon prepare and approve a proposed elector initiated consolidation plan conforming to the requirements of subdivision two of section seven hundred sixty of this title, then the provisions of sections seven hundred sixty-one, seven hundred sixty-two and seven hundred sixty-three of this title shall apply as if the governing body or bodies had proposed such plan without the benefit of court-ordered mediation. 14 Page 33 of 610 3. In all other cases, if the petitioners in such special proceeding shall substantially prevail, then the court shall issue an injunction ordering the governing body or bodies of the local government entities to comply with the applicable provisions of this article. If the governing body or bodies shall violate the injunction, then the court shall appoint a judicial hearing officer pursuant to article forty-three of the civil practice law and rules to hear and determine an elector initiated consolidation plan for the entities that complies with the provisions of subdivision two of section seven hundred sixty of this title. 4. The final determination of the judicial hearing officer shall constitute final approval of the elector initiated consolidation plan and provide such plan takes effect forty five days after the filing of such determination with the clerk of the court, unless a petition for a permissive referendum is properly filed pursuant to section seven hundred sixty-three of this title. 5. In any proceeding pursuant to this section in which the petitioners substantially prevail, the costs of such proceeding, including the costs of any judicial hearing officer appointed pursuant to subdivision three of this section, shall be borne by the local government entities proportionately, at the rate provided for in article twenty-two of the judiciary law and regulations promulgated pursuant thereto based on appropriate factors, including, but not limited to, population and the court's findings regarding the good faith efforts of the respective entities. § 765. General effect of consolidation. 1. On and after the effective date of a consolidation, the consolidating local government entities shall be treated and considered for all purposes as one local government entity, under the name and on the terms and conditions set forth in the joint consolidation agreement or the elector initiated consolidation plan, as the case may be. 2. All rights, privileges and franchises of each component local government entity and all assets, real and personal property, books, records, papers, seals and equipment, as well as other things in action, belonging to each component local government entity shall be deemed as transferred to and vested in the consolidated local government entity without further act or deed. 3. All property, rights-of-way and other interests shall be as effectually the property of the consolidated local government entity as they were of the component local government entities prior to their consolidation. The title to real estate, either by deed or otherwise, under the laws of the state of New York vested in any of the component local government entities shall not be deemed to revert or be in any way impaired by reason of the consolidation. 4. The consolidated local government entity shall in all respects be subject to all the obligations and liabilities imposed and shall possess all the rights, powers, and privileges vested by law in other similar entities. 5. Upon the effective date of the consolidation, the joint consolidation agreement or the elector initiated consolidation plan, as the case may be, shall be subordinate in all respects to the contract rights of all holders of any securities or obligations of the local government entities outstanding at the effective date of the consolidation. 6. If a joint consolidation agreement or elector initiated consolidation plan provides for the dissolution of a local justice court, all court records of such court shall be deposited with a justice court judge to be designated by the administrative judge of the judicial district within 15 Page 34 of 610 which the dissolving justice court is located. The designated justice court judge shall have authority to execute and complete all unfinished business. § 766. Election and appointment of officials. New officials of the consolidated local government entity required to be elected shall take office on the first Monday of January following the election designated in the joint consolidation agreement or elector initiated consolidation plan, as the case may be. At such election, the necessary officials of the consolidated local government entity shall be elected in accordance with the terms of the general law affecting entities of the kind or class of the consolidated local government entity. Except as otherwise specified in the joint consolidation agreement or elector initiated consolidation plan, all appointive officials of the consolidated local government entity thereafter shall be appointed by the individual or entity upon whom the power to appoint such officials is conferred by the terms of the general law affecting entities of the kind or class of the consolidated local government entity. Successors in office for such elected or appointed positions shall thereafter be elected or appointed at the time, in the manner and for the terms provided by the general law affecting entities of the kind or class of the consolidated local government entity. § 767. Effect of transition on employees. Except as otherwise provided by law and except for those officials and employees protected by tenure of office, civil service provisions or collective bargaining agreement, upon the effective date of consolidation, all appointive offices and positions then existing in all component local government entities involved in the consolidation shall be subject to the terms of the joint consolidation agreement or elector initiated consolidation plan, as the case may be. Such agreement or plan may provide for instances in which there is duplication of positions and for other matters such as varying length of employee contracts, different civil service regulations in the constituent entities and differing ranks and position classifications for similar positions. § 768. Debts, liabilities and obligations. 1. All valid and lawful debts and liabilities existing against a consolidated local government entity, or which may thereafter arise or accrue against the consolidated local government entity, which but for consolidation would be valid and lawful debts or liabilities against one or more of the component local government entities, shall be deemed and taken to be like debts against or liabilities of the consolidated local government entity and shall accordingly be defrayed and answered to by it to the same extent, and no further than, the component local government entities would have been bound if no consolidation had taken place. 2. The rights of creditors and all liens upon the property of any of the component local government entities of a consolidation shall be preserved unimpaired. The respective component entities shall be deemed to continue in existence to preserve such rights and liens, and all debts, liabilities and duties of any of the component entities shall thenceforth attach to the consolidated local government entity and be enforced against it to the same extent as if such debts, liabilities and duties had been incurred or contracted by the consolidated local government entity. 3. All bonds, contracts and obligations of the component entities which exist as legal obligations shall be deemed like obligations of the consolidated local government entity, and all such 16 Page 35 of 610 obligations as are authorized or required to be issued or entered into shall be issued or entered into by and in the name of the consolidated local government entity. § 769. Effect on existing laws; transition period. Subject to the provisions of the joint consolidation agreement or elector initiated consolidation plan, as the case may be, pertaining to the common administration and uniform enforcement of laws in the consolidated local government entity, all local laws, ordinances, rules or regulations of the component local government entities in effect on the effective date of consolidation shall remain in full force and effect within the respective areas of the component local government entities that existed prior to consolidation, insofar as the local laws, ordinances, rules or regulations are not repugnant to law, until repealed or amended. As soon as practicable but not later than two years after the effective date of consolidation, the governing body of the consolidated local government entity shall adopt new local laws, ordinances, rules and regulations as necessary to redress conflicts and otherwise redress ambiguities arising among the then-existing laws, ordinances, rules or regulations for the common administration and uniform governance of the consolidated local government entity. § 770. Effect on actions and proceedings. 1. Suits may be brought and maintained against a consolidated local government entity in any of the courts of the state in the same manner as against any other local government entity. 2. In any action or proceeding pending on the effective date of consolidation to which any component local government entity is a party, the consolidated local government entity may be substituted in its place and the action or proceeding may be prosecuted to judgment as if consolidation had not taken place. § 771. Registration of electors. No new registration of electors shall be necessary in case of consolidation, but all elector registrations of the component local government entities shall be transferred to the proper registration books of the consolidated local government entity, and new registrations shall be made as provided by law as if no consolidation had taken place. § 772. Determination of rights. If any right, title, interest or claim shall arise out of any consolidation or by reason thereof that is not determinable by reference to the provisions of this article, by the joint consolidation agreement or elector initiated consolidation plan, as the case may be, or otherwise under the laws of this state, then the governing body of the consolidated local government entity may provide therefore in a manner conforming to law. 17 Page 36 of 610 TITLE 3 DISSOLUTION OF LOCAL GOVERNMENT ENTITIES Section 773. Commencing the proceeding. 774. Proposed dissolution plan. 775. Publication of proposed dissolution plan. 776. Public hearings on proposed dissolution plan. 777. Referendum resolution for dissolution of villages. 778. Effective date of dissolution plan. 779. Initiative of electors seeking dissolution. 780. Conduct of referendum. 781. Canvassing of vote; moratorium on further referendum. 782. Duty to approve proposed elector initiated dissolution plan. 783. Publication of proposed elector initiated dissolution plan. 784. Public hearings on proposed elector initiated dissolution plan. 785. Effective date of elector initiated dissolution plan; permissive referendum. 786. Court-ordered dissolution; judicial hearing officer. 787. Winding down the affairs of a dissolved local government entity. 788. Effect on actions and proceedings; disposition of records, books and papers. 789. Effect on existing laws of village. 790. Debts, liabilities and obligations. § 773. Commencing the proceeding. 1. A local government entity other than a town may be dissolved and terminated by the procedure described in this title. 2. Dissolution proceedings may be commenced by: (a) a resolution of the governing body of the local government entity to be dissolved endorsing a proposed dissolution plan; or (b) elector initiative. § 774. Proposed dissolution plan. 1. The governing body of a local government entity may, by resolution, endorse a proposed dissolution plan for the purpose of commencing dissolution proceedings under this article. 2. The proposed dissolution plan shall specify: (a) the name of the local government entity to be dissolved; (b) the territorial boundaries of the entity; (c) the type and/or class of the entity; (d) a fiscal estimate of the cost of dissolution; 18 Page 37 of 610 (e) any plan for the transfer or elimination of public employees; (f) the entity's assets, including but not limited to real and personal property, and the fair value thereof in current money of the United States; (g) the entity's liabilities and indebtedness, bonded and otherwise, and the fair value thereof in current money of the United States; (h) any agreements entered into with the town or towns in which the entity is situated in order to carry out the dissolution; (i) the manner and means by which the residents of the entity will continue to be furnished municipal services following the entity's dissolution; (j) terms for the disposition of the entity's assets and the disposition of its liabilities and indebtedness, including the levy and collection of the necessary taxes and assessments therefor; (k)findings as to whether any local laws, ordinances, rules or regulations of the entity shall remain in effect after the effective date of the dissolution or shall remain in effect for a period of time other than as provided by section seven hundred eighty-nine of this title; (I) the effective date of the proposed dissolution; (m) the time and place or places for a public hearing or hearings on the proposed dissolution plan pursuant to section seven hundred seventy-six of this title; and (n) any other matter desirable or necessary to carry out the dissolution. § 775. Publication of proposed dissolution plan. No later than five business days after commencement of dissolution proceedings pursuant to section seven hundred seventy-four of this title, the governing body of the local government entity to be dissolved shall: 1. cause a copy of the proposed dissolution plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within the entity; 2. cause the proposed dissolution plan, along with a descriptive summary thereof and a reference to the public place or places within the entity where a copy thereof may be examined, to be displayed on a website maintained by the entity or otherwise on a website maintained by the village, town and/or county in which the entity is located; 3. arrange to be published a descriptive summary of the proposed dissolution plan and a reference to the public place or places within the entity where a copy thereof may be examined, at least once each week for four successive weeks in a newspaper having a general circulation within the entity; and 19 Page 38 of 610 4. in the case of a proposed dissolution of a village, the governing body of the village shall cause the proposed dissolution plan to be mailed by certified or registered mail to the supervisor of the town or towns in which the village is situated. § 776. Public hearings on proposed dissolution plan. 1. The governing body of the local government entity to be dissolved shall set a time and place or places for one or more public hearings on the proposed dissolution plan. The hearing or hearings shall be held no less than thirty-five days and no more than ninety days after commencement of dissolution proceedings pursuant to section seven hundred seventy-four of this title. Any interested person shall be given a reasonable opportunity to be heard on any aspect of the proposed dissolution. 2. The public hearing or hearings shall be held on notice of at least ten days, but not more than twenty days, published in a newspaper or newspapers having general circulation within the local government entity to be dissolved and displayed on a website maintained by the entity or otherwise on a website maintained by the village, town and/or county in which the entity is located. The notice of the hearing or hearings shall provide a descriptive summary of the proposed dissolution plan and a reference to the public place or places within the entity where a copy of such plan may be examined. 3. After completion of the final hearing, the governing body of the local government entity to be dissolved may amend the proposed dissolution plan, provided that the amended version complies with the provisions of subdivision two of section seven hundred seventy-four of this title and is publicized pursuant to subdivision four of this section, and/or approve a final version of the dissolution plan, or decline to proceed further with dissolution proceedings. Any approval by the governing body of a final version of the dissolution plan must occur within one hundred eighty days of the final hearing. 4. No later than five business days after amending the proposed dissolution plan, the governing body of the entity to be dissolved shall: (a) cause a copy of the amended version of the proposed dissolution plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within the entity; and (b) cause the amended version of the proposed dissolution plan, along with a descriptive summary thereof and a reference to the public place or places within the entity where a copy thereof may be examined, to be displayed on a website maintained by the entity or otherwise on a website maintained by the village, town and/or county in which the entity is located. § 777. Referendum resolution for dissolution of villages. 1. If a dissolution plan calls for the dissolution of a village, then contemporaneous with the final approval of the dissolution plan pursuant to subdivision three of section seven hundred seventy- six of this title, the governing body of the village shall enact a resolution calling for a referendum on the proposed dissolution by the electors in the village. 20 Page 39 of 610 2. The resolution calling for the referendum on the proposed dissolution shall: (a) provide (i) the name of the village to be dissolved; and (ii) the date for the referendum, in accordance with subdivision one of section seven hundred eighty of this title; (b) state the substance of the question to be submitted to the electors; and (c) set forth such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 3. The resolution calling for the referendum on the proposed dissolution shall have attached to it the final approved version of the dissolution plan. § 778. Effective date of dissolution plan. A local government entity dissolved pursuant to a dissolution plan shall continue to be governed as before dissolution until the effective date of the dissolution specified in the dissolution plan; provided, however, that no dissolution plan for a village shall take effect unless approved by a majority of electors of the village at a referendum called through a resolution enacted pursuant to section seven hundred seventy-seven of this title. § 779. Initiative of electors seeking dissolution. 1. The electors of a local government entity may commence a dissolution proceeding by filing an original petition, containing not less than the number of signatures provided for in subdivision two of this section and in the form provided for in subdivision three of this section, with the clerk of the town in which the entity or the greater portion of its territory is located, except that if the entity is a village the original petition of electors from the village shall be filed with the clerk of the village. Accompanying the filed petition shall be a cover sheet containing the name, address and telephone number of an individual who signed the petition and who will serve as a contact person. 2. The petition shall contain the signatures of at least ten percent of the number of electors or five thousand electors, whichever is less, in the local government entity to be dissolved; provided, however, that where the local government entity to be dissolved contains five hundred or fewer electors, the petition shall contain the signatures of at least twenty percent of the number of electors. No signature on a petition is valid unless it is an original signature of an elector. 3. The petition shall substantially comply with, and be circulated in, the following form: PETITION FOR LOCAL GOVERNMENT DISSOLUTION We, the undersigned, electors and legal voters of(insert type of local government entity - - e.g., town, village or district) of(insert name of local government entity), New York, qualified to vote at the next general or special election, respectfully petition that there be submitted to the electors of(insert type and name of local government entity proposed to be dissolved), for their approval or rejection at a referendum held for that purpose, a proposal to dissolve and terminate (insert type and name of local government entity). 21 Page 40 of 610 In witness whereof, we have signed our names on the dates indicated next to our signatures. Date Name - print name under signature Home Address 1. 2. 3. (On the bottom of each page of the petition, after all of the numbered signatures, insert a signed statement of a witness who is a duly qualified elector of the state of New York. Such a statement shall be accepted for all purposes as the equivalent of an affidavit, and if it contains a material false statement, shall subject the person signing it to the same penalties as if he or she has been duly sworn. The form of such statement shall be substantially as follows: I, (insert name of witness), state that I am a duly qualified voter of the state of New York. Each of the persons that have signed this petition sheet containing (insert number) signatures, have signed their names in my presence on the dates indicated above and identified themselves to be the same person who signed the sheet. I understand that this statement will be accepted for all purposes as the equivalent of an affidavit, and if it contains a materially false statement, shall subject me to the penalties of perjury. Date Signature of Witness) (In lieu of the signed statement of a witness who is a duly qualified voter of the state of New York, the following statement signed by a notary public or a commissioner of deeds shall be accepted: On the date indicated above before me personally came each of the electors and legal voters whose signatures appear on this petition sheet containing (insert number) signatures, who signed the petition in my presence and who, being by me duly sworn, each for himself or herself, identified himself or herself as the one and same person who signed the petition and that the foregoing information they provided was true. Date Notary Public or Commissioner of Deeds) 4. An alteration or correction of information appearing on a petition's signature line, other than an un-initialed signature and date, shall not invalidate such signature. 5. In matters of form, this section shall be liberally construed, not inconsistent with substantial compliance thereto and the prevention of fraud. 6. Within ten days of the filing of the petition seeking dissolution pursuant to subdivision one of this section, the clerk with whom the petition was filed shall make a final determination regarding the sufficiency of the signatures on the petition and provide timely written notice of such determination to the contact person named in the cover sheet accompanying the petition. The contact person or any individual who signed the petition may seek judicial review of such determination in a proceeding pursuant to article seventy-eight of the civil practice law and rules. 22 Page 41 of 610 7. Upon the clerk's determination that the petition contains not less than the number of signatures of electors required in subdivision two of this section, the governing body of the local government entity to be dissolved shall, no later than thirty days thereafter, enact a resolution in accordance with subdivision two of section seven hundred seventy-seven of this title calling for a referendum on the proposed dissolution by the electors in the entity and set a date for such referendum. § 780. Conduct of referendum. 1. A referendum on a proposed dissolution required by sections seven hundred seventy-seven or seven hundred seventy-nine of this title shall be placed before the electors in the local government entity to be dissolved at a special election to be held not less than sixty or more than ninety days after the enactment of a resolution calling for the referendum, provided, however, that in cases where a town or village general election falls within such period, the referendum question may be considered during a town or village general election. 2. Notice of the referendum shall be given to the electors of the local government entity to be dissolved by publication in a newspaper having a general circulation within the boundaries of the entity at least once a week for four consecutive weeks immediately prior to the referendum. The notice shall include, but not be limited to: (a) a summary of the contents of the resolution and dissolution plan or petition for dissolution, as the case may be; (b) a statement as to where may be examined copies of the resolution and dissolution plan or petition for dissolution, as the case may be; (c) the name of the local government entity to be dissolved and a statement fully describing its territory; (d) the time and place or places at which the referendum will be held; and (e) such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 3. The referendum question placed before the electors of the local government entity to be dissolved shall be in a form reading substantially as follows: "Shall (insert type and name of local government entity) be dissolved? YES NO " 4. In any referendum held pursuant to this title, the local government entity to be dissolved shall bear the costs associated with the conduct of such referendum. 5. In any referendum held pursuant to this title, and except as otherwise specified herein, the referendum shall be conducted in the same manner as other municipal elections or referendums for the local government entity affected by the proposed dissolution. 23 Page 42 of 610 § 781. Canvassing of vote; moratorium on further referendum. 1. In any referendum held pursuant to this title, the ballots cast shall be counted, returns made and canvassed and results certified in the same manner as other municipal elections or referendums for the local government entity affected by the proposed dissolution. 2. Dissolution shall not take effect unless a majority of the electors voting in the local government entity in which the referendum is held vote in favor of dissolution. If such a majority vote does not result, the referendum shall fail and dissolution shall not take effect. 3. If dissolution is approved by a majority of the electors voting in the local government entity in which the referendum is held, certificates of such result immediately shall be filed with the secretary of state and with the clerks of the local government entity or entities and county in which is situated any part of the entity to be dissolved. 4. If the referendum shall fail, the dissolution process specified by this title shall not be initiated for the local government entity within four years of the date of such referendum. This subdivision, however, does not apply to a permissive referendum conducted pursuant to section seven hundred eighty-five of this title. § 782. Duty to approve proposed elector initiated dissolution plan. 1. In the case of a proposed dissolution of a local government entity properly initiated by petition of electors pursuant to section seven hundred seventy-nine of this title, if a majority of the electors voting at a referendum vote in favor of dissolution, the entity's governing body shall meet within thirty days after certification of the favorable vote and, within one hundred eighty days of such meeting, prepare and approve a proposed elector initiated dissolution plan. 2. The proposed elector initiated dissolution plan shall specify: (a) the name of the local government entity to be dissolved; (b) the territorial boundaries of the entity; (c) the type and/or class of the entity; (d) a fiscal estimate of the cost of dissolution; (e) any plan for the transfer or elimination of public employees; (f) the entity's assets, including but not limited to real and personal property, and the fair value thereof in current money of the United States; (g) the entity's liabilities and indebtedness, bonded and otherwise, and the fair value thereof in current money of the United States; (h) any agreements entered into with the town or towns in which the entity is situated in order to carry out the dissolution; (i) the manner and means by which the residents of the entity will continue to be furnished municipal services following the entity's dissolution; 24 Page 43 of 610 (j) terms for the disposition of the entity's assets and the disposition of its liabilities and indebtedness, including the levy and collection of the necessary taxes and assessments therefor; (k)findings as to whether any local laws, ordinances, rules or regulations of the entity shall remain in effect after the effective date of the dissolution or shall remain in effect for a period of time other than as provided by section seven hundred eighty-nine of this title; (I) the effective date of the dissolution; (m) the time and place or places for a public hearing or hearings on such proposed dissolution plan pursuant to section seven hundred eighty-four of this title; and (n) any other matter desirable or necessary to carry out the dissolution. § 783. Publication of proposed elector initiated dissolution plan. No later than five business days after approving an elector initiated dissolution plan pursuant to section seven hundred eighty-two of this title, the governing body of the local government entity to be dissolved shall: 1. cause a copy of the proposed elector initiated dissolution plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within the entity; 2. cause the proposed elector initiated dissolution plan, along with a descriptive summary thereof and a reference to the public place or places within the entity where a copy thereof may be examined, to be displayed on a website maintained by the entity or otherwise on a website maintained by the village, town and/or county in which the entity is located; and 3. arrange to be published a descriptive summary of the proposed elector initiated dissolution plan and a reference to the public place or places within the entity where a copy thereof may be examined, at least once each week for four successive weeks in a newspaper having a general circulation within the entity; and 4. in the case of a proposed dissolution of a village, the governing body of the village shall cause the proposed elector initiated dissolution plan to be mailed by certified or registered mail to the supervisor of the town or towns in which the village is situated. § 784. Public hearings on proposed elector initiated dissolution plan. 1. The governing body of the local government entity to be dissolved shall set a time and place or places for one or more public hearings on the proposed elector initiated dissolution plan. The hearing or hearings shall be held no less than thirty-five days and no more than ninety days after the proposed elector initiated dissolution plan is approved pursuant to section seven hundred eighty-two of this title. Any interested person shall be given a reasonable opportunity to be heard on any aspect of the proposed dissolution. 2. The public hearing or hearings shall be held on notice of at least ten days, but not more than twenty days, published in a newspaper or newspapers having general circulation within the local government entity to be dissolved and displayed on a website maintained by the entity or 25 Page 44 of 610 otherwise on a website maintained by the village, town and/or county in which the entity is located. The notice of the hearing or hearings shall provide a descriptive summary of the proposed elector initiated dissolution plan, and a reference to the public place or places within the entity where a copy of such plan may be examined. 3. After completion of the final hearing, the governing body of the local government entity to be dissolved may amend the proposed elector initiated dissolution plan, provided that the amended version complies with the provisions of subdivision two of section seven hundred eighty-two of this title and is publicized pursuant to subdivision four of this section. The governing body must approve a final version of the elector initiated dissolution plan within sixty days of such final hearing. 4. No later than five business days after amending the proposed elector initiated dissolution plan, the governing body of the local government entity to be dissolved shall: (a) cause a copy of the amended version of the proposed elector initiated dissolution plan, along with a descriptive summary thereof, to be displayed and readily accessible to the public for inspection in a public place or places within the entity; and (b) cause the amended version of the proposed elector initiated dissolution plan, along with a descriptive summary thereof and a reference to the public place or places within the entity where a copy thereof may be examined, to be displayed on a website maintained by the entity or otherwise on a website maintained by the village, town and/or county in which the entity is located. § 785. Effective date of elector initiated dissolution plan; permissive referendum. 1. A local government entity dissolved pursuant to an elector initiated dissolution plan shall continue to be governed as before dissolution until the effective date of the dissolution specified in the elector initiated dissolution plan, which date shall be no less than forty-five days after final approval of such plan pursuant to subdivision three of section seven hundred eighty-four or subdivision three of section seven hundred eighty-six of this title. 2. Notwithstanding subdivision one of this section, the elector initiated dissolution plan shall not take effect if, no later than forty-five days after final approval of such plan pursuant to subdivision three of section seven hundred eighty-four or subdivision three of section seven hundred eighty-six of this title, electors of the local government entity to be dissolved shall: (a)file an original petition, containing not less than the number of signatures provided for in subdivision three of this section, seeking a referendum on the question whether the elector initiated dissolution plan shall take effect, with the clerk of the town in which the entity or the greater portion of its territory is located, except that if the entity is a village the original petition of electors from the village shall be filed with the clerk of the village; and (b) thereafter less than a majority of the electors vote in the affirmative on such question at a referendum. 3. The petition shall be circulated, signed and authenticated in substantial compliance with the provisions of section seven hundred seventy-nine of this title, shall contain the signatures of at least twenty-five percent of the number of electors or fifteen thousand electors, whichever is 26 Page 45 of 610 less, in the local government entity to be dissolved, and shall be accompanied by a cover sheet containing the name, address and telephone number of an individual who signed the petition and who will serve as a contact person. 4. Within ten days of the filing of the petition seeking a referendum on whether the elector initiated dissolution plan shall take effect, the clerk with whom the petition was filed shall make a final determination regarding the sufficiency of the number of signatures on the petition and provide timely written notice of such determination to the contact person named in the cover sheet accompanying the petition. The contact person or any individual who signed the petition may seek judicial review of such determination in a proceeding pursuant to article seventy-eight of the civil practice law and rules. Upon the clerk's determination that the petition contains no less than the required number of signatures, the governing body of the local government entity to be dissolved shall within thirty days enact a resolution calling for a referendum by the electors on the question whether the elector initiated dissolution plan shall take effect and set a date for such referendum in accordance with subdivision five of this section. 5. The referendum on the question whether the elector initiated dissolution plan shall take effect shall be submitted at a special election to be held not less than sixty or more than ninety days after enactment of a resolution pursuant to subdivision four of this section, provided, however, that in cases where a town or village general election falls within such period, the referendum question may be considered during a town or village general election. 6. Notice of the referendum shall be given to the electors of the local government entity to be dissolved by publication in a newspaper having a general circulation within the boundaries of the entity at least once a week for four consecutive weeks immediately prior to the referendum. The notice shall include, but not be limited to: (a) a summary of the contents of the resolution and elector initiated dissolution plan; (b) a statement as to where may be examined a copy of the resolution and elector initiated dissolution plan; (c) the time and place or places at which the referendum will be held, in accordance with subdivision five of this section; and (d) such other matters as may be necessary to call, provide for and give notice of the referendum and to provide for the conduct thereof and the canvass of the returns thereupon. 7. In a referendum held pursuant to this section, the referendum question shall be placed before the electors of the local government entity to be dissolved in a form reading substantially as follows: "The voters of the (insert type and name of local government entity to be dissolved) having previously voted to dissolve, shall the elector initiated dissolution plan take effect? YES NO 8. The elector initiated dissolution plan shall not take effect unless a majority of the electors voting in the local government entity to which the petition applies votes in favor of dissolution. If 27 Page 46 of 610 such a majority vote does not result, the referendum shall fail and dissolution shall not take effect. § 786. Court-ordered dissolution; judicial hearing officer. 1. If the governing body of a local government entity with a duty to prepare and approve a proposed elector initiated dissolution plan pursuant to section seven hundred eighty-two of this title fails to prepare and approve such plan or is otherwise unable or unwilling to accomplish and complete the dissolution pursuant to the provisions of this article, then any five electors who signed the petition seeking dissolution may commence a special proceeding against the entity pursuant to article seventy-eight of the civil practice law and rules, in the supreme court within the judicial district in which the entity or the greater portion of its territory is located, to compel compliance with the provisions of this article. 2. If the petitioners in such special proceeding shall substantially prevail, then the court shall issue an injunction ordering the governing body to comply with the applicable provisions of this article. If the governing body violates the injunction, the court shall appoint a hearing officer pursuant to article forty-three of the civil practice law and rules to hear and determine an elector initiated dissolution plan for the entity that complies with the provisions of subdivision two of section seven hundred eighty-two of this title. 3. The final determination of the judicial hearing officer shall constitute the final approval of the elector initiated dissolution plan and provide that such plan takes effect forty-five days after the filing of such determination, unless a petition for a permissive referendum is properly filed pursuant to section seven hundred eighty-five of this title. 4. In any proceeding pursuant to this section in which the petitioners substantially prevail, the costs of such proceeding, including the costs of any judicial hearing officer appointed pursuant to subdivision two of this section, shall be borne by the local government entity at the rate provided for in article twenty-two of the judiciary law and regulations promulgated pursuant thereto. § 787. Winding down the affairs of a dissolved local government entity. 1. Upon the successful completion of dissolution proceedings pursuant to this title, the governing body of the dissolving local government entity shall wind down the affairs thereof, dispose of its property as provided by law, make provisions for the payment of all indebtedness thereof and for the performance of its contracts and obligations, and, if applicable and appropriate under law, levy taxes and assessments as necessary to accomplish the dissolution. 2. In furtherance of its duty to wind down the affairs of the local government entity, the governing body shall cause notice to be given, in the same manner as notice for a proposed dissolution plan pursuant to section seven hundred seventy-five of this title, requiring all claims against the dissolving local government entity, excluding any of its outstanding securities, to be filed within a time fixed in the notice, but not less than three months or more than six months, and all claims not so filed shall be forever barred. At the expiration of such time the governing body shall adjudicate claims so filed, and any resident of the entity at the time of the effective date of the dissolution may appear and defend against any claim so filed, or the governing body may in its discretion appoint some person for that purpose. 28 Page 47 of 610 § 788. Effect on actions and proceedings; disposition of records, books and papers. 1. Except as otherwise provided for in this title, no action for or against the local government entity to be dissolved shall abate, nor shall any claim for or against it be affected by reason of its dissolution. 2. Upon the dissolution of a local government entity, all its records, books and papers shall be deposited with the town clerk of the town in which the principal portion of such entity is situated, and they shall thereupon become a part of the records of the town. 3. Upon the dissolution of a local justice court, all court records of such court shall be deposited with a justice court judge to be designated by the administrative judge of the judicial district within which the dissolving justice court is located. The designated justice court judge shall have authority to execute and complete all unfinished business. § 789. Effect on existing laws of village. 1. Except as otherwise provided in the dissolution plan or elector initiated dissolution plan, as the case may be, all local laws, ordinances, rules and regulations of a village in effect on the date of the dissolution of such village, including but not limited to zoning ordinances, shall remain in effect for a period of two years following dissolution, as if same had been duly adopted by the town board and shall be enforced by the town within the limits of the dissolved village, except that the town board shall have the power at any time to amend or repeal such local laws, ordinances, rules or regulations in the manner as other local laws, ordinances, rules or regulations of the town. 2. If the village has a zoning board of appeals, or a planning board, or both, and the town does not, then upon dissolution the town board shall act in place of such board or boards until the town board shall have appointed such board or boards for the town in accordance with the provisions of the town law. Such appointments may be made prior to dissolution, to become effective upon the effective date of dissolution. § 790. Debts, liabilities and obligations. The outstanding debts, liabilities and obligations of the dissolved local government entity shall be assumed by the town in which the dissolved entity was situated and shall be a charge upon the taxable property within the limits of the dissolved entity, collected in the same manner as town taxes. The town board shall have all powers with respect to the debts, liabilities and obligations as the governing body of the dissolved entity possessed prior to its dissolution, including the power to issue town bonds to redeem bond anticipation notes issued by the dissolved entity. 29 Page 48 of 610 TITLE 4 MISCELLANEOUS PROVISIONS Section 791. Liability of officials and employees. 792. Supersession. 793. Separability. § 791. Liability of officials and employees. In the absence of fraud, gross negligence or willful misfeasance, no officer or employee of a local government entity shall be held personally liable upon any claim arising from the consolidation or dissolution of a local government entity pursuant to this article or any circumstances connected with such consolidation or dissolution. § 792. Supersession. This article shall supersede and replace all other state and local laws relating to the procedures and requirements for the consolidation and dissolution of local government entities to the extent such laws are not consistent with this article, provided, however, that the provisions of any other state or local law now in effect or hereafter enacted that are less restrictive or burdensome than those provided in this chapter shall govern during the period in which such provisions are in effect. A state or local law that imposes procedures and requirements for consolidation and dissolution not addressed by this article is deemed inconsistent. § 793. Separability. If any title, section, subdivision, paragraph or other part of this article shall be adjudged invalid by any court of competent jurisdiction, such judgment shall not invalidate the remainder thereof, but shall be confined in its operation to the part directly involved in the controversy wherein such judgment shall have been rendered. 30 Page 49 of 610 AMENDMENTS TO MUNICIPAL HOME RULE LAW Section 33-a of the County Charter Law, contained within Municipal Home Rule Law, was amended to allow counties to abolish units of government. The new language is underlined, deletions are shown as italic text in brackets. § 33-a. Transfer of functions or duties of local governments and districts. 1. Subject to restrictions in the constitution, in this article or in any other applicable law, the board of supervisors of any county may, by local law, transfer functions or duties of the county or of the cities, towns, villages, districts or other units of government wholly contained in such county to each other, or for the abolition of one or more [offices, departments or agencies of such units of government when all their functions or duties are so transferred]units of government, including but not limited to offices, departments or agencies thereof, when the level and quality of ongoing services of all their functions or duties are transferred. 2. Any such local law, or an amendment or repeal of one or more provisions thereof which would have the effect of transferring or abolishing a function or duty of the county or of the cities, towns, villages, districts or other units of government wholly contained in the county, shall not become operative unless and until it is approved at a general election or at a special election, held in the county by receiving a majority of the total votes cast thereon: (a) in the area of the county outside of cities and (b) in the area of cities of the county, if any, considered as one unit, and if it provides for the transfer of any function or duty to or from any village or for the abolition of any office, department, agency or unit of government of a village wholly contained in the county, it shall not take effect unless it shall also receive a majority of all the votes cast thereon in all the villages so affected considered as one unit. Such a local law, amendment or repeal thereof, shall provide for its submission to the electors of the county at the next general election or at a special election, occurring not less than sixty days after the adoption thereof by the board of supervisors. 31 Page 50 of 610 AMENDMENTS TO TOWN LAW § 57. Dissolution of special improvement districts. Subdivision 2 of this section, relating to the dissolution of special improvement districts, was repealed and subdivisions 3, 4, 5, 6, 7 and 8 were renumbered subdivisions 2, 3, 4, 5, 6 and 7. Article 5-B Consolidation of Towns This article, relating to the consolidation of towns and containing sections 79-b through 79-o, was repealed. § 81. Election upon proposition. This section relates to the types of propositions that may be submitted for mandatory referendum. Paragraph (e) of subdivision 1 was repealed, removing the ability to have a referendum on the creation of a new town out of one or more existing towns. Paragraphs (f) and (g) were relettered paragraphs (e) and (f) and a new subdivision 5 was added. The new language is underlined 5. A proposition for the consolidation or dissolution of a town or district shall be noticed, conducted, canvassed and otherwise held pursuant to, and in accordance with, the provisions of article seventeen-A of the general municipal law; and a petition to consolidate or dissolve a town or district shall be subscribed, authenticated and otherwise governed pursuant to, and in accordance with, that article. § 172. Consolidation of fire districts. This section relating to the consolidation of fire districts was repealed. § 172-b. Consolidation of fire protection districts. This section relating to the consolidation of fire protection districts was repealed. § 172-d. Dissolution or alteration of boundaries of fire protection district when added to an adjoining fire district. This section relating to the dissolution of fire protection districts was repealed. § 174. Fire district officers. Subdivisions 1 and 2 were amended to remove references to consolidation of fire districts. The deletions are shown as italic text in brackets. 1. [(a)] Whenever a fire district shall be established, within ten days thereafter the town board of the town in which such district is located or, in the case of a district including territory in two or more towns, the town boards of such towns acting jointly by a majority vote of the members of each of such town boards, shall appoint five fire district commissioners and a treasurer for such district who shall hold their respective offices until the thirty-first day of December next succeeding; provided, however, that if such district be established subsequent to the first day of October in any year, the officers so appointed by the town board shall hold office until the thirty- first day of December of the next succeeding calendar year. A person so appointed as fire district commissioner shall not serve as chief or assistant chief of the fire district fire department after taking his oath of office as such commissioner and during the time he serves as such commissioner pursuant to such appointment. The town clerk shall immediately notify the appointees of their appointment and of the time and place which he shall fix for the organization meeting of the board of fire commissioners, which meeting shall be held not later than ten days 32 Page 51 of 610 after the appointment of said officers. At such organization meeting, the treasurer shall preside until such time as a chairman of the board of fire commissioners shall be chosen, but such treasurer shall not be entitled to a vote at such meeting. The board of fire commissioners shall appoint a secretary who shall hold office until the thirty-first day of December following the first election of fire district officers. [(b) Whenever two or more fire districts shall have been consolidated, pursuant to this article, the several commissioners of each of such districts shall constitute the board of fire commissioners thereof and the several treasurers of such districts shall serve jointly as the treasurers of such consolidated district, until the thirty-first day of December next succeeding the first election of fire district commissioners and a treasurer for such consolidated district, held pursuant to subdivision two of this section. The terms of office of such fire district officers of the several districts so consolidated shall terminate on said thirty-first day of December next succeeding such election.] 2. The first election of fire district officers shall be held on the second Tuesday in December next succeeding the establishment or consolidation of such fire district; provided, however, that if such district be established [or consolidated] at a time subsequent to the first day of October in any year, the first election of fire district officers shall be held on the second Tuesday in the month of December of the next succeeding calendar year. At the first annual election of fire district officers, five district commissioners shall be elected and a treasurer. The person receiving the greatest number of votes for the office of fire commissioner shall be elected for a term of five years; the person receiving the second highest number of votes shall be elected for a term of four years; the person receiving the third highest number of votes shall be elected for a term of three years; the person receiving the fourth highest number of votes shall be elected for a term of two years and the person receiving the fifth highest number of votes shall be elected for a term of one year. In the event that two persons shall receive the same number of votes the terms of office shall be decided by lot. At each subsequent election of fire district officers a commissioner shall be elected for the full term of five years. In the event that two or more persons receive the same number of votes thereat, a special election between the tying parties receiving the highest number of votes to fill the vacancy shall be held within forty-five days after such election. The fire district treasurer shall be elected for a term of three years. The fire district secretary shall be appointed by the fire district commissioners and shall serve for a period of one year. The fire district secretary in office at the time such election is held shall immediately notify the officers elected of their election and that an organization meeting will be held on the day specified in said notice, which shall not be later than the fifteenth day of January next ensuing. At such organization meeting, the treasurer shall preside until such time as a chairman of the board of fire commissioners shall be chosen, but such treasurer shall not be entitled to a vote at such meeting. § 176. Powers and duties of fire district commissioners. Subdivision 1 was amended to eliminate a reference to consolidation. The deletions are shown as italic text in brackets. 1. Shall elect one of their members as chairman at the first meeting of fire commissioners after such district shall have been established [or consolidated]and annually thereafter at the first meeting thereof following each election of fire district officers. Such chairman, when present, shall preside at the meetings of the board of fire commissioners. In the absence of the chairman the other members may designate one of their members to act as temporary chairman. 33 Page 52 of 610 § 185. Dissolution of fire, fire alarm and fire protection districts. This section, relating to fire, fire alarm and fire protection districts, was repealed. § 189-c. Dissolution of existing district. This section, relating to joint fire districts, was repealed. § 189-e. Management of affairs of joint fire districts. The section was amended to refer to the new Article 17-A of General Municipal Law. The new language is underlined. § 189-e. Management of affairs of joint fire districts. Subject to the restrictions hereinafter established, the property and affairs of joint fire districts shall be under the management and control and in charge of a board of not less than three and not more than seven commissioners, appointed by the town board of the town or the town boards of the towns and the board of trustees of the village or the boards of trustees of the villages in joint session as hereinafter provided, or elected as provided in article eleven of this chapter, as may be determined by resolution adopted at the meeting for the establishment of the district in the same manner as the resolution for the establishment of the district is adopted; or as may be determined by a joint consolidation agreement or elector initiated consolidation plan in accordance with article seventeen-A of the general municipal law. In case it is determined that the commissioners shall be selected in the manner provided by article eleven of this chapter, the appointments as provided for in subdivision one of section one hundred seventy-four of this chapter shall be made by the town board, or, if the district includes territory in more than one town, by the town board of all of the towns at a joint session held at one location within the district and thereafter elections shall be held as provided in article eleven of this chapter except that the terms of the commissioners shall be as hereinafter provided. They shall be residents of such district and in case selection is made as provided in article eleven of this chapter there shall be no other residential requirement, but otherwise if there are an even number of commissioners not more than half at any time shall be residents of such village or villages and if there are an odd number, the number that are residents of such village or villages shall not exceed the number that are residents of such town or towns by more than one. First appointments hereunder shall be made in the following manner: If there be three commissioners, the term of one shall expire one year, of another two years and of the other three years from the then next ensuing thirty- first day of December, and thereafter one shall be appointed annually for a term of three years from the date of the expiration of the term of his predecessor. If there be four commissioners, the term of one shall expire one year, of another two years, of another three years, and of the other four years from the then next ensuing thirty-first day of December, and thereafter one shall be appointed annually for a term of four years from the date of the expiration of the term of his predecessor. If there be five commissioners, the term of one shall expire one year, of another two years, of another three years, of another four years, and of the other five years from the then next ensuing thirty-first day of December, and thereafter one shall be appointed annually for a term of five years from the date of the expiration of a term of his predecessor. If there be six commissioners, the term of one shall expire one year, of another two years, of another three years, of another four years, and of the remaining two, five years from the then next ensuing thirty-first day of December, and thereafter appointments shall be made for a term of five years from the date of the expiration of the term of each commissioner. If there be seven commissioners, the term of one shall expire one year, of another two years, of another three years, and of two of the others four years, and of the remaining two, five years from the then next ensuing thirty-first day of December, and thereafter appointments shall be made for a term of five years from the date of the expiration of the term of each commissioner. Such board of commissioners may employ necessary labor and assistants, at a compensation approved by 34 Page 53 of 610 such boards in joint session. Such commissioners shall receive no compensation for their services, but they and their employees shall be allowed and paid their necessary expenses, payable as expenses of the district. § 195. Recording of determination; review by certiorari. This section of law relates to special districts and special improvement districts. Subdivision 1 was amended to refer to the new Article 17-A of General Municipal Law. The new language is underlined. 1. The town clerk shall cause a certified copy of the determination or order of the town board adopted pursuant to the provisions of this article, or adopted pursuant to the provisions of article seventeen-A of the general municipal law, establishing, extending, dissolving or diminishing any district, consolidating districts or increasing the maximum amount proposed to be expended for the improvement in any district or extension thereof, or determining to construct any improvement authorized by this article, to be duly recorded in the office of the clerk of the county in which the town is located, within ten days after the adoption of such order or determination by the town board, and when so recorded such determination or order shall be presumptive evidence of the regularity of the proceedings for the establishment, extension, dissolution or diminution of such district, of the proceedings instituted for the construction of such improvement and of all other action taken by said town board in relation thereto. Within ten days after the adoption of a determination or order by the town board establishing, extending, dissolving or diminishing a district, or consolidating districts, the town clerk shall cause a certified copy thereof to be filed in the office of the state department of audit and control at Albany, New York. § 202-c. Dissolution and diminishing area of certain districts. This section of law relates to special districts and special improvement districts. Subdivision 1 was amended to refer to the new Article 17-A of General Municipal Law, and additional language changing the petition signature requirement from one requiring signatures of resident owners of taxable real property to one requiring signatures of resident registered voters was added in a new subdivision 1-a. The new language is underlined, deletions are shown as italic text in brackets. 1. [Upon a petition, as hereinafter provided, the] The town board of any town may dissolve and discontinue [any lighting, snow removal, water supply, or refuse and garbage district or a sewer district in which no sewer system has been constructed, provided that there be no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of such district] those districts described hereinafter pursuant either to the provisions of article seventeen-A of the general municipal law or the procedures provided in this section. 1-a. Upon a petition, the town board of any town may dissolve and discontinue any lighting, snow removal, water supply, or refuse and garbage district or a sewer district in which no sewer system has been constructed, provided that there be no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of such district. Such petition shall be signed by [resident owners of taxable real property aggregating at least one-half of all the taxable real property of the district owned by resident owners according to the latest completed assessment roll of the town, and acknowledged or proved in the same manner as a deed to be recorded, or] at least ten percent or five thousand, whichever is less, of the registered voters in this state registered to vote in such district and authenticated in the manner provided by the election law for the authentication of nominating petitions. When any such petition containing the required signatures shall have been presented, the town board shall adopt an order and 35 Page 54 of 610 enter the same in the minutes of its proceedings, reciting in general terms the filing of the petition, and specifying the purpose thereof, the name and boundaries of the district and the time when and place where said board will meet to consider the petition and to hear all persons interested in the subject thereof concerning the same. If the petition shall propose that the area of the district be diminished, the order shall also describe the portion of the district to be eliminated. The board shall cause a copy of such order, certified by the town clerk, to be published at least once in the official paper, the first publication thereof to be not less than ten nor more than twenty days before the day set therein for the hearing as aforesaid, and shall cause a copy thereof to be posted on the sign board of the town maintained pursuant to subdivision six of section thirty of this chapter not less than ten nor more than twenty days before the day designated for the hearing as aforesaid. If the town board shall determine, after such hearing and upon the evidence given thereat, that it is in the public interest to dissolve the district or to diminish the area thereof, the town board shall adopt an order accordingly dissolving the district or diminishing its area. If there are any contracts to accomplish the purpose of such district in force and effect, the town board shall not dissolve such district, nor diminish the area thereof, prior to the expiration of such contracts. If the district dissolved be wholly within a village incorporated since said district was formed and prior to April first, nineteen hundred sixty-five, all of the property of such district shall be and become the property of such village and such village upon delivery thereof, shall assume and pay all of the debts of such district. If the district shall not be wholly included within the limits of any village incorporated since said district was formed, all the property of such district shall become the property of the town and such town upon delivery thereof, shall assume and pay all the debts of such district. § 206. Consolidation of special districts and abolition of offices of commissioners by the town board. This section, relating to special districts and special improvement districts, was repealed. § 206-a. Consolidation of the district and its extensions. This section, relating to special districts and special improvement districts, was repealed. § 208-b. Dissolution of lighting or public parking districts; town of Oyster Bay. Subdivision 2 relating to the dissolution of districts was REPEALED, and subdivisions 3, 4, 5, 6, 7 and 8 were renumbered subdivisions 2, 3, 4, 5, 6 and 7. § 209-q. Sewer, drainage or water improvements. Paragraphs (d) and (e) of subdivision 6 were amended to remove a reference to Town Law section 209-r, which was repealed by this Act. The deletions are shown as italic text in brackets. (d) The town clerk shall cause a certified copy of any resolution or order adopted pursuant to paragraph (c) of this subdivision, subdivision five or paragraph (c) of subdivision eight of this section [ or section two hundred nine-r of this chapter] to be duly recorded in the office of the clerk of the county in which the town is located within ten days after the adoption of such resolution, or within ten days of the receipt of notification of the approval of the state comptroller where such approval is required by subdivision five or subdivision thirteen of this section. When so recorded, such resolution shall be presumptive evidence of the regularity of the proceedings and actions taken by the town board in relation thereto. (e) Any interested person aggrieved by any resolution or order adopted pursuant to paragraph (c) of this subdivision, subdivision five or paragraph (c) of subdivision eight of this section (, or 36 Page 55 of 610 section two hundred nine-r of this chapter]may review the same by a proceeding pursuant to article seventy-eight of the civil practice law and rules provided such proceeding is commenced within thirty days from the date of the recording of the certified copy of the resolution or order in the office of the county clerk. Any such resolution or order shall be final and conclusive unless a proceeding pursuant to article seventy-eight of the civil practice law and rules has been commenced within thirty days from the date of recording thereof. No review shall be had unless at the time the proceeding is commenced the interested person seeking the review shall give an undertaking approved by the supreme court, or a justice thereof, as to form, amount and sufficiency of sureties, that, in the event of failure to modify such resolution or order he or they will pay to the town board all costs and expenses as are incurred by it on account of the said proceeding as shall be determined by the court. In the event that upon such review there shall be any modification by the court of such resolution the court shall direct the modification thereof by order which shall be final and conclusive and such town board shall cause such order to be recorded and filed in the same place and manner as was the resolution or order appealed from. § 209-r. Dissolution of special sewer, drainage or water improvement districts. This section, relating to the dissolution of certain special districts, was repealed. AMENDMENTS TO VILLAGE LAW § 2-254 Effect of incorporation on all districts entirely within village. Subdivision 2-a was amended to refer to the new Article 17-A of General Municipal Law. The new language is underlined. 2-a. If the limits of a village incorporated prior to the first day of April, nineteen hundred sixty-five are coterminous with the limits of, or wholly include the territory of, a district, the board of trustees of the village, by local law or pursuant to the provisions of article seventeen-A of the general municipal law, may abolish any such district. In addition to any other notice required in connection with the adoption if such local law generally, thirty days' written notice of the hearing to be held in connection with such local law shall be given to the governing body of any such district and to the town clerk. A certified copy of any such local law shall be served upon or mailed to such governing body and clerk within five days following the adoption thereof. Except as otherwise provided in this section, the powers and duties of the governing body of a district so abolished and of all the officers of the district in connection therewith shall cease and determine upon the effective date of such local law and any board of commissioners, any office of commissioner and any other office of any such district shall also cease to exist at such time. No such local law shall become effective except on the last day of a fiscal year of the town or district, as the case may be. § 9-912 Propositions--submission and special election. This section relates to the types of propositions that may be submitted for permissive referendum. Paragraph (c) of subdivision 2 and subdivision 3 were repealed, removing the ability to have a permissive referendum on village consolidation or dissolution under this provision of law. Paragraphs (d) and (e) of subdivision 2 were relettered paragraphs (c) and (d). Subdivision 4 was renumbered subdivision 3 and amended to refer to the new Article 17-A of General Municipal Law. The new language is underlined. 3. A special election for submission of a proposition shall be noticed, conducted, canvassed and otherwise held in the same manner as a general village election; provided, however, that a proposition for the consolidation or dissolution of a village shall be noticed, conducted, 37 Page 56 of 610 canvassed and otherwise held pursuant to, and in accordance with, the provisions of article seventeen-A of the general municipal law. § 18-1806 Consolidation of villages. This section, relating to the consolidation of villages, was repealed. § 18-1808 Filing certificates. This section, relating to the consolidation of villages, was repealed. § 18-1810 Effect of consolidation. This section, relating to the consolidation of villages, was repealed. § 18-1812 Appointment of clerk. This section, relating to the consolidation of villages, was repealed. § 18-1814 First election in consolidating village. This section, relating to the consolidation of villages, was repealed. § 18-1816 Transfer of property to new village. This section, relating to the consolidation of villages, was repealed. § 18-1818 Reports of treasurers. This section, relating to the consolidation of villages, was repealed. Article 19 Dissolution of Villages This article, relating to the dissolution of villages and containing sections 19-1900 through 19- 1924, was repealed. AMENDMENTS TO LOCAL FINANCE LAW § 2.00 Definitions. Subdivision 21-a was amended to correct the spelling of"assessment" and to remove a reference to Town Law section 172, which was repealed by this Act. The new language is underlined, deletions are shown as italic text in brackets. 21-a. The term "full valuation", when used in relation to real property subject to taxation by a fire district, shall mean the valuation which is derived by dividing the assessed valuation of the real property concerned, as shown by the last completed assessment roll for the fire district, by the town equalization rate established by the authorized state officer or agency for such roll. Where, in the case of a newly-created fire district, there is no completed assessment roll for such fire district, full valuation shall be determined from the last completed [assesment] assessment roll upon which the real property included within the district was assessed for town purposes prior to such creation. Where, after the boundaries of a fire district shall have been changed so that real property subject to taxation for fire district purposes shall have been thereby added to or subtracted from the area of the fire district, there is no completed assessment roll for the fire district as so changed, full valuation shall be determined from the last completed assessment roll upon which the real property included in the fire district after such change was assessed prior to such change for town or fire district purposes, as the case may be. For the purpose of contracting indebtedness or for the purpose of preparing debt statements, the assessment rolls referred to in this subdivision shall mean such assessment rolls as completed, verified and filed 38 Page 57 of 610 by the assessors. Where two or more fire districts consolidate to form one fire district [pursuant to section one hundred seventy-two of the town law,] the consolidated fire district, for the purpose of this subdivision, shall not be deemed a newly-created fire district, but shall be deemed an existing fire district and its full valuation shall be determined accordingly. § 24.00 Tax anticipation notes. Subdivision 2 of paragraph d was amended to remove a reference to Town Law section 276, which was repealed by this Act. The deletions are shown as italic text in brackets. 2. In the case of the establishment of any improvement district of a county or of a town, which is to be financed by taxes or assessments levied upon an ad valorem or benefit basis, or in the case of the consolidation of special improvement districts [pursuant to section two hundred six of the town law], prior to the first levy in which such taxes or assessments are to be levied for such district or consolidated district the county or town, as the case may be, may issue tax anticipation notes for the necessary expenses incidental to the creation of such district or consolidation of such districts, and the other necessary expenses incurred or to be incurred for such district or consolidated district prior to such levy. SAVINGS CLAUSE Notwithstanding the repeal or amendment of any law by this act, nothing in this act shall be construed to impair the consolidation or dissolution of any local government entity pursuant to any such repealed or amended law if there was commenced in or for such local government entity prior to the effective date of this act a consolidation or dissolution proceeding pursuant to such law, in which event the provisions of such former law shall govern such proceeding as though such former law had not been repealed hereby. EFFECTIVE DATE This act shall take effect on the two hundred seventieth day after it shall have become a law. 39 Page 58 of 610 NEWYORK Division of Local STATE OF OPPORTUNITY Government Services One Commerce Plaza, 10th Floor 99 Washington Avenue, Albany, NY 12231 Telephone: (518) 473-3355 www.dos.ny.gov E-mail: localgov@dos.ny.gov Page 59 of 610 1. FindLaw/ 2. Codes/ 3. New York/ 4. Town Law/ 5. § 202-c New York Consolidated Laws,Town Law-TWN §202-c. Dissolution and diminishing area of certain districts Current as of January 01, 2024 1 Updated by Findlaw Staff 1. The town board of any town may dissolve and discontinue those districts described hereinafter pursuant either to the provisions of article seventeen-A of the general municipal law or the procedures provided in this section. 1-a. Upon a petition, the town board of any town may dissolve and discontinue any lighting, snow removal,water supply, or refuse and garbage district or a sewer district in which no sewer system has been constructed, provided that there be no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of such district. Such petition shall be signed by at least ten percent or five thousand, whichever is less, of the registered voters in this state registered to vote in such district and authenticated in the manner provided by the election law for the authentication of nominating petitions. When any such petition containing the required signatures shall have been presented, the town board shall adopt an order and enter the same in the minutes of its proceedings, reciting in general terms the filing of the petition, and specifying the purpose thereof, the name and boundaries of the district and the time when and place where said board will meet to consider the petition and to hear all persons interested in the subject thereof concerning the same. If the petition shall propose that the area of the district be diminished, the order shall also describe the portion of the district to be eliminated. The board shall cause a copy of such order, certified by the town clerk, to be published at least once in the official paper, the first publication thereof to be not less than ten nor more than twenty days before the day set therein for the hearing as aforesaid, and shall cause a copy thereof to be posted on the sign board of the town maintained pursuant to subdivision six of section thirty of this chapter not less than ten nor more than twenty days before the day designated for the hearing as aforesaid. If the town board shall determine, after such hearing and upon the evidence given thereat, that it is in the public interest to dissolve the district or to diminish the area thereof, the town board shall adopt an order accordingly dissolving the district or diminishing its area. If there are any contracts to accomplish the purpose of such district in Page 60 of 610 force and effect, the town board shall not dissolve such district, nor diminish the area thereof, prior to the expiration of such contracts. If the district dissolved be wholly within a village incorporated since said district was formed and prior to April first, nineteen hundred sixty-five, all of the property of such district shall be and become the property of such village and such village upon delivery thereof, shall assume and pay all of the debts of such district. If the district shall not be wholly included within the limits of any village incorporated since said district was formed, all the property of such district shall become the property of the town and such town upon delivery thereof, shall assume and pay all the debts of such district. 2. Whenever the town board of any town shall determine it to be in the public interest, said town board may, upon its own motion and without a petition, but after a public hearing held in the manner and upon the notice specified in subdivision one of this section, dissolve and discontinue any sewer, drainage, water, park, public parking, lighting, snow removal, water supply, refuse and garbage, or public dock district, provided that the period of three years shall have elapsed since the date of establishment of such district and that no improvement has been constructed or service provided for such district at any time since the establishment thereof and further provided that there be no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of such district. Page 61 of 610 Village of Larchmont Public public private policy final July 2024 VILLAGE OF LARCHMONT PUBLIC PARKS CAPITAL PROJECTS POLICY Resolution Whereas,the total area of the Village of Larchmont (the "Village") is approximately one square mile and the Town of Mamaroneck-Village of Larchmont Coastal Zone Management Commission Open Space Inventory Report (March 2004) identified nine publicly owned Village Parks as Addison Park, Constitution Park, Flint Park, Kane Park, Lorenzen Park, Parkway (Playhouse) Park, Pine Brook Park, Woodbine (Willow) Park, and Vanderburgh (Turtle) Park(collectively, "Parks" and individually, "Park"); Whereas,several of the Village's Parks are in or adjacent to three Critical Environmental Areas so designated by New York State for their aesthetic beauty, important coastal fish and wildlife habitat, and/or protection of water and natural area, and such designations are respected and these attributes protected; Whereas, the Village is committed to the preservation of the Village's remaining public open spaces and the ecological benefits they provide including, but not limited to, the existing natural land buffers protecting our community in the wake of severe storms; Whereas, the Village is committed to maintenance of existing built infrastructure in the Parks and providing resources so that the Parks may be enjoyed by future generations; Whereas, the Village Board of Trustees (the Board) is charged with setting the policies and enacting laws (e.g.,regarding pesticide use,leaf blowers)which underpin the strategic planning for and management of its Parks; Whereas, the Board, while acting as stewards of the Village's Parks, seeks to fairly represent all Village stakeholders in the use and enjoyment of the Parks and is charged with the weighing of competing interests for the benefit of Village residents and their environment. The Board shall set priorities for management based upon needs of the Village; Whereas,the Village has final authority over all capital projects and programs undertaken in the Parks and to the extent that any stakeholder wants to raise money from private donors, the Village and the stakeholder shall coordinate from the inception of the concept; Whereas, to further their charge, the Board works with the Village Parks and Trees Committee (P&TC) created to assist the Board in an advisory capacity and in other areas as requested by the Board, with the Village Environmental Committee where there are environmental issues or opportunities, the Village Beautification Committee, and with 1 Page 62 of 610 Village of Larcbmont Public public private policy final July 2024 other not-for-profit groups and stakeholders which support the Parks and the Village's policies. Now, therefore, be it resolved that the Board issues the following policies to guide the stewardship of Village Parks: 1. Policy Scope a) This Public Parks Capital Projects Policy (the "Policy") applies to individuals and organizations ("Project Sponsor") seeking to donate more than $35,000 to the Village for projects involving Park alteration or refurbishment(the "Project"). For donations under the threshold amount set forth under this Policy, the Project Sponsor should contact the P&TC Trustee liaison for guidance on how to proceed. 2. Steps for Project Approval a) The Project Sponsor must first submit their preliminary idea regarding the Project to the Trustee liaison for P&TC. At this stage, it is not necessary for the Project Sponsor to incur costs, but the Project Sponsor should, at a minimum,provide: • Information on the general scope of the Project (for example, playground replacement, field renovation etc.); • Any supporting documentation on the need for the Project including photos and last renovation date; and • Information on fundraising plans for the Project. The Project Sponsor is not required to have exact costs for the Project at this stage, but general cost estimates would be helpful. b) After the P&TC Trustee liaison is satisfied that the Project Sponsor provided sufficient information on the preliminary idea for the Project, the Board, in its discretion, may then invite the Project Sponsor to a public work session to present on the proposed Project. The Project Sponsor should be prepared to present on the items delineated in 2(a), preferably in the form of a powerpoint presentation. The Board will also advise members of the P&TC and Environmental Committee of this meeting. The purpose of the public work session is to vet the proposed Project considering the Village's needs, residents' desires, the Project's viability, and policies of the Board. c) If the Board decides that it wants to proceed with the idea for the Project,the Project Sponsor will work with the Village Administrator to develop the plan for the Project including,but not limited to, conducting surveys and hiring any necessary vendors to accomplish the Project plan (for example, architects and engineers). Unless otherwise agreed to in writing, the Project Sponsor is responsible for paying any costs associated with developing the Project plan. The Village Administrator will advise the Project Sponsor of the costs associated with developing the Project plan. 2 Page 63 of 610 Village of Larcbmont Public public private policy final July 2024 If those costs are more than the Project Sponsor anticipated, the Project Sponsor can decline to proceed with the Project and the retention of any necessary vendors at this stage. d) If the Project Sponsor would like to proceed with incurring costs to develop the Project plan, the Village may choose to negotiate and sign a Memorandum of Understanding ("MOU")with the Project Sponsor. e) After receiving sufficient information from vendors and others,the Project Sponsor will work to finalize the Project scope, including estimated costs (which shall include at least a fifteen percent contingency),maintenance requirements,timeline, environmental considerations, fundraising goals, and requested funding, if any, from the Village (the "Project Plan"). The Project Sponsor should submit their Project Plan to the Board and the P&TC and Environmental Committees, through the Trustee liaisons, for review. The P&TC and Environmental Committees may submit feedback on the Project Plan to the Board. The Project Plan will also be posted on the Village website so residents can submit feedback. f) The Board will invite the Project Sponsor to a public work session to present the Project Plan. At that time, the Board may resolve to authorize or reject the development of the Project Plan. If the Board authorizes the Project Plan, the Project Plan will be presented at a public hearing where residents can provide feedback on the Project Plan. g) After considering any feedback of residents,the Board will vote whether to finalize the Project Plan, authorize the creation of a Capital Projects construction fund, and authorize the Village Administrator to take all necessary steps to begin the implementation of the project (the "Approved Project"). At that time, the MOU shall be amended to include the construction phase and set out the payment schedule to the Village and fundraising milestones. 3. Construction/Implementation Phase a) A committee will be formed to ensure the Approved Project proceeds efficiently consisting of at least two individuals representing the Project Sponsor, the P&TC Trustee liaison, a member of the Village staff, and the Village Treasurer. That committee will endeavor to meet at least monthly or as needed to discuss the Approved Project and review all proposed or finalized change orders to the Approved Project(the "Project Plan Committee"). b) The Village Administrator will work with the Project Sponsor to hire any necessary vendors and help purchase any equipment and supplies in connection with the Approved Project. All approved projects are public works which are subject to all applicable laws. 3 Page 64 of 610 Village of Larcbmont Public public private policy final July 2024 c) The Project Sponsor and its representatives cannot instruct any vendors retained in connection with the Project nor communicate with those vendors without including a Village representative. For the avoidance of doubt, this means that no one from the Project Sponsor can email a vendor retained for the Approved Project without a Village representative being cc'd on the email nor meet with the vendor without a Trustee,Mayor, or member of the Village staff. d) The Project Sponsor cannot make any change orders to the Approved Project without Village approval. Change orders that result in any material deviations to the Approved Project require the Board of Trustees approval (for example, tree removals, changes to design or materials used). The Project Plan Committee will be notified of all change orders made between meetings and will be invited, where possible, for discussions on pending change orders. e) The Project Sponsor must have an independent treasurer throughout the duration of the Project and advise the Board of any vacancies or replacements to its Board. Upon request by the Village,the Project Sponsor must also provide the Village with a copy of its charter, by-laws, and all required New York State and IRS annual filings and reports. f) The Project Sponsor Treasurer and Village Treasurer will meet no less than once per calendar month to reconcile all funds held by the Project Sponsor. g) All donor funds held by the Village shall be kept in a separate interest-bearing account designated for the Approved Project. h) Any written communications about the Approved Project that are shared by the parties, must be mutually reviewed and approved. 4 Page 65 of 610 f fr 0 Tran Larchmont"I�I■ GOVERNMENT DEPARTMENTS&SERVICES COMMUNITY HOW DO I? NEW YORK �es� RELATED PAGES Home • Government • Advisory Committees • Finance&Budget Arts Finance & Budget Committee Beautification The Finance&Budget Committee(FBC)is comprised of volunteer residents Climate Smart appointed by the Village Board of Trustees for two-year terms.The FBC is Communities Task responsible for assisting the Mayor and the Village Board in the annual spring Force budget process.The Committee typically seeks to help find ways to lower Coastal Zone costs and improve services. Management Finance&Budget Please contact the Village Clerk's Office to find out more about the Finance& Budget Committee. Historic Preservation 4 Larchmont GOVERNMENT DEPARTMENTS&SERVICES COMMUNITY HOW DO I? NEW YORK ,ee, Finance&Budget Please contact the Village Clerk's Office to find out more about the Finance& Budget Committee. Historic Preservation LEC(Environmental) Members Parks&Trees • Michael Berger,Chair Recreation Committee • John McGarr, Member • Jeremy Hazen, Member • Ann Lefever, Member • Adam Bloom,Member Trustee Co-Liaisons:Terence Pare and Peter Fanelli Charter of the Finance and Budget Committee a Page 66 of 610 ley `% Ma,yt9v. Welcome to the Village of Select Language In Search Q ..:4_,...... MA_MARO N E C K Powered by o yc 4^ NEW YO R K ea No``° r. r r` FIND IT About Boards Agendas&Minutes Departments Code Calendar FAQs 1OC/��►T Resolution Constituting Board Agendas r/r'\�7 Home»Boards 4 $ Contact Info Budget Committee •Budget Committee Meeting Agenda March 3,2026 Address: March 3,2026-7:00pm The Budget Committee provides support and guidance to the Mayor, Village Hall at the Regatta •Budget Committee Agenda Mamaroneck Avenue Board of Trustees,Village Manager,and Clerk-Treasurer in their endeav- 123 February 3,2026-7:00pm ors to improve the quality of life in the Village of Mamaroneck while mini- Mamaroneck,NY 10543 •• r r •Budget Committee Agenda Resolution Constituting Board Agendas Home»Boards 4 $ Contact Info Budget Committee •Budget Committee Meeting Agenda March 3,2026 Address: March 3,2026-7:00pm Village Hall at the Regatta The Budget Committee provides support and guidance to the Mayor, .gudget Committee Agenda Mamaroneck Avenue Board of Trustees,Village Manager,and Clerk-Treasurer in their endeav- 123 February 3,2026-7:00pm Mamaroneck,NY 10543 ors to improve the quality of life in the Village of Mamaroneck while mini- ,gudget Committee Agenda United States mizing the financial burden.The Committee analyzes and recommends September 30,2025-7:00pm See map:Google Maps means and methods to optimize programs and services as well as identi- fies cost savings opportunities,value added opportunities,and how to gen- •Budget Committee Agenda Meetings-When: 1st Tuesday of erate revenues to offset costs. September 2,2025-7:00pm the Month •Budget Committee Agenda Meetings-Where: See calendar If you would like to contact all the members of the Budget Committee, August 8,2025-7:00am Meetings-Time: 7:00 pm please email them at BudgetCommittee@vomny.org.To email an indi- View all vidual member of the Budget Committee,please refer to the roster below. Committee Members Minutes Name Title Email Leonard Aubrey HELD laubrey@vomny.net •Budget Committee Minutes Glenn Tippet( Member(December 2026) gtippett@vomny.net December 2,2025 Sara Gojanaj Member(December 2026) sgojanal@vomny.net •Budget Committee Minutes OPEN Member(December 2026) July 1,2025 Page 67 of 610 - 4 C e villageofmamaroneckny.gov/budget-committee * [q %r 0 Meetings-Where: See calendar If you would like to contact all the members of the Budget Committee, August 8,2025-7:00am Meetings-Time: 7:00 pm please email them at BudgetCommittee@vomny.org.To email an indi- View all vidual member of the Budget Committee,please refer to the roster below. Committee Members Minutes Name Title Email Leonard Aubrey HELD laubrey@vomny.net •Budget Committee Minutes Glenn Tippett Member(December 2026) gtippett@vomny.net December 2,2025 Sara Gojanaj Member(December 2026) sgojanaj@vomny.net •Budget Committee Minutes OPEN Member(December 2026) July 1,2025 Joshua Gubitz Member(December 2027) gtippett@vomny.net •Budget Committee Minutes Catherine Chaput Member(December 2028) cchaput@vomny.net June 10,2025 Randal Ikeda Member(December 2028) rikeda@vomny.net •Budget Committee Minutes Ellen Silver Trustee Liaison esilver@vomny.org April 16,2025 •Budget Committee Minutes March 13,2025 Board Members View all Page 68 of 610 BOARD OF TRUSTEES MAY 29TH, 1990 REGULAR MEETING RE: FORMATION OF BUDGET COMMITTEE On motion of Trustee Weingarten, seconded by Trustee Ottinger: RESOLVED, that the Board of Trustees hereby approves the formation of a standing Budget Committee for the purpose of reviewing matters related to the Village of Mamaroneck budget, both the Capital and Operating Budget, and the budget process ; and BE IT HEREBY RESOLVED as follows: (I) The Budget Committee shall be comprised of seven members to be appointed by the Board of Trustees who shall serve a term of three years , each term to expire at the end of the official year of the Village, except for the initial appointments, three (3) shall be appointed to serve for one year, two (2) shall be appointed to serve for two years and two (2) shall be appointed to serve for three years. The members of the Committee shall serve without compensation. The Committee shall annually elect, from its own members, a Chairman and Vice-Chairman. Any vacancy on the Committee shall be filled for the unexpired term in the same manner in which the original appointment was made. The Budget Committee shall meet and confer with the Village Manager and the Board of Trustees' and submit comments and recommendations on a periodic basis to the Board of Trustees for their consideration. The following individuals shall be appointed to serve on the Budget Committee as noted: Henry Allen and Frank DeVincent shall serve for a term of three years, such term to expire April 1993 . Fred Rosenberg shall serve for a term of two years, such term to expire April 1992 . Regan Kelly and Archie Gianunzio shall serve for a term of one year, such term to expire April 1991. Ayes: Ottinger , Weingarten, Rogers, Hofstetter, Nato Nays: None Page 69 of 610 • • BUDGET COMMITTEE The mission of the Budget Committee is to provide support and guidance to the Mayor, Board of Trustees,Village Manager, and Clerk-Treasurer in their endeavor to improve the quality of life in our Village while minimizing the financial burden by analyzing and recommending means and methods to: optimize programs and services identify cost savings opportunities generate revenues to offset costs identify value added opportunities Page 70 of 610 47, Lu m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: 2025 Budget Report Date: March 18, 2026 Attached, please find the 2025 Operating Budget Year-End Report by Town Comptroller, Tracy Yogman. Tracy will be present at the meeting to review this report with the Board. Action Requested: No action is needed. Attachment/s: 2025 Budget Summary Review 2 Page 71 of 610 TOWN OF MAMARON ECK 2025 ANNUAL BUDGET SUMMARY 2025 2025 2025 In Millions ACTUAL ACTUAL REVENUE EXPENSES NET RESULTS General Fund $15.2 $13.8 $1.4 Part Town Fund $19.4 $18.9 $0.5 Highway Fund $7.0 $7.0 $o.o Special Districts $15.2 $12.5 $2.7 Total $56.8 $52.2 $4.6 2025 ACTUAL REVENUE • 2025 ACTUAL EXPENSES 2025 NET RESULTS $60 $56.8 $50 $40 $30 $20 $19.4 $15.2 $15.2 $10 $1.4 $7.0 $7.0 9-$2.7 $4.6 $0 $05 General Fund Part Town Fund Highway Fund Special Districts Total GENERAL FUND: • Revenues exceeded budget by$854k-Mortgage Tax,interest,tax penalties account for the majority of the budget variance • Expense savings of$1.7 million-Vacancies,pooL,benefits,contract negotiations PART TOWN FUND • Revenues exceeded budget by$796k-Sales Tax,Special Duty,Completed capital projects • Expense savings of$236k-employee benefits,various expenses HIGHWAY FUND • Revenues exceeded budget by$71k-Vehicle fuel/maintenance charges,interest income • Expense savings of$217k-Fuel,overtime,contract negotiations operational expenses Special Districts • The majority of the savings is in the Water Fund for the Rye Lake Filtration Plant project to be utilized as the project progresses Page 72 of 610 2025 Actual Revenue Variances Pr $53.5M11 $56.8M $3.2M 2025 Adopted Town Revenue 2025 Actuals Revenue Variance Budget Townwide Revenue Major Variances • Real Estate Taxes:$400K below budget due to an increase in uncollectible balances. • Investment Revenue:$318K above budget as interest rates remained higher than anticipated. • Mortgage&Sales Taxes:$526K above budget driven by strong consumer spending,housing activity,and price increases. • Police Special Duty:Higher revenue from utility work on Town roadways requiring police traffic control and overtime reimbursement. • Closed Capital Projects:Revenues recognized from project closeouts including East Valley Stream Bridge,Town Center flat roofs,and the Madison Ave traffic signal. • Sale of Equipment:Proceeds from the sale of a fire engine transferred to debt service for replacement. • Other Revenues:Includes insurance recoveries,equipment sales,building permits,and other miscellaneous sources. Three General Fund Budgetary Variances: In Thousands General Fund Part Town Fund Highway Fund Mortgage Tax/Sales Tax $324 $202 $0 Police Special Duty $0 $360 $0 Investment Earnings $176 $83 $17 Closed Capital Project $288 $183 $0 Various Other Revenue $86 -$32 $54 TOTAL REVENUE VARIANCE $874 $796 $71 General Fund Part Town Fund Highway Fund Mortgage Tax/Sales Tax $324 $202 Police Special Duty $360 Investment Earnings $176 $83 • Closed Capital Project $288 $183 Various Other Revenue , $86 $54 -$100 $0 $100 $200 $300 $400 $500 $60C Page 73 of 610 2025 Actual Expense Variances Fir $55.8M I $52.3M $3.5M 2025 Adopted Town Expense 2025 Actuals Expense Savings Budget Townwide Budgetary Expense Variances • Employee-related cost savings were primarily driven by vacancy savings,deferred retirements,postponed contractual negotiations,and reductions in employee benefit expenses.Salary and benefit savings totaled$1.3 million,representing approximately 37%of the total savings. • The Water Fund reported a favorable variance of$1.1 million,primarily because one project was financed through bonding rather than cash,and contingency funds allocated for ongoing water projects were not required. • Other Operating Expenses resulted in savings of approximately$600,000. • Capital Project expenses exceeded the budget and required additional funding of$461,000,including costs associated with the right-hand turn signal project,road paving,the Weaver Street sidewalk,curbs,and other infrastructure improvements. Three General Fund Variances: In Thousands General Fund Part Town Highway Full time Employee Cost Savings $671 $186 $93 Recreation Savings $431 $5 $0 Various $715 $80 $327 TOTAL EXPENSE SAVINGS $1,736 $236 $218 Capital Project Expenses -$81 -$35 -$202 TOTAL EXPENSE VARIANCE $1,655 $201 $16 • General Fund • Part Town ® Highway Full time Employee Cost Savings $671 $186 Recreation Savings $431 Various $715 TOTAL EXPENSE SAVINGS $1,736 $236 $218 $0 $500 $1,000 $1,500 $2,000 $2,50C Page 74 of 610 FUND BALANCES 2025 net results by fund are provided below. It is important to note the following information when reviewing the fund balances: • Favorable results were driven by vacancy savings, strong mortgage and sales tax revenues, increased police special duty revenue,higher investment earnings,and department-wide cost control efforts.Additional water fund revenue from Rye Lake rate adjustments also contributed. • Total 2025 year fund balance will be reduced by$2.7 million that is appropriated in the 2026 Adopted Budget. • Each Town fund maintains its own designated fund balance,and balances cannot be transferred between funds. • The Water Fund represents approximately 13%of the total fund balance.Excluding the Water Fund,fund balance would equal 38%of revenues,compared with 41.3%including all funds. • Maintaining a fund balance of approximately 40%of revenues is required to preserve the Town's AAA bond rating, allowing the Town to borrow at lower interest rates and reduce costs for taxpayers. • As we prepare to finance upcoming capital projects,the capital plan will be reviewed,including$1.2 million in deferred projects,to determine appropriate funding sources,including potential use of fund balance and updated revenue projections. Fund Balance 2025 2025 2025 Net Fund Balance @ 1/1/25 Revenue Expenses Results @ 12/31/25 %Revenue General Fund $8,045,382 $15,188,930 $13,754,853 $1,434,077 $9,251,681 60.91% Part Town $5,117,405 $19,368,818 $18,904,039 $464,779 $5,304,763 27.39% Highway $2,940,320 $7,049,190 $7,045,743 $3,447 $2,837,409 40.25% Fire $1,116,463 $5,816,514 $5,281,875 $534,639 $1,448,025 24.90% Streetlighting $164,668 $342,066 $325,213 $16,853 $179,103 52.36% Ambulance $4,624,074 $2,330,166 $2,265,695 $64,471 $466,316 20.01% Garbage $612,032 $2,784,598 $2,897,675 -$113,077 $497,520 1787% Sewer $254,933 $733,938 $582,400 $151,538 $405,142 55.20% Water $978,080 $3,206,308 $1,193,228 $2,013,080 $2,991,010 93.29% TOTAL EXPENSES $23,853,357 $56,820,528 $52,250,721 $4,569,807 $23,380,969 41.15% Page 75 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: 2026 Operating Budget Amendments Date: March 18, 2026 Attached please find a memo from Tracy Yogman, Town Comptroller, regarding 2026 Operating Budget amendments. Action Requested: Resolved that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented. Page 76 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2026 Operating Budget Amendments General: In compliance with the Budget Policy the following 2026 Operating Budget amendments are recommended for approval as they increase appropriations. 1. Judgements & Claims (A1900-1931) A Senior Citizen Rent Exemption Increase payment for prior years was received and paid that was more than the 2026 funding. A budget amendment is recommended below to transfer funds from contingency. 2. Snow Removal (A5650,DB5142) There have been 7 snow/ice events in 2026 with an estimated out of pocket cost of$365k. The 2026 Snow Budget is $262k. The budget shortfall is $103k with the possibility of additional snow by year end. A budget amendment is recommended below to utilize fund balance for these storms. 3. LM Media (B8989) LM Media required funding for their new offices for equipment that is not funded by the DASNY grant. The Public, Educational and Government funding received from the cable providers exclusively available for equipment. A budget amendment is recommended below to fund these purchases from those funds leaving a remaining balance of$241k. Attachment/s: 2026 OPERATING BUDGET AMENDMENTS -March 18, 2026 Page 77 of 610 2026 OPERATING BUDGET AMENDMENTS GENERAL FUND(FUND A) 1 A1900-1931 Expense Judgements & Ckaims Increase 6,256.05 A1900-4050 Expense Contingency Decrease (6,256.05) 2 A5650-4047 Expense Snow Removal-Contracts Increase 1,900.00 A1900-4050 Expense Contingency Decrease (1,900.00) PART TOWN (FUND B) 3 B8989-2102 Expense LM Cable-MiscEquip Increase 1,059.60 B8989-4267 Expense LM Cable-Legal fees Decrease (1,059.60) HIGHWAY (FUND DB) 2 DB5142-1015 Expense Snow Removal-Overtime Increase 95,100.67 DB5142-1021 Expense Snow Removal-Part time Increase 1,478.97 DB5142-2102 Expense Snow Removal-Misc Equip Decrease (2,502.00) DB5142-4002 Expense Snow Removal-Svc Contracts Decrease (3,000.00) DB5142-4010 Expense Snow Removal-Op Supplies Increase 3,337.88 DB5142-4250 Expense Snow Removal-Rock Salt Increase 5,500.00 DB9999-5995 Revenue Highway Fund Balance Increase 99,915.52 Page 78 of 610 0 ul 1 rrl Town of Mamaroneck in # x Town Center FOUNDED 1661 i 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: 2026 Capital Budget Amendments Date: March 18, 2026 Attached please find a memo from Tracy Yogman, Town Comptroller, regarding Capital Budget amendments. Action Requested: Resolved that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented. Page 79 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2026 Capital Budget Amendments General: In compliance with the Budget Policy, the following 2026 Capital Budget amendments are recommended for approval: 1. Electric Vehicle Charging Stations (H1408) The Town has received funding from Westchester County and Con Edison to install four electric charging stations to be placed in Parking Lots A and B at no cost to the Town. A budget amendment to reflect this project and the associated funding is recommended below. 2. Rye Lake Filtration Plant(H1364) Funding adjustments are needed to reduce borrowing costs on the bonds and the loan as we will be utilizing water funds to reduce some of the borrowing needed. A budget amendment to reflect the reduction in costs is recommended below. 3. Highway Garage Alarm System (H5139) The fire alarm system has been installed in the Highway Garage and the project is complete. A budget amendment is recommended below to return the balance to the Highway fund. 4. Kenilworth Booster Station Modification (H1403) This project involved minor piping and valve work and has been completed slightly under budget. A budget amendment is recommended below to return the balance to the Water Fund. Attachment/s: 2026 CAPITAL BUDGET AMENDMENTS - March 18, 2026 Page 80 of 610 2026 CAPITAL BUDGET AMENDMENTS Increase/ Item# Type Budget Account Description (Decrease) Amount Capital Rind(H Fund) 1 Expense H1408-0400 H ectri c Vehi cl e Chargers Increase $ 143,331.57 Ievenue H1408-2706 County Funding Increase 71,331.57 Ievenue H1408-2770 Misc Funding-Con Ed Incentives Increase 72,000.00 2 Expense H1364-4022 Bond Expense Decrease (8,524.00) Expense H1364-0400 (educe Cbnti ngency Decrease (607,973.00) (avenue H1364-5790 tl-C Loa n- (educe Borrowing Costs Decrease (181,842.00) (avenue H1364-5710 Bond (avenue Decrease (434,656.00) 3 Expense H5139-0400 H ghway( rage AJ a rm Decrease (8,046.49) Expense H5139-9940 Transfer to DB Increase 8,046.49 4 Expense H1403-0400 Kenilworth Booster Pump Station Decrease (2,952.52) Expense H1403-9904 Transfer to 9N Increase 2,952.52 Highway Fund(DB Fund) 3 (avenue DB9000-5040 Transfer from H5139 Increase 8,046.49 (avenue DB9999-5995 Appropriated Fund Balance Decrease (8,046.49) Water Fund(SW Fund) 4 (avenue 91v9900-5040 Transfer from H1403 Increase 2,952.52 (avenue S 9999-5995 Appropriated Fund Balance Decrease (2,952.52) Page 81 of 610 Page 82 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: Housing Action Council Recertification Agreement Date: March 18, 2026 Attached please find a renewal agreement from Chance Mullen, Executive Director of the Housing Action Council (HAC), for services related to qualifying and certifying applicants for affordable housing at the Cambium complex. Fees for these services have increased approximately 3.5% since 2025. The term of this agreement would be January 1, 2026 through December 31, 2026. Action Requested: Resolved that the Town Board approves the 2026 agreement with Housing Action Council Inc. to provide qualifying and certification services for affordable housing units for the Cambium Condominiums based on the proposal dated March 6, 2026 as presented, and hereby authorizes the Town Administrator to execute the agreement and any related documents necessary to carry out its implementation. Attachment/s: Town of Mamaroneck Recertifications Agreement- Cambium 2026 Page 83 of 610 Housing Action Council Inc. 55 South Broadway, 2nd Fl • Tarrytown • NY 10591 (914) 332-4144 • Fax (914) 332-4147 • chancem©affordablehomes.orq March 6,2026 TO: Meredith S. Robson Town Administrator Town of Mamaroneck FROM: Chance Mullen Executive Director RE: Qualifying/Certifying of Households for Cambium(2025) Dear Administrator Robson, Thank you for requesting a proposal from Housing Action Council("HAC")to continue providing services to the Town of Mamaroneck to qualify and certify individuals for affordable housing units. It is our understanding that the Cambium includes 10 affordable units,that current occupants must be recertified on an annual basis and that when vacancies occur,prospective occupants must be qualified. The Housing Action Council has extensive experience in qualifying prospective applicants and recertifying tenants in affordable units including The Danforth in Dobbs Ferry, Saw Mill Lofts in Hastings-on-Hudson, and the City of New Rochelle Affordable Housing Program.Below is a description of our services: When supporting the lease-up of new or vacant units,the Housing Action Council qualifies applicants in the order of their lottery(and/or waitlist)number and household size.Applicants are assessed to determine the completeness of their applications and income qualification,in accordance with the relevant selection criteria.HAC follows HUD's Part V Determination of Income requirements. Qualified applicants will be offered a unit subject to the owner/manager's screening criteria in the case of tenancy or support securing a responsible mortgage in the case of for-sale units.The Housing Action Council is available to assist a purchaser through the mortgage approval process. For annual recertifications,the Housing Action Council will conduct a similar analysis for household income qualification and household composition.HAC will certify that the tenant's income does not exceed the applicable income threshold established for the unit, and if the income exceeds the relevant income threshold,HAC will advise the Town, and/or its designee,in accordance with the Policies and Procedures established for the unit. When applications are rejected from consideration due to the applicant not meeting the relevant income requirements(or if the household size exceeds the occupancy standard for the units available), applicants are notified in writing of the grounds for the rejection and are given 14 days from the date of the letter to request a meeting with a representative from HAC to discuss and/or review the rejection. If the applicant requests such a meeting,HAC will schedule a meeting with the applicant within five (5)days of such request.The applicant may bring additional data to support their appeal or present a verbal explanation of why they should not be denied occupancy.Factors taken into consideration include but are not limited to: evidence of rehabilitation or repair of the disqualifying act; length of time since the occurrence of the disqualifying act; evidence of additional income, savings or the availability of gift funds; or the likelihood of the reoccurrence Page 84 of 610 of the disqualifying act.A written decision regarding the appeal will be provided to the applicant within five (5)days of the meeting. In addition,the Housing Action Council will: • Set up a database to determine timing of annual recertifications • Provide timely notices to tenants re: recertification • Collect and analyze income documents and follow-up with tenants as needed • Notify tenants of determination • Provide semi-annual and annual report to the Town of Mamaroneck,or its designee,regarding the status of current lease-ups,sales and/or recertifications Our current fee schedule is as follows: o Recertification of Existing Tenants in Affordable Rental Units--$435/unit o Screening& Qualifying New Applicants for Affordable Rental Units-- $1,060/leased unit o Screening& Qualifying Applicants for For-Sale Affordable Units-- $2,700/closed unit Thanks again for the opportunity to continue our partnership. If the Town Board approves this arrangement, it shall be in effect for all 2026 recertifications and lease-ups (January 1,2026 through December 31,2026. If you have any questions or would like to further discuss this proposal,please do not hesitate to call or email me at chancem@affordablehomes.org. Sincere , CL— /12/L Chance Mullen Executive Director Page 85 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Robert P. Wasp, Town Engineer Tracy Yogman, Town Comptroller Re: Bid - TA-26-02 Reflectorized Pavement Markings & Striping - Years 2026 & 2027 Date: March 18, 2026 Attached please find a memo from Robert Wasp, Town Engineer, recommending that the Town Board reject the bid for the road pavement markings and striping contract so the bid documents can be revised and re-posted to obtain more competitive pricing. Action Requested: Resolved that the Town Board hereby rejects Bid TA-26-02 - Reflectorized Pavement Markings & Striping -Years 2026 & 2027. Attachment/s: TB Memo Reflectorized Pavement Markings Striping_03122026 3 Bid Tabulation TA-26-02 Page 86 of 610 o� 2j9 Robert P. Wasp, P.E., C.D.T. 32 Engineering Department TEL:914/381-7835 9 Z Town of Mamaroneck FAX:914/381-8473 740 West Boston Post Road rwasp@townofmamaroneckNY.gov •FOUNDED 1661• Mamaroneck, NY 10543 INTERDEPARTMENT MEMORANDUM DATE: March 12, 2026 TO: Meredith Robson, Town Administrator CC: Tracy Yogman, Town Comptroller FROM: Robert Wasp, P.E., Town Engineer SUBJECT: Recommendation of Contract Authorization TA-26-02—Reflectorized Pavement Markings & Striping GENERAL: Bid procurement was recently completed for the Town's 2026 & 2027 Reflectorized Pavement Markings and Striping contract. The project scope consists of placing permanent pavement markings along Town of Mamaroneck roadways, parking lots, properties and other areas of right-of-ways in accordance with Town of Mamaroneck specifications. On February 19th, 2026, one (1)hard copy bid proposal were received as summarized on the attached bid tabulation table. The low bidder is "Safety Marking LLC" at the submitted bid price of$20,745 and $20,745 for the base contract scope for years 2026 and 2027, respectively. Please refer to the attached tabulation summary of the contractor's proposal. Funding for line painting and pavement marking work is budgeted as part of operating line B3310-4202. The Engineering Department recommends that the Town Board reject the bid received to allow changes to the bid quantities to better align with the Town's budget. Bid documents with be updated and subsequently reposted to allow the Town to obtain the best value for the contract work. Please feel free to contact me with any questions. Page 87 of 610 Town of Mamaroneck a' Engineering Department, Town Center TENTATIVE BID RESULTS op 740 W. Boston Post Road, Mamaroneck, NY 10543-3353 wmI- 7 Contract#TA-26-02 REFLECTORIZED PAVEMENT MARKINGS AND STRIPING •FOUNDED 1661 • Bid Opening Results, February 19th 2026 at 11:00 a.m. E.S.T. Safety Marking,LLC Bid Item Bridgeport, CT 06605 Bid Bond: Yes 2026 2027 Item No. 1: 49,500 Lineal Feet of 4-inch Double Yellow Reflectorized Pavement Striping&Labor, Equipment to $12,375.00 $12,375.00 Install Item No. 2: 62,000 Feet of 4-inch White Reflectorized $8,370.00 $8,370.00 Pavement Striping& Labor,Equipment to Install Total Base Bid Amount $20,745.00 ,$20,745.00 Supplemental Unit Bid Items 2026 2027 Item No. Si: White Reflectorized Stop Bars (Per Each) $14.25 $14.25 Item No. S2: White Reflectorized Crosswalks(Per Each) $100.00 $100.00 Item No. S3: White Reflectorized Stenciled Lettering(Per Each) $45.00 $45.00 Item No. S4: White Reflectorized Directional Arrows (Per Each) $40.00 $40.00 Item No. S5:Paint Removal and Asphalt Grinding(Per LF) $1.15 $1.15 Item No. S6:Bike Lane Sharrow (each) $72.00 $72.00 Item No. S7: Travel Lane Layout(Per LF) $0.08 $0.08 Item No. S8:Reflectorized Thermoplastic Directional Arrows(Per Each) $110.00 $110.00 Item No. S9:Reflectorized Thermoplastic Stenciled Lettering(Per Each) $100.00 $100.00 Item No. S10 White Reflectorized Thermoplastic Stenciled Lettering(Per Each) $450.00 $450.00 Item No. S1 1 White Reflectorized Thermoplastic Crosswalks(Per Each) $60.00 $60.00 Item No. S12 Bike Lane Sharrow Reflectorized Thermoplastic (Per Each) $425.00 $425.00 Page 88 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Richard Polcari, Building Inspector Re: Proposed Local Law "Adoption of the Updated NYStretch Energy Code" Date: March 18, 2026 Please see attached memo submitted by Town Attorney, William Maker and Building Inspector, Richard Polcari,regarding updating to the Town's NYStretch Code. The Town Board set the public hearing for this proposed local law for the March 18, 2026 meeting. However, it will need to be re-scheduled for the April 8, 2026 Town Board meeting. Therefore, I offer the following resolution. Action Requested: Resolved that the Town Board hereby sets a public hearing for proposed local law "Adoption of the Updated NYStretch Energy Code" for the April 8, 2026 Town Board meeting. Attachment/s: 2026-02-13-mx TB w proposed LL Page 89 of 610 o "Pz Town of Mamaroneck r n County of Westchester ~FOUNDED 1E61 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914 1381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board ccs: Meredith S. Robson,Town Administrator Allison May,Town Clerk Richard Polcari,Building Inspector From: William Maker,Jr., Attorney for the Town Subject: Energy Code Date: February 13,2026 New York State has upgraded the standards for energy efficient construction. To keep pace, the Town must amend its Code to incorporate the changes made by the State. In collaboration with the Building Inspector,I prepared the attached proposed local law. If the Town Board considers this proposed law worthy of public discussion, it may set a public hearing and after the hearing is closed, decide whether to enact it. t (41 Page 90 of 610 Local Law No. -2026 This local law shall be known as the "Adoption of the Updated NYStretch Energy Code" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1 -Purpose: To protect and promote the public health, safety, and welfare of its residents by requiring compliance with energy efficient building standards, in 2021, the Town Board adopted the NYStretch Energy Code 2020, published by the New York State Energy Research and Development Authority. On December 31 2025, the State of New York adopted the 2025 Energy Conservation Code of New York State (2025 ECCCNYS). The Town Board recognizes that parts of the NYStretch Energy Code 2020 are more restrictive than parts of the 2025 ECCCNYS but other parts are not. The Town Board wishes to make the more stringent requirements for energy efficient construction in both the NYStretch Energy Code 2020 and the 2025 ECCCNYS applicable to construction in the unincorporated area of the Town of Mamaroneck. Acting pursuant to New York Energy Law§11-109(1), the Town Board updates the Town Code by incorporating into it the most energy efficient building standards of both the NYStretch Energy Code 2020 and the 2025 ECCCNYS. Section 2-Amendment of a current section of the Mamaroneck Code: Section 106-40.1 of the Code of the Town of Mamaroneck is repealed and the following is substituted in its place: §106-40.1 Adoption of NY Stretch Energy Code 2020 A. The NYStretch Energy Code 2020 shall apply to all new construction, substantial renovations, alterations and additions in the unincorporated area of the Town of Mamaroneck with respect to properties for which a building permit was issued prior to December 31, 2025. B. All new construction, substantial renovations, alterations and additions in the unincorporated area of the Town of Mamaroneck with respect to properties for which a building permit was applied on or after December 31, 2025 shall comply with both the NYStretch Energy Code 2020 and the 2025 ECCCNYS. In those areas where the NYStretch Energy Code 2020 imposes more stringent requirements for energy efficient construction than the 2025 ECCCNYS does, the NYStretch Energy Code 2020 shall apply. In those areas where the 2025 ECCCNYS imposes more stringent requirements for energy efficient construction than the NYStretch Energy Code 2020 does, the 2025 ECCCNYS shall apply. Page 91 of 610 C. Notwithstanding the foregoing, the more stringent requirements for energy efficient construction imposed by 2025 ECCCNYS shall not apply to persons who either have or will have obtained building permits or have or will have submitted complete applications for building permits prior to the effective date of this law. Section 3—Severability: Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 4—Effective Date: This Local Law shall become effective upon filing with the Secretary of State. February 13,2026(RP edits) Page 92 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Richard Polcari, Building Inspector Re: Proposed Local Law "Sport Court as an Accessory Use" Date: March 18, 2026 Please see the attached proposed local law "Sport Court as an Accessory Use" from the Town Attorney, William Maker. It contains provisions that define the permissible time periods for the operation of outdoor lighting. The proposed law will be referred to the Planning Board, which has 45 days to complete its review. If the Planning Board deems it acceptable and the Town Board deems it acceptable, the Town Board will be required to schedule a public hearing to consider its adoption. Action Requested: RESOLVED, that the Town Board hereby refers the proposed local law "Sport Court as an Accessory Use" to the Planning Board for its review and recommendation, and upon receipt of such recommendation, shall proceed to set a public hearing to consider its adoption. Attachment/s: 2026-3-13-REVISED Mx and LL Page 93 of 610 4 47 y 4'o Town of Mamaroneck z 71) County of Westchester • OUNOED i65t 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914/381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board cc: Meredith S. Robson, Town Administrator Allison May,Town Clerk Richard Polcari, Building Inspector From: William Maker,Jr.,Attorney for the Town Subject: Revision in recreational accessory uses Date: March 13,2026 Modern on-site recreational uses for single family homes include more than tennis courts. Yet the zoning ordinance limits such uses to tennis courts (see paragraph 7 in the accompanying page from the zoning ordinance). In the continuing effort to update the Town's zoning ordinance to reflect modern times, the Building Inspector suggests that the term "Tennis courts" in paragraph 7 be changed to"Sport courts". He and I have developed a flexible definition for sport courts to be added to the Definition section of the zoning ordinance. I attach a proposed local law that, if adopted, will amend section 240-21 C. of the Code. Although section 240-21 refers specifically to most but not all of the Town's residential districts, the zoning ordinance is constructed so that the accessory uses expressed in section 240-21 C. are incorporated by reference as permitted accessory uses for those other zoning districts. For example, section 240-22 which governs the R-6 zoning district provides in paragraph C.: "Accessory uses. The same as § 240-21C above." Except for paragraph 7 (d), the balance of paragraph 7 remains the same. However, the proposed amendment adds language and time restrictions to paragraph 7 (d) that the Town Board may consider appropriate. If the Town Board considers this revised law worthy of public discussion,it should set the hours when outdoor lighting must be extinguished and as revised,refer it to the Planning Board. for a report as required by Mamaroneck Town Code§240-92B. h Page 94 of 610 Article IV Residence Districts: Permitted Uses ❑ § 240-21 One-Family Residence Districts: R-50, R-30, R-20, R-15, R-10 and R-7.5 [Amended 1-5-1960; 4-17-1963; 7-16-1986 by L.L. No. 9-1986; 7-17-1996 by L.L. No. 14-1996; 4-2- 2025 by L.L. No. 2-2025] A. Principal uses. (1) One-family dwellings. (2) Churches and other places of worship. (3) Public elementary and high schools. (4) Water supply facilities. B. Special uses (subject to conformance with additional standards as provided in Article IX). (1) Parochial and private elementary and high schools which meet the same site standards of the State Education Department as a public school. (2) Nursery schools. (3) Nonprofit membership clubs. (4) Public utility substations serving the local area only and where it can be shown that it cannot be located in a nonresidential district. (5) Playground, park, parkway, library, firehouse, police station or other municipal use, not including incinerators or dumps. C. Accessory uses (when located on the same lot with the principal uses to which they are accessory). (1) Professional office of a physician, dentist, chiropractor, architect, engineer or similar professional person, when conducted in a dwelling by the inhabitant thereof, with not more than one nonresident employee or associate in any dwelling. (2) Keeping of not more than two nontransient persons as roomers or boarders in any dwelling, provided that no sign is displayed and no separate cooking facilities shall be maintained in connection with such accessory use. (3) Private garden house, garage, toolhouse, playhouse, family swimming pool (as permitted by Chapter 106, Fire Prevention and Building Construction), tennis courts, greenhouse or similar private accessory use not used for commercial or public purposes. (4) Off-street parking in accordance with §§240-75 through 240-78. (5) Parish house, rectory, Sunday-school rooms. (6) Signs as provided in Chapter 175, Signs. (7) Tennis courts are permitted when constructed in conformity with the following: (a) Tennis courts must be in the rear one-third (1/3) of the property. (b) No court may be erected closer than i5 feet to the property line. (c) Drainage of the court surface must be performed to the satisfaction of the Building and Engineering Department. Page 95 of 610 (d) No exterior lighting will be permitted which directs or allows light to bleed onto adjacent residential properties. (e) No fencing shall be higher than eight feet without approval of the Board of Zoning Appeals. (8) Within an enclosed garage, one commercial vehicle may be stored. Said vehicle may not exceed 220 inches in length nor have a gross vehicle weight in excess of 5,00o pounds. Motor homes, RV's or trailers or boats and their trailers may not be stored in a front yard area or within io feet of any structure other than a garage. (9) Tier .' solar energy systems subject to Chapter 181, Solar Energy. (10) Tier 2 solar energy systems subject to Chapter 181, Solar Energy. (11) In R-3o and R-5o Zoning Districts only, Tier 3 solar energy systems subject to Chapter 181, Solar Energy. 0 §240-21.1 Recreation District: R. [Adde.' -20-1994 by L.L. No. 6-1994; amended 2-15-1995 by L.L. No. 3-1995; 9-20-2023.;_.y L.L. No. 8- 2023; 4-__-_..25 by L.L. No. 2-2025] A. Principal uses. (1) Private recreation facilities, including golf, tennis and/or swimming clubs, along with clubhouses with accessory restaurants and catering facilities, used in conjunction with a recreational facility. (2) Other uses similar to those listed in the preceding subsectiion, provided that the Planning Board makes specific findings that the use is in full conformity with the purposes and intent of this zone district and all general and special re irements of the district and that the use has no greater impact upon open space, tr is and drainage than any of the specifically enumerated uses. B. Special permit uses; requirements. (1) Special permit uses. (a) Public playground or park, including golf, tennis and/or swimming clubs. This provision shall apply to the Town in addition to any other municipal government or authority. (2) Special permit requirements. / (a) Special permits shall be issu:erd by the Planning Board, provided that there is a finding that all general and specI'conditions are met. (b) The Planning Board Ilill require that no special permit be issued until a traffic study is conducted whit demonstrates to the satisfaction of the Planning Board that the proposed use sP6II not adversely impact upon traffic in the surrounding area to a greater degr than any other principal use permitted in the zone. (3) Wireless tellee' mmunications facilities. ` �, C. Accessory user' (when located on the same lot with th . principal uses to which they are accessory). (1) O street parking in accordance with §§240-75 through 2 ;78. .t, (2) abanas, lockers, snack bars and/or pro shops. \, (3/Maintenance sheds and/or garages. Page 96 of 610 Local Law No. -2026 This local law shall be known as the "Sport Court as an Accessory Use" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1 -Purpose: Today there are more types of outdoor recreation in people's yards than just tennis and basketball courts. However, the Towri s Code specifically allows only tennis courts as an accessory, recreational use. The purpose of this local law is to modernize the Code by adding a definition of "Sport Court" and substituting that term for tennis courts where appropriate so that residents also may enjoy other types of outdoor activities at home. Section 2-Amendment of a current section of the Mamaroneck Code: Section 240-4 of the Code of the Town of Mamaroneck hereby is amended by adding the following new Definition to be included within that section so that proper alphabetical order is maintained: SPORT COURT Any horizontal playing area that is paved or otherwise covered with a non-vegetative surface and is intended for use in multi-player sports activities. Section 3-Amendment of a current section of the Mamaroneck Code: Section 240-21 C. of the Code of the Town of Mamaroneck hereby is amended by repealing paragraph (7) thereof and replacing it with the following: (C) Accessory uses (when located on the same lot with the principal uses to which they are accessory). (7) Sport courts are permitted when constructed in conformity with the following: (a) Sport courts must be in the rear one-third (1/3) of the property. (b) No court may be erected closer than 15 feet to a property line. (c)Drainage of the court's surface must be performed to the satisfaction of the Building and Engineering Departments. (d) Exterior lighting must be directed away from adjacent residential properties and installed in a way that minimizes reflection of light onto adjacent residential properties. Exterior lighting may be illuminated only between the hours of 4:00 pm and 9:00 pm (prevailing time). (e) No fencing shall be higher than eight feet without approval of the Board of Appeals. Page 97 of 610 Section 4-Severabilit : Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 5-Effective Date: This Local Law shall become effective upon its filing with the Secretary of State. March 13,2026 2 Page 98 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Re: Proposed Local Law"Change in the Hours when Parks are Open" Date: March 18, 2026 Please see the attached proposed local law "Change in the Hours when Parks are Open" from Town Attorney, William Maker. If the Board is satisfied with the current revisions tonight, Bill recommends setting a public hearing at a special meeting to be held on or after March 30th and after the hearing is closed, the Board may decide whether to enact it. Action Requested: Resolved that the Town Board hereby sets a special meeting on March , 2026 at which a public hearing will be held on the proposed law entitled "Change in the Hours when Parks are Open." Attachment/s: 2026-3-13-Mx TB tr proposed LL 4 Page 99 of 610 o0 Town of Mamaroneck xCounty of Westchester F011k6E©1 FG i • 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914 1 381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board cc: Meredith S. Robson,Town Administrator Allison May, Town Clerk From: William Maker,Jr.,Attorney for the Town Subject: Change in hours when parks are open Date: March 13,2026 Here is a proposed local law that,if adopted,will open the fields for active use at 8:00 am on Saturdays for a limited period of time, instead of 9:00 am as is currently the case. The only change wrought by this amendment is the time change and the addition of the phrase"prevailing time". If the Town Board considers this proposed law worthy of public discussion,at its meeting on March 18th, it may call for a special meeting to be held on or after March 30th and set a public hearing on this law to be conducted at that special meeting. After the hearing is closed,the Board may decide whether to enact it. ftveN. Page 100 of 610 Local Law No. -2026 This local law shall be known as the "Change in the Hours when Parks are Open" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1-Purpose: The Town Board finds that parks should be available for use starting at 8:00 am instead of 9:00 am as is the current rule. Section 2-Amendment of a current section of the Mamaroneck Code: Section 148-5 B. of the Code of the Town of Mamaroneck hereby is amended by repealing the current section and replacing it with the following: § 148-5 Hours. B. The fields can be used only by those persons to whom permits have been issued and can be used only for the reason specified in the permit. The fields shall be open for use by the persons to whom a permit has been issued on Saturdays from 8:00 am (prevailing time) to dusk from April 4, 2026 through and including June 27, 2026 and on all other days from 9:00 am (prevailing time) to dusk. except when an event sponsored by the Town or an organized activity or a one-day event is being conducted in which case the field where the event is held shall close at the later of dusk or 1/2 hour after such event is concluded. Section 3-Severability: Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 4-Effective Date: This Local Law shall become effective upon its filing with the Secretary of State. March 13,2026 Page 101 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Tracy Yogman, Town Comptroller Re: 2025 Financial Audit by EFPR Group Date: March 18, 2026 Attached is a memo from Town Comptroller, Tracy Yogman regarding the 2025 Financial Audit. The auditors from EFPR Group will attend the meeting to provide an overview and answer any questions the Board may have. Action Requested: Resolved that the Town Board hereby accepts the Town of Mamaroneck, New York Comprehensive Financial Report for the Fiscal Year ended December 31,2025. Page 102 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2025 Financial Audit by EFPR Group General: Attached is the Town of Mamaroneck New York Annual Comprehensive Financial Report for the fiscal year ending December 31, 2025. This is the second year that this comprehensive report is issued in compliance with the Government Finance Officer's Association (GFOA) guidelines. This report goes beyond the minimum requirements of generally accepted accounting principles that evidence the transparency and full disclosure of the Town's finances and provides information necessary to assess the Town's financial health. Thomas Smith from EFPR Group will be attending the work session and public session to review the documents with the Town Board. Attachment/s: 2025 DRAFT Financial Statements Page 103 of 610 TOWN OF MAMARONECK,NEW YORK Annual Comprehensive Financial Report Year ended December 31, 2025 Page 104 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents Page INTRODUCTORY SECTION Principal Officials i Organization Chart ii Letter of Transmittal - viii FINANCIAL SECTION Independent Auditors' Report 1 - 4 Management's Discussion and Analysis 5 - 13 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 14 Statement of Activities 15 Governmental Fund Financial Statements: Balance Sheet - Governmental Funds 16 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position r► 17 Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds 18 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 19 Fiduciary Fund: Statement of Fiduciary Net Position - Custodial Fund 20 Statement of Changes in Fiduciary Net Position - Custodial Fund 21 • otes to Financial Statements 22 - 58 Page 105 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents, Continued Page un Required Supplementary Infoation: Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - General Fund 59 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund 60 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund 61 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund 62 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Debt Service Fund 63 Schedule of Changes in the Town's Total OPEB Liability and Related Ratios 64 Schedule of Changes in the Town's Total LOSAP Liability and Related Ratios 65 Schedule of the Town's Proportionate Share of the Net Pension Asset/Liability 66 Schedule of the Town's Pension Contributions 67 Other Supplementary Information: Combining Balance Sheet - Special District Fund 68 Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Special Districts Fund 69 General Fund: Comparative Balance Sheet 70 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 71 Town Outside Villages: Comparative Balance Sheet 72 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 73 Highway Fund: Comparative Balance Sheet 74 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 75 Capital Projects Fund: Comparative Balance Sheet 76 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 77 Project-Length Schedule 78 - 79 Page 106 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page Other Supplementary Infounation, Continued: Debt Service Fund: Comparative Balance Sheet 80 Comparative Statement of Revenue, Expenditures and C . in Fund Balances 1 Water District Fund: Comparative Balance Sheet Comparative Statement of Revenue, Expenditure Changes i• niei Balances 83 Schedule of Revenue, Expenditures and Changes i Bal. • udget to Actual 84 Sewer District Fund: Comparative Balance Sheet 85 Comparative Statement of Revenue, Expenditures and Changes id Balances 86 Schedule of Revenue, Expenditures and Changes in Fund Balance •get to Actual 87 Street Lighting District Fund: Comparative Balance Sheet 88 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 89 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual AM, 90 Refuse and Garbage District Fund: Comparative Balance Sheet 91 Comparative Statement of Revenue, Expen itures and Changes in Fund Balances 92 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 93 Ambulance District Fund: Comparative Balance Shee 94 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 95 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 96 Fire Protection District Fund: Comparative Balance Sheet 97 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 98 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual 99 Net Investment in Capital Assets 100 Page 107 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page STATISTICAL SECTION Financial Trends: Net Position by Component - Last Ten Fiscal Years 101 Changes in Net Position- Last Ten Fiscal Years 102 Fund Balances of Governmental Funds - Last Ten Fiscal Years 103 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 104 Revenue Capacity: Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 105 Direct and Overlapping Property Tax Rates Per $1,000 of Assessed Valuation - Last Ten Fiscal Years 106 Principal Taxpayers - Current Year and Nine Years Ago 107 Property Tax Levies and Collections - Last Ten Fiscal Years 108 Debt Capacity: Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 109 Direct and Overlapping Governmental Activities Debt 110 Legal Debt Margin Information- Last Ten Fiscal Years 111 Demographic and Economic Information: Demographic Statistics - Las -n Fiscal Years 112 Principal Employers - Cu . 4nd Nine Years Ago 113 Operating Information: Full-Time Equivalent Town Governm- ployees by Function - Last Ten Fiscal Years 114 Operating Indicators by Function/Program- Last Ten Fiscal Years 115 - 116 Capital Asset Statistics by Function/Program- Last Ten Fiscal Years 117 NFEDERAL AWARDS SECTION Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Perfoinied in Accordance with Government Auditing Standards 118 - 119 Independent Auditors' Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Unifoiiii Guidance 120 - 122 Schedule of Expenditures of Federal Awards 123 Notes to Schedule of Expenditures of Federal Awards 124 Schedule of Findings and Questioned Costs 125 Status of Prior Year Audit Findings 126 * * Page 108 of 610 INTRODUCTORY SECTION Page 109 of 610 TOWN OF MAMARONECK TOWN OFFICIALS TOWN SUPERVISOR AND TOWN BOARD MEMBERS Town Supervisor Jaine Elkind Eney Deputy Town Supervisor Sabrina Fiddelnian Town Board Member Jeffery L. King Town Board Member Robin J. Nichinsky Town Board Member Anant Nambiar TOWN OFFICIALS Town Administrator Meredith Robson Deputy Town Administrator Vacant Ambulance District Administrator Michael Liverzani Assessor Pamela Valenza Building Inspector Richard Polcari Buildings & Grounds Superintendent Michael Orchanian Comptroller Tracy Yogman Environmental Plan Elizabeth Aitchison Town Engineer Robert Wasp Fire Chief Alex Rapp Highway-General Foremamil John Barreto Highway- Fleet Manager John Galli IT Director Shyam Pandya Court Clerk Dominique Patterson Chief of Police Paul Creazzo Superintendent of Recreation Jill Fisher Town Clerk Allison May Page 110 of 610 o r„ , F m Sus t7 T `FOUNDED 1061' - - Town of Mamaroneck Organizational Chart Elected ., y / \ / \\ V n _6lfrow r% �wn, 5 pervis r ; ` /� C • ; \ @er1E j \ \ one lkindEney- \ ijeanMare Brescicl / Ronald Meister A� +ay5 • ' iTow Board Members. / \ \ ( r j � \ Sabrina Fiddelman Deputy i.Yv„Supery sor ' g is Jeffery King,Towti BoardtMember / \ b "Nichinsky,Tawn BoordMe ►Ron j Avant Nambiar,Town Board Met. / 9 ♦j ...:... \.. / i% ..>. ,,:, ". ' �.a .,moo. ♦ - ---.1iii.:,.•• ,--::: . ..„, • .- - / • / • Town . Fire Town Ad m i r istrator Alex Rapp Attorney Fire Chief Meredith Robson William Maker,Jr. el iv*..rZd e;; l J 3� ,j `✓✓ : t c',-ite t / ��/ / \ � y O • r s ol er P fl5i l4iP'Fi..,,f ngcr ' Cf� \ - ignway to /j/ John satiate r -V �i i% Taw ,g( jfl lii /l • DI �ft# �@C 3 %` P41,10- ati tit 7 ,e \a ov ii Page 111 of 610 Town of Mamaroneck Town Center ssg 740 West Boston Post Road,Mamaroneck,NY 10543-3353 TEL:914/381-7860 FAX:914/381-2110 TEL: 914/381-7860 FAX:914/381-2110 , 2026 The Honorable Supervisor and Town Board Citizens of the Town of Mamaroneck,New York: Submitted herewith is the Annual Comprehensive Financial Report (ACFR) of the Town of Mamaroneck,New York(the Town) for the year ended December 31, 2025. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Management asserts that to the best of our knowledge and belief, this ACFR is complete and reliable in all material aspects. The Town's financial statements have been audited by EFPR Group, CPAs, PLLC, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Town for the year ended December 31, 2025 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering unmodified opinions that the Town's basic financial statements for the year ended December 31, 2025 are fairly presented in accordance with accounting principles generally accepted in the United States(GAAP). The independent auditor's report is presented as the first component of the financial section of this report. Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. This report has also been prepared and organized to meet the requirements of the Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting program. In accordance with those guidelines the report is presented with four major sections: Introductory, Financial, Statistical and Federal Awards Section. iii Page 112 of 610 Profile of the Town The Town, a Native American name translated as "the place where the sweet waters fall into the sea," is located just twenty-three miles north of New York City on Long Island Soun The Town was established at the mouth of a river and at the head of a harbor. Today, the Town, with its beautiful Long Island Sound waterfront and easy access to highways, airports and Metro North train service to New York City and Stamford is a prime suburban residential community. The Town includes the entire Village of Larchmont (one sq ile), the unincorporated area (5.7 square miles which is not part of either village), and t . of the Village of Mamaroneck (the Villages) west of the Mamaroneck River borderint eck (2.3 square miles). Both the incorporated Villages and the unincorporated Town . -governing , define the Town as a political and governmental subdivision of the State o York. The does provide a select menu of services for the Villages to all residents. The Town provides direct municipal services including police, fire, sanitation, building and highway among others to the residents of the unincorporated area, and recreation, ambulance, senior citizen services, property assessment services and tax collection for all Town residents. Town Government The Town elects its own officials, adopts its s , and manages its own finances under the direction of a,Supervisor and four Town Board m- lers. The Supervisor is elected for a two-year term and the Town Board members for four years. The Town Board appoints a Town Administrator to manage the government and carry out the policy directives of the Town Board. The Town Board is vested by New York State with control of legislation, appropriation of monies and decision-making on general local governmental policies. The Board authorizes the annual budget, and the collection of taxes required to finance it. Established in 1661, the Town was officially created by an act of the New York State Legislature on May 17, 1788. 18th and 19th Century residents earned their livelihoods by farming, fishing, umbering and milling. Manufacturing arrived in the 19th century, and most were located (as it is today) in the Village of Mamaroneck section. The Village of Larchmont and the Town were, and .rgely remains residential. The Town has slight+, over two miles of shoreline, a culturally diverse population, an award- winning school system, recreation facilities, easy access to New York City and a full range of housing options, making the Town a great place to live, work, relax and enjoy life. Within its 5.7 square miles, 44 miles of streets and roads, 58 miles of sanitary sewer lines, 15 miles of storm drains and 1,211 streetlights are maintained. The present Town Center, dedicated in 1963, was originally constructed in 1906 to serve as Mamaroneck High School. Town Center serves as the administrative hub for the Town. The Town also has a police station, one fire station, a park and playground, swimming pool,ice rink,fields and recreational facilities encompassing nearly 3 acres within the Town, a Senior Citizen Center, 4 public parking structures or lots, a highway garage and traffic sign shop. iv Page 113 of 610 The Town serves a population of 31,240 according to the U.S. Census Bureau, Quickfacts (hap s://www.census.gov/quickfacts/fact/table/mamaronecktownwestchestercountynewyork,US/ PST045224). The census also reports median income per capita for the Town of$111,707 and 10 median household income of$163,781. Based on the most recent sales data, th erage sales price of homes in the Town is $1,651,000, well above the state-wide average. The Town Administrator is appointed by the Town Board and is responsible for planning, implementing and budgeting the delivery of Town services, programs and capital projects and executes Town Board policies and directives. The Town Administrator also serves as an advisor to the Town Board and develops recommendations and alrndtives leading toward the preservation and enhancement of the Town's physical and econorhic conditions as well as its social, recreational and cultural vitality. The Town provides a full range of services. General government services include vital statist s (birth, marriage and death certificates), licenses, elections, tax collection services for the Mamaroneck School District and the County of Westchester as well as the Town, and a myriad of administrative functions. Public safety is provided through full-time police and fire departments and ambulance services. Community environment services include community planning, engineering, building inspection, emergency disaster, street maintenance, snow removal, street lighting, off-street parking, maintenance of sewers and drains, street cleaning, refuse disposal and recycling, and street tree maintenance. The Town offers a variety of programs and activities tailored to irduals of all ages and interests for residents and visitors. There are learn to skate programs at the ice rink, figure skating camps, ice hockey programs, skate with the Easter Bunny event, tot and youth swim programs at our indoor/outdoor pool, swim clubs, swim lessons for all ages, tennis and pickleball programs, tot and youth recreational programs, S.T.E.M. programs, summer day camps, teen travel camp. The Town operates a Senior Center offering an engaging selection of social, educational and recreational programs, including a Senior Nutrition Program providing hot lunch on weekdays, Meals on Wheels for homebound seniors and senior bus services for shopping and medical appointments. In addition, the Town hosts a 5k Run & Lil' Bunny Hop, outdoor movies, food truck festival, and summer concert series. The Town is home to the Winged Foot Golf Club that has hosted numerous national amateur and professional golf championships since 1929, including the 2020 U.S. Open Championship. There is something for all of our community residents. There are two School Districts within the boundaries of the Town. Both the Mamaroneck Union Free School District and the Scarsdale Union Free School District are independent organizations with a separately elected board and adopted budget. The Districts prepare their own financial statements and, as such, are not reflected in the Town's report. The Town does provide tax collection services for the Mamaroneck Union Free School District and the small portion of the Town that falls within the Scarsdale Union Free School District boundaries. The annualTudget serves as the foundation for the Town's financial planning and control. When adopted,it becomes an operational and fiscal guideline for the ensuing year. It is prepared pursuant to Town Legislative requirements, policy direction from the Supervisor and Town Board and a set of budget strategies developed by the Town Administrator and the administrative staff. Objectives and performance measures are established and tracked for each department. Budgetary control is at the function level of expenditures. Additional information on the budgetary process is provided v Page 114 of 610 in note 2 of the notes to financial statements. The Town has maintained a credit rating of Aaa from Moody's Investors Service press release dated August 31, 2024. Following adoption of the budget,the Town Budget Policy establishes procedures for amendments during the fiscal year and processing transfers between appropriations. Amendments to the budget, which increase overall spending, must be formally adopted by resolution of the Town Board. Transfers from the contingent fund,or from one budget unit to another budget unit of over$10,000, must be approved by the unanimous consent of the Town Board. Transfers from one item to another item in the same budget unit may be made by the Town Administrator or Comptroller except that the Town Administrator does not have the authority to transfer any item that increases the authorized salary amounts. Factors Affecting Financial Condition The Town is subject to the provisions of the New York State "tax cap"legislation enacted in 2012, whose foimula restricts the increase in the property tax levy to no more than 2% or the rate of inflation,whichever is less(subject to override by at least 5 of the 7 voting councilmembers). This restriction on property tax growth places an additional burden on our ability to provide services and maintain facilities within available resources. At this time, the Town's fund balance is healthy and is working towards stabilization of appropriated fund balance amounts to allow for even greater flexibility during difficult years and management of resources through severe weather and unanticipated events without incurring additional debt. The intent of this action is to keep pace with infrastructure and equipment needs and further balance the burden of the capital projects and equipment expenditures for current and future taxpayers. 41/ In addition,the Town's exceptional wealth levels and housing values form a foundation which can more effectively weather the financial storms that may occur. The Town must respond to this adversity by creating a financial plan that will maintain the delivery of our basic services without placing an onerous burden on our taxpayers. Thus, the information presented in the financial statements is best understood when it is considered in light of the specific environment in which the Town operates. lillik' Local Economy 'WIN u The Town has many ositive attributes that contribute to its reputation as one of the oldest communities in the C nty of Westchester, New York, with a vibrant community and a solid financial base, including: • A strong and growing housing stock having a market value of over $10 billion in 2025; • A property tax collection rate in excess of 99%, one of the highest in New York State; • An excellent school system. As a suburb of New York City, the Town's residential housing stock remains a key component of the Town's financial strength. For the most recent calendar year,the Town Assessor's data reveals that 503 homes were sold. Sales prices ranged from $355,000 to $7.2 million. The average sales price of homes increased by over 7% over the previous twelve months to $1,651,000. vi Page 115 of 610 The economic strength of the Town is further supported by its transportation infrastructure. The Town is accessible by rail, road and air links. Metro-North passenger trains run frequently to Grand Central Terminal in New York City. Amtrak passenger service is also available. An extensive network of highway facilities includes the New York State Thruway, the New England Thruway, and the Hutchinson River Parkway. The Town is in close proximity to three major airports: LaGuardia Airport, JFK International Airport and Westchester County Airport. Long-term Financial Planning The Town's Comprehensive Plan has been adopted in 2024 that includes a significant amount of public input into future planning, capital improvement and operational improvement needs. The plan is a framework establishing policies for long-range planning and development. The 2026 budget has begun to identify funding to meet the strategies and action plan goals as the first step of the implementation process. The Comprehensive Plan created a blueprint for a more environmentally and economically sound Town. Many of our capital projects in the five-year plan have been aligned with the stated goals. The implementation plan currently in progress will prioritize issues, assets and challenges for budget planning in future years. Relevant Financial Policies The Town's annual budget document incorporates a series of financial policies designed to ensure the continued fiscal health of the Town. Included in that document are guidelines on staffing levels, expenditure growth, fund balance, debt management, enterprise fund operations, fees, self- insurance reserves and property tax rates. The Town also maintains an investment policy adopted by the Town Board that complies with Section 10 and 11 of the New York State General Municipal Law, which emphasize a conservative financial approach to the investment of municipal funds and collateralization of deposits in excess of Federal Deposit Insurance Corporation coverage. The Town's investment policy is reviewed annually and amended as needed or desired. The Town maintains a procurement policy adopted by the Town Board in accordance with Section 104-b of the New York State General Municipal Law. This policy outlines all bidding and procurement procedures that Town departments must adhere to when purchasing goods and services. The Town procures conventional insurance for general liability, excess liability, law enforcement, public officials' liability, automobile, crime, and property coverage. An actuarial study is performed annually to ensure that insurance resources are sufficient to fund current and anticipated claims. The Town continually assesses its risks to determine the appropriate mix of self-insurance retention and policy coverage. The Town repares its budgets with these financial policies in mind and maintains aggressive and effective budgetary controls to ensure compliance with these documents. Quarterly budget reports are presented to the Town Board to apprise elected officials of any major variances that may arise. The Town does not foresee any issues with its ability to comply with the current guidelines in the implementation of its near and long-teini initiatives. vii Page 116 of 610 Awards The Town also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the year ended December 31, 2024. This is the highest fond of recognition in governmental budgeting and represents the commitment of the governing body and staff to meet the nationally recognized criteria. We are proud that the budget is a transparent document that provides financial infoiiiiation to our citizens. Acknowledgements The preparation of this report would not have been possible without the efficient and dedicated services of the finance department staff, the guidance of our independent auditors, EFPR Group, CPAs, PLLC, and the assistance of all Town depai tiiients concerning information specific to their operations. Our gratitude is extended to the Town Administrator, Supervisor and Town Board for their continued leadership and support in enhancing the financial integrity of the Town and who continuously strive to enhance the quality of life for our citizens. Most importantly, our heartfelt thanks go to our citizens and residents, for giving us the opportunity to serve this fine Town. Respectfully submitted, Tracy Yogman, CPA Comptroller& Receiver of Taxes Town of Mamaroneck, New York- viii Page 117 of 610 FINANCIAL SE Page 118 of 610 rfEFPRGROUPCPAs� Certified Public Accountants 6390 Main Street,Suite 200 Willie sville,New York 14221 634.0700 00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPO The Honorable Supervisor and Town Board Town of Mamaroneck,New York: Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities,the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31,2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. In our opinion,based on our audit and the report of the other auditors,the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town, as of December 31, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the discretely presented component unit,which represent .00% of the assets, net position and revenue of the discretely presented component unit. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based •lely on the report of other auditors. .r O.info We co .• audit in accordance with auditing standards generally accepted in the United States of Amen• AAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The financial statements of the discretely presented component was not audited in accordance with Government Auditing Standards. 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 Town 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. Page 119 of 610 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 o s erica, and for the design, implementation, and maintenance of internal control relevant to thy. . : aration and fair presentation of financial statements that are free from material misstatement, w e I er 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 Town's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known infoiiiiation 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 and Government Auditing Standards 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 and Government Auditing Standards, 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 Town's internal control. Accordingly, no such opinion is expressed. • Evaluate the ap riateness of accounting policies used and the reasonableness of significant accounting esti es made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town'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. 2 Page 120 of 610 Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the additional information as listed in the table of contents on pages 59 through 67 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 GAAS, 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 n rovide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of foiiiiing opinions on the financial statements that collectively comprise the Town's basic financial statements. The accompanying other supplementary information on pages 68 through 100 and schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 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 and certain additional procedures, i g comparing and reconciling such information directly to the underlying accounting and o. -r records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the other supplementary information and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises tie introductory and statistical sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financials statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work perfoimed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 3 Page 121 of 610 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated , 2026 on our consideration of the Town's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Go'nment Auditing Standards in considering the Town's internal control over financial reporting and compliance. Williamsville,New York , 2026 4 Page 122 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis December 31, 2025 Introduction As management of the Town of Mamaroneck,New York (the Town), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town for the year ended December 31, 2025. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Town's financial performance. Financial Highlights Key financial highlights for year ended December 31, 2025 are as follows: • As of the close of the current year, the Town's governmental funds reported combined ending fund balances of$49,989,289, a decrease of$2,879,141 from the prior year. The decrease in fund balance is primarily the result of ongoing capital projects. • At the end of the current year, the total fund balance for the General Fund was $10,084,164 or 73% of total General Fund expenditures and other financing uses for 2025. The total General Fund fund balance consists of $466,323 (nonspendable), $366,160 (restricted), $1,391,548 (assigned) and $7,860,133 (unassigned). • Total fund balance for the Town Outside Villages Fund was $6,231,744 or 33% of total fund expenditures and other financing uses for 2025. • Total fund balance for Special Districts Funds is$8,363,610 or 67%of total fund expenditures and other financing uses for 2025. • The Town adopted a foiiiial fund ba a policy and surplus recovery plan on March 20, 2013 which prescribes that a minimum of 15% to 25% of the subsequent year's budgeted appropriations be retained. The percentages at December 31, 2025, in most cases, are within the range of or exceed the surplus levels that are consistent with the Town's policy. • The Town, along with other municipalities, and the Westchester Joint Water Works entered into a settlement agreement in 2024 and estimated total cost was re-evaluated in 2025 due to new information becoming available. The settlement agreement resulted in an estimated total cost to the Town of$36,575,158, $4,734,061 of which has been paid as of December 31,2025. The remaining $31,841,097 is a liability on the statement of net position for future costs expected resulting from capital projects required by the settlement agreement. • On the government-wide financial statements,the liabilities and deferred inflows of resources of the primary government, which is reported separately from the component unit,the Town of Mamaroneck Housing Authority (the Authority), for which the Town is financially accountable, exceeded its assets and deferred outflows of resources at the close of the most recent year by $49,972,993. Of this amount, the unrestricted net position, which is available to meet the ongoing obligations of the Town, is reported as a deficit in the amount of $90,720,134 due primarily from the required accrual in accordance with the provisions of Governmental Accounting Standards Board (GASB) Statement No. 75 -"Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions," of$86,167,580. 5 Page 123 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 41ir Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. The basic financial statements include three components: 1) government-wide financial statements, 2)fund financial statements and 3)notes to financial ements. This report also includes supplementary information as listed in the table of contents. Government-Wide Financial Statements The government-wide financial statements are designed to provide the readers with a broad overview of the Town's finances in a manner similar to a private-sector business. The Authority is a legally separate component unit of the primary government for which the Town is financially accountable. The financial information for the Authority is reported separately (discretely presented) from the financial information presented for the primary government. The reader may refer to the component unit's separately issued financial statements for additional information. The statement of net position presents information on all of the Town's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator as to whether the financial position of the Town is improving or deteriorating. The statement of activities presents information reflecting how the Town's net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenue and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (for example, uncollected taxes and earned but unused vacation leave and other postemployment benefit obligations). The government-wide financial statements distinguish functions of the Town that are principally •orted by taxes and intergovernmental revenue (governmental activities). The governmental ctivities of the Town include general government support, public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and interest. The government-wi nancial statements can be found immediately following this discussion and Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Town, 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 Town can be divided into two categories: governmental funds and fiduciary funds. 6 Page 124 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements,governmental fund financial statements focus on near-teiiii inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the year. Such infomiation may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the infoiiiiation presented for governmental funds with similar infomiation presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-tenn financing decisions. Both the governmental funds' balance sheet and the governmental funds' statement of revenue, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town maintains eleven individual governmental funds. Information is presented separately in the governmental funds' balance sheet and in the governmental funds' statement of revenue, expenditures and changes in fund balances for the General Fund, Town Outside Villages Fund, Special Districts Fund (Water, Sewer, Street Lighting, Refuse and Garbage, Ambulance and Fire Protection District), Highway Fund, Capital Projects Fund and Debt Service Fund, which are considered to be major funds. The Town adopts an annual appropriation budget for its General Fund, Town Outside Villages Fund, Special Districts Fund, Highway Fund and Debt Service Fund which are major funds. A budgetary comparison statement has been provided for these funds within the basic financial statements to demonstrate compliance with the respective budgets. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's programs. Resources are held in the Custodial Fund by the Town purely in a custodial capacity, primarily to account for real property taxes collected and remitted for other governments. The financial statements for the governmental and fiduciary funds can be found in the basic financial tatements section of this report. to Financial Statements The no s provide additional information that is essential to a full understanding of the data provided 44hitik, in the government-wide and fund financial statements. The notes to financial statements are located following the basic financial statements section of this report. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the Town's financial position. In the case of the Town, liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by ($49,972,993) at the close of the current fiscal year. 7 Page 125 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 2025 2024* Other assets $ 60,748,240 60,898,914 Capital assets 87,191,768 79,248,600 Total assets 147,940,008 140,147,514 Deferred outflows of resources 17,839,881 22,026,634 Current liabilities 16,224,* 13,251,762 Noncurrent liabilities 184,687,601 169,337,512 Total liabilities 200,912,125 182,589,274 Deferred inflows of resources 14,840,757 25,580,052 Net position (deficit): Net investment in capital assets 22,537,105 13,744,018 Restricted a18,210,036 26,679,033 Unrestricted (deficit) (90,720,134) (86,418,229) Total net position(deficit) $ (49,972,993) (45,995,178) * Reclassifications were made to certain 2024 balances in order to conform them to the 2025 presentation. Capital assets increased in governmental activities by $7,943,168 from the prior year due to capital asset additions exceeding depreciation/amortization expense. Current liabilities increased $2,972,762 due to the issuance of a $4,035,450 bond anticipation note payable. This was offset by a decreases in accounts payable and accrued liabilities. Noncurrent liabilities increased by $15,350,089 from the previous year for governmental activities 1M primarily due to the judgement liability from the settlement agreement which was re-evaluated in 2025 due to new information becoming available. Town reported net investment in capital assets,net of accumulated depreciation/amortization and less any outstanding debt used to acquire those assets of $22,537,105. The Town uses these assets to provide services to citizens. Consequently,these assets cannot be used for future spending. Although the Town'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 capital assets cannot be used to liquidate these liabilities. $18,210,036 of the Town's net position is restricted for various purposes (future capital projects, debt service, and trusts). The restricted net position represents resources that are subject to external restrictions on how they may be used. The restrictions are as follows: 8 Page 126 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Restricted Net Position 2025 2024 Future capital projects $ 15,263,294 23,512,456 Debt service 1,054,124 1,360,745 Pension benefits - fire district 1,892,618 1,805,832 Total assets S 18,210,036 26,679,033 The remaining balance of net position, representing unrestricted net position of ($90,720,134) is reported as a deficit as a result of having long-term commitments includig compensated absences, Other postemployment benefits obligations and pensions that are greater than currently available resources. Payments of these liabilities will be budgeted in the year that actual payment will be made. Change in Net Position 2025 2024 Program revenue: Charges for services $ 12,013,628 10,230,775 Operating grants and contributions )11000, 1,978,996 1,754,182 Capital grants and contributions '0,240 3,404,225 General revenue: Real property taxes 34,462,051 31,971,386 Real property tax items 693,382 1,030,921 Nonproperty tax items 3,847,372 3,731,317 Use of money and property` 3,086,258 3,491,062 Sale of property and compensation for loss 337,966 200,021 Miscellaneous 2,433,473 499,743 Total revenue 60,043,366 56,313,632 Program expenses: General government support 8,774,749 8,611,843 Public safety 17,149,000 17,571,419 Health 2,890,949 2,668,137 Transportation 7,102,587 6,767,746 Economic assistance and opportunity 955,966 933,098 Culture and recreation 5,889,213 5,926,558 Home and community services 5,481,320 5,940,313 Interest on long-term debt 1,788,600 1,629,695 Total expenses 50,032,384 50,048,809 Extraordinary item-judgement expense 13,988,797 17,852,300 Change in net position (3,977,815) (11,587,477) Net position(deficit)at beginning of year (45,995,178) (34,407,701) Net position(deficit)at end of year $ (49,972,993) (45,995,178) 9 Page 127 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental activities decreased the Town's net position by $3,977,815 for the year ended December 31, 2025. Total revenue for the year ended December 31, 2025 from governmental activities totaled $60,043,366 which is an increase of S3,729,734. The largest contributors to this increase were: • Charges for services increased by S1,782,853 which is altiibutable to water revenue. The Town's joint venture, the Westchester Joint Water Works (WJWW), distributes money to its members based on its net income. Water revenue received from WJWW increased by $1,678,195 in 2025. • Real property taxes increased by S2,490,665. The Town's real property tax levy increased from $31,887,970 in 2024 to $34,633,500 in 2025 which represents a $2,745,530 increase. The real property tax levy was increased to offset rising costs as the 2025 budget anticipated $2,306,425 in additional expenditures. • Miscellaneous revenue increased by $1,933,730 as the County of Westchester, New York, provided a$2,084,986 grant for bridge expenditures. Total expenses for the year ended December 31,2025 for governmental activities totaled$50,032,384 which is a decrease of$16,425. The decrease is due to the Town recognizing $1,162,719 less in pension expense. Pension expense is actuarially determined by New York State. Additionally, there is an extraordinary item recognized for the years ended December 31, 2025 and 2024. The decrease was partially offset by growing costs due to inflation. The extraordinary item is related to the WJWW for a settlement agreement. The agreement was entered into in late 2024 and as of December 31, 2024, not all of the known costs related to the settlement were known as there was a requirement for construction of a new filtration plant and a construction budget was not fully developed at that time. In 2025, as new information was obtained, the liability was increased along with $13,988,797 in expenses. Financial Analysis of the Town's Funds tel. noted earlier requated legal own us*d accounting to ensure and demonstrate compliance with finance- , Governmental Fund The focus of the Town's governmental funds is to provide infonnation on near-teiiii inflows,outflows and balances of spendable resources. Such infoiniation is useful in assessing the Town's financing requirements. In particular,unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the year. 10 Page 128 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued As of the end of the current year, the Town's governmental funds reported combined ending fund balance of $49,989,289, a decrease of $2,879,141 compared to last year's ending fund balance of $52,868,430. The nonspendable fund balance component of $2,140,295 consists of amounts representing prepaid expenditures as well as the net effect of the lease receivable and related deferred inflows of resources. Prepaid expenditures have been established primarily to account for a portion of the State retirement and liability insurance payments made in advance. Fund balance of $18,210,036 is restricted for general fund, special revenue funds, capital projects and debt service. The assigned fund balance classification aggregate of$21,778,825, consisting primarily of amounts designated to balance the fiscal 2026 budget and carry over encumbrances of $1,391,548 in the General Fund; $1,196,641 in the Town Outside Villages Fund, $222,337 in the Special Districts Funds and $219,521 in the Highway Fund and amounts available to be used at the Town's discretion in funds other than the General Fund; $4,108,121 in the Town Outside Villages Fund; $2,617,890 in the Highway Fund, $5,765,076 in the S•-cial Districts Funds and $6,257,691 in the Debt Service Fund. The remaining fund balance of$ is unassigned and represents the remaining positive fund balance in the General Fund. • The General Fund is the primary operating fund of the Town. At the end of the current year, unassigned fund balance of the General Fund was $7,860,133, representing 78% of the total General Fund balance of$10,084,164. This is an increase over the prior year, when the total fund balance was $8,650,086. The General Fund's total fund balance at the end of the year was $10,084,164, an increase of$1,434,078. The main drivers of this increase are real property taxes and State aid. Real property taxes increased due to the real property tax levy increase. State aid increased due to an increase in mortgage tax of$308,270. Mortgage tax is directly correlated to the housing market and the number and value of homes sold. The Town Outside Villages Fund's total fund balance at the end of the year was S6,231,744, an increase of$464,777 from the previous year. This increase was generated by the increase in the real property tax levy and was offset by payroll increases of approximately $300,000 which also lead to an increase in employee benefits expenditures. "I'he Special Districts Fund's total fund balance at the end of the current year was $8,363,610, an increase of$2,667,501 from the previous year. This represents increases in the Water District fund, the Sewer District fund,Street Lighting fund,Ambulance District fund and the Fire Protection District fund and offset by a decrease in the Refuse and Garbage District fund. The main driver of the increase was the real property tax levy and the water revenue received from the WJWW. The Capital Projects Fund reflects a fund balance of$14,897,134 at the end of the current year, a decrease of$8,263,476 from the previous year. The Town issued short term debt of$4,035,450 to fund a portion currently authorized capital projects during the year ended December 31, 2025. Ongoing capital projects without long-teini financing,which would have increased fund balance, lead to this fund balance decrease. 11 Page 129 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued General Fund Budgetary Information Generally, budget amendments fall into one of three categories: 1) . • en q e to adjust the estimates that are used to prepare the original budget ordinance onc- .ct info 's available; 2) amendments made to recognize new funding amounts from e al sources, sue s eral and State grants; and 3) increases in appropriations that become nece'.. to maintain servi The original and final budget remained consistent as anticipated expenditures and interfund transfers out only increased by $118,542. Actual revenue exceed the final budget by $503,738 which was driven by actual exceeding budget in the areas of use of money and property and state aid, offset by budget exceeding actual for real property taxes. Use of money and property had higher investment returns than expected as most of the General Funds' deposits are invested rather than using tradition checking and savings accounts. State aid includes money received for mortgage taxes which are dependent on sales in the housing market. These amounts are difficult to budget for as they are dependent on outside economic forces and the Town only receives receipt of funds twice a year, not giving the Town real time results allowing constant monitoring of expected results. Real property taxes experienced slow collections in the current year resulting in revenue falling short of budget. Actual expenditures were less than the final budget by $1,798,161 which was the result of budgetary savings in the areas of general government support and culture and recreation. These savings were primarily due to payroll savings of approximately $300,000, an unused contingency budget account of approximately $470,000, and pool maintenance savings of approximately $110,000. Payroll savings also had a direct correlation of employee benefits budgetary savings. 411160 Ialvirssets The Town's capital assets for its governmental activities as of December 31, 2025, amounted to $87,191,768 (net of accumulated depreciation). These capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. See note 4 to financial statements for detailed infolination on capital asset activity. Capital Assets (Net of Accumulated Depreciation/Amortization) 2025 2024 $ 4,031,660 4,031,660 truction-in-progress 5,875,568 4,018,273 uildings and improvements 22,522,791 22,512,437 Machinery and equipment 9,510,207 7,071,904 Infrastructure 44,526,372 41,614,326 Right-to-use asset 725,170 Total $ 87,191,768 79,248,600 12 Page 130 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Long-Term Debt and Short-Term Capital Borrowings At the end of the current year, the Town had total bonded debt outstanding of $56,365,000. As required by State Law, all bonds issued by the Town are general obligation bonds, backed by the full faith and credit of the Town. During the year ended December 31, 2025, the Town paid $4,171,500 in principal on outstanding long-term obligations. The Town also issued a bond anticipation note (BAN) in the amount of$4,035,450 for capital projects. This BAN was issued on August 14, 2025 with a stated interest rate of 4.00% and is set to mature on August 14, 20 . The Town also received a premium of$48,024 in relation to issuance to this BAN. The Town is estimating that $31,841,097 will be incurred for its future costs of the settlement agreement. This is subject to change based on unanticipated construction costs. See note 8 to financial statements for detailed information on long-teim liabilities activity. Economic Factors and Next Year's Budget and Rates The following economic factors currently affect the Town and were considered in developing the 2026 fiscal year budget. • The Town has the lowest unemployment rate in Westchester County for a Town and as a result a high tax collecti • Slowing housing market' • A tax levy increase of 2.8%to fund increases in recurring expenditure obligations. • On the expenditure side, increases in State mandated costs such as health insurance and pension costs, capital project needs, cyber security and Townwide technology needs and supply chain challenges. Requests for Information .111 fhis financial report is designed to provide a general overview of the Town's finances for all those with an interest in the government's finances. Questions concerning any of the information provided . . n this report or request for additional financial information should be addressed to Meredith Robson -Town Administrator or Tracy Yogman - Town Comptroller, Town of Mamaroneck, 740 W. Boston Post Road, Mamaroneck, New York 10543. .4* 13 Page 131 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Net Position December 31,2025 Component Unit Mamaroneck Governmental Housing Assets Activities Authority Current assets: Cash and equivalents $ 1,129,565 - Restricted cash and equivalents - - Investments 49,892,587 - Receivables: Accounts 860,242 - Taxes,net 1,111%131 - Due from other governments ',391,989 - State and Federal aid 1,213,710 - Lease 2,140,905 - Rents - - Prepaid expenses 1,979,111 - Tenant security deposits - Total current assets 60, - Capital assets: Not being depreciated/amortized ,228 - Being depreciated/amortized , 84,540 - Total capital assets 87,191,768 - Total assets Akihin., 147,940,008 - Deferred Outflows of Resources Deferred charge on refunding bonds 274,801 ' - Pension related-retirement systems 10,280,886 - Pension related-length of service award program 385,237 - OPEB 6,898,957 - Total deferred outfl. -sources 17,839,881 - Liabilities Current liabilities: Accounts payable 2,066,613 - Accrued liabilities 350,305 - Deposits payable 858,363 - Tenant security deposits payable - - Bond anticipation not 4,035,450 - Unearned revenue 381,495 - Accrued interest payable 431,633 Bonds payable including premiums 4,505,242 - Lease payable 174,052 - Total pension liability-length of service gram 37,705 - Total OPEB liability 3,383,666 - Total current liabilities 16,224,524 - Noncurrent liabilities: Bonds payable including premiums,less current portion 54,338,207 - Lease payable,less current portion 565,053 - Compensated absences 334,796 - Net pension liability-proportionate share 3,700,281 - Net pension liability- FRS-proportionate share 9,318,871 - Total pension liability-length of service award program,less current pardon 1,805,382 - Total OPEB liability,less current portion 82,783,914 - Judgement 31,841,097 Total noncurrent liabilities 184,687,601 - Total liabilities 200,912,125 - eferred Inflows of Resources ase 1,979,721 - ension related-retirement systems 625,524 - Pension related-length of service award program 864,527 - OPEB 11,370,985 - Total deferred inflows of resources 14,840,757 Net Position Net investment in capital assets 22,537,105 - Restricted: Capital 15,263,294 - Debt service 1,054,124 - LOSAP 1,892,618 - Unrestricted(deficit) (90,720,134) - Total net position(deficit) $ (49,972,993) - See accompanying notes to financial statements. 14 Page 132 of 610 ,Ar TOWN OF MAMARONECK,NEW YORK Statement of Activities Year ended December 31,2025 41Ir .41(' Net Revenue(Expense) and Chan es in Net Position Component Program Revenue Unit Operating Capital Total Mamaroneck Charges for Grants anrants and Primary Housing Functions/Programs Expenses Services Contributions Contributions Government Authority Primary government: Governmental activities: General government support $ 8,774,749 2,071,860 1,893,866 10,000 (4,799,023) - Public safety 17,149,000 709,768 5,152 - (16,434,080) - Health 2,890,949 1,336,342 - , - (1,554,607) - Transportation 7,102,587 1,034,058 2,456 01' 955,240 (5,110,833) - Economic assistance and opportunity 955,966 - 69,063 - (886,903) _ Culture and recreation 5,889,213 3,188,268 --.. . - (2,700,945) - Home and community services 5,481,320 3,673,332 7459 225,000 (1,574,529) - Interest on long-term debt 1,788,60 - - - (1,788,600) - Total governmental activities 50,032,384 ,013,628 1,978,996 1,190,240 (34,849,520) - Component unit-Mamaroneck Housing Authority $ - - - - - - General revenue: Real property taxesIIIIIIIIIIIIIIIIIIPr 34,462,051 - Real property tax items 693,382 - Nonproperty tax items 3,847,372 - Use of money and property 14S(11. 3,086,258 - Sale of property and compensation for loss 337,966 - Unrestricted state aid - Miscellaneous 2,433,473 - Insurance recoveries - - Total general revenue 44,860,502 - Extraordinary item-judgement expense (13,988,797) - co t.ct Change in net position (3,977,815) - CD Net position(deficit)at beginning of year (45,995,178) 2,021,642 Go Go Net position(deficit)at end of year $(49,972,993) 2,021,642 0 See accompanying notes to financial statements. (z) 15 TOWN OF MAMARONECK,NEW YORK Balance Sheet-Governmental Funds December 31,2025 Town • Outside Speci ISICapitebt Total General Villages Dis Highwayice Governmental Assets Cash and equivalents $ 1,129,365 - - 200 - 1,129,565 Investments 47,999,969 ,892,618 - 49,892,587 Receivables: Accounts 417,560 438,149 4,533 - - 860,242 Taxes,net 1,140,131 - - 1,140,131 Due from other governments 20,334 22,001 107,818 2,084,986 - 2,391,989 State and Federal aid 66,917 938,544 - 208,249 - 1,213,710 Lease 2,140,905 - - 2,140,905 Due from other funds - 5,065,984 6,007,457 l 2,895,989 17,957,540 7,311,815 39,238,785 Prepaid expenditures 305,139 926,982 483,579 263,411 - - 1,979,111 Total assets $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 Liabilities,Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 321,904 06 98,445 132,598 1,311,460 - 2,066,613 Accrued liabilities 39,066 528 78,449 38,531 6,731 - 350,305 Deposits payable 187,909 54 - - - 858,363 Due to other funds ,238,785 - - - - - 39,238,785 Bond anticipation note - - - 4.035,450 - 4,035,450 Unearned revenue 281,767- 9' - - - - 381,495 Total liabilities 40,069,431 .',916 176,894 171,129 5,353,641 - 46,931,011 Deferred inflows of resources: Tax revenue 1,087,004 - - - - - 1,087,004 Lease 1,979,721 - - - - - 1,979,721 Tot e erred inflows of re 3,066,725 - - - - - 3,066,725 Fund balances: Nonspendable 466,323 926,982 483,579 263,411 - - 2,140,295 Restricted n 366,160 - 1,892,618 - 14,897,134 1,054,124 18,210,036 Assigned 111111L1,391,548 5,304,762 5,987,413 2,837,411 - 6,257,691 21,778,825 1J Unassigned 7,860,133 - - - - - 7,860,133 It) 0 0Total fund balance 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 CO Total liabilities,deferred inflows of A resources and fund balances $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 See accompanying notes to financial statements. t) 0 16 TOWN OF MAMARONECK,NEW YORK Reconciliation of Balance Sheet -Governmental Funds to the Statement of Net Position December 31,2025 Total Governmental Fund Balances 49,989,289 Amounts reported for Governmental Activities in the statement of net position are different because: Capital assets, net of accumulated depreciation/amortization used in Governmental Activities are not financial resources and, therefore, are not reported in the funds. Capital assets-nondepreciable/amortizable $ 9,907,228 Capital assets-depreciable/amortizable 133,715,220 Accumulated depreciation/amortization (56,430,680) 87,16 Differences between expected and actual experiences, assumption 0 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 of resources-pensions 10,280,886 Deferred outflows of resources-length of service award program 385,237 Deferred outflows of resources -OPEB 6,898,957 Deferred inflows of resources-pensions (625,524) Deferred inflows of resources-length of service award program (864,527) Deferred inflows of resources- OPEB (11,370,985) 4,704,044 Other long-te !u` '; v spthat are not available to pay for current period expenditures an. therefore, er deferred or not reported in the funds-real property taxes. 1,087,004 Estimated long-term costs of the Westchester Joint Water Works filtration plant and related costs is a liability on the statement of net position but does not incur current economic resources. (31,841,097) Long-term liabilities that are not due and payable in the current period are not reported in the funds. Accrued interest payable (431,633) General obligation bonds payable (56,365,000) Lease liability (739,105) Compensated absences (334,796) Net pension liability-ERS -proportionate share (3,700,281) Net pension liability-PFRS -proportionate share (9,318,871) Total pension liability- length of service award program (1,843,087) Total OPEB liability (86,167,580) (158,900,353) 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 274,801 Premium on general obligation bonds (2,478,449) (2,203,648) Net Position of Governmental Activities $ (49,972,993) See accompanying notes to financial statements. 17 Page 135 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Revenue,Expenditures and Changes in Fund Balances-Gore i - •. r Year ended December 31,2025 Town Outside Sp- Cap. Debt Total General Villages P Highway Prolec' ervice Governmental Revenue: Real property taxes $ 6,613,851 11,915,96 •03,617 6,328,540 - - 34,261,973 Real property tax items 693,382 - - - 693,382 Nonproperty tax items - 3,8• - - - - 3,847,372 Departmental income 3,826,031 4,768,519 - - - 9,541,142 Intergovernmental charges 7,400 188,0 523,363 - - 718,838 Use of money and property 1,144,336 333,4 20 147,387 - 1,240,385 3,086,258 Licenses and permits 106,598 1,341,048 - - 1,447,646 Fines and forfeitures 300,242 5,760 - - - 306,002 Sale of property and compensation for loss 11,310 1,638 23,764 11,260 - 391,318 State aid 1,826,973 15,584 - - 218,249 - 2,060,806 Federal aid ti 131,287 5,152 - - 971,991 - 1,108,430 Miscellaneous 102,782 40 5,276A" 21 2,277,330 - 2,385,449 Total revenue 14,764,192 18,412,564 14,929,570 7,023,075 3,478,830 1,240,385 59,848,616 Expenditures: '4111111111111111111,General government support 4,599,767 '06,440 - - - 6,206,207 Public safety -"011 2,484,606 - - 10,683,617 Health289,091100 1,712,356 - - - 2,100,547 mi iir Transportation9,864493 178,097 3,579,848 - - 3,787,302 Economic assistance and opportunity - - - 476,931 Culture and recreation - - - 4,708,843 Home and community services 142411289 2,920,704 - - - 3,682,404 Employee benefits2965,579227 2,420,509 1,758,995 - - 13,282,310 Debt service: Principal 5,020 160,331 - - 4,171,500 4,338,857 Interest 1,088 34,736 - - 1,953,294 1,989,553 Capital outlay - - - - 12,425,672 - 12,425,672 Total expenditures 11,653,512 18,228,083 9,911,339 5,338,843 12,425,672 6,124,794 63,682,243 Excess(deficiency)of revenue over expenditures 3,110,680 184,481 5,018,231 1,684,232 (8,946,842) (4,884,409) (3,833,627) Other financing sources(uses): Installment purchase agreement issuance - - - - 906,462 - 906,462 Issuance premium 15,593 - 11,429 21,002 - - 48,024 Transfers in 409,145 956,253 272,588 5,113 1,659,967 5,698,941 9,002,007 Transfers out (2,101,340) (675,957) (2,634,747) (1,706,900) (1,883,063) - (9,002,007) -171 ! ra Total other funcing sources es) (1,676,602) 280,296 (2,350,730) (1,680,785) 683,366 5,698,941 954,486 tQ(D Net change in fund balance 1,434,078 464,777 2,667,501 3,447 (8,263,476) 814,532 (2,879,141) Fund balances at beginning of year 8,650,086 5,766,967 5,696,109 3,097,375 23,160,610 6,497,283 52,868,430 W , 0) Fund balances at end of year $ 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 O See accompanying notes to financial statements. l) 0 18 TOWN OF MAMARONECK, NEW YORK Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities Year ended December 31, 2025 Net change in fund balances -Total Governmental Funds $ (2,879,141) Amounts reported for Governmental Activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in 1SL the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. Capital outlay $12,456,851 Disposals (56,234) Depreciation/amortization expense (4,457,449) 7,943,168 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds - real property taxes. 200,078 Bond proceeds provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond 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 Lease payable issue 1/0 Ilk (906,462) Principal paid on lease payable 167,357 Principal paid on general obligation bonds 4,171,500 3,432,395 --dm, 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 47,075 Judgement expense (13,988,797) Compensated absences 46,601 Changes in pension asset and related deferred outflows and inflows of resources -ERS 385,181 Changes in pension liability and related deferred outflows and inflows of resources -PFRS 322,172 Changes in pension liability and related deferred outflows and inflows of resources -LOSAP 3,781 Changes in total OPEB liability and related deferred outflows and inflows of resources 355,794 Amortization of loss on refunding bonds and issuance premium 153,878 (12,674,315) Change in Net Position of Governmental Activities $ (3,977,815) See accompanying notes to financial statements. 19 Page 137 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Fiduciary Net Position Custodial Fund December 31, 2025 Assets: Cash and equivalents $ 3,599, 8 Real property taxes receivable for other gove 67,119,561 Total assets $70,719,149 Liabilities - due to other government 70,719,149 Fiduciary net position See accompanying notes to financial statements. 20 Page 138 of 610 TOWN OF MAMARONECK, NEW YORK Statement of Changes in Fiduciary Net Position Custodial Fund Year ended December 31, 2025 Additions - real property taxes collected for other governments $ 197,979, 4 Deductions - payments of real property taxes to other governments 197,979,414 Change in fiduciary net position Fiduciary net position at beginning of year Fiduciary net position at end of year See accompanying notes to financial statements. 21 Page 139 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements December 31, 2025 (1) Summary of Significant Accounting Policies The Town of Mamaroneck, New York (the Town) was established in 166 . and operates in accordance with Town Law and the various other applicable laws of the State of New York (the State). The Town Board is the legislative body responsible for overall operation. The Town Administrator serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following servcr to its residents: public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and general administrative support. The financial statements of the Town have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units and the Uniform System of Accounts as prescribed by the State. The Governmental Accounting Standards Board(GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The Town's significant accounting policies are described below: (a) Financial Reporting Entity The financial reporting entity consists of(a) the primary government, which is the Town, (b) organizations for which the Town is financially accountable and (c) other organizations for which the nature and significance of their relationship with the Town 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 Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Town'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, the following individual component unit is included in the Town's reporting entity because of its operational and financial relationship with the Town. The Town o i maroneck Housing Authority (the Housing Authority) was organized in July 1992 as unicipal housing authority created and established under the Public Housing Law State to provide affordable housing. The members of the Housing Authority's • , e appointed by the Town Board and, therefore, the Town is considered able to .se its will on the Housing Authority. Bonds issued by the Housing Authority are .aranteed by the Town. Since the Housing Authority does not provide services entirely or almost entirely to the Town, the financial statements of the Housing Authority have been reflected as a discretely presented component unit. Complete financial statements of the component unit can be obtained from its administrative office at Town of Mamaroneck Housing Authority, 740 West Boston Post Road, Mamaroneck, New York 10543. 22 Page 140 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (b) Government-Wide Financial Statements The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) report infoiiiiation on all non-fiduciary activities of the primary government as a whole and its component unit. The effect of interfund activity has been removed from these statements. The Statement of Net Position presents the financial position o the Town at the en. its fiscal year. The Statement of Activities demonstrates the 4 to which direct expenses of a given function or segment are offset by program reven Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenue 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 and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not identified as program revenue are reported as general revenue. The Town does not allocate indirect expenses to functions in the Statement of Activities. I 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. (c) Fund Financial Statements The accounts of the Town 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, revenue 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 Town 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 nonmajor funds 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 Town's resources are reflected in the fund financial statements in two broad fund categories, in accordance with GAAP as follows: 23 Page 141 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued Fund Categories (1) 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 Town's major governmental funds: • General Fund- The General Fund constitutes the primary operating fund of the Town and is used to account for and report all financial resources not accounted for and reported in another fund. • Town Outside Villages Fund-The Town Outside Villages Fund is used to account for transactions, which by statute affect only those areas outside the boundaries of the villages located within the Town. The major revenues of this fund are real property taxes and non-property taxes. • Special Revenue Funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specific purposes other than debt service or capital projects. The major special revenue funds of the Town are as follows: • . .. ` cial Districts Fund - The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, refuse and garbage, ambulance and fire protection. The major revenues of this fund are real property taxes and departmental income. • Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State. The major revenue of this fund is real property taxes. • 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. • Debt Service Fund - The Debt Service Fund is provided 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. 24 Page 142 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued (2) Fiduciary Funds - The Fiduciary Funds are used to account for assets held by the Town on behalf of others. The Custodial Fund is used to account for real property taxes collected and remitted for other governments. (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, as are the Fiduciary funds. Revenue is 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 revenue 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. Revenue is recognized when they have been earned and they are both measurable and available. Revenue is 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, revenue from Federal and State grants are recognized as revenue 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. Fees and other similar revenue is not susceptible to accrual because generally they are not measurable until received in cash. 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 liabilities, total pension liability and other postemployment benefit (OPEB) 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. Issuance of long-term debt and acquisitions under leases are reported as other financing sources. Component units are presented on the basis of accounting that most accurately reflects their activities. The Housing Authority is accounted for on the accrual basis of accounting. 25 Page 143 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) 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 datea.f acquisition. The Town's deposits and investment policies are governed by State statutes. Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by FDIC insurance. The Town 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. • Investments - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of the State or its political subdivisions. 44 The Town 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 Town participates in the New York Cooperative Liquid Assets Securities System (NYCLASS), a cooperative investment pool, established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. NYCLASS 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 NYCLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State and repurchase agreements. These investments are reported at fair value. NYCLASS issues separately available audited financial statements with a year end of June 30th. 26 Page 144 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) Cash and Equivalents, Investments and Risk Disclosure, Continued The Town's position in the pool is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. NYCLASS is rated AAA by Standard& Poor's. Local government investment cooperatives in this rating category meet the highest standards for credit quality,conservative investment policies and safety of principal. The cooperative invests in a high quality portfolio of investments legally permissible for municipalities and schhl districts in the State. Additional information concerning the cooperative is presented in the annual report of NYCLASS,which may be obtained from Public Trust Advisors,LLC, 717 17th Street, Suite 1850, Denver, Colorado 80202. Investments of the Fire Protection District are stated at fair value. The amounts are invested in various portfolios by the trustee of the Fund, who has been designated by the State Comptroller. These investments are unrated. The Town has no formal policy relating to interest rate or credit risk for the Fire Protection District's Investments. Investments of the Housing Authority consist of negotiable certificates of deposit and money market funds. Investments are stated at cost, which approximates fair value. The investments are not subject to risk categorization. • Interest Rate Risk - Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Town 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 Town 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 Town'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 Town's name. The Town's aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at December 31, 2025. redit 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 Town does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State. • Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government's investments in a single issuer. 27 Page 145 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (f) Taxes Receivable Real property taxes attach as an enforceable lien on real property and are levied on January 1st. The Town collects county, town, highway and special district taxes, which are due April 1st and payable without penalty to April 30th. School districts taxes are levied on July 1st and are due on September 1st, with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The Town guarantees the full payment of the County of Westchester, New York (the County) and school districts warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting in-rem foreclosure proceedings. The Town functions in both a fiduciary and guarantor relationship with the County and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such jurisdictions. County taxes are included in the Town's levy and are payable without penalty for thirty days. The County Charter provides for the Town to collect County and school districts taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and satisfy the balance of forty percent by October 15th. With respect to school districts taxes, the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus, the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations regardless of the amounts collected. County and school districts taxes collected prior to the satisfaction of the respective warrants are considered a fiduciary activity under the provisions of GASB Statement No. 84 - "Fiduciary Activities," and therefore have been accounted for within the Custodial Fund. (g) Other Receivables Other receivables include amounts due from other governments and individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred. Allowances are recorded when appropriate. (h) Due From/To Other Funds During the course of its operations, the Town 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 December 31, 2025, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. (i) Inventory There are no inventory values presented on the balance sheet of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase and year-end balances at these locations are not material. 28 Page 146 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (j) 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 amounts 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, which indicates that these amounts do not constitute"available spe ,` e resources"even though they are a component of current assets. (k) Restricted Assets The Housing Authority's restricted assets include rent security deposits required from tenants according to the terms of the lease agreements. In addition, certain proceeds from the Housing Authority revenue bonds,as well as certain other resources,are set aside pursuant to the terms of the bond indenture. (1) Capital Assets Capital assets,which includes land,buildings,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 Town as assets with an initial, individual cost of more than $5,000 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 the donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Town chose to include all such items regardless of their acquisition date or amount. The Town 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). 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 444, materially extend assets lives is not capitalized. Land and construction-in-progress are not depreciated. Buildings, equipment and infrastructure of the Town 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 30 - 50 29 Page 147 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (1) Capital Assets, Continued The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financia statements. Capital assets are not shown on the governmental funds' balance sheet. (m) Lease Receivable The Town leases land to the Housing Authority. A lease receivable is measured anlid‘ed at the present value of lease payments expected to be received by the Town during the lease term using an implicit discount rate, net of any provision for estimated uncollectible amounts. As lease payments are received from the lessee, they are first allocated to the amortization of the discount on the lease receivable and recognized as interest revenue, and them to lease receivable. (n) Unearned Revenue Unearned revenue arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenue consist of amounts received in advance and/or grants received before the eligibility requirements have been met. Unearned revenue in the fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported unearned revenue of$281,255 for parking permits received in advance and $512 of miscellaneous items in the General Fund and$99,728 for parking permits received in advance in the Town Outside Villages Fund. This amount has been deemed to be measurable but not"available"pursuant to GAAP. co) Deferred Outflows/Inflows of Resources Deferred outflows of resources 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. The Town has four items that qualify for reporting in this category. The first item is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement period between the Town's contributions and its N. proportion share of total contributions to the pension system not included in pension N. expense as well as the Town's contributions to the pension systems subsequent to the measurement date. The second item is related to OPEB reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of the liability. The third is related to the Length of Service Award Program (LOSAP) reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of liability. The fourth item relates to the Town's deferred charge on refunding resulting from the difference in the carrying value of the refunded debt and its acquisition. 30 Page 148 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (o) Deferred Outflows/Inflows of Resources, Continued Deferred inflows of resources 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 Town has five items that qualify for reporting in this category. The first is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement periods between the Town's contributions and its proportional share of total contributions to the pension systems not included in the pension expense. The second item represents differences between expected and actual experience as well as changes of assumptions related to the OPEB. The third item is reported on the Balance Sheet - Governmental Funds and relates to unavailable tax revenue for receivables not collected within 60 days of year end. The fourth item is reported on both the Balance Sheet - Governmental Funds and the Statement of Net Position and relates to long-term leases receivable. The fifth item represents differences between expected and actual experiences as well as changes of assumptions related to LOSAP. (p) Long-Term Liabilities In the government-wide financial statements, long-term debt and other long- term liabilities 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 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 expenditures. (cq) Compensated Absences 4v. The various collective bargaining agreements provide for the payment of accumulated vacation and sick leave upon separation from service. The liability for such accumulated leave is reflected in the government-wide Statement of Net Position as 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. (r) Nsion Liability The et pension liability represents the Town's proportionate share of the net pension liability 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." 31 Page 149 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (s) Total Pension Liability - Length of Service Awards Program The financial reporting of these amounts are presented in accor ance 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 No. 67 and 68." (t) Po stemployment Benefits 111LN In addition to providing pension benefits, the Town provides health insurance coverage for retired employees and their dependents. Substantially all of the Town's employees may become eligible for these benefits if they reach normal retirement age and retire under the New York State and Local Employees' Retirement System while working for the Town. The cost of providing postretirement benefits is shared between the Town and the retired employee. The Town recognizes the cost of providing health insurance by recording its share of insurance premiums for retiriand their dependents, as an expenditure in the year paid. (u) Lease payable The financial statements include leases recorded in accordance with the provisions of GASB Statement No. 87 - "Leases". The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are: financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset,and a lessor is required to recognize a lease receivable and a deferred inflow of resources. (v) Net Position Net Position represents the difference between assets and deferred outflows of resources less , 111111' liabilities and deferred inflows of resources. Net position is comprised of three components: 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 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 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 Town or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Restricted net position for the Town includes restricted for special purpose trusts, special revenue funds, capital projects and debt service. 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. 32 Page 150 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances Generally, fund balance represents the difference between current . and deferred outflows of resources and current liabilities and deferred inflows of reso In the fund financial statements, governmental funds report fund classifications that ccrixt.rise a hierarchy based primarily on the extent to which the Town is bound to honor aints on the specific purposes for which amounts in those funds can be spent. U 's 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-teiiii receivables, advances) 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 the General Municipal Law of the State. Committed fund balance - is reported for amounts that can only be used for specific purposes pursuant to foiinal action of the entity's highest level of decision making authority. The Town Board is the highest level of decision making authority for the Town 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 Town Board 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 Town Board. Assigned fund balance-represents amounts constrained either by policies of the Town Board for amounts assigned for balancing the subsequent year's budget or the Town Comptroller for amounts assigned as encumbrances as authorized by the Town Board. 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 funds except the General Fund includes all . remaining amounts, except for negative balances, that are not classified as nonspendable and are neither restricted nor committed. Unassigned fund balance - 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. 3 3 Page 151 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances, Continued 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 Town's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of • balance, it is the Town's policy to use fund balance in the following order: commi assigned and unassigned. (x) Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires piathvement to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Estimates and assumptions are made in a variety of areas, including compensated absences, other postemployment benefits, potential contingent liabilities and useful lives of long-lived assets. (y) Accounting Standards Issued But Not Yet Implemented GASB has issued the following pronouncements which will be implemented in the years required. The effects of the implementation of these pronouncements are not known at this time. Statement No. 103 - Financial Reporting Model Improvements. Effective for fiscal years beginning after June 15, 2025. Statement No. 104-Disclosure of Certain Capital Assets. Effective for fiscal years beginning after June 15, 2025. Statement No. 105 - Subsequent Events. Effective for fiscal years beginning after June 15, 2026. cz) Encumbranc In gove funds, encumbrance accounting, under which purchase orders, contracts and other c itments 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, Town Outside Villages, Highway and the Special Districts funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. (aa)Subsequent Events The Town has evaluated subsequent events through the date of the report which is the date the financial statements were available to be issued. 34 Page 152 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability (a) Budgetary Data The Town generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: • Prior to October 20th, the head of each administra ' unit shall submit to the budget officer an estimate of revenue and expenditure such administrative unit for the ensuing year. • The budget officer, upon completion of the review of the'estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 3 0th. • On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. • The Town Board shall review the tentative budget and may make such changes,alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review,the tentative budget and any modifications as approved by the Town Board shall become the preliminary budget. • On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. • After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. • The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. • Fointal budgetary integration is em oyed during the year as a management control device for General, Town Outside Villages, Highway, Special Districts and Debt Service funds. The Special Districts Fund is comprised of the Water District,the Sewer District,the Street Lighting District, the Refuse and Garbage District, the Ambulance District, and the Fire Protection District, all of which has a legally adopted budget. • Budgets for General,Town Outside Villages,Highway, Special Districts and Debt Service funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. k The Town Board has established legal control of the budget at the function level of expenditures. Transfers between appropriation accounts, at the function level over $10,000, require approval by the Town Board. Any modifications to appropriations resulting from an increase in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. • Appropriations in General, Town Outside Villages, Highway, Special Districts and Debt Service 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 Town Board. 3 5 Page 153 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability, Continued (b) Property Tax Limitation Under New York State Town Law,the Town is not limited as to the maximum amount of real property taxes which may be raised. However, Chapter 97 of the New York State 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 Town 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 sun-i 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 National Consumer Price Indexes determined by the United States Department of Labor with the result expressed as a decimal to four places. The Town 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 Town, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Town. The Town Board may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Town Board first enacts, by a vote of at least sixty percent of the total voting power of the Town Board, a local law to override such limit for such coming fiscal year. Taxes Receivable I -s receivable at December 31, 2025 consisted of the following: Town and County taxes - Current $ 282,714 Tax liens 1,529,849 1,812,563 Allowance for uncollectible amounts (672,432) $ 1,140,131 Taxes receivable are also partially offset by deferred tax revenue of$1,087,004,which represents an estimate of the taxes receivable which will not be collected within the first sixty days of the subsequent year. 36 Page 154 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (4) Capital Assets Changes in the Town's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 Additions Deletions Reclassifications 2025 Capital assets,not being depreciated/ amortized: Land $ 4,031,660 - - - 4,031,660 Construction-in-progress 4,018,273 4,824,899 - (2,967,604) 5,875,568 Total capital assets,not being depreciated/ amortized 933 4,824,899 - (2,967,604) 9,907,228 Capital assets,being depreciated/ amortized: Buildings and improvements 34,999,250 1,170,159 - 25,500 36,194,909 Machinery and equipment 20,606,645 2,117,162 (2,230,144) 1,651,094 22,144,757 Infrastructure 69,742,795 3,435487 � 1,291,010 74,469,092 Right-to-use asset - 906,462 - - 906,462 Total capital assets,b depreciated/amortized 125,348,69 29,070 (2,230,144) 2,967,604 133,715,220 Less accumulated depreciation/ amortization for: Buildings and improvements ,185,305 - - 13,672,118 Machinery and equipment 13,5 , 1,276,601 (2,176,792) - 12,634,550 infrastructure 28,128,469 1,814,251 - - 29,942,720 Right-toiuse asset - 181,292 - - 181,292 Total accumulated depreciation/amortization 54,150,023 4,457,449 (2,176,792) - 56,430,680 Total capital assets, being depreciated/ amortized,net 71,198,667 3,171,621 (53,352) (2,967,604) 71,349,332 Capital assets,net $ 79,248,600 7,996,520 (53,352) - 87,191,768 Depreciation/amortization expense was charged to the Town's functions and programs as follows: General government support $ 423,457 • Public safety 142,638 Transportation 1,903,331 Economic assistance and opportunity 294,192 Culture and recreation 98,064 Home and community services 1,595,767 Total depreciation/amortization expense $ 4,457,449 37 Page 155 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (4) Capital Assets, Continued Capital Assets - Component Unit Changes in the Housing Authority's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 itions_ Deletions 2025 Capital assets,not being depreciated- construction-in-progress Capital assets,being depreciated: Buildings and improvements 8,836,076 Machinery and equipment 764,550 Right-to-use leased land '69,581 Total capital assets,being depreciated 9,571, Less accumulated depreciation for: Buildings and improvements 2,43 Machinery and equipment Right-to-use leased land Total accumulated depreci, ion 6,6- 8 Total capital assets, being depreciated,ne 5,920, Capital assets,nItiL, • (5) Lease Receivable The Town maintains an agreement to lease land to the Housing Authority. Under the agreement, the Town receives rent each year covered by the agreement through 2035. At December 31, 2025, the present value..pf the lease receivable and the corresponding deferred inflow of resources were $2,140,905 and $1,979,721, respectively. The following is the amortization schedule for the lease receivable: Year ending Principal Interest Total 2026 $ 183,652 31,002 214,654' 2027 189,976 28,208 218,184 2028 196,460 25,319 221,779 2029 203,105 22,331 225,436 2030 209,916 19,242 229,158 2031 - 2035 1,157,796 46,182 1,203,978 Total $ 2,140,905 172,284 2,313,189 38 Page 156 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (5) Lease Receivable, Continued The following is the amortization schedule for the deferred inflow of resources: Year ending 2026 $ 197,972 2027 197,972 2028 197,972 2029 197,972 2030 197,972 2031 - 2035 989,861 Total $ 1,979,721 (6) Joint Venture The Town, together with the Village of Larchmont and the Town and Village of Harrison, participate in the Westchester Joint Water Works (WJWW). The purpose of the joint venture is to acquire, construct, provide, maintain and operate a water works system. The following is a summary of financial information included in the audited financial statements of the joint venture. ir General Capital Fund Fund Balance Sheet Date - December 31, 2024 Total assets $ 22,134,258 108,210,045 Total liabilities 10,831,132 Net capital 11,303,126 108,210,045 Revenue 411 , 117,571,557 - Expenses 34,315,181 - Change in net assets 83,256,376 - *The December 31, 2025 information was not available as of the date of the issuance of these financial statements. 39 Page 157 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (7) Short-Term Debt Bond anticipation notes (BANs) issued in anticipation of proceeds from the subsequent sale of bonds are recorded as current liabilities of the funds that will actually receive the proceeds from the issuance of the bonds. Such notes may be classified as long-term debt when (1) the intention is to refinance the debt on a long-term basis and(2)the intention can be substantiated through a post balance sheet issuance of long-term debt or by an acceptable financing agreement. State law requires that bond anticipation notes issued for capital purposes be converted to long-term financing within five years after the original issue date. The Town issued a BAN in 2025 to finance capital projects. The following is an analysis of BAN activity as of and for the year ended December 31, 2025: Interest Issuance Maturity Balance at Balance at Description of Issue Rate Date Date 12/31/24 Additions Reductions 12/31/25 Capital projects 4.00% 8/14/2025 8/14/2026 $ - 4,035,450 - 4,035,450 (8) Long-Term Liabilities The following table es change own's long-term liabilities::;;;:::1T:;;T 1Increases Decreases Governmental activities: General obligation bonds payable $ 60,536,500 - 4,171,500 56,365,000 4,310,000 Plus unamortized premium on bonds 2,673,691 - 195,242 2,478,449 195,242 63,210,191 - 4,366,742 58,843,449 4,505,242 Other noncurrent liabilities: Lease payable ...V - 906,462 167,357 739,105 174,052 Compensated absences 381,397 - 46,601 334,796 Net pension liability-ERS 3,616,982 83,299 - 3,700,281 Net pension liability-PFRS 7,576,848 1,742,023 - 9,318,871 - Total pension liability- length ofserviceaward program 1,826,357 16,730 - 1,843,087 37,705 Total OP ility 82,680,626 3,486,954 - 86,167,580 3,383,666 udge 17,852,300 13,988,797 - 31,841,097 - r noncurrent liabilities 113,934,510 20,224,265 213,958 133,944,817 3,595,423 Go ental activities-long-term liabilities $ 177,144.701 20,224,265 4,580,700 192,788,266 8,100.665 Mamaroneck Housing Authority: Revenue bond payable $ 3,090,000 - - 3,090,000 - Plus unamortized premium on bonds 123,675 - - 123,675 - Lease payable 2,318,387 - - 2,318,387 - Component Unit-long-term liabilities $ 5,532,062 - - 5,532,062 - 40 Page 158 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued Each governmental fund's liability for compensated absences,net pension liabilities,total pension liability, total OPEB liability and judgement liability are liquidated by the respective fund. Governmental liabilities for general obligation bonds are liquidated by the Debt Service Fund, which is funded by the General, Town Outside Villages,Highway and Special Districts funds. Governmental liabilities for installment purchase debt are liquidated by the Special Districts Fund - Ambulance District. The changes in compensated absences are shown as net. le (a) General Obligation Bonds Payable General Obligation Bonds payable at December 31, 2025 omprised of the following individual issues: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2025 Fire district improvements 2013 $ 996,000 May, 2026 .4.. 2.590% $ 90,000 Fire district improvements 2016 2,185,000 July, 2031 2.000 - 3.000% 940,000 Public improvemetrAdig 2016 8,990,845 October, 2036 2.000 - 2.300% 5,335,000 Refunding bonds 2017 7,040,000 March, 2030 2.000 - 2.350% 2,580,000 Public improvements 2018 5,815,500 December, 2038 3.000 - 5.000% 4,130,000 Fire district improvements 2018 1,400,000 December, 2038 3.000 - 5.000% 995,000 Public improvements 2019 3,830,000 September, 2039 2.000 - 5.000% 2,975,000 Fire district improvements 2019 2,470,000 September, 2039 2.000 - 5.000% 1,920,000 Public improvements 2020 3,385,000 August, 2035 1.000 - 5.000% 2,475,000 Refunding bonds 2020 8,115,000 May, 2028 0.650 - 2.000% 5,310,000 Public improvements 2021 6,100,000 August, 2040 1.375 - 5.000% 4,820,000 Public improvements 2022 4,175,000 October, 2042 4.000-5.000% 3,770,000 Fire district improvements 2022 1,082,000 October, 2037 4.000-5.000% 900,000 Public improvements 2023 3,016,600 September, 2039 4.000-5.000% 2,720,000 Public improvements 2023 5,954,700 September, 2053 4.000-5.000% 5,715,000 Public improvements 2024 5,220,000 August, 2039 3.000-5.000% 4,970,000 Public improvements 2024 6,250,500 August, 2054 4.000-5.000% 6,125,000 ire district improvements 2024 646,000 August, 2034 3.790% 595,000 $ 56,365,000 41 Page 159 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (b) Payments to Maturity The annual requirements to amortize the bonds outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 4,310,000 1,829,748 6,139,748 2027 4,330,000 1F90,327 6,020,327 2028 4,235,000 1, 48,062 5,783,062 2029 4,045,000 1,409,828 5,454,828 2030 3,880,000 1,270,836 5,150,836 2031 - 2035 17,975,000 4,661,092 22,636,092 2036 - 2040 9,930,000 2,362,545 12,293,545 2041 - 2045 2,805,00 ,284,800 4,089,800 2046 - 2050 VIP"- 2,655,000 73,000 3,428,000 2051 - 2054 2,200,000 07,811 2,407,811 $ 56,365,0 17,039,049 73,404,049 The above general obligation bonds are direct borrowings of the Town for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the Town. Upon default of the payment of principal or interest on the serial bonds the bond holders have the right to litigate. Moody's Investor Service has maintained the Town's AAA bond rating, the hi hest the Agency issues. (c) Lease Payable The Town has 5 year lease for ambulance equipment. The lease requires annual payments of $203,616 and has an interest rate of 4.00%. The annual requirements to amortize the lease payable outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 174,052 29,564 203,616 2027 181,014 22,602 203,616 2028I 188,254 15,362 203,616 2029 195,785 7,831 203,616 $ 739,105 75,359 814,464 42 Page 160 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (d) Interest Expense Interest expense for the year ended December 31, 2025 was composed of: Interest paid: Bonds $ 1,953,295 Lease 36,258 1,989,553 Less: ar, Prior year accrued interest (478,708) Current year premium amortization (195,242) (673,950) Plus: Current year accrued interest: Bonds 370,162 BAN 61,471 Current year deferred loss amortization 41 364 472,997 Interest expense $ 1,788,600 (e) Indebtedness - Component Unit Bonds payable Dece ber 31, 2025 is comprised of the following: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue mount Maturity Rates 2025 Hammocks Park Apartments,Series B 2015 11P$ 650,000 October 2035 3.00-3.50% Hammocks Park Apartments 2023 2,800,000 April 2024 3.00-5.00% The annual requirements to amortize the bond outstanding as of December 31, 2025 is as follows: k Year ending * Principal Interest Total 2026 $ 140,000 111,900 251,900 2027 145,000 105,500 250,500 2028 150,000 98,825 248,825 2029 155,000 91,900 246,900 030 031 - 2035 2036 - 2040 2041 - 2043 The revenue bonds are payable from the revenues received by the Housing Authority from the operation of the project. The Town has guaranteed payment of bond principal and interest. 43 Page 161 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (e) Indebtedness - Component Unit, Continued The bonds are subject to redemption prior to maturity, a •irec the Housing Authority and with the consent of the Town, upon th- oc.. ence of o • ore of the following events. 1) The Project is damaged or destroyed to the extent ; a) it cannot be reasonably repaired within a six month period or b) the Housing Authority would thereby be prevented from carrying on the normal rental operations of the project, as it eted prior to the damage, for a period of six months or more. 2) Title to, or the use of or possession of, all or substantially the entire project is condemned or taken under the exercise of the power of eminent domain by any governmental authority. Under this extraordinary redemption provision,the bonds are subject to redemption as a whole at any time, but not in part, at a redemption price equal to 100% of the outstanding principal amount thereof without discount, together with accrued interest to the date of redemption. At the option of the Housing Authority, the 2015 Series B bonds maturing on or after October 15, 2024 will be subject to redemption prior to maturity on any date on or after October 15, 2023 and the 2023 bonds maturing on or after April 1, 2032 will be subject to redemption prior to maturity on any date on or after April 1, 2031. The bonds may be redeemed either as a whole or in part and if in part in order of maturity and in any amount within maturity, at the following redemption prices, plus accrued interest to the date of redemption. Redemption Period Redemption Price Issue (Dates Inclusive) as a Percentage of Par 2015B October 15, 2024 100% 2023 April 1, 2032 100% Corn mensated A•sy. ces Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave upon retirement. The contract provides for the payment of $80 per day for those days earned in excess of 165 days but not more than 240 days. Maximum number of days to be paid will be 75 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment up to a maximum of 30 days. No payment is provided for unused sick leave or vacation time for police and fire employees. The value of compensated absences has been reflected in the government-wide financial statements. 44 Page 162 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans (a) Plan Description and Benefits Provided The Town 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 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 dikability 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 allocated to the System. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. System benefits are established under the provisions of the New York State Retirement and Social Security Law. 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 Town also participates in the Public Employees' Group Life Insurance Plan(GLIP), which provides death benefits in the form of life insurance. GLIP amounts are appointed to and included in ERS. 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/ retirement/financial-statelnents-and-supplementary-infounation. 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. The Comptroller annually certifies the actuarially determined rates expressly used in computing the employers' contributions based on salaries paid during the Systems' fiscal year ending March 31. (b) Pension Liabilities, Pen4pn Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions At December 31, 2025, the Town reported the following for its proportionate share of the net pension liability for ERS and PFRS: ERS PFRS Measurement date March 31, 2025 March 31, 2025 Net pension liability $3,700,281 9,318,871 Town's proportion of the System's net pension liability 0.0215814% 0.1533501% Change in proportion from prior year (0.0029837) (0.0064038) 45 Page 163 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued4W For the year ended December 31, 2025, the Town recognized its proportionate share of pension expense in the government-wide financial statements of$865,926 for ERS and $2,419,183 for PFRS. Pension expenditures of$1,251,106 for ERS and $2,741,355 for PFRS were recorded in the fund financial statements and were charged to the following funds: ERS PFRS General $ 612,803 - Town Outside Villages 166,668 2,116,545 Special Districts 145,804 624,810 Highway 325 831 - Total $ 151,106 2,741,355 At December 31, 2025,the Town reported deferred outflows of resources and deferred inflows of resources related to the pensions from the following sources: ERS PFRS Total Deferred Deferred Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows Outflows Inflows Resources Resources Resources Resources Resources Resources Differences ' een expected .r actual experience $ 918,435 43,323 3,103,993 - 4,022,428 43,323 Changes of assumptions — 155,182 - 1,399,335 - 1,554,517 Net difference between projected and actual earnings on pension plan investments 290,314 - 358,187 - 648,501 - Changes in proportion and differences between Town contributions and proportionate share of contributions 283,708 290,862 696,500 291,339 980,208 582,201 Town contributions subsequent to the measurement date 961,204 - 2,114,028 - 3,075,232 - $ 2,608,843 334,185 7,672,043 291,339 10,280,886 625,524 Town contri•utions subsequent to the measurement date will be recognized as a reduction of the net pension system in the year ending December 31, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the pensions will be recognized in pension expense as follows: 46 Page 164 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued 11/11' (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued Year ending ERS PFRS 2026 685,918 2,520,971 2027 954,447 1,614,649 2028 319,023) 161,177 2029 (7,888) 655,930 2030 313,949 $ 1,313,454 5,266,676 (c) Actuarial Assumptions The total pension liabilities at March 31, 2025 were determined by using a roll forward procedure to advance the liability calculated using system assumptions and member demographics from the actuarial valuation completed as of April 1, 2024. Economic assumptions used in the April 1, 2024 actuarial valuation include: ERS PFRS Actuarial valuation date April 1, 2024 April 30, 2024 Measurement date March 31, 2025 March 31, 2025 Inflation 2.9% 2.9% Salary increases 4.3% 6.2% Investment rate o return, (net o investment expense including inflation) 5.9% 5.9% Cost-of-living adjustments 1.5% 1.5% To set the long-term rate of return on pension plan investments, consideration was given to a building-block method using best-estimate ranges of expected future real rates at return (expected return, net of investment expenses and inflation) for each major asset class. These ranges are combined to produce the long-teim expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. aphic assumptions used in the April 1,2024 actuarial valuation are based on the results • an actuarial experience study completed April 1, 2020. Demographic assumptions are primarily based on System experience over the period April 1, 2015 - March 31, 2020. Annuitant mortality rates are adjusted to incorporate mortality improvements under the Society of Actuaries' Scale MP-2021. 47 Page 165 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10)Pension Plans, Continued (c) Actuarial Assumptions, Continued The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return * Domestic equity 25% 3.54% International equity 14% 6.57% Private equity 15% 7.25% Real estate 12% 4.95% Opportunistic/ARS portfolio 3% 5.25% Credit 4% 5.40% Real assets 4% 5.55% Fixed income 22% 2.00% Cash 1% 0.25% 100% *The real rate of return is net of the long-term inflation assumption of 2.9%. (d) Discount Rate ilmk The discount rate used to calculate the total pension liabilities 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 liabilities. (e) Sensitivity of the Proportionate Share of the Net Pension Liabilities to the Discount Rate The following presents the Town's proportionate share of the net pension asseti(liability) calculated using the discount rate of 5.9%, as well as what the Town's proportionate share of the net pension asset/(liability) 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: 1% Current 1% Decrease Assumption Increase 4.9% 5.9% 6.9% ERS - Town's proportionate share of the net pension asset (liability) $ (10,709,079) (3,700,281) 2,152,700 PFRS - Town's proportionate share of the net pension asset (liability) $ (19 649 234) (9 318 871) (792 642) 48 Page 166 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (f) Pension Plan Fiduciary Net Position The components of each current-year net pension liability of. icip ployers as of March 31, 2025, were as follows: (Dollars 1 'ons) ERS Employers' total pension liability (247,600) (4e . :) Fiduciary net position .,I230,454 41,395 Employers' net pension liability S (17,146) (4,743) Ratio of fiduciary net position to the Employers' total pension liability 93.08% 87.53% (g) Contributions to the Pension Plans Employer contributions to ERS and PFRS are based on the System's fiscal year, which ends on March 31'. Retirement contributions as of December 31, 2025 represent the projected employer contributions for the period of April 1, 2025 through March 31, 2026 based on paid employee wages multiplied by the employers' contribution rate, by tier. Retirement contributions to ERS and PFRS for the year ended December 31, 2025 were $1,251,106 and $2,741,355, respectively. (h) Voluntary Defined Contribution Plan The Town 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 S75,000 or more. The employee contribution is between 3% and 6% depending on salary and the Town will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. (11) Length of Service Award Program (a) Plan Description and Benefits The information contained in this note is based on infoiniation for the Town of Mamaroneck Fire District Length of Service Award Program for the program year ended on December 31,2025. The Program is accounted for in the Town's financial statements within the Fire Pre • . District Fund. 49 Page 167 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (a) Plan Description and Benefits, Continued The Town of Mamaroneck Fire District (the District), esta s s a defined benefit Service Award Program (referred to as a"LOSAP" - Length Of Se vice Awards Program - under Section 457(e)(11) of the Internal Revenue Code) effective January 1, 1999 for the active volunteer firefighter members of the District. 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 District 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 has earned one year of Service Award Program Service Credit. An active volunteer firefighter earns a year of Service Credit for each calendar year after the establishment of the Program in which he or she accumulates 50 points. Points are granted for the perfoiiiiance of certain firefighter activities in accordance with a system established by the Sponsor on the basis of a statutory list of activities and point values. A Participant may also receive Service Credit for five years of active volunteer firefighting service rendered prior to the establishment of the Program. Participants acquire a non-forfeitable right to be paid a Service Award after earning five years of Service Credit, becoming totally and permanently disabled, dying while an active volunteer or upon attaining the Program's Entitlement Age while an active volunteer. The Program's Entitlement Age is age 60, and is the age at which benefits begin to be paid to Participants. A Participant's Service Award benefit is paid as a ten-year certain and continuous monthly payment life annuity. The amount payable each month equals $20 multiplied by the total number of years of Service Credit earned by the Participant. The maximum number of years of Service Credit a Participant may earn under the Program is 40 years. Currently, there are no other forms of payment of a volunteer's earned Service Award under the Program. Except in the case of Pre-Entitlement Age death or total and permanent disablement, a Participant's Service Award will not be paid until he or she attains the Entitlement Age. -teers who are active after attaining the Entitlement Age and who may have enced receiving a Service Award have the opportunity to earn Service Credit and, ereby, increase their Service Award payments. The pre-Entitlement Age death and disability benefit is equal to the actuarial value of the Participant's earned Service Award at the time of death or disablement. Program does not provide extra line-of- duty death or disability benefits. All death and disability benefits are self-insured and are paid from the Program Trust Fund. 50 Page 168 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (b) Employees Covered by Benefit Terms Active Members AMF Vested-Terminated 28 Retired and Beneficiaries 6 Total 67 fc) Actuarial Assumptions The total pension liability in the January 1,2025 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation: 0.0% Nir Investment rate of return: 4.43%net of pension plan investment expense, including inflation Salary Scale: Not applicable Mortality: No pre-retirement mortality; post retirement RP2000 projected to 2030 • Trust Assets I Although assets have been accumulated in an irrevocable trust such that the assets are dedicated to providing pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the District. As such,the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. The trust assets are recorded in the Fire Protection District fund as investments and as a component of Restricted fund balance. • Contributions New York State General Municipal Law §219(d) requires the District to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the District. (d) Measurement of Total Pension Liability The total pension liability of $1,843,087 was measured as of December 31, 2025 and was W determined using an actuarial valuation as of January 1, 2025. (e) Changes in the Total Pension Liability LOSAP liability - beginning of year $ 1,826,357 Service cost 37,638 Interest 80,139 Differences between expected and actual experience (12,505) Changes of assumptions (50,837) Benefit payments and expenses (37,705) LOSAP liability - end of year $ 1,843,087 51 Page 169 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (f) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pension For the year ended December 31, 2025, the District recognized pension ex $33,924. At December 31, 2025, the District reported deferred outflows of resource eferred inflows of resources related to the pension from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 15,864 124,357 Changes of assumptions 369,373 740,170 $ 385,237 864,527 Other amounts reported as deferred outflows of resources and deferred inflows of resources related to LOSAP will be recognized in the pension expense as follows: Year ending 2026 $ (83,849) 2027 (87,106) 2028 (87,104) 2029 (165,145) 2030 (47,032) Thereafter i (9,054) $ (479,290) (g) Sensitivity of the Total Pension Liability to Changes in the Discount Rate The following presents the total pension liability of the District as of the December 31, 2025 measurement date, calculated using the discount rate of 4.43%, as well as what the District's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher (5.43%) than the current rate: 1% Current 1% Decrease Assumption Increase (3.43%) (4.43%) (5.43%) al pension liability $ 2,213,804 1,843,087 1,554,112 52 Page 170 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB) (a) Plan Description and Benefits Provided In addition to providing pension benefits, the Town provides c ain 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 Town may vary according to length of service. The cost of providing postemployment health care benefits is shared between the Town and the retired employee as noted below. Substantially all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. 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. (b) Employees Covered by Benefit Terms At December 31, 2024, the valuation date, the following employees were covered by the benefit terms: Retired employees, 129 Active employeesmil` 128 257 (c) Total OPEB Liability The Town's total OPEB liability of$86,167,580 was measured as of December 31,2025, and was determined by an actuarial valuation as of December 31, 2024. (d) Actuarial Assumptions The total OPEB liability in the December 31, 2024 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 3.00% Salary increases 3.00% Discount rate 4.43% Healthcare cost trend rates 7.00% for 2025, decreasing by 0.5%per year to an ultimate rate of 4.5% 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 S&P 20-year High Grade Rate Index. Mortality rates were based on Pub-2010 with MP-2021 projection. 53 Page 171 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (e) Changes in the Total OPEB Liability The Town's change in the total OPEB liability for the year ended December 31, 2025 is as follows: Total OPEB liability - beginning of year $ 82,680,626 Service cost 1,933,008 Interest 3,549,053 Differences between expected and actual - ence 3,014,347 Changes of assumptions (1,625,788) Benefit payments (3,383,666) Total OPEB liability - end of year S 86,167,580 (f) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher(5.43%) than the current discount rate: 1%W Current 1% Total OPEB liability Decrease Assumption Increase (3.43%) (4.43%) (5.43%) $ 99,280,100 86,167,580 75,551,187 (.) Sensitivity of the Total OPEB Liability to Changes in the Healthcare Trend Rates The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage point lower (6.0% decreasing to 3.5%) or 1-percentage point higher (8.0% decreasing to 5.5%) than the current healthcare cost trend rates: Healthcare 1% Cost Trend 1% Decrease Rates Increase (6.0% (7.0% (8.0% decreasing decreasing decreasing to 3.5%) to 4.5%) to 5.5%) Tot. B liability $ 74,837,845 86,167,580 100,386,424 54 Page 172 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (h) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2025, the Town recognized OPEB expense of$3,027,872 in the government-wide financial statements. At ler 31, 2025, the Town reported deferred outflows of resources and deferred in 1 of resources related to OPEB from the following sources: erred Deferred tflows of Inflows of Resources Resources Differences between expected and actual experie' $ 5,298,718 396,722 Changes of assumptions 1,600,239 10,974,263 $ 6,898,957 11,370,985 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ending 2026 S (4,639,636) 2027 822,754 2028 (932,861) 2029 ' 277,715 $ (4,472,028) (13)Interfund Activity The balanc ected as due from/to other funds at December 31, 2025 were as follows: r' Due Due Fun From To General $ - 39,238,785 Town Outside Villages 5,065,984 - Special Districts 6,007,457 - Highway 2,895,989 - Capital Projects 17,957,540 - Debt Service 7,311,815 - $ 39,238,785 39,238,785 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. 55 Page 173 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (13) Interfund Activity, Continued Interfund transfers are defined as the flow of assets, such as cash o• a ervices, without the equivalent flow of assets in return. The interfund tran- effect-. ,w have been reflected as transfers: Transfers fers Fund In General $ 409,145 2,101, Town Outside Villages 56,253 675,957 Special Districts 272,588 2,634,747 Highway 5,113 1,706,900 Capital Projects IF 1,659,967 1,883,063 Debt service 5,698,941 - $ ikt002,007 9,002,007 Transfers are used to (1) move funds from the fund with collection authorization to the funds where additional amounts are needed and (2) to move amounts earmarked in the operating funds to fulfill commitments for Capital Projects and Debt Service funds expenditures. (14) Significant Contingen (a) Litigation The Town, 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 Town if adversely settled. WJWW, a joint venture of the Town,has entered into a settlement agreement along with other municipalities. The settlement agreement resulted in fines and commitments to capital projects. The Town's proportionate share of this settlement is 16.7%. As a result, the 1\ . Town has paid $4,734,061 as of December 31, 2025. Additionally, the Town estimates that its proportionate share of the remaining capital projects to be $31,841,097 which is recognized on the statement of net position. he Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. 56 Page 174 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (14) Significant Contingencies, Continued (b) Risk Management The primary government purchases various conventional liability and workers' compensation insurance policies to protect against potential losses. The general liability policy provides coverage of$1 million per occurrence, not to exceed an aggregate of up to $3asiilion. In addition, there is a public officials liability policy providing coverage of$1 million per claim, not to exceed an aggregate of up to $2 million. Finally, there is an excess liability policy of$20 million per occurrence,not to exceed an aggregate of up to $40 million. The Town's workers' compensation policy provides coverage at statutory levels. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The Authority purchases various conventional insurance policies to reduce its exposure to loss. The Authority maintains a general liability policy with coverage up to $5 million. Settled claims resulting from these risks have not exceeded commercial coverage in any of the past three fiscal years. (c) Contingencies The Town partici.. - 'n various F, . t programs. These programs are subject to program co' .its pursua e Single Audit Act. The amount of expenditures which • • disa • by the . *ng agencies cannot be deteunined at this time, altho e Town an hates such . ts, if any, to be immaterial. (15) Certain iii ' closures (a) Concentrations - Wor force Covered by Collective Bargaining Agreements The Town's workforce has collective bargaining agreements which dictate employment terms including payroll and related expenditures as well as benefits. The Town's C SEA contract has expired and the Town is currently in negotiations to extend the contract. Other collective bargaining are maintained by the Town and available upon request. (b) Constraints (1) Limitations on Raising Revenue The Town's ability to raise revenue through property taxes is subject to Article Ill of the New York State Constitution and the Real Property Tax Law, including the property tax levy limit("tax cap")imposed by Chapter 97 of the Laws of 2011. For most towns, annual increase in the property tax levy cannot exceed the lesser of 2% or the rate of inflation, unless a local law is passed and approved by a 60% supermajority of the r Town Board or governing body. (2) Limitations on Spending Expenditures must be authorized in accordance with the annual budget adopted by the Town Council, pursuant to New York State General Municipal Law(GML) and local charter provisions. The Town may not incur expenditures in excess of appropriations, except for legally authorized emergency expenditures. 57 Page 175 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (15) Certain Risk Disclosures, Continued (b) Constraints, Continued (3) Limitations on Incurrence of Debt The Town's authority to incur indebtedness is governed by Article VIII of the New York State Constitution,the Local Finance Law,and local charters or ordinances. The Town is subject to a constitutional debt limit, which is 7% of the five-year average full valuation of taxable real property within the Town. All borrowings must be authorized by the Town Board and, in some cases, by public ref um. The Town is also subject to statutory provisions governing issuance e, permission purposes, and repayment requirements. (16) Tax Abatements • The Town has real property tax abatement agreements exempt under Real Property Tax Law and General Municipal Law. However, the total value of the tax abatement agreements for the year ended December 31,2025 amounted to$3,655 and,therefore,detail information has been excluded from these financial statements. < 111111111111111111r 58 Page 176 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue,Expenditures and Changes in Fund Balance - Budget to Actual- General Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $ 6,987,600 6,987,600 6,613,851 73,749) Real property tax items 566,400 579,468 693,382 ' 914 Departmental income 3,780,325 3,801,748 3,826,031 :3 Intergovernmental charges - - 7,400 ,400 Use of money and property 950,190 950,190 1,144,336 194,146 Licenses and permits 77,300 77,300 106,598 29,298 Fines and forfeitures 250,000 250,000 300,242 50,242 Sale of property and compensation for 1 s - - 11,310 11,310 State aid 1,309,594 1,331,510 1,826,973 495,463 Federal aid 67,812 67,812 131,287 63,475 Miscellaneous 203,600 214,826 102,782 (112,044) Total revenue 14,192,821 14,260,454 14,764,192 503,738 Expenditures: General government suporill 5,521,178 5,511,877 4,599,767 912,110 Health 50,000 450,000 289,091 160,909 Transportation 9,700 19,700 9,864 9,836 Economic assistance and opportunity ,794 516,184 476,931 39,253 Culture and recreation .111111111'-=3, 47,778 3,588,743 3,167,428 421,315 Home and community services 155,050 156,520 142,411 14,109 Employee benefits 3,206,208 3,206,208 2,965,579 240,629 Debt service: Or Principal - 2,006 2,006 - Interest - 435 435 - Total a itures 13,413,708 13,451,673 11,653,512 1,798,161 Excess of revenue over penditures 779,113 808,781 3,110,680 2,301,899 Other financing sources (uses): Issuance premium - - 15,593 15,593 Transfers in 121,350 409,145 409,145 - Transfers out (2,077,463) (2,158,040) (2,101,340) 56,700 Total other financing sources (uses) (1,956,113) (1,748,895) (1,676,602) 72,293 Net change in fund balance $ (1,177,000) (940,114) 1,434,078 2,374,192 Fund balance at beginning of year 8,650,086 Fund balance at end of year $ 10,084,164 59 Page 177 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund Year ended December 31, 2025 Budget Amounts al Increase/ Original Final " A ' Decrease Revenue: Real property taxes $11,915,000 11,915,000 11,915,' 965 Nonproperty tax items 3,656,000 3,656,000 3,847,372 91,372 Departmental income 599,575 610,263 946,592 329 Use of money and property 250,000 250,000 p 333,413 .3,413 Licenses and permits 1,301,000 1,301,000 1,341,048 40,048 Fines and forfeitures 8,000 8 000 5,760 (2,240) Sale of property and compensation for loss - 1,638 1,638 State aid - 083 15,584 (37,499) Federal aid 12,800 i 5,152 (7,648) Miscellaneous �-. - 40 40 Total revenue 17,742,375 17,806,146 18,412,564 606,418 Expenditures: General government support •5,033 1,702,322 1,606,440 95,882 Public safety .622,540 8,298,042 8,199,011 99,031 Health 99,100 99,100 99,100 - Transportation '9,550 27,289 19,493 7,796 Culture and recreation ,144 1,553,405 1,541,415 11,990 Home and community services 726,932 640,640 619,289 21,351 Employee benefits 6,114,253 6,264,158 6,137,227 126,931 Debt service: Principal ‘ - 5,020 5,020 - Interest - 1,088 1,088 - Total expenditures 18,498,552 18,591,064 18,228,083 362,981 Excess (deficiency) of revenue over expenditures (756,177) (784,918) 184,481 969,399 Other financing s : (uses): Transfers in 830,275 1,012,953 956,253 (56,700) Transfers out (641,298) (675,957) (675,957) - Total other financing sources (uses) 188,977 336,996 280,296 (56,700) Net change in fund balance $ (567,200) (447,922) 464,777 912,699 Fund balance at beginning of year 5,766,967 Fund balance at end of year $ 6,231,744 60 Page 178 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original alv Amounts Decrease Revenue: Real property taxes $ 9,402,900 9,402,900 9,403,617 . 717 Departmental income 3,993,000 3,276,683 4,768,519 ,836 Intergovernmental charges 123,030 174,588 188,075 13,487 Use of money and property 127,561 143,164 220,737 77,573 Sale of property and compensation for loss - 331,608 343,346 11,738 Miscellaneous - - 5,276 5,276 Total revenue 13,646,491 13,328,943 14,929,570 1,600,627 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Health 1,839,562 1,727,484 1,712,356 15,128 Transportation 181,803 181,803 178,097 3,706 Home and communi ,345,982 3,393,842 2,920,704 473,138 Employee benefit 68,771 2,659,185 2,420,509 238,676 Debt service: Princip - 160,331 160,331 Interest - 34,736 34,736 Total expenditure 10,742,456 10,898,157 9,911,339 986,818 Excess of revenue over expenditures 2,904,035 2,430,786 5,018,231 2,587,445 er financing sources (uses): Issuance premiu - - 11,429 11,429 Transfers in - 272,588 272,588 - ansfers out (3,114,035) (2,634,747) (2,634,747) - Total other financing sources (uses) (3,114,035) (2,362,159) (2,350,730) 11,429 Net change in fund balance $ (210,000) 68,627 2,667,501 2,598,874 Fund balance at beginning of year 5,696,109 Fund balance at end of year $ 8,363,610 61 Page 179 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund Ak Year ended December 31, 2025 Bud:et is Actual Increase/ Ori l in. Final Amounts Decrease Revenue: Real property taxes $ 6,328,000 6,328,000 6,328,540 540 Intergovernmental charges 478,500 478,500 523,363 44,863 Use of money and property 130,000 130,000 147,387 17,387 Sale of property and compensation for loss 41,500 41,500 23,764 (17,736) Miscellaneous - - 21 21 Total revenue 6,978,000 6,978, 7,023,075 45,075 Expenditures: Transportation ,129 3,1 r ,793 3,579,848 323,945 Employee benefits .01,991 1,801,991 1,758,995 42,996 Total ex. e..,;,`res 59,120 5,705,784 5,338,843 366,941 Excess of reve -r expenditu :,880 1,272,216 1,684,232 412,016 Other financing s (uses Issuance premiu - - 21,002 21,002 Transfers in - 5,113 5,113 - Transfers out (1,503,880) (1,706,900) (1,706,900) - Total other financing sources (uses) (1,503,880) (1,701,787) (1,680,785) 21,002 Net change in fund balance $ (285,000) (429,571) 3,447 433,018 Fund balance at beginning of year 3,097,375 Fund bal ee at end of year $ 3,100,822 62 Page 180 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance Budget to Actual - Debt Service Fund Years ended December 31, 2025 Budget Amounts Actual Increase/ Original Final% Amounts Decrease Revenue - use of money and property S 500,000 500,000 1,240,385 740,385 Expenditures - debt service: Principal 4,171,500 4,171,500 4,171,500 - Interest 1,953,298 1,953,298 1,953,294 4 Total expenditures i■■►.ab,-124,798 6,124,798 6,124,794 4 Excess (deficiency) of revenue over expenditures (5,624,798) (5,624,798) (4,884,409) 740,389 Other financing sources - transfers in 4,264,051 4,264,051 5,698,941 1,434,890 Net change in fund balance $ (1,360,747) (1,360,747) 814,532 2,175,279 Fund balance at beginning of year 6,497,283 Fund balance at end of year $ 7,311,815 111, 63 Page 181 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Town's Total OPEB Liability a <. elated Ra Year ended December 31,2025 AO 2025 2024 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost $ 1,933,008 2,460,130 2,035,941 2,675,752 2,701,975 2,187,127 2,071,412 2,209,552 Interest 3,549,053 3,384,369 3,177,652 2,184,968 1,872,227 2,655,669 2,940,383 3,049,245 Differences between expected and actual experience 3,014,347 (661,204) 4,777,498 3,184,949 2,035,508 (2,971,792) (6,362,401) (5,645,533) Changes of assumptions (1,625,788) (5,391,664)1 4,000,599 (28,792,491) (4,080,811) 16,084,473 4,539,830 - Benefit payments (3,383,666) (3,440,447) (2,779,351) (2,491,486) (2,360,168) (2,462,076) (2,551,390) (2,656,557) Net change in total OPEB liability 3,486,954 (3,648,816) 11,212,339 (23,238,308) 168,731 15,493,401 637,834 (3,043,293) Total OPEB liability-beginning 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 85,098,738 Total OPEB liability-ending $86,167,580 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 Covered-employee payroll $ 15,a•',:!:3 15,107,644 15,349,416 14,403,864 14,224,353 11,649,814 13,033,191 12,306,706 Total OPEB liability as a percentage of covered-employee payroll 545.05% 547.28% 562.43% 521.51% 691.46% 842.82% 634.48% 666.75% Notes to schedule: .._'- Changes of assumption_,- hanges of ass ns and nputs reflect the effects of changes in the discount rate each period. The following are the discount rates • each period: 2025 2025 2024 2022 2021 2020 2019 2018 4.43% 4.28% 4.00% 4.31% 2.25% 1.93% 3.26% 3.64% cost) This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10 year trend is compiled,the Town m is presenting information for those years for which information is available.8 oTrust Assets-There are no assets accumulated in a trust that meets the criteria in GASB Statement No. 75,paragraph 4. rn 8 64 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Towns Total LOSAP Liability an ated Rat Year ended December 31,2025 2025 2024 2023 202 , 2021 2020 2019 2018 2017 Total LOSAP liability Service cost $ 37,638 37,651 44,106 48,288 106,438 95,736 81,582 61,843 59,638 Interest 80,139 84,983 69,111 114,885 47,433 42,171 44,169 60,525 45,337 Differences between expected and actual experience (12,505) (86,939) (22,647) (44,700) 30,135 (44,432) (4,799) 22,197 - Changes of assumptions (50,837) (178,943) 99,982 (1,104,550) 100,267 397,195 393,292 (148,536) 172,911 Benefit payments (37,705) (29,780) (27,160) (26,930) _41124,130 (18,570) (5,680) (30,250) (5,171) Net change in total LOSAP liability 16,730 (173,028) 163,392 (1,013,007) 260,14,3 472,100 508,564 (34,221) 272,715 Total LOSAP liability-beginning 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 1,369,699 Total LOSAP liability-ending $ 1,843,087 FL 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 Covered-employee payroll N/• N/A N/A 11[/A N/A N/A N/A N/A N/A LOSAP liability as a percentage of covered-employee payroll 0.00°. 0 0.7IW.0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Notes to schedule: Changes of assumptions ges of ass . 4s and • '‘outs reflect the effects of changes in the discount rate each period. The following are the discount rates used in eriod: 2025 2025 2024 2022 2021 2020 2019 2018 2017 4.43% 4.28% 3.79% 4.05% 1.84% 2.75% 2.75% 3.71% 3.31% cQ This schedule is presented t. •ate the req ' ent to show information for 10 years. However, until a full 10 year trend is compiled,the Town is o presenting information for thos- for w ' formation is available. Eos co Trust Assets-There are no assets a • in a trust that meets the criteria in GASB Statement No.73,paragraph 4. 0 rn 8 65 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Proportionate Share of the Net Pension As• ..ility December 31,2025 ERS 2025 2024 2023 2022 2020 2019 2018 2017 2016 Town's proportion of the net pension asset/liability 0.0215814% 0.0245651% 0.0231186% 0.0233148% 0.02223 ' .1% 0.0228534% 0.0217828% 0.0229223% 0.0212436% Town's proportionate share of the net pension asset(liability) $ (3,700,281) (3,616,982) (4,957,553) ' 891 (22,138) :4) (1,619,233) (703,029) 2,153,827 (3,409,658) Town's covered payroll $ 7,806,331 7,718,089 7,642,184 354,597 6,9' 6,882,383 6,649,254 6,193,460 6,044,712 Town's proportionate share of the net pension liability as a . percentage of its covered payroll 47.4% 46.9% 64.9% 2 i'.70 'mow 0 23.5% 10.6% 34.8% 56.4% Plan fiduciary net position as a percentage of the total pension asset/liability 93.08% 93. 9 . 103.65). 99.95% 86.4% 96.3% 98.2% 94.7% 90.7% PFRS Town's proportion of the net pension liability 0.1533501% t 39% f, .37065% 0.1666653% 0.1551869% 0.1711154% 0.1529885% 0.1526125% 0.1526963% 0.1601178% Town's proportionate share of the net pension liability(asset) $ '-: 1) (7,571 (9,021,000) (946,733) (2,694,473) (9,146,009) (2,565,650) (1,542,541) (3,164,863) (4,740,748) Town's covered payroll :,228,71• " '02,057 7,321,212 7,153,524 6,586,679 6,471,130 6,443,114 6,168,882 6,036,891 Town's proportionate share of the net pension liability as a percentage of its covered payroll 109.2% 114. '/° 12.9% 37.7% 138.9% 39.6% 23.9% 51.3% 78.5% Plan fiduciary net position as a percentage of the total pension liability 87.53% 89 87.43% 98.66% 95.79% 84.9% 95.1% 96.9% 93.5% 90.2% (D O 0 t) 0 66 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Pension Contributions December 31,2025 ERS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Contractually required contribution $ 1,251,106 1,109,073 986,16 984,111 1,139,485 1,012,831 1,001,835 9,366,836 951,693 975,073 Contributions in relation to the contractually required contribution 1,251,106 1,109,073 986,1. 9i•, ,139,485 1,012,8* 1,001,835 9,366,836 951,693 975,073 Contribution deficiency(excess) $ - - - - - - - - Town's covered payroll $7,740,150 7,661,160 7,438,441 7,358,579 7,086,604 6,997,273 7,009,504 6,950,172 6,366,881 6,396,849 Contributions as a percentage of covered payroll 16.16% 14.48% 13.26% 13.37% 16.08% 14.47% 14.29% 134.77% 14.95% 15.24% PFFRS Contractually required contribution $2,741,355 2,412,717 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contributions in relation to the contractually required contributi.• 741,355 2,. 17 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contribution deficiency(ex • - - - - - - - Town's covered payroll $8,305,' '•983,82 6,423 7,195,446 6,728,390 6,751,611 6,694,209 6,477,510 6,425,121 6,105,861 Contributions as a percentage of covered payroll 33.00% .22% 26.87% 26.54% 27.30% 22.35% 21.80% 22.06% 21.84% 22.31% v m cn 0 cn 8 67 TOWN OF MAMARONECK,NEW YORK,' Other Supplementary Information Combining Balance Sheet-Special Districts Fund December 31,2025 Street Refuse and Fire Water Sewer Lighting Garbage Ambulance Protection Assets District District District District District District Total Investments $ - - - - - 1,892,618 1,892,618 Receivables: Due from other governments - 156,850 - - - - 156,850 Due from other funds 2,998,969 254,684 187,384 497;935 543,949 1,524,536 6,007,457 Prepaid expenditures 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Total assets $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 Liabilities and Fund Balanc Liabilities: Accounts payable 7,662 1,146 8,282 415 28,113 52,527 98,445 Accrued liabilities - 4,944 - - 49,520 23,985 78,449 Total liabilities 77111111r 6,390 8,282 415 77,633 76,512 176,894 Fund balances: Nonspendai 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Restricte'' - - - - - 1,892,618 1,892,618 Assig ` 2,991,307 405,144 179,102 497,520 466,316 1,448,024 5,987,413 and balances 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 cQ Tota ities and Balances $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 m ao rn 0 68 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Combining Statement of Revenue,Expenditures and Changes in Fund Bala pecial I Fund Year ended December 31,2025 Sire, •efuse and ire Water Sewer Li. _ Garbage Ambulance 'on District District ct Distr. t District I t Total Revenue: Real property taxes $ - - 1,327 2,784, 21 933,499 5,354,470 9,403,617 Departmental income 2,886,314 731,272 - - 1,150,933 - 4,768,519 Intergovernmental charges - 2,666 - - 185,409 - 188,075 Use of money and property 40,250 - - - 27,331 153,156 220,737 Sale of property and compensation for loss - - 10,738 - 31,608 301,000 343,346 Miscellaneous - - - 276 - 5,000 5,276 Total revenue 2,926,56 733,938 342,065 2,784,597 2,328,780 5,813,626 14,929,570 Expenditures: Public safety - - - - - 2,484,606 2,484,606 Health AllW - - - - 1,712,356 - 1,712,356 Transportation - 178,097 - - - 178,097 Home and community services 93,713 139,007 - 2,687,984 - 2,920,704 Employee benefits - 66,283 31,800 - 338,334 1,984,092 2,420,509 Debt service: Principal - - - 154,808 5,523 160,331 Interest - - 33,540 1,196 34,736 Total expenditures ille 93,713 205,290 209,897 2,687,984 2,239,038 4,475,417 9,911,339 Excess of revenue over expenditures 2,832,851 528,648 132,168 96,613 89,742 1,338,209 5,018,231 Other financing sources(uses): Issuance pm 'um *11,429 - - - - - 11,429 Transfers 268,314 - - - 1,386 2,888 272,588 Transfers out (1,099,515) (377,110) (115,316) (209,691) (26,657) (806,458) (2,634,747) -0 Tota nancing sources(uses) (819,772) (377,110) (115,316) (209,691) (25,271) (803,570) (2,350,730) so co a) Net change in fund balanc 2,013,079 151,538 16,852 (113,078) 64,471 534,639 2,667,501 Fund balances at beginning of 981,532 265,933 170,233 639,978 501,691 3,136,742 5,696,109 --,1 o Fund balances at end of year $ 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 0) 8 69 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - General Fund December 31, 2025 and 2024 Assets 2025 2024 Change Cash and equivalents $ 1,129,365 1,393,541 (264,176) Investments 47,999,969 50,569,461 (2,569,492) Receivables: Accounts 7,560 188,857 228,703 Taxes, net ,140,131 943,974 196,157 Due from other governments 20,334 94,747 (74,413) State and Federal aid 66,917 - 66,917 Lease 2,140,905 2,318,387 (177,482) Due from other funds - - - Prepaid expenditures 305,139 252,857 52,282 Total assets $53,220,320 55,761,824 (2,541,504) Liabilities Deferred Inflows of Resourc-. • d Fund Balances Liabilities: Accounts payable 321,904 242,312 79,592 Accrued liabil' 39,066 190,258 (151,192) Deposits pays . - 187,909 177,109 10,800 Due to other funds 39,238,785 43,211,041 (3,972,256) Unearned revenue 281,767 226,399 55,368 Total liabilities ' 40,069,431 44,047,119 (3,977,688) Deferred inflows of resources: Tax revenue 1,087,004 886,926 200,078 Lease 1,979,721 2,177,693 (197,972) Total deferred inflows of resources 3,066,725 3,064,619 2,106 Fund balances: taxi Nonspendable 466,323 252,857 213,466 Restricted 366,160 351,846 14,314 Assigned 1,391,548 1,227,909 163,639 Unassigned 7,860,133 6,817,474 1,042,659 Total fund balance 10,084,164 8,650,086 1,434,078 Total liabilities, deferred inflows of resources and fund balances $53,220,320 55,761,824 (2,541,504) 70 Page 188 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - General Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 6,613,851 6,185,318 428,533 Real property tax items 693,382 1,030,921 (337,539) Departmental income 3,826,031 3,525,541 300,490 Intergovernmental charges 7,400 7,400 - Use of money and property 1,144,336 1,348,099 (20V63) Licenses and permits 106,598 73,520 33,078 Fines and forfeitures 300,242 236,439 63,803 Sale of property and compensation for loss 11,310 22,311 (11,001) State aid 1,826,973 1,347,547 479,426 Federal aid 131,287 323,912 (192,625) Miscellaneous IE4114,_ 102,782 267,254 (164,472) Total revenue 14,764,192 14,368,262 395,930 Expenditures: General government support 4,599,767 4,459,656 140,111 Health 289,091 265,919 23,172 Transportation 9,864 7,054 2,810 Economic assistance and opportunity 476,931 487,967 (11,036) Culture and recreation 3,167,428 3,121,700 45,728 Home and community services 142,411 177,795 (35,384) Employee benefits 2,965,579 2,926,613 38,966 Debt service: Principal 2,006 480,000 (477,994) Interest 435 21,600 (21,165) Total expendit . 11,653,512 11,948,304 (294,792) Excess of revenue over expenditures 3,110,680 2,419,958 690,722 Other financing sources (uses): Issuance premium 15,593 - 15,593 Transfers in 409,145 1,772,136 (1,362,991) Transfers out (2,101,340) (4,113,783) 2,012,443 Total other financing sources (uses) (1,676,602) (2,341,647) 665,045 Net change in fund balance 1,434,078 78,311 1,355,767 Fund balances at beginning of year 8,650,086 8,571,775 78,311 Fund balances at end of year $ 10,084,164 8,650,086 1,434,078 71 Page 189 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Town Outside Villages December 31, 2025 and 2024 Assets 5 2024 - Receivables: Accounts $ 438,149, 878,126 (439,- Due from other governments 22,001 170 21,831 State and Federal aid 938,544 848,354 90,190 Due from other funds 5,065,984 4,342,946 723,038 Prepaid expenditures 926,982 649,560 277,422 Total assets $7,391,660 6,719,156 672,504 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 206 143,235 58,971 Accrued liabilities \r„ 187,528 150,730 36,798 Deposits payable 670,454 573,274 97,180 Unearned revenue 99,728 84,950 14,778 Total liabilities 1,159,916 952,189 207,727 Fund balances: Nonspendable 926,982 649,560 277,422 -I 5,304,762 5,117,407 187,355 fund b. - 6,231,744 5,766,967 464,777 To bilities, -rred inflows of rest -s and fund balances $7,391,660 6,719,156 672,504 72 Page 190 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Town Outside Villages Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes S 11,915,965 10,826,939 1,089,026 Nonproperty tax items 3,847,372 3,731,317 116,055 Departmental income 946,592 1,319,116 (372,524) Use of money and property 333,41 361,407 (27,994) Licenses and permits 1,341 'a 1,400,284 (59,236) Fines and forfeitures 0 2,550 3,210 Sale of property and compensation for loss ,638 46,617 (44,979) State aid 15,584 74,998 (59,414) Federal aid 5,152 7,725 (2,573) Miscellaneous 40 2,709 (2,669) Total revenue 18,412,564 17,773,662 638,902 Expenditures: General governme 1,606,440 1,485,511 120,929 Public safety 8,199,011 8,018,382 180,629 Health 99,100 99,100 - Transportation 19,493 19,305 188 Culture and recreation 1,541,415 1,508,635 32,780 Home and community services 619,289 620,007 (718) Employee benefits 6,137,227 5,892,946 244,281 Debt service: Principal 5,020 - 5,020 Interest 1,088 - 1,088 Total expenditures 18,228,083 17,643,886 584,197 Excess of revenue over expenditures 184,481 129,776 54,705 Other financing sources (uses): Transfers in 956,253 771,528 184,725 Transfers out (675,957) (1,173,525) 497,568 Total other financing sources (uses) 280,296 (401,997) 682,293 Net change in fund balance 464,777 (272,221) 736,998 Fund balances at beginning of year 5,766,967 6,039,188 (272,221) Fund balances at end of year $ 6,231,744 5,766,967 464,777 73 Page 191 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Highway Fund December 31, 2025 and 2024 Assets *025 2024 hanie Cash and equivalents 200 200 Receivables: Accounts 4,533 378 4,155 Due from other governments 107,818 45,763 62,055 Due from other funds 2,895,989 3,025,361 (129,372) Prepaid expenditures 263,411 157,054 106,357 Total assets $ 3,271,951 3,228,756 43,195 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 132,598 97,177 35,421 Accrued liabilities 38,531 34,204 4,327 Total 1. es 171,129 131,381 39,748 Fund balance Nonspendable 263,411 157,054 106,357 Assigned 2,837,411 2,940,321 (102,910) Total fund balance 3,100,822 3,097,375 3,447 Total liabilities, deferred inflows of resources and fund balances $ 3,271,951 3,228,756 43,195 74 Page 192 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Highway Fund Years ended December 31, 2025 and 2024 25 2024 hanle Revenue: Real property taxes 6,328,540 6,064,262 x : '8 Intergovernmental charges 523 508,831 14,532 Use of money and property 14 160,909 (13,522) Sale of property and compensation for loss 64 101,567 (77,803) Miscellaneous 21 - 21 Total revenue 075 6,835,569 187,506 Expenditures: Transportation 579,: 3,541,769 38,079 Employee benefits ',995 1,661,970 97,025 Total expenditures 5,338,843 5,203,739 135,104 Excess of revenue over expenditures 1,684,232 1,631,830 52,402 Other financi rces (uses): Issuanc ium 21,002 - 21,002 Transfers 5,113 110,015 (104,902) Transfers out (1,706,900) (1,433,427) (273,473) Total other financing sources (uses) (1,680,785) (1,323,412) (357,373) Net change in fund balance 3,447 308,418 (304,971) Fund balances at • • ing of ygar 3,097,375 2,788,957 308,418 Fund balances ate year $ 3,100,822 3,097,375 3,447 75 Page 193 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Capital Projects Fund December 31, 2025 and 2024 Assets 2025 2024 ante Receivables: Due from other governments $ 2,084,986 76,200 2,1v ,786 State and Federal aid 208,249 195,796 12,453 Due from other funds 17,957,540 25,742,132 (7,784,592) Total assets $20,250,775 26,014,128 (5,763,353) Liabilities, Deferred Inflows of Resource vd Balances Liabilities: Accounts payable 11 b f 2,610,556 (1,299,096) Accrued liabilities 731 242,962 (236,231) Bond anticipation note 4,135,450 - 4,035,450 Total liabilities 5,353,641 2,853,518 2,500,123 Fund balance -restricted 3 14,897,134 23,160,610 (8,263,476) Total liabilities, deferred inflows of resources and fund balances $20,250,775 26,014,128 (5,763,353) 76 Page 194 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Inforumation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances -Capital Projects Fund Years ended December 31, 2025 and 2024 yy`` 2025 2024 Chan_e Revenue: Sale of property and compensation for loss $ 11,260 - ri ,260 State aid 218,249 1,799,097 (1, ":0,848) Federal aid 971,991 1,605,128 (633,137) Miscellaneous 2,277,330 229,778 2,047,552 Total revenue 3,478,830 3,634,003 (155,173) Expenditures- capital outlay 12,425,672 11,131,207 1,294,465 Excess expenditures over revenue (8,946,842) (7,497,204) (1,449,638) Other financing sources (uses): Installment purchase agreement issuance 906,462 - 906,462 Bond issuance - 12,116,500 (12,116,500) BANs redeemed fr, 'pro. s - 480,000 (480,000) Issuance premium - 360,900 (360,900) Transfers in 1,659,967 4,424,146 (2,764,179) Transfers out (1,883,063) (4,254,221) 2,371,158 Total other financing sources (uses) 683,366 13,127,325 (12,443,959) Net change in fund balance (8,263,476) 5,630,121 (13,893,597) Fund balances at beginning of year 23,160,610 17,530,489 5,630,121 Fund balances at end of year $14,897,134 23,160,610 (8,263,476) 11111 77 Page 195 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025 Fund Balance (Deficit)at Project Project Expenditures ended Total December 31, Project Number Budget and Trans lance Revenue 2025 Rye lake Filtration H1364 $35,060,881 3,3: q97 12,531,000 9,144,216 Water Infrastructure Paving H1368 510,000 0 ' 510,000 250,000 Rye Lake turbity Curtain H1386 168,200 00 168,200 - Acorn Lane Water Main H1396 54,9 0 2,546 52, 54,900 52,354 Park Lane Storage#2 H1397 479 426,174 53,67. °=',850 53,676 Kensico Reservoir-Water Supp Env(Consent Decree) H1399 16 413 166,715 167,128 166,715 Waverly Bridge Water Main H1400 7 6 70,326 - 70,326 - Brookside Place Water Main H1401 238,880 238,880 - 238,880 - Lead Service Line Replacement(Consent Decree) H1402 960,400 960,400 - 960,400) Kenilworth Booster-Phase 1/2 H1403 28,320 2 7 2,953 28,320 2,953 Trails End Water Main H1404 110,625 110,, - 110,625 - Kenilworth Booster-Phase 3 H1405 35,400 22,155 13,245 35,400 13,245 Winged Foot Tank Access H1407 88,500 - 88,500 88,500 88,500 Town Center Generator H1603 749,718 711,635 38,083 749,718 38,083 Town Center HVAC HI614 421,935 421,935 - 421,935 - Town Center Restrooms HI614 289,437 289,437 - 289,437 - Town Center Improvements-Flat Roofs-5 areas H1614 700,030 700,030 - 700,030 - Town Center Flooring-1st and 2nd floor H1614 121,275 - 121,275 - 121,275 121,275 Town Center Flooring-Admin/Clerk H1614 30,000 30,000 30,000 30,000 Town Center Flooring-Police H1614 9,500 9,500 9,500 9,500 Town Center-Elevator Modernization H1614 291,109 9 - 291,109 - Town Center-Womens locker room/Relocating offices H1614 877,200 72 ,640 152,560 877,200 152,560 Town Center Painting-Police H1614 25,000 ' - 25,000 25,000 25,000 Town Center Backup boilers H1614 36,000 , 36,000 - 36,000 - Town Center ATV with snow plow 1614 20,000 20,000 - 20,000 - Computer Software/Hardware H1620 186,200 81,094 105,106 203,110 122,016 Server Replacement H1620 43,260 43,260 - 25,360 (17,900) Laptop purchases H1620 62,546 59,924 2,622 62,546 2,622 UPS Backups H1620 29,010 29,010 - 30,000 990 Will Access Points 1620 34,982 34,982 - 34,982 - Financial Enterprise System old opiiiimm1689 528,136 479,747 48,389 528,136 48,389 Town center-LMCTV 1690 500,000 276,706 223,294 - (276,706) Dam Improvements-Bypass Monitoring/Valve Control 1-12410 260,000 34,585 225,415 260,000 225,415 Environmental Systems Research Institute(ESRI)system installation H2419 37,300 37,300 - 37,300 - Furniture-Engineering H2496 16,500 16,500 - 16,500 - Police-Virtual Reality Training System H31103 75,000 58,300 16,700 75,000 16,700 Police-DRONE REPLACEMENT H3120 11,260 11,260 - 11,260 - Police Comm Equipment-portable radios H3167 90,000 32,741 57,259 90,000 57,259 Police Vehicles-Three hybrid Radio Patrol Cars-2024 H3I72 116,517 53,892 62,625 116,517 62,625 Police Vehicles-One hybrid Radio Patrol Cars-2025 H3172 55,350 - 55,350 55,350 55,350 Police Ballistic Equipment H3177 15,460 15,460 15,460 Rifle Rated Response Shields H3177 26,640 26,640 - 26,640 - Police Scanners-Refund-not working-Will hale H3177 - (17,244) 17,244 - 17,244 Speed Complaint system H3177 15,409 15,409 - 15,409 - Police-license plate reader H3177 41,000 - 41,000 41,000 41,000 Police Evidence Locker-outside storage c r H3186 30,159 30,159 - 30,159 - Madison Avenue Signal H336I 967,586 967,586 - 967,586 - Traffic Signal Replacement-Myrtle/Mu H3361 646,423 646,423 - 646,423 - Traffic Signal Replacement-Richbell/Pal er H3361 542,707 34,310 508,397 542,707 508,397 Traffic Signal Replacement-Turn Signal-Myrtle/Chatsworth H3361 69,500 - 69,500 49,500 49,500 Pedestrian Crossing Signal-Leatlyrstocking Trail H3398 90,000 8,848 81,152 90,000 81,152 Replace the 2007 Fire engine pthper H3411 1,093,766 1,093,766 - 1,093,766 - 2025 Fire Pumper-Replace 2010 Fire Rescue H3411 1,734,000 - 1,734,000 - - Computer Server-Fire Dept H3420 40,000 33,489 6,511 40,000 6,511 Concrete Pad H3429 16,000 16,000 - 16,000 - Shed roof supplies for lifeboat H3429 5,000 5,000 - 5,000 - Fire Apparatus-Replace Fire Engine#37(Storm Ida) H3492 1,074,562 1,074,562 - 1,074,562 - Scot Air pks H3495 551,448 55,486 495,962 551,448 495,962 New Equipment(Lexus) H3495 12,500 12,500 - 12,500 - Fleet Car-Building Dept H3672 40,000 - 40,000 40,000 40,000 Ambulance Radio Equipment H4133 27,651 23,633 4,018 27,651 4,018 (Continued) 78 Page 196 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025,Continued Fund Balance (Deficit)at Project Project Expenditures Unexpended Total December 31, Project Number Budget and Transfers Balance Revenue 2025 MEMS Ambulance-furniture/chairs H4133 $ 5,000 - 5,000 5,000 5,000 MEMS Ambulance-Portable radios H4I33 5,300 - 5,300 5,300 5,300 LVAC Electrical Upgrades H4159 25,000 IV00 - 25,000 - Pagers/Communications Equip-Ambulance H4167 43,350 43,350 - 43,350 - MEMS-Office Furniture H4I68 19,000 ' 4,432 14,568 19,000 14,568 Chevy Tahoe Fly Car-2024 H4172 70,000 70,000 - 70,000 - Rockland Bridge H5050 889,200 5,756 883,444 125,468 119,712 East Valley Stream Bridge-Storm Ida Damages-Permanent H5092 1,829,163 1,829,163 - 1,829,163 - Generator-Highway H5103 167,500 167,500 - 167,500 - Roads,Sidewalks,Curbs H5104 789,629 464,4(rF 325,222 588,979 I24,572 Dump Truck-6 Wheel (Black Top) H5106 283,778 273,6'39 10,139 283,778 10,139 Brush chipper H5106 84,700 84,700 - 84,700 - Pay Loader H5106 237,357 , 237,357 - 237,357 - Dump Truck(10 wheel)with salt spreader H5106 313,676 r 114,701 198,975 313,676 198,975 Excavator H5106 99,029 99,029 - 99,029 - Nancy Lane Storm Sewer Extension H5113 100,648 ^h. 100,648 - 100,648 - Murdoch Woods Easement H5I13 30,000 illik, 30,000 - 30,000 - Storm Water Drainage Study H5135 1,120,652, 706,517 414,135 631,652 (74,865) Highway Garage Drainage Improvements H5136 200,885 200,885 - 200,885 - Highway Tree Garage Reconstruction H5138 1,178,000 89,619 1,088,381 1,178,000 1,088,381 Highway Garage Fire Alarm H5139 65,000 56,954 8,046 65,000 8,046 Brine System H5142 48,762 48,762 - 29,074 (19,688) Weaver Street-Sidewalk Extension H5145 1,464,042 ,' 941,804 522,238 226,942 (714,862) Waverly Ave Bridge H5162 4,944,731 4,793,515 151,216 4,772,965 (20,550) Archway-Stone Masonry(Larchmont Gardens) Air 5165 146,853 146,853 - 146,853 - Replace Ford F550 with utility body for transporting tools and materials and snow r H5172 145,882 134,312 11,570 145,882 11,570 Sidewalks&Curbs-Howell Ave/New Jeff&N Chatsworth/Edgewso l&N Chats(202 H5173 367,445 367,445 - 367,445 - Sidewalks&Curbs-Howell Ave balance of sidewalk H5173 190,734 188,493 2,241 37,734 (150,759) Crosswalks H5173 22,460 10,460 12,000 22,460 12,000 Madison Ave Green Improvements(GIGP) 5180 1,266,474 161,918 1,104,556 266,474 104,556 Sign Shop-Storm Isaias 5191 3,461,279 267,417 3,193,862 2,931,279 2,663,862 Roundabout H5I98 2,000,000 - 2,000,000 - - Colonial Ave Sidewalk H5I99 1,530,600 788 1,529,812 120,000 119,212 Sr Center Building Improvements-Generator H6703 189,575 4,461 185,114 - (4,461) Sr Center Building Improvements-Yellow roo H6758 699,000 634,024 64,976 391,000 (243,024) Sr Center Building Improvements-(Donation from McGuire Foundation) H6758 25,663 25,663 - 25,663 - Sr Center Building Improvements-Exterior H6758 - - - - - Sr Center-Heat pump H6758 100,000 100,000 - - (100,000) Sr Center Bus-20 Passenger-202 H6772 70,000 - 70,000 70,000 70,000 Recreation-F250-with snow plow H7072 60,000 60,000 - 60,000 - Pool Improvements H7125 4,338,500 1,000,000 3,338,500 1,048,500 48,500 Sheldrake Improvements-Retaining Wall H7140 50,000 39,169 10,831 50,000 10,831 Sheldrake Driveway/Railings H7140 100,000 - 100,000 100,000 100,000 Sheldrake Boiler Replacement H7I40 12,000 - 12,000 12,000 12,000 Ice Rink Office Improvs-HVAC Admin/L H7224 423,363 423,363 - 423,363 - Ice Rink-Skate Rental H7224 120,000 3,000 117,000 120,000 117,000 Ice Rink-Parking lot Repavement H7248 82,000 82,000 - 82,000 - Ice Rink-Security Cameras H7294 27,344 27,344 - 27,344 - Comprehensive Plan H8066 180,000 160,894 19,106 180,000 19,106 Sanitary Sewer Pump Station 3(Baldwin Ave) H8123 355,500 81,708 273,792 355,500 273,792 Sanitary Sewer Improvements H8160 6,127,722 6,127,722 - 6,127,722 - Conservation trails replacement railings H8539 52,750 28,415 24,335 52,750 24,335 Gardens Lake-Dredging Feasability Study H8553 949,800 47,330 902,470 64,800 17,470 Sheldrake Trails-Drain Crossings H8579 10,000 10,000 - 10,000 - 20 Yard Garbage Truck H8609 257,477 257,477 - 257,477 - Garbage Trucks H8609 270,040 270,040 - 270,040 - Garbage Trucks-2026 Freighliner H8609 318,645 - 318,645 318,645 318,645 Garbage Comm Incinerator H8610 513,000 450 512,550 - (450) $89,I08,994 35,206,468 53,902,526 50,103,602 14,897,134 Page 197 of 610 79 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet - Debt Service Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $7,311,815 6,497,283 814,532 Fund Balances 4‘Ag Fund balances: Restricted 1,054,124 1,360,745 (306,621) Assigned 6,257,691 5,136,538 1,121,153 Total fund balances $7,311,815 6,497,283 814,532 80 Page 198 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Debt Service Fund Year ended December 31, 2025 and 2024 2025 2024 Change Revenue - use of money and property $ 1,240,385 1,397,133 (156,748) Expenditures: Debt service: Principal 4,171,500 3,651,300 520,200 Interest 1,953,294 1,558,224 395,070 Total expenditures 6,124,794 5,209,524 915,270 Excess of expenditures over revenue (4,884,409) (3,812,391) (1,072,018) Other financing sources: Issuance premiumtrgop - 240,331 (240,331) Transfers in 5,698,941 6,772,447 (1,073,506) Total other financing sources vik 5,698,941 7,012,778 (1,313,837) Net change in fund balance Am 814,532 3,200,387 (2,385,855) Fund balances at beginning of year 6,497,283 3,296,896 3,200,387 Fund balances at end of year ' $ 7,311,815 6,497,283 814,532 81 Page 199 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infounation Comparative Balance Sheet- Water District Fund December 31, 2025 and 2024 AN Assets 2025 2024 ante Receivables: Accounts 2,470 0) Due from other funds 2,998,969 983,553 2,015,416 Prepaid expenditures 3,304 3,453 (149) Total assets $ 3,002,273 989,476 2,012,797 Liabilities and Fund Balances Liabilities - accounts payable 7,662 7,944 (282) Fund balances: Nonspendable ,304 3,453 (149) Assigned 2 991 307 978,079 2,013,228 Total fund balances 2,994,611 981,532 2,013,079 Total liabilities and fund balances $ 3,002,273 989,476 2,012,797 ,11491\ 82 Page 200 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Water District Fund Years ended December 31, 2025 and 2024 025 2024' Change Revenue: Departmental income $ 2,886,314 1,208,119 95 Use of money and property 40,250 36,674 ,576 Total revenue 2,926,564 1,244,793 1,681,771 Expenditures - home and community services 93,713 303,190 (209,477) Excess of revenue over ex. -,•*tures 2,832,851 941,603 1,891,248 Other financing sources (uses): Issuance premium 11,429 - 11,429 Transfers in Alfr 268,314 234,330 33,984 Transfers out (1,099,515) (1,585,917) 486,402 Total other financing sources (u (819,772) (1,351,587) 531,815 Net change in fund balance 2,013,079 (409,984) 2,423,063 Fund balances at beginning of y 981,532 1,391,516 (409,984) Fund balances at end of ye $ 2,994,611 981,532 2,013,079 411=1,- 41L, 83 Page 201 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Water District Fund Year ended December 31, 2025 At lir Budgietuits Actual Increase/ Original Final Amounts Decrease Revenue: Departmental income $2,100,000 1,392,282 2,886,314 1,494,032 Use of money and property 24,461 24,461 40,250 15,789 Total revenue 2,124,461 1,416,743 2,926,564 1,509,821 Expenditures - home and community services 395,200 382,440 93,713 288,727 Excess of revenue over expenditures 1,729,261 1,034,30 2,832,851 1,798,548 Other financing sources (uses): Issuance premium - 11,429 11,429 4011Transfers in - 268,314 268,314 Transfers out 1,879,261) (1,099,515) (1,099,515) - messr_ Total other financings es (uses) 879,261) (831,201) (819,772) 11,429 Net change in fund balance (150,000) 203,102 2,013,079 1,809,977 Fund balance at beginning of year 981,532 Fund balance at end of year $2,994,611 . ) 84 Page 202 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Sewer District Fund December 31, 2025 and 2024 Assets 025 2024 = ante Receivables: Due from other governments $ 156,8 173,593 (1 <` 43) Due from other funds 254, 86,264 168,420 Prepaid expenditures 12, ° 7 10,999 1,328 Total assets $ 423,861 270,856 153,005 Liabilities and Fund Balances Liabilities: Accounts payable 1,446 1,332 114 Accrued liabilities 4,944 3,591 1,353 Total Ha ' ' 6,390 4,923 1,467 Fund balances: Nonspenda 12,327 10,999 1,328 Assigned 405,144 254,934 150,210 Total fund balances 417,471 265,933 151,538 Total liabilities and fund balances $ 423,861 270,856 153,005 85 Page 203 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Sewer District Fund Years ended December 31, 2025 and 2024 2024 ante Revenue: Departmental income $ 731,272 724,814 ,8 Intergovernmental charges 2,666 5,788 (3,122) Total revenue 733,938 730,602 3,336 Expenditures: Home and community services „._‘ 139,007 147,739 (8,732) Employee benefits 66,283 69,281 (2,998) Total expenditures 205,290 I 217,020 (11,730) Excess of revenue over expenditures 528,648 513,582 15,066 Other financing sources (uses): Transfers in 3,722 (3,722) Transfers out (377,110) (536,237) 159,127 Total other fina sources (us (377,110) (532,515) 155,405 Net change in fund balance 151,538 (18,933) 170,471 Fund balances at beginning of year 265,933 284,866 (18,933) Fund balances at end of year $ 417,471 265,933 151,538 .17 ) 86 Page 204 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Sewer District Fund Year ended December 31, 2025 Bu _et Amounts Actual ease/ Original F. al Amounts ease Revenue: Departmental income $773,000 ,000 731,272 (41,728) Intergovernmental charges - 6,276 2,666 (3,610) Total revenue 773,000 779,276 733,938 (45,338) Expenditures: Home and community services `� 316,373 322,649 139,007 183,642 Employee benefits 79,517 79,517 66,283 13,234 Total expenditures 395,890 402,166 205,290 196,876 Excess of revenue over expenditures 377,110 377,110 528,648 151,538 Other financing uses - trnsfers out (377,110) (377,110) (377,110)Net change in fund balance $ - - 151,538 151,538 Fund balance at beginning of year 265,933 Fund balance at end of year $417,471 87 Page 205 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infounation Comparative Balance Sheet - Street Lighting District Fund December 31, 2025 and 2024 Assets 025 2024 Change Due from other funds $ 187,384 178,445 8,939 Prepaid expenditures 7,93 5,565 2,418 Total assets $ ' 184,010 11,357 Liabilities and Fund Balances Liabilities: Accounts payable ,282 12,895 (4,613) Accrued liabilities 882 (882) Total liabilities 8, :2 13,777 (5,495) Fund balances: Nonspendable 7,983 5,565 2,418 Assigned 179,102 164,668 14,434 RAE fund balances 187,085 170,233 16,852 Total liabilities and fund balances S 195,367 184,010 11,357 88 Page 206 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Street Lighting District Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 331,327 305,473 25,854 Sale of property and compensation for loss 10,738 5,431 5,307 Total revenue 342,065 310,904 31,161 Expenditures: Transportation 178,097 173,035 5,062 Employee benefits )ik31,800 30,400 1,400 Total expenditures '97 203,435 6,462 Excess o - e over expe 132,168 107,469 24,699 Other financing use s - . (115,316) (112,573) (2,743) Net change in .alance 16,852 (5,104) 21,956 Fund balanc beginning o• . 170,233 175,337 (5,104) Fund balances . +f $ 187,085 170,233 16,852 111, 89 Page 207 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Street Lighting District Fund Year ended December 31, 2025 ....et Amounts Actua rease/ •final Final Amounts . ase Revenue: Real property taxes $331,300 ,300 331,327 27 Sale of property and compensation for loss - - 10,738 10,738 Total revenue 331,300 331,300 342,065 10,765 Expenditures: Transportation r... 181,803 181 803 178,097 3,706 Employee benefits 34,181 34,181 31,800 2,381 Total expenditures 215,984 215,984 209,897 6,087 Excess of revenue over 115,316 115,316 132,168 16,852 Other financing us— .nsfers o L (115,316) (115,316) (115,316)Net change in ,rr ; .alance 1 $ - - 16,852 16,852 Fund balance a : ing o 170,233 Fund balance at en. $187,085 90 Page 208 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infonnation Comparative Balance Sheet- Refuse and Garbage District Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $ 497,935 617,819 (119,884) Prepaid expenditures ^ 80 27,945 1,435 Total assets " ,315 645,764 (118,449) Liabilities and Fund Balances Liabilities: Accounts payable 415 1,636 (1,221) Accrued liabilities - 4,150 (4,150) Total liabilities 415 5,786 (5,371) Fund balances: -..w. Nonspendable 29,380 27,945 1,435 Assigned 497,520 612,033 (114,513) Total und balances 526,900 639,978 (113,078) Total liabilities and fund balances $ 527,315 645,764 (118,449) 111° 91 Page 209 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Refuse and Garbage District Fund Years ended December 31, 2025 and 2024 025 2024 e Revenue: ,, Real property taxes $ 2,784,321 )'2,507,447 276,874 Sale of property and compensation for loss - 24,040 (24,040) Miscellaneous 276 2 274 Total revenue 2,784 5597 2,531,489 253,108 Ilk Expenditures - home and community services 2,687,984 2,361,955 326,029 Excess of revenue over expenditures 96,613 169,534 (72,921) Other financing uses -transfers out (209,691) (161,140) (48,551) Net change in fund balance (113,078) 8,394 (121,472) Fund balances at F- ing of year 639,978 631,584 8,394 Fund balanc; :.-nd of year $ 526,900 639,978 (113,078) 92 Page 210 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Refuse and Garbage District Fund Year ended December 31, 2025 Budget illitounts Actual .se/ Original Final. Amounts D- .se Revenue: Real property taxes $ 2,784,100 2,784,100 2,784,321 221 Miscellaneous 276 276 Total revenue 2,784,11.00 2,784,100 2,784,597 497 Expenditures - home and community services 2,634,409 2,688,753 2,687,984 769 Excess of revenue over expenditures 149,691 95,34k 96,613 1,266 Other financing uses - transfers out (209,691) (209,691) (209,691) Net change in fund bal. • $ (60,000) (114,344) (113,078) 1,266 Fund balance at be- g of 639,978 Fund balance of year $ 526,900 93 Page 211 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet-Ambulance District Fund December 31, 2025 and 2024 Alk Assets 2025 2024 _I. ge Receivables: Due from other governments 1,900 ( , 40) Due from other funds 543,941 555,543 (11,594) Prepaid expenditures 99,846 39,284 60,562 Total assets $ 643,795 596,727 47,068 Liabilities and Fund Balances Liabilities: Accounts payable 2g111F5 25,571 2,542 Accrued liabilities 49,520 69,465 (19,945) Total li. .• 77,633 95,036 (17,403) Fund balances:Nonspendasle 99,846 39,284 60,562 Assignee 466,316 462,407 3,909 566,162 501,691 64,471 Tot. ties and fund balances S 643,795 596,727 47,068 94 Page 212 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Ambulance District Fund Years ended December 31, 2025 and 2024 2025 2024 Revenue: Real property taxes $ 933,499 724,942 208,557 Departmental income 1,150,933 1,074,376 76,557 Intergovernmental charges 185,409 143,997 41,412 Use of money and property 27,331 24,174 3,157 Sale of property and compensation 31,608 5,070 26,538 Total revenue 2,328,780 1,972,559 356,221 Expenditures: Health 1,712,356 1,509,118 203,238 Employee benefits 338,334 309,981 28,353 Debt service: Principal 154,808 - 154,808 Interest 33,540 - 33,540 Total expenditure 2,239,038 1,819,099 419,939 Excess of revenue over expen i res 89,742 153,460 (63,718) Other financing sources (uses): Transfers in 1,386 14,058 (12,672) 4Ir Transfers out (26,657) (144,812) 118,155 Total other financing sources (uses) (25,271) (130,754) 105,483 Net change in fund balance 64,471 22,706 41,765 Fund balances at beginning of year 501,691 478,985 22,706 Fund balances at end of year $ 566,162 501,691 64,471 95 Page 213 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Ambulance District Fund Year ended December 31, 2025 Budget Amounts Actual rease/ Original Final Amounts -ase Revenue: Real property taxes $ 933,500 933,500 933,499 (1) Departmental income 1,120,000 1,111,401 1,150,933 39,532 Intergovernmental charges 123,030 168,312 185,409 17,097 Use of money and property 20,000 35,603 27,331 (8,272) Sale of property and compensation for loss - 31,608 31,608 - Total revenue 2,196,530 2,280,424 2,328,780 48,356 Expenditures: Health 1,839,562 1,727,484 1,712,356 15,128 Employee benefits 330,311 338,573 338,334 239 Debt service: Principal - 154,808 154,808 - Interest - 33,540 33,540 - Total iture 2,169,873 2,254,405 2,239,038 15,367 Excess of revenue over expe itures 26,657 26,019 89,742 63,723 Other financing sources (uses): Transfers in - 1,386 1,386 Transfers out (26,657) (26,657) (26,657) - Total other financing sources (uses) (26,657) (25,271) (25,271)Net change in fund balance $ - 748 64,471 63,723 Fund balance at beginning of year 501,691 Fund balance at end of year S 566,162 96 Page 214 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Fire Protection District Fund December 31, 2025 and 2024 Assets 125 2024 Change Investments ., 1,892,618 1,805,832 ' 86,786 Due from other funds 1,524,536 1,181,695 342,841 Prepaid expenditures 330,739 214,448 116,291 Total assets $ 3,747,893 3,201,975 545,918 Liabilities and Fund Balances Liabilities: Accounts payable 52,527 25,415 27,112 Accrued liabilities 23,985 39,818 (15,833) Total liabilities ,512 65,233 11,279 Fund balances: Nonspendable 330,739 214,448 116,291 Restricted 1,892,618 1,805,832 86,786 ilimir Assigned e 1,448,024 1,116,462 331,562 Total fund balances 3,671,381 3,136,742 534,639 iim Total liabilities and fund balances S 3,747,893 3,201,975 545,918 97 Page 215 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Fire Protection District Fund Years ended December 31, 2025 and 2024 2025 2024 inte Revenue: Real property taxes S 5, 0 5,338,327 16,143 Use of money and property ,156 159,576 (6,420) Sale of property and compensation for loss 01,000 3,099 297,901 Miscellaneous 5,000 - 5,000 Total revenue ,626 5,501,002 312,624 Expenditures: Public safety 484,606 2,403,716 80,890 Employee benefits , 84,092 1,925,712 58,380 Debt service: Principal 5,523 - 5,523 Interest 1,196 - 1,196 Total expenditures 4,475,417 4,329,428 145,989 Excess of revenue over expenditu?e," 1,338,209 1,171,574 166,635 Other financing sources (uses): Transfers in 2,888 30,554 (27,666) Transfers out (806,458) (617,301) (189,157) Total other financing sources (uses) (803,570) (586,747) (216,823) -t change in fund balance 534,639 584,827 (50,188) •alances at beginning of year 3,136,742 2,551,915 584,827 Fund balances at end of year $ 3,671,381 3,136,742 534,639 98 Page 216 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiiiiation Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Fire Protection District Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $5,354,000 5,354,000 5,354,470 470 Use of money and property 83,100 83,100 153,156 70,056 Sale of property and compensation for loss - 300,000 301,000 1,000 Miscellaneous - - 5,000 5,000 Total revenue .5,437,100 5,737,100 5,813,626 76,526 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Employee benefits 2,224,762 2,206,914 1,984,092 222,822 Debt service: Principal - 5,523 5,523 - Interest - 1,196 1,196 - Total expenditures 4,931,100 4,954,409 4,475,417 478,992 Excess of revenue over expendi +es 506,000 782,691 1,338,209 555,518 Other financing sources (uses): Transfers in - 2,888 2,888 - Transfers out (506,000) (806,458) (806,458) - Total other financing sources (uses) (506,000) (803,570) (803,570) - Net change in fund balance $ - (20,879) 534,639 555,518 Fund balance at beginning of year 3,136,742 Fund balance at end of year $3,671,381 99 Page 217 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Net Investment in Capital Assets December 31, 2025 and 2024 2025 2024 Add: Capital assets, net $ 87,191,7 79,248,600 Deferred charge on refunding bonds 274,801 87,466,569 316,165 79,564,765 Deduct: 116* Bonds payable, including bond premiums 58,843,449 63,210,191 Lease payable 739,105 Bond anticipation note 4,035,450 Capital projects fund - accounts payable 1,311,460 64,929,464 2,610,556 65,820,747 Net investment in capital as $ 22,537,105 13,744,018 100 Page 218 of 610 STATISTICAL S { Page 219 of 610 TOWN OF MAMARONECK,NEW YORK Net Position by Component Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Governmental activities: Net investment in capital assets $ 22,537,105 13,744,018 34,830,193 30,788,717 25,787,996 23,930,948 22,693,069 21,534,691 20,552,890 17,142,172 Restricted 18,210,036 26,679,033 2,250,007 7,085,438 6,292,601 4,297,461 4,244,789 2,715,876 6,268,501 7,587,153 Unrestricted(deficit) (90,720,134) (86,418,229) (71,487,901) (74,055,433) (79,330,405) (78,676,100) (72,181,546) (69,491,740) (17,311,086) (12,101,505) Total net position $(49,972,993) (45,995,178) 34,407,701 (36,181,278) (47,249,808) (50,447,691 45,243,688) (45,241,173) 9,510,305 12,627,820 W Air ' PIP (1) The Town implemented LASS Statement No.75 in 2018 resulting in a significant decrease in net position. 411c)\ I 101 TOWN OF MAMARONECK,NEW YORK Changes in Net Position Last Ten Fiscal Years 2025 2024 2023 2022 2 2020 2019 2017 2016 Expenses: Governmental activities: General government support $ 8,774,749 8,611,843 8,814,492 7,079,766 8,040,805 9,121,870 8,365,091 8,416,341 8,558,953 7,886,168 Public safety 17,149,000 17,571,419 16,598,320 13,716,463 15,455,166 17,553,249 15,094,283 13,909,760 15,075,843 14,474,164 Health 2,890,949 2,668,137 2,494,698 2,106,883 2,355,457 2,438,103 2,248,074 2,210,349 2,341,289 2,240,164 Transportation 7,102,587 6,767,746 6,458,193 5,389,339 5,807,600 6,325,334 5,853,210 5,966,073 6,094,052 5,921,176 Economic assistance and opportunity 955,966 933,098 1,011,115 790,606 919,638 8,311,965 7,548,174 7,198,352 7,181,791 6,455,362 Culture and recreation 5,889,213 5,926,558 5,820,190 5,150,169 4,598,511 4,513,931 5,483,527 5,436,815 5,587,787 5,290,919 Home and community services 5,481,320 5,940,313 9,946,607 11,098,995 11,608,623 3,623,617 3,577,494 3,422,663 3,646,045 3,546,456 Interest on long-term debt 1.788,600 1,629,695 1,129,499 1,115,677 882,904 1,069,976 955,895 634,799 766,612 712,909 Total governmental activities 50,032,384 50,048,809 52,273,11i 46,447,898 49,668,704 52,95 )L 49,125,748 47,195,152 49,252,372 46,527,318 Program revenue: Governmental activities: Charges for services: 12,013,628 10,230,775 9,699,162 8,581,104 7,612,897 6,990,093 10,160,631 9,512,249 8,473,399 8,572,342 Operating grants and contributions 1,978,996 1,754,182 5,198,206 11,404,082 10,819,947 8,445,520 7,432,768 7,156,846 7,481,928 6,939,865 Capital grants and contributions 1,190,240 3 414,225 _ 39,499 934,330 808,289 269,679 511,640 493,565 349,551 341,127 Total governmental activities program revenue 15,182' 15,389,182 a6,867 20,919,516 19,241,133 15,705,292 18,105,039 17,162,660 16,304,878 15,853,334 Net expense 34 849. 4 34,659,627, • '7 (25,528,382) (30,427,571) (37,252,753) (31,020,709) (30,032,492) (32,947,494) (30,673,984) General revenue: Governmental activities: Taxes: Real property taxes 34,462,051 31,971,386 30,306,263 29,310,060 27,918,380 26,881,964 26,225,787 25,729,260 25,233,805 23,708,098 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581 1,827,391 1,748,807 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 121,172 284,394 88,486 36,289 27,642 Sale of property and compensati for loss 337,966 200,021 235,649 942,805 191,680 309,343 86,998 57,970 1,494,431 160,855 Unrestricted state aid - - - - - 1,448,634 1,247,050 1,379,690 1,524,938 1,878,775 Miscellaneous 2,433,473 499,743 360,665 223,241 191,448 148,155 163,732 7,217 3,899 29,790 Total governmental activities 44,860,502 40,924,450 37,909,824 36,553,219 33,625,454 32,048,750 31,018,194 29,739,752 31,199,678 28,554.500 Extraordinary item-judgement expel (13,988,797) (17,852,300) - - - - - - - - IQ (DChange in net position (3,977,815)/11,587,477) 1,773,577 11,024,837 3,197,883 (5,204,003). (2,5) (292,7401 (1,747.816) (2,119,484) N N O 0 102 TOWN OF MAMARONECK,NEW YORK Fund Balances of Governmental Funds Last Ten Fiscal Years -j '- 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 General fund: Nonspendable $ 466,323 252,857 279,971 264,614 219,430 316,376 229,478 232,605 339,732 213,450 Restricted 366,160 351,846 342,293 331,114 316,332 125,000 125,000 125,000 125,000 125,000 Assigned 1,391,548 1,227,909 1,962,246 3,143,962 1,145,202 1,378,743 1,211,344 1,144,199 964,645 887,976 Unassigned 7,860,133 6,817,474 5,987,265 6,315,171 6,478,759 4,822.000 6,021,170 6,308,132 7,930,479 7,065,612 Total general fund 10,084,164 8,650,086 8,571,775 10,054,861 8,159,723 42,11 7,586,992 7,809,936 9,359,856 8,292,038 All other governmental funds: Nonspendable 1,673,972 1,108,308 1,484,338 1,405,429 893,789 1,328,604 820,087 760,926 1,578,747 732,390 Restricted 17,843,876 26,327,187 19,438,203 17,213,405 14,209,026 13,015,050 13,651.840 10,362,964 3,821,321 7,909,457 Assigned 20,387,277 16,782,849 15,126,979 10,820,179 11,111,278 9,356,998 8,949,812 10,060,681 10,559,022 11,157,486 Total all other governmental funds 39,905,125 44,218,344 36,049,520 29,439,013 26,214,093 23,700,652 23,421,739 21,184,571 15,959,090 19,799,333 Total governmental funds $ 49,989,289 52,868,430 44,621,295 39,493,874 34,373,816 30,342,771 31,008,731 28,994,507 25,318,946 28,091,371 771 N N N 103 TOWN OF MAMARONECK,NEW YOWL Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 201 2018 2017 2016 Revenue: Real property taxes $34,261,973 31,952,708 30,095,484 29,459,100 27,618,184 27,001,329 26,367,087 '5,544,231 25,474,698 23,443,483 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581' 1,827,391 1,748,807 Departmental income 9,541,142 7,851,966 7,383,730 6,476,489 5,546,292 4,975,165 7,647,812 6,977,345 7,107,128 6,964,318 Intergovernmental charges 718,838 666,016 664,508 665,561 603,453 465,358 509,501 469,189 493,235 494,377 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 551,232 823,173 493,008 378,795 512,398 Licenses and permits 1,447,646 1,473,804 1,372,402 1,173,589 1,247,518 963,582 1,130,746 972,254 854,093 895,500 Fines and forfeitures 306,002 238,989 278,522 265,465 215,634 140,573 296,017 279,793 298,035 329,758 Sale of property and compensation for loss 391,318 208,135 243,596 944,176 191,680 338,163 172,344 524,462 1,529,465 212,569 State aid 2,060,806 3,221,642 2,103,154 2,931,674 3,497,614 2,009,732 1,853,369 1,956,713 2,092,719 2,378,810 Federal aid 1,108,430 1,936,765 ;4,334,551 9,406,738 8,130,622 7,877,770 6,690,867 6,460,814 6,297,207 6,282,201 Miscellaneous 2,385,449 499,743 ' 360,665 '•223,241 191,448 411,021 762,895 562,445 313,758 449,483 Total revenue 59,848,616 56,303,068 53,843,859 57,623,146 52,566,391 47,873,407 49,264,044 46,717,383 47,745,449 44,712,237 Expenditures: General government support 6,206,207 5,945,167 6,163,562 5,434,290 4,959,084 5,952,519 6,019,245 6,053,428 5,859,657 5,463,401 Public safety 10,683,617 10,422,098 9,813,109 9,618,925 8,728,679 8,249,417 8,711,165 7,916,467 7,678,411 7,478,299 Health 2,100,547 1,874,137 1,734,561 1,743,384 1,738,267 1,665,925 1,674,281 1,650,320 1,600,732 1,547,453 Transportation 3,787,302 3,741,163 3,399,033 3,401,805 3,292,310 3,213,681 3,280,178 3,374,910 3,219,603 3,095,738 Economic assistance and opportunity 476,931 487,967 513,089 440,341 410,124 7,892,847 7,211,167 6,880,525 6,821,194 6,696,347 Culture and recreation 4,708,843 4,630,335 4,503,692 4,199,027 3,650,812 3,312,991 4,077,103 4,003,888 3,915,388 3,692,098 Home and community services 3,682,404 4,491,547 8,221,986 10,553,430 10,961,336 2,761,606 2,898,142 2,868,725 2,847,528 2,789,696 Employee benefits 13,282,310 12,818,919 11,779,643 10,258,213 9,796,933 9,320,015 9,594,152 9,523,498 8,997,890 8,487,575 Debt service: Principal ,338,857 31,300 3,292,000 - , 80,000 2,675,000 2,420,000 2,449,800 2,489,300 2,350,145 1,774,300 Interest ;989,553 , 79,824 1,282,577 1,129,993 1,025,700 1,189,725 909,975 646,887 983,963 681,610 Capital outlay 12,425,672 1,131,207 7,222,895 8,283,179 8,169,242 6,439,573 7,219,084 5,253,640 6,368,279 6,697,638 Total expenditures .-AgllgIIIIIIIIIII.`. 63,682,243 61,253,664 57,926,147 58,142,587 55,407,487 52,418,299 54,044,292 50,661,588 50,642,790 48,404,155 Excess expenditures over revenue (3,833,627) (4,950,596) (4,082,288) (519,441) (2,841,096) (4,544,892) (4,780,248) (3,944,205) (2,897,341) (3,691,918) Other financing sources(uses): Bond issuance - 12,116,500 8,971,300 5,257,000 6,100,000 11,500,000 6,300,000 7,215,500 7,040,000 11,175,845 Installment purchase debt issued 906,462 - - - - - - - - - BANs redeemed from appropriations - 480,000 - - - - - - - - Issuance premium 481024 601,231 238,409 338,806 772,141 445,260 494,472 404,266 51,989 2,047 13 Payment of refunded bond escrow account - - - - - (8,066,328) - - (6,967,073) (Q Transfers in 9,002,007 14,132,936 11,528,838 8,942,143 6,476,045 5,607,036 5,556,705 7,821,560 5,787,405 3,660,155 fp Transfers out (9,002,007) (14,132,9361 (11,528,838) (8,942,143) (6,476,045) (5,607,036) (5,556,705) (7,821,560) (5,787,405) (3,660,155) N Total other financing sources(uses) 954,486 13,197,731 9,209,709 5,595,806 6,872,141 3,878,932 6,794,472 7,619,766 124,916 11,177,892 N.) f'i1 ,. Net change in fund balances L2,879,141) 8,247,135 5,127,421 5,076,365 4,031,045 (665,960) 2,014,224 3,675,561 (2,772,425) 7,485,974 O Debt service as a percentage of non-capital expends 12.3% 11.4% 9.0% 8.4% 7.8% 7.9% 7.2% 6.9% 7.5% 5.9% 0') 0 104 Revenue Capacity These schedules contain information to help t , .der assess the Town's most significant local revenue source,the property t. ese schedui-; lude: Assessed Value and Estimat . e of Taxable Property Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Principal Taxpayers Property Tax Levies and Collections Page 224 of 610 TOWN OF MAMARONECK,NEW YORK Assessed Value and Estimated Actual Value of Taxabl, •erty Last Ten Fiscal Years ,At Total State Estimated Total Taxable Special Actual Direct Residential Commercial Other Assessed E ualization Taxable Tax Year Property Property Property Value Rate(1) Value(2) Rate 2016 $7,693,457,152 1,511,026,905 155,960,427 9,360,444,48 00.00% 9,360,444,484 5.199 2017 7,931,573,564 1,570,290,221 166,804,951 9,668,668,736 100.00% 9,668,668,736 5.469 2018 7,953,836,371 1,595,637,327 161,111,875 9,710,585,5733 00.00% 9,710,585,573 5.403 2019 7,968,299,641 1,598,366,077 165,968,953 9,732,634,671�100.00% 9,732,634,671 5.465 2020 7,946,845,031 1,622,753,200 168,251,34/ 9,737,849,573 100.00% 9,737,849,573 5.580 2021 8,304,192,018 1,665,732,055 170,144,330 ` 10,140,068,403 100.00% 10,140,068,403 5.648 2022 8,970,919,824 1,684,629,458 171,109,268 10,826,658,547 100.00% 10,826,658,547 5.717 2023 9,763,265,838 1,724,542,062 170,992,545 Lt 658,800,445 100.00% 11,658,800,445 5.600 2024 10,475,027,924 1,775,301,909 175,833,755 12,426,163,588 100.00% 12,426,163,588 5.488 2025 10,855,118,249 1,817,555,679 183,100,628 12,855,774,556 100.00% 12,855,774,556 5.546 (1) Provided by the New York State Office of Real Property Services. (2) Estimated actual taxable value is calculated by dividing taxable assessed value by the state special equalization rate. Tax rates are per$1,000 of assessed value. v co m N .....Ne N (T 0 o) 8 105 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Last Ten Fiscal Years Overla.•i. At& Westchester County,. Total Refuse Direct Sewer Disposal Year Rate (3) Operating Districts (1) District Dist 2 2016 5.199 3.373 0.551 0.307 13.409 2017 5.469 3.289 0.578 0.296 13.409 2018 5.403 3.227 0.572 0.283 13.397 2019 5.465 3.176 0.564 0.268 13.527 2020 5.5:" 3.093 0.579 0.259 13.757 2021 .48 3.054 0.580 0.284 14.022 ii 2022 5.717 2.878 0.572 0.307 13.795 --"W 2023 5.600 2.587 0.590 0.306 13.255 . 4 5.488 2.359 0.587 0.298 12.636 2025 46 ® 2.295 0.624 0.298 12.451 'urce: Town of sroneck Comptroller's Office. (1 ,arone, , er district rate. (2) Refl- , ,chool District tax rate for fiscal year ending June 30th in year indicated. (3) A single direct property tax rate applies to all classes of real property. 106 Page 226 of 610 TOWN OF MAMARONECK,NEW YORK. Principal Taxpayers Current Year and Nine Years Ago 2025 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 253,037,69 i 1.97% 2 CF Westchester Multifamily Apartments 45,640,000 5% 3 Larchmont Acres East Asso LLC Apartments 28,500,000 4 Palmer Terrace Co-Op Inc. Co-Op 27,901,006 0.22% 5 845 Palmer Ave Realty LLC Co-Op 25,680,000 0.20% 6 Larchmont Prime Assets LLC Shopping Center 24,127,600 0.19% 7 Sheldrake Station Deve LL Apartments 22,500,000 0.17% r, 8 Mamaroneck Gardens Inc. . %2,231,590 0.17% 9 Winged Foot Holding Corp. Comp 21,600,000 0.17% 10 Larchmont Owners Corp. C' . 21,036,080 0.16% ile • $ 492,253,972 3.82% illimor 1 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 120,490,141 1.27% 2 Avalon Properties Inc. Apartments 45,640,000 0.48% 3 Palmer Terrace Co-Op Inc. Co-Op 29,471,148 0.31% 4 Larchmo cres East Asso LLC Apartments 28,200,000 0.30% jil Wingedoo Holding Corp. Country Club 28,048,000 0.30% 6 Mamaroneck Gardens Inc. Co-Op 24,647,429 0.26% 7 Ten Grand Manufacturing 22,360,000 0.24% 8 Larchmont Owners Corp. Co-Op 21,036,080 0.22% 9 16 North Chatsworth Ave Corp. Commercial 18,296,683 0.19% 10 Carlshire Tenants Inc. Co-Op 18,175,151 0.19% Total $ 356,364,632 3.76% Source: Town of Mamaroneck Assessor's Office. 107 Page 227 of 610 TOWN OF MAMARONECK,NEW YORK Property Tax Levies and Collections Last Ten Fiscal Years Collected within the Fiscal Year of the Levy Total Collections to Date Taxes Levied Collections in for the Percentage Subsequent Percentage Year Fiscal Year Amount of Le Years Amount of Levy 2016 $ 23,713,182 23,608,581 99.56T 103,912 23,712,493 100.00% 2017 24,987,956 24,786,385 99.19% 198,363 24,984,748 99.99% 2018 25,646,039 25,628,733 99.93% 16,593 25,645,326 100.00% 2019 26,514,663 26,453,080 99.77% 60,753 26,513,833 100.00% 2020 27,045,640 26,934,144 99.59% 107,534 27,041,678 99.99% 2021 27,439,613 27,312,645 99.54% 119,441 27,432,086 99.97% 2022 29,065,226 28,995,044 99.76% 60,497 29,055,541 99.97% 2023 30,180,305 30,137,237 99.86% 20,687 30,157,924 99.93% 2024 31,887,970 31,777,371 99.65% 92,504 31,869,875 99.94% 2025 34,633,500 34,520,341 99.67% 8,513 34,528,854 99.70% 108 Page 228 of 610 Debt Capacity These schedules present information to help the reader assess the ,ffordability of the Town's current levels of outstanding debt and the Town's abil' a j'ssue additional debt in the future. These schedules include: Ratios of Outstanding Debt by Type Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information Page 229 of 610 TOWN OF MAMARONECK,NEW YORK Ratios of Outstanding Debt by Type Last Ten Fiscal Years Less: Amounts Bonds Payable, Bond Available et entage Fiscal Including Bond Lease Anticipation in Debt ong-Teiiii Per . onal Year Premiums Payable Note Service Fund Debt Capita(1) Inc,;_ (1) 2016 $ 32,935,452 - - 933,413 32,002,039 1,098 1.90% 2017 30,881,753 - - 871,666 30,010,087 1,029 1.78% 2018 36,007,677 - - 1,853,539 34,154,138 1,171 2.03% 2019 40,337,365 - - 2,177,326 38,160,039 1,309 2.26% IL 2020 42,093,970 - - 2,186,923 39,907,047 1,257 1.12% 2021 46,185,877 - - 2,211,334 43,974,543 1,385 1.24% 2022 48,561till504 - 2,605,687 45,955,817 1,466 1.30% 2023 54,32480,000 3,296,896 51,506,089 1,643 1.45% 2024 62,21 - 497,283 55,712,908 1,778 1.57% 2025 58,8405 4,035,450 7,311,815 56,306,189 1,797 1.52% IIV (1) Population and personal income data can be found in the schedule of demographic and economic statistics. Note: Details regarding the Towns's outstanding debt can be found in the notes to financial statements. 1r. 109 Page 230 of 610 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Governmental Activities Debt December 31,2025 Net Amount Long-Term APIKentage 1 Applicable Debt Applicable to to Town of Government Unit Outstanding(1 amaroneck(2) Mamaroneck County of Westchester(3) $1,071,3, 4.50% 48,210,382 Village of Mamaroneck(4) 1 001 48.50% 19,894,700 Village of Larchmont(5) 4,7' 100.00% 4,795,000 Mamaroneck Union Free School District I 19,153,901 100.00% 19,153,900 Scarsdale Union Free School District( 4 025,000 5.00% 2,351,250 Net overlapping debt 94,405,232 Town direct debt 63,618,004 Net direct and overlapping debt ) $158,023,236 (1) Excludes enterprise fund bonds and the amount available for repayment in the Debt Service Fund. (2) The percentage of overlapping debt applicable is estimated using taxable assessed values. Applicable percentages were estimated by determining the portion of the Town's taxable assessed value that is within the government's boundaries and dividing it by the Town's total taxable assessed value. (3) As of December 31,2024 4 (4) As of November 15, 2024 (5) As of May 31,2026 (6s of December 23,2024 (7) As of September 15,2024 110 Page 231 of 610 TOWN OF MAMARONECK,NEW YORK Legal Debt Margin Information Last Ten Fiscal Years 4' 2025 2024 2023 2022 2021 2020 2019 201 2017 2016 Debt limit $810,704,518 729,875,858 703,151,115 687,955,263 678,056,065 669.935. .54,872,238 656,998,521 641,760,093 617,325,283 Total net debt Applicable to limit 35,128,701 39,497,561 39,344,389 39,150,266 37,660,633 34,781 14 34,611,036 25,026,759 27,057,867 21,665,812 Legal debt margin $775,575,817 690,378,297 663,806,726 648,804,997 640,395,432 6, 54,678 620,261,202 631,971,762 614,702.226 595,659,471 Total net debt applicable to the limit as a percentage of debt limit 4.33% 5.41% 5.60% 5.69% 5.55% 5.19% 5.29% 3.81% 4.22% 3.51% Legal Debt Margin Calculation for Fiscal Year 2025 Assessment Roll All Stale , Budget Assessed .� Equalization Full Year Year Valuation Rate Valuation 2024 2025 $12,855,774,556 100.00% 12,855,774,556 2023 2024 12,426,163,588 100.00% 12,426,163,588 2022 2023 11,658,800,445 100.00% 11,658,800,445 2021 2022 10,826,658,547 100.00% 10,826,658,547 2020 2021 10,140,068,403 100.00% 10,140,068,403 Total five year full valuation $57,907,465,539 Five year average full valuation of taxable real property 11,581,493,108 Debt limit-7%of five year average full valuation 810,704,518 Outstanding debt: Serial bonds $56,365,000 Less water and sewer (21,236,299) Net indebtedness subject to debt limit 35,128,701 Net debt contracting margin $ 775,575,817 -171 03 Percentage of Debt-Contracting Pow ted 4.3% (Q 0) CO IV O 0) 0 111 Demographic and Economic Information 4 These schedules offer demographic and econo, dicators to help the re8r understand the environment within which the s financial ities take place. These schedules include: Demographic Statistics Principal Employers Page 233 of 610 TOWN OF MAMARONECK,NEW YORK Demographic Statistics Last Ten Fiscal Years Media," Median employ- Median Personal Per W Hous> Family ment Year Population(1) Age(1) Income Incom- In, " A l Income(1) Rate(2) 2016 29,156 39 $1,685,858,232 57,822 84,213 118,722 3.60% 2017 29,156 39 1,685,858,232 57,822 13 118,722 3.90% 2018 29,156 42 1,685,858,232 57,822 118,722 3.40% 2019 29,156 40 1,685,858,232 57,822 111100,4,2 3 118,722 3.00% 2020 31,758 41 3,547,590,906 111,707 1,504 121,672 5.90% 2021 31,758 39 3,547,590,906 111,707 161,504 121,672 3.80% 2022 31,758 41 3,547,590,906 111,707 161,504 121,672 2.50% 2023 31,758 41 3,547,590,906 111,707 161,504 121,672 3.10% 2024 31,758 41 ,547,590,906 111,707 161,504 121,672 2.90% 2025 31,758 3,547,590,906 111,707 161,504 121,672 2.90% Sources: (1) U " s eau of Censu BC) ( ensus for 2004-2009; 2010 Census for 2010-2016) 2020 DEC Red' g Data&2020 AC -ar. (2) Ne State Departmen Labor-Unemployment rates not seasonally adjusted.Unemployment rate from USBC Cen (3)Data above -s the ' the Village of Larchmont and the Village of Mamaroneck. N co O 0 112 TOWN OF MAMARONECK, NEW YORK Principal Employers Current Year and Nine Years Ago 2025 Percentage of total Employer Employe employment The New Jewish Home, Sarah Neuman - 420 2.44% Mamaroneck Union Free School District 245 1.42% Village of Mamaroneck 150 0.87% Town of Mamaroneck 129 0.74% Larchmont Yacht Club 120 0.70% Trader Joes 100 0.58% Westchester Day School 100 0.58% French American School of New Yor 100 0.58% Hampshire Country Club AD 90 0.52% Mania! Industries 50 0.29% 410 S 1,504 8.72% 2016 Percentage of total Employer Employees employment . • ;etics 265 2.62% .maro . •'on Fr• 101 District 245 2.43% Village of M. •eck 150 1.49% Town of Mamare 127 1.26% Semiconductor P. ging Materials, Incv 80 0.79% Derecktor,Rob; ,Inc 75 0.74% Argueso, M 'e'., o. 55 0.54% Nessen Lighting Inc. 55 0.54% Archie Comic Publishing, Inc. 54 0.53% Marval Industries 50 0.50% 1,156 11.44% Data Source: DataUSA 113 Page 235 of 610 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. These schedules include: Full-Time Equivalent City Government Em. -,,, -s by Function Operating Indicators by Function/Program Capital Asset Statistics by Function/Program < giummi; Page 236 of 610 TOWN OF MAMARONECK,NEW YORK Full-Time Equivalent Town Government Employees B tion Last Ten Fiscal Years , .. Full-time Equivalent Employees as of December 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: General government 34 34 N2 31 27111‘32 31 31 37 37 Public safety 55 55 . 55 55 55 55 55 54 54 Transportation 25 25 24 24 25 25 25 24 24 Economic assistance and opportunity - - 5 9 11 11 11 6 6 40 Culture and recreation 1111111i 1- 14 8 8 8 8 10 10 Home and community services 3 3 3 3 3 3 3 3 Total 129 129 132 132 128 134 133 133 134 134 Data Source:Various Town departments. °NL -tp st) co a) N) co -.1 o 8 114 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 2020 2019 - 2017 2016 General government support: Parking permits issued 1,025 982 950 1,0. 450 3 1,200 1,200 1,580 1,292 Alarm permits issued 1,052 1,040 975 1,297 00 ,250 1,250 1,250 1,309 1,289 STAR exemptions 1,191 1,227 1,494 1,954 2,285 2,589 3,034 3,930 4,115 Street opening permits 150 134 153 167 156 182 184 214 217 Payroll and vendor checks issued 12,279 11,825 1 3,355 12,70 ,827 15,138 16,196 15,461 15,119 Tax bills processed 17,661 17,966 17, ' 17,966 .2 17,945 17,937 17,924 17,966 Public safety: Police: Calls for service 9,544 10,279 ,I 9,829 9,479 9,960 10,035 7,934 8,464 Criminal cases 15 242 40 290 208 221 209 207 281 Auto accidents 200 204 15 208 161 244 275 265 273 Fire: Calls for service 1,365 1,322 1,301 1,238 1,416 1,146 1,280 1,284 1,220 1,237 Fire training sessions 45 42 43 41 45 28 51 54 41 42 Ambulance: Number of emergency calls 3,460 3,317 3,500 3,318 3,081 2,518 2,910 2,792 2,863 2,752 Students trained 250 227 250 250 250 100 300 300 946 1,023 Transportation: -tD Street lights replaced 93 75 54 100 82 90 87 25 - - 8 Street signs replaced ,40 230 226 151 145 110 140 170 167 160 a) Roads resurfaced 21 14 9 9 4 16 8 18 10 m SD") Vehicle repairs 789 398 360 495 565 575 588 592 606 720 0 o) 115 8 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program,Continued Last Ten Fiscal Years 2025 2024 2023 202 021 2019 2018 2017 2016 Economic assistance and opportunity: Senior citizen nutrition meals served 2,604 2,600 2,534 1,281 2,000 3,200 3,026 n/a n/a Meals on wheels served 6,642 6,000 5,057 5,072 7, 8,500 8,000 6,707 n/a n/a Transportation services for senior citizens 4,467 4,500 4,070 6,06 2,789 (0 7,200 7,072 n/a n/a Culture and recreation: Pool attendance 14,223 22,047 21,575 19,235 19,249 17,422 35,858 38,259 38,000 37,800 Ice rink attendance 27,551 26,500 27,334 13,600 10,567 29,084 30,047 30,000 29,000 Special events 1 9 9 9 9 9 9 9 9 Home and community services: Building,plumbing and related permits issued 1, 886 1,085 1,031 748 950 951 1,050 1,199 Building inspections conducted 2,322 2,560 3,140 4,486 3,694 3,220 3,800 3,504 38,463 3,669 Number of trees planted 2tW 113 21 40 46 3 32 18 14 43 Data Source:Various Town departments. /A-Information not available. N O rn 116 0 TOWN OF MAMARONECK,NEW YORK Capital Asset Statistics by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 202 2020 2019 2018 2017 2016 General government support-number of general government buildings 6 6 6 6 6 6 6 6 6 Public safety: AP Number of police stations I 1 1 1 1 1 I I 1 1 Number of ambulance facilities 2 2 2 2 -,. 2 2 2 2 2 2 Number of firehouses 1 1 1 1 1 1 1 1 1 1 Transportation: Miles of streets 44 44 44 44 44 44 44 44 Number of street lights 1,211 1,211 1,21 1,20' , . 1,2ft, 1,209 1,209 1,209 1,209 Economic assistance and opportunity- number of senior citizens centers 1 1 I 1 1 1 1 1 Culture and recreation: Number of parks 1 1 1 1 1 1 1 1 1 Acres of parks and recreation area 93 9 93 93 93 93 93 93 93 Swimming pools 1 1 1 1 1 1 biome and community services: Number of fire hydrants ,Ainibb. 345 345 345 345 345 345 345 345 345 345 Miles of sanitary sewers 58 58 58 58 58 58 58 58 58 58 Miles of storm drains 15 1 15 15 15 15 15 15 15 15 Parking facilities: Number of parking structures 1 1 1 1 1 I I 1 1 1 Number of parking lots 4 4 4 4 4 4 4 4 4 4 su co a) m -i. Data Source:Various TownNfdepartm o o) _. 117 o • • FEDERAL AWARD : ION Page 241 of 610 EFPRCROUP CPAs Certified Public Accountants 6390 Main Street,Suite 200 Willia ,ville,New York 14221 ..634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPORT ON INTERN•: i TR t. R FINANCIAL REPORTING AND ON COMPLIANCE I OTHER M• S BASED ON AN AUDIT OF FINANCIAL STA TS PERFORMED IN ACCORDANCE WITH GOVERNMENT TING STANDARDS The Honorable Supervisor and Town Board Town of Mamaroneck, New York: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31, 2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements, and have issued our report thereon dated 2026. Our report includes a reference to other auditors who audited the financial statements of the Town of Mamaroneck Housing Authority (the Authority), as described in our report on the Town's financial statements. The financial statements of the Authority were not audited in accordance with Government Auditing Standards, and accordingly, this report does not include reporting on internal control over financial reporting or compliance or and other matters associated with the Authority or that are reported on separately by those auditors who audited the financial statements of the Authority. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town's internal control over financial reporting4internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Town's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies, in internal control that is less severe than a material weakness,yet important enough to merit attention by those charged with governance. 118 Page 242 of 610 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit w did not identify any deficiencies in internal control that we consider to be material weaknesses. ever, material weaknesses or significant deficiencies may exist that were not identified. • Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other natters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not tdprovide an opinion on the effectiveness of the Town's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Williamsville, Ne , 2026 119 Page 243 of 610 EFPRCROUS Certified Public Accountants 6390 Main Street,Suite 200 Williar ville,New York 14221 •.634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS'REPORT ON COM CE ► EACH MAJOR PROGRAM AND ON INTERN • TROL OV' COMPLIANCE REQUIRED BY THE UN GUIDANCE The Honorable Supervisor and Town BoardAO Town of Mamaroneck, New York: Report on Compliance for Each Major Federal Program Opinion on Each Major Federal Program We have audited the Town of Mamaroneck, New York's (the Town) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on the Town's major federal program for the year ended December 31, 2025. The Town's major federal program is identified in the summary of auditors'results section of the accompanying schedule of findings and questioned costs. In our opinion,the Town complied,in all material respects,with the types of compliance requirements referred to above that could have a direct and material effect on its major federal program for the year ended December 31, 2025. Basis for Opinion on Each Major Federal Program e conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditors' Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the Town and to meet our other ethical responsibilities, in accordance with 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 opinion on compliance for the major federal program. Our audit does not provide a legal determination of the Town's compliance with the compliance requirements referred to above. 120 Page 244 of 610 Other Matters - Federal Expenditures Not Included in the Compliance Audit The Town's basic financial statements include the operations of the Town of Mamaroneck Housing Authority (the Authority) which is not included in the Town's schedule of expenditures of federal awards during the year ended December 31,2025. Our audit,described in the Opinion on Each Major Federal Program, did not include the operations of the Authority because the Authority engaged other auditors to perform their annual audit. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant a reements applicable to the Town's federal programs. Auditors' Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Town's compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,intentional omissions,misrepresentations,or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Town's compliance with the requirements of the major federal program as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 Town's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the Town's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Unifoiiii Guidance, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding,among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. 121 Page 245 of 610 Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,or a combination of deficiencies,in internal control over compliance,such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditors'Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. -411r Williamsville, New York 122 Page 246 of 610 TOWN OF MAMARONECK,NEW YORK Schedule of Expenditures of Federal Awards Year ended December 31, 2025 Assistance Pass-through Expenditures Listing Grantor's Federal to Federal Grantor/Pass-Through Grantor/Program Title Number Number Expenditures Subrecipients U.S. Department of Justice-direct recipient- Bulletproof Vest Partnership Program 16.607 N/A $ 5,152 U.S. Department of Transportation -passed through New York State- Highway Planning and Construction 'a. 0 (2.19 746,991 U.S. Department of Treasury- passed through New York State- COVID-19 Coronavirus State and Local Fiscal Recovery Fund 21.02 N/A 54,182 U.S. Department of Health and Human Services-Indirect Programs - Passed through County of Westchester,New York- aging cluster: Special Programs for the Aging-Title III, 1111P Part B -Grants for Suppoi e Services and Senior Centers 93.044 AGET6860415 710335 8,393 Nutrition Services 93.045 AG E710934 32504 15 60,670 .S. Depart of Health and uman Services 69,063 U.S. Department of Homeland Security-passed through New York State- Disaster Grants - Public Assistance(Presidentially Declared Disasters) lb 97.036 NY4397 233,042 Total Expenditures of Federal Awards $ 1,108,430 See accompanying notes to schedule of expenditures of federal awards. 123 Page 247 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Schedule of Expenditures of Federal Awards December 31, 2025 (1) Basis of Presentation The accompanying schedule of expenditures of federal awards(the Schedule)includes the federal award activity of the Town of Mamaroneck, New York (the Town) under programs of the Federal government for the year ended December 31, 2025. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town. We did not audit the Town of Mamaroneck Housing Authority (the Authority), as such, Federal awards received by the Authority are excluded from this report. (2) Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. °PIP (3) Indirect Cost Rate Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Town to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Town does not use the de minimis election. ubrecipients e yea d December 31, 2025, the Town provided no funds to subrecipients. (5) Nonmonetary Assistance For the year ended December 31, 2025, the Town received no nonmonetary assistance. 124 Page 248 of 610 TOWN OF MAMARONECK, NEW YORK Schedule of Findings and Questioned Costs Year ended December 31, 2025 Part I - SUMMARY OF AUDITORS' RESULTS Financial Statements: Type of auditors' report issued on whether the basic financial statement audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: 1. Material weakness(es) identified? • Yes x No 2. Significant deficiency(ies) identified? Yes x None reported 3. Noncompliance material to financial statements noted? Yes x No Federal Awards: Internal control over major programs. 4. Material weakness(es) identified? Yes x No 5. Significant deficiency(ies) identified. Yes x None reported Type of auditors' report issued on compliance for major programs: Unmodified 6. Any audit findings disclosed that are required to be reported in accordance with 2 CFR Section 200.516(a) (Uniform Guidance)? Yes x No - - own's major program audited was: Assistance Listing ame of Federal Program Number Highway Planning and Construction 20.205 8. Dollar threshold used to distinguish between Type A and Type B programs. $1,000,000 Auditee u ed as low-risk auditee? x Yes No Part I AL STATEMENT FINDINGS SECTION No sortable findings. Part III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS SECTION No reportable findings. 125 Page 249 of 610 TOWN OF MAMARONECK,NEW YORK Status of Prior Year Audit Findings Year ended December 31, 2025 There were no audit findings in the prior year financial s -nts (December 31, 2024). 126 Page 250 of 610 EFPRGROUSa Certified Public Accountants 6390 Main Street,Suite 200 Willi sville,New York 14221 6.634.0700 800.546.7556 REPORT TO THE BOARD w EFPRadvisory.com , 2026 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Dear Board Members: We have audited the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town) for the year ended December 31, 2025. Professional standards requires that we provide you with information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such infoiiiiation in our engagement letter. Professional standards also require that we communicate to you the following information related to our audit. Significant Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Town are described in note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the Town during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. For the year ended December 31, 2025, we evaluated the key factors and assumptions used to develop the accounting estimates and deteiniined that they are reasonable in relation to the financial statements taken as a whole. Page 251 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck,New York Page 2 Significant Disclosures The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in perfoirning and comple ing our audit. 0 Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. Disagreements with Management For purposes of this report, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors' report. We are pleased to report that no such disagreements arose d ing the course of our audit. Ak - •sement Representations We have requested certain representations from management that are included in the management representation letter. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the Town's financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accounting to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants by management. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management prior to retention as the Town's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Page 252 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Page 3 Other Matters We applied certain limited procedures to the required supplenritary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the infoiination 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 did nvitt audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the other supplementary information, which accompanies the financial statements but is not RSI. With respect to this supplementary information, we made certain inquires of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections, which accompany the financial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. This information is intended solely for the use of the Honorable Supervisor, Town Board and management of the Town of Mamaroneck, New York and is not intended to be and should not De used by anyone other than these specified parties. Very truly yours, EFPR GROUP, CPAs, PLLC Page 253 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 Page 254 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Table of Contents Page Independent Auditors' Report 1 -2 Statement of Cash Receipts, Cash Disbursements and Cash Balances 3 Note to Financial Statement 4 4111 :1000•HISC * Page 255 of 610 ��EFPRGROUP C9As. Certified Public Accountants 6390 Main Street,Suite 200 Williamsville,New York 14221 .634.0700 00.546.7556 INDEPENDENT AUDITORS' REPORT EFPRadvisory.com The Honorable Supervisor and Town Board Town of Mamaroneck, New York: Report on the Audit of the Financial Statement Opinion .4 We have audited the accompanying statement of cash receipts, cash disbursements and cash balances of the Town Justice Court of the Town of Mamaroneck, New York (the Court) as of and for the year ended December 31, 2025, and the related note to financial statement. 4... In our opinion, the financial statement referred to above presents fairly, in all material respects, the cash receipts, cash disbursements and cash balances of the Court, as of and for the year ended December 31, 2025, in accordance with the cash basis of accounting described in the note to financial statement. Basis for Opinion 401111% ik 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 Statement section of our report. We are required to be independent of the Court 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 opinion. mphasis of Matter- Basis of Accounting We draw attention to the note to financial statement, which describes the basis of accounting. The financial statement is prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to that matter. Responsibilities of Management for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in the note to the financial statement; this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statement that is free from material misstatement, whether due to fraud or error. Page 256 of 610 Auditors' Responsibilities for the Audit of the Financial Statement Our objectives are to obtain reasonable assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. 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 statement. 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 statement, 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 statement. • 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 Court'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 statement. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Court's ability to continue as a going concern for a reasonable period of time. V 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. Williamsville, New York 026 2 Page 257 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 tice Justice rescia Meister Joint Fine Fine Bail Acco Account Account Cash receipts: Bail $ - - 2,000 Fines, fees and other 131,801 167,916 - Total cash receipts 131,801 167,916 2,000 Cash disbursements: Remittances to Town of Mamaroneck 119,659 164,130 - Bail refund - - 1,550 Total cash disb ents 119,659 164,130 1,550 Net change in cash balances 12,142 3,786 450 Cash balances at beginning of year 3,344 10,265 4,125 Cash balances at end of ye $ 15,486 14,051 4,575 Cash balances represented by: Amounts due to Town 15,486 14,051 - Undisposed cases( - - 4,575 Ilik Total ch balances -December 31, 2025 $ 15,486 14,051 4,575 14) See accompanying note to financial statement. 3 Page 258 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Note to Financial Statement December 31, 2025 Summary of Significant Accounting Policies (a) Basis of Accounting This financial statement of the Town Justice Court of the Town of Mamaroneck, ork (the Court), was prepared on the cash basis of accounting in accordance k; 'the accounting principles prescribed in the New York State Handbook for Town and Village Justices, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. (b) Deposits and Risk Disclosures Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and certificates of deposit with original maturities of less than three months. The Court's deposits and investment policies follow the Town of Mamaroneck, New York's (the Town) policies. The Town's investment policies are governed by New York State (the State) statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation(FDIC)insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Peiinissible investments include obligations of the U.S. Treasury, U.S. Agencies and obligations of the State or its political divisions, and accordingly, the Town's policy provides for no credit risk on investments. 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 Town 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. Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may not be returned to it. Governmental Accounting Standards Board Statement No.40 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 Town's name. The Town's aggregate bank balances are covered by FDIC insurance at December 31, 2025. The Town was invested only in the above mentioned obligations and, accordingly, was not exposed to any interest rate or credit risk. 4 Page 259 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Tracy Yogman, Town Comptroller Re: 2025 Financial Audit by EFPR Group Date: March 18, 2026 Attached is a memo from Town Comptroller, Tracy Yogman regarding the 2025 Financial Audit. The auditors from EFPR Group will attend the meeting to provide an overview and answer any questions the Board may have. Action Requested: Resolved that the Town Board hereby accepts the Town of Mamaroneck, New York Comprehensive Financial Report for the Fiscal Year ended December 31,2025. Page 260 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2025 Financial Audit by EFPR Group General: Attached is the Town of Mamaroneck New York Annual Comprehensive Financial Report for the fiscal year ending December 31, 2025. This is the second year that this comprehensive report is issued in compliance with the Government Finance Officer's Association (GFOA) guidelines. This report goes beyond the minimum requirements of generally accepted accounting principles that evidence the transparency and full disclosure of the Town's finances and provides information necessary to assess the Town's financial health. Thomas Smith from EFPR Group will be attending the work session and public session to review the documents with the Town Board. Attachment/s: 2025 DRAFT Financial Statements Page 261 of 610 TOWN OF MAMARONECK,NEW YORK Annual Comprehensive Financial Report Year ended December 31, 2025 Page 262 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents Page INTRODUCTORY SECTION Principal Officials i Organization Chart ii Letter of Transmittal - viii FINANCIAL SECTION Independent Auditors' Report 1 - 4 Management's Discussion and Analysis 5 - 13 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 14 Statement of Activities 15 Governmental Fund Financial Statements: Balance Sheet - Governmental Funds 16 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position r► 17 Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds 18 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 19 Fiduciary Fund: Statement of Fiduciary Net Position - Custodial Fund 20 Statement of Changes in Fiduciary Net Position - Custodial Fund 21 • otes to Financial Statements 22 - 58 Page 263 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents, Continued Page un Required Supplementary Infoation: Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - General Fund 59 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund 60 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund 61 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund 62 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Debt Service Fund 63 Schedule of Changes in the Town's Total OPEB Liability and Related Ratios 64 Schedule of Changes in the Town's Total LOSAP Liability and Related Ratios 65 Schedule of the Town's Proportionate Share of the Net Pension Asset/Liability 66 Schedule of the Town's Pension Contributions 67 Other Supplementary Information: Combining Balance Sheet - Special District Fund 68 Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Special Districts Fund 69 General Fund: Comparative Balance Sheet 70 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 71 Town Outside Villages: Comparative Balance Sheet 72 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 73 Highway Fund: Comparative Balance Sheet 74 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 75 Capital Projects Fund: Comparative Balance Sheet 76 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 77 Project-Length Schedule 78 - 79 Page 264 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page Other Supplementary Infounation, Continued: Debt Service Fund: Comparative Balance Sheet 80 Comparative Statement of Revenue, Expenditures and C . in Fund Balances 1 Water District Fund: Comparative Balance Sheet Comparative Statement of Revenue, Expenditure Changes i• niei Balances 83 Schedule of Revenue, Expenditures and Changes i Bal. • udget to Actual 84 Sewer District Fund: Comparative Balance Sheet 85 Comparative Statement of Revenue, Expenditures and Changes id Balances 86 Schedule of Revenue, Expenditures and Changes in Fund Balance •get to Actual 87 Street Lighting District Fund: Comparative Balance Sheet 88 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 89 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual AM, 90 Refuse and Garbage District Fund: Comparative Balance Sheet 91 Comparative Statement of Revenue, Expen itures and Changes in Fund Balances 92 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 93 Ambulance District Fund: Comparative Balance Shee 94 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 95 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 96 Fire Protection District Fund: Comparative Balance Sheet 97 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 98 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual 99 Net Investment in Capital Assets 100 Page 265 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page STATISTICAL SECTION Financial Trends: Net Position by Component - Last Ten Fiscal Years 101 Changes in Net Position- Last Ten Fiscal Years 102 Fund Balances of Governmental Funds - Last Ten Fiscal Years 103 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 104 Revenue Capacity: Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 105 Direct and Overlapping Property Tax Rates Per $1,000 of Assessed Valuation - Last Ten Fiscal Years 106 Principal Taxpayers - Current Year and Nine Years Ago 107 Property Tax Levies and Collections - Last Ten Fiscal Years 108 Debt Capacity: Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 109 Direct and Overlapping Governmental Activities Debt 110 Legal Debt Margin Information- Last Ten Fiscal Years 111 Demographic and Economic Information: Demographic Statistics - Las -n Fiscal Years 112 Principal Employers - Cu . 4nd Nine Years Ago 113 Operating Information: Full-Time Equivalent Town Governm- ployees by Function - Last Ten Fiscal Years 114 Operating Indicators by Function/Program- Last Ten Fiscal Years 115 - 116 Capital Asset Statistics by Function/Program- Last Ten Fiscal Years 117 NFEDERAL AWARDS SECTION Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Perfoinied in Accordance with Government Auditing Standards 118 - 119 Independent Auditors' Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Unifoiiii Guidance 120 - 122 Schedule of Expenditures of Federal Awards 123 Notes to Schedule of Expenditures of Federal Awards 124 Schedule of Findings and Questioned Costs 125 Status of Prior Year Audit Findings 126 * * Page 266 of 610 INTRODUCTORY SECTION Page 267 of 610 TOWN OF MAMARONECK TOWN OFFICIALS TOWN SUPERVISOR AND TOWN BOARD MEMBERS Town Supervisor Jaine Elkind Eney Deputy Town Supervisor Sabrina Fiddelnian Town Board Member Jeffery L. King Town Board Member Robin J. Nichinsky Town Board Member Anant Nambiar TOWN OFFICIALS Town Administrator Meredith Robson Deputy Town Administrator Vacant Ambulance District Administrator Michael Liverzani Assessor Pamela Valenza Building Inspector Richard Polcari Buildings & Grounds Superintendent Michael Orchanian Comptroller Tracy Yogman Environmental Plan Elizabeth Aitchison Town Engineer Robert Wasp Fire Chief Alex Rapp Highway-General Foremamil John Barreto Highway- Fleet Manager John Galli IT Director Shyam Pandya Court Clerk Dominique Patterson Chief of Police Paul Creazzo Superintendent of Recreation Jill Fisher Town Clerk Allison May Page 268 of 610 o r„ , F m Sus t7 T `FOUNDED 1061' - - Town of Mamaroneck Organizational Chart Elected ., y / \ / \\ V n _6lfrow r% �wn, 5 pervis r ; ` /� C • ; \ @er1E j \ \ one lkindEney- \ ijeanMare Brescicl / Ronald Meister A� +ay5 • ' iTow Board Members. / \ \ ( r j � \ Sabrina Fiddelman Deputy i.Yv„Supery sor ' g is Jeffery King,Towti BoardtMember / \ b "Nichinsky,Tawn BoordMe ►Ron j Avant Nambiar,Town Board Met. / 9 ♦j ...:... \.. / i% ..>. ,,:, ". ' �.a .,moo. ♦ - ---.1iii.:,.•• ,--::: . ..„, • .- - / • / • Town . Fire Town Ad m i r istrator Alex Rapp Attorney Fire Chief Meredith Robson William Maker,Jr. el iv*..rZd e;; l J 3� ,j ✓✓ :fiiance t / ��/ / \ � y O • r s oi er P fl5i l4iP'Fi..,,f ngcr ' Cf� \ - ignway to /j/ John satiate r -V �i i% Taw ,g( jfl lii /l • I ft#`�'@C ` 3 %`,P4 �1,10 � eati tit 7� e a \� / ov ii Page 269 of 610 Town of Mamaroneck Town Center ssg 740 West Boston Post Road,Mamaroneck,NY 10543-3353 TEL:914/381-7860 FAX:914/381-2110 TEL: 914/381-7860 FAX:914/381-2110 , 2026 The Honorable Supervisor and Town Board Citizens of the Town of Mamaroneck,New York: Submitted herewith is the Annual Comprehensive Financial Report (ACFR) of the Town of Mamaroneck,New York(the Town) for the year ended December 31, 2025. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Management asserts that to the best of our knowledge and belief, this ACFR is complete and reliable in all material aspects. The Town's financial statements have been audited by EFPR Group, CPAs, PLLC, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Town for the year ended December 31, 2025 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering unmodified opinions that the Town's basic financial statements for the year ended December 31, 2025 are fairly presented in accordance with accounting principles generally accepted in the United States(GAAP). The independent auditor's report is presented as the first component of the financial section of this report. Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. This report has also been prepared and organized to meet the requirements of the Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting program. In accordance with those guidelines the report is presented with four major sections: Introductory, Financial, Statistical and Federal Awards Section. iii Page 270 of 610 Profile of the Town The Town, a Native American name translated as "the place where the sweet waters fall into the sea," is located just twenty-three miles north of New York City on Long Island Soun The Town was established at the mouth of a river and at the head of a harbor. Today, the Town, with its beautiful Long Island Sound waterfront and easy access to highways, airports and Metro North train service to New York City and Stamford is a prime suburban residential community. The Town includes the entire Village of Larchmont (one sq ile), the unincorporated area (5.7 square miles which is not part of either village), and t . of the Village of Mamaroneck (the Villages) west of the Mamaroneck River borderint eck (2.3 square miles). Both the incorporated Villages and the unincorporated Town . -governing , define the Town as a political and governmental subdivision of the State o York. The does provide a select menu of services for the Villages to all residents. The Town provides direct municipal services including police, fire, sanitation, building and highway among others to the residents of the unincorporated area, and recreation, ambulance, senior citizen services, property assessment services and tax collection for all Town residents. Town Government The Town elects its own officials, adopts its s , and manages its own finances under the direction of a,Supervisor and four Town Board m- lers. The Supervisor is elected for a two-year term and the Town Board members for four years. The Town Board appoints a Town Administrator to manage the government and carry out the policy directives of the Town Board. The Town Board is vested by New York State with control of legislation, appropriation of monies and decision-making on general local governmental policies. The Board authorizes the annual budget, and the collection of taxes required to finance it. Established in 1661, the Town was officially created by an act of the New York State Legislature on May 17, 1788. 18th and 19th Century residents earned their livelihoods by farming, fishing, umbering and milling. Manufacturing arrived in the 19th century, and most were located (as it is today) in the Village of Mamaroneck section. The Village of Larchmont and the Town were, and .rgely remains residential. The Town has slight+, over two miles of shoreline, a culturally diverse population, an award- winning school system, recreation facilities, easy access to New York City and a full range of housing options, making the Town a great place to live, work, relax and enjoy life. Within its 5.7 square miles, 44 miles of streets and roads, 58 miles of sanitary sewer lines, 15 miles of storm drains and 1,211 streetlights are maintained. The present Town Center, dedicated in 1963, was originally constructed in 1906 to serve as Mamaroneck High School. Town Center serves as the administrative hub for the Town. The Town also has a police station, one fire station, a park and playground, swimming pool,ice rink,fields and recreational facilities encompassing nearly 3 acres within the Town, a Senior Citizen Center, 4 public parking structures or lots, a highway garage and traffic sign shop. iv Page 271 of 610 The Town serves a population of 31,240 according to the U.S. Census Bureau, Quickfacts (hap s://www.census.gov/quickfacts/fact/table/mamaronecktownwestchestercountynewyork,US/ PST045224). The census also reports median income per capita for the Town of$111,707 and 10 median household income of$163,781. Based on the most recent sales data, th erage sales price of homes in the Town is $1,651,000, well above the state-wide average. The Town Administrator is appointed by the Town Board and is responsible for planning, implementing and budgeting the delivery of Town services, programs and capital projects and executes Town Board policies and directives. The Town Administrator also serves as an advisor to the Town Board and develops recommendations and alrndtives leading toward the preservation and enhancement of the Town's physical and econorhic conditions as well as its social, recreational and cultural vitality. The Town provides a full range of services. General government services include vital statist s (birth, marriage and death certificates), licenses, elections, tax collection services for the Mamaroneck School District and the County of Westchester as well as the Town, and a myriad of administrative functions. Public safety is provided through full-time police and fire departments and ambulance services. Community environment services include community planning, engineering, building inspection, emergency disaster, street maintenance, snow removal, street lighting, off-street parking, maintenance of sewers and drains, street cleaning, refuse disposal and recycling, and street tree maintenance. The Town offers a variety of programs and activities tailored to irduals of all ages and interests for residents and visitors. There are learn to skate programs at the ice rink, figure skating camps, ice hockey programs, skate with the Easter Bunny event, tot and youth swim programs at our indoor/outdoor pool, swim clubs, swim lessons for all ages, tennis and pickleball programs, tot and youth recreational programs, S.T.E.M. programs, summer day camps, teen travel camp. The Town operates a Senior Center offering an engaging selection of social, educational and recreational programs, including a Senior Nutrition Program providing hot lunch on weekdays, Meals on Wheels for homebound seniors and senior bus services for shopping and medical appointments. In addition, the Town hosts a 5k Run & Lil' Bunny Hop, outdoor movies, food truck festival, and summer concert series. The Town is home to the Winged Foot Golf Club that has hosted numerous national amateur and professional golf championships since 1929, including the 2020 U.S. Open Championship. There is something for all of our community residents. There are two School Districts within the boundaries of the Town. Both the Mamaroneck Union Free School District and the Scarsdale Union Free School District are independent organizations with a separately elected board and adopted budget. The Districts prepare their own financial statements and, as such, are not reflected in the Town's report. The Town does provide tax collection services for the Mamaroneck Union Free School District and the small portion of the Town that falls within the Scarsdale Union Free School District boundaries. The annualTudget serves as the foundation for the Town's financial planning and control. When adopted,it becomes an operational and fiscal guideline for the ensuing year. It is prepared pursuant to Town Legislative requirements, policy direction from the Supervisor and Town Board and a set of budget strategies developed by the Town Administrator and the administrative staff. Objectives and performance measures are established and tracked for each department. Budgetary control is at the function level of expenditures. Additional information on the budgetary process is provided v Page 272 of 610 in note 2 of the notes to financial statements. The Town has maintained a credit rating of Aaa from Moody's Investors Service press release dated August 31, 2024. Following adoption of the budget,the Town Budget Policy establishes procedures for amendments during the fiscal year and processing transfers between appropriations. Amendments to the budget, which increase overall spending, must be formally adopted by resolution of the Town Board. Transfers from the contingent fund,or from one budget unit to another budget unit of over$10,000, must be approved by the unanimous consent of the Town Board. Transfers from one item to another item in the same budget unit may be made by the Town Administrator or Comptroller except that the Town Administrator does not have the authority to transfer any item that increases the authorized salary amounts. Factors Affecting Financial Condition The Town is subject to the provisions of the New York State "tax cap"legislation enacted in 2012, whose foimula restricts the increase in the property tax levy to no more than 2% or the rate of inflation,whichever is less(subject to override by at least 5 of the 7 voting councilmembers). This restriction on property tax growth places an additional burden on our ability to provide services and maintain facilities within available resources. At this time, the Town's fund balance is healthy and is working towards stabilization of appropriated fund balance amounts to allow for even greater flexibility during difficult years and management of resources through severe weather and unanticipated events without incurring additional debt. The intent of this action is to keep pace with infrastructure and equipment needs and further balance the burden of the capital projects and equipment expenditures for current and future taxpayers. 41/ In addition,the Town's exceptional wealth levels and housing values form a foundation which can more effectively weather the financial storms that may occur. The Town must respond to this adversity by creating a financial plan that will maintain the delivery of our basic services without placing an onerous burden on our taxpayers. Thus, the information presented in the financial statements is best understood when it is considered in light of the specific environment in which the Town operates. lillik' Local Economy 'WIN u The Town has many ositive attributes that contribute to its reputation as one of the oldest communities in the C nty of Westchester, New York, with a vibrant community and a solid financial base, including: • A strong and growing housing stock having a market value of over $10 billion in 2025; • A property tax collection rate in excess of 99%, one of the highest in New York State; • An excellent school system. As a suburb of New York City, the Town's residential housing stock remains a key component of the Town's financial strength. For the most recent calendar year,the Town Assessor's data reveals that 503 homes were sold. Sales prices ranged from $355,000 to $7.2 million. The average sales price of homes increased by over 7% over the previous twelve months to $1,651,000. vi Page 273 of 610 The economic strength of the Town is further supported by its transportation infrastructure. The Town is accessible by rail, road and air links. Metro-North passenger trains run frequently to Grand Central Terminal in New York City. Amtrak passenger service is also available. An extensive network of highway facilities includes the New York State Thruway, the New England Thruway, and the Hutchinson River Parkway. The Town is in close proximity to three major airports: LaGuardia Airport, JFK International Airport and Westchester County Airport. Long-term Financial Planning The Town's Comprehensive Plan has been adopted in 2024 that includes a significant amount of public input into future planning, capital improvement and operational improvement needs. The plan is a framework establishing policies for long-range planning and development. The 2026 budget has begun to identify funding to meet the strategies and action plan goals as the first step of the implementation process. The Comprehensive Plan created a blueprint for a more environmentally and economically sound Town. Many of our capital projects in the five-year plan have been aligned with the stated goals. The implementation plan currently in progress will prioritize issues, assets and challenges for budget planning in future years. Relevant Financial Policies The Town's annual budget document incorporates a series of financial policies designed to ensure the continued fiscal health of the Town. Included in that document are guidelines on staffing levels, expenditure growth, fund balance, debt management, enterprise fund operations, fees, self- insurance reserves and property tax rates. The Town also maintains an investment policy adopted by the Town Board that complies with Section 10 and 11 of the New York State General Municipal Law, which emphasize a conservative financial approach to the investment of municipal funds and collateralization of deposits in excess of Federal Deposit Insurance Corporation coverage. The Town's investment policy is reviewed annually and amended as needed or desired. The Town maintains a procurement policy adopted by the Town Board in accordance with Section 104-b of the New York State General Municipal Law. This policy outlines all bidding and procurement procedures that Town departments must adhere to when purchasing goods and services. The Town procures conventional insurance for general liability, excess liability, law enforcement, public officials' liability, automobile, crime, and property coverage. An actuarial study is performed annually to ensure that insurance resources are sufficient to fund current and anticipated claims. The Town continually assesses its risks to determine the appropriate mix of self-insurance retention and policy coverage. The Town repares its budgets with these financial policies in mind and maintains aggressive and effective budgetary controls to ensure compliance with these documents. Quarterly budget reports are presented to the Town Board to apprise elected officials of any major variances that may arise. The Town does not foresee any issues with its ability to comply with the current guidelines in the implementation of its near and long-teini initiatives. vii Page 274 of 610 Awards The Town also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the year ended December 31, 2024. This is the highest fond of recognition in governmental budgeting and represents the commitment of the governing body and staff to meet the nationally recognized criteria. We are proud that the budget is a transparent document that provides financial infoiiiiation to our citizens. Acknowledgements The preparation of this report would not have been possible without the efficient and dedicated services of the finance department staff, the guidance of our independent auditors, EFPR Group, CPAs, PLLC, and the assistance of all Town depai tiiients concerning information specific to their operations. Our gratitude is extended to the Town Administrator, Supervisor and Town Board for their continued leadership and support in enhancing the financial integrity of the Town and who continuously strive to enhance the quality of life for our citizens. Most importantly, our heartfelt thanks go to our citizens and residents, for giving us the opportunity to serve this fine Town. Respectfully submitted, Tracy Yogman, CPA Comptroller& Receiver of Taxes Town of Mamaroneck, New York- viii Page 275 of 610 FINANCIAL SE Page 276 of 610 rfEFPRGROUPCPAs� Certified Public Accountants 6390 Main Street,Suite 200 Willie sville,New York 14221 634.0700 00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPO The Honorable Supervisor and Town Board Town of Mamaroneck,New York: Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities,the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31,2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. In our opinion,based on our audit and the report of the other auditors,the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town, as of December 31, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the discretely presented component unit,which represent .00% of the assets, net position and revenue of the discretely presented component unit. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based •lely on the report of other auditors. .r O.info We co .• audit in accordance with auditing standards generally accepted in the United States of Amen• AAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The financial statements of the discretely presented component was not audited in accordance with Government Auditing Standards. 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 Town 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. Page 277 of 610 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 o s erica, and for the design, implementation, and maintenance of internal control relevant to thy. . : aration and fair presentation of financial statements that are free from material misstatement, w e I er 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 Town's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known infoiiiiation 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 and Government Auditing Standards 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 and Government Auditing Standards, 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 Town's internal control. Accordingly, no such opinion is expressed. • Evaluate the ap riateness of accounting policies used and the reasonableness of significant accounting esti es made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town'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. 2 Page 278 of 610 Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the additional information as listed in the table of contents on pages 59 through 67 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 GAAS, 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 n rovide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of foiiiiing opinions on the financial statements that collectively comprise the Town's basic financial statements. The accompanying other supplementary information on pages 68 through 100 and schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 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 and certain additional procedures, i g comparing and reconciling such information directly to the underlying accounting and o. -r records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the other supplementary information and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises tie introductory and statistical sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financials statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work perfoimed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 3 Page 279 of 610 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated , 2026 on our consideration of the Town's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Go'nment Auditing Standards in considering the Town's internal control over financial reporting and compliance. Williamsville,New York , 2026 4 Page 280 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis December 31, 2025 Introduction As management of the Town of Mamaroneck,New York (the Town), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town for the year ended December 31, 2025. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Town's financial performance. Financial Highlights Key financial highlights for year ended December 31, 2025 are as follows: • As of the close of the current year, the Town's governmental funds reported combined ending fund balances of$49,989,289, a decrease of$2,879,141 from the prior year. The decrease in fund balance is primarily the result of ongoing capital projects. • At the end of the current year, the total fund balance for the General Fund was $10,084,164 or 73% of total General Fund expenditures and other financing uses for 2025. The total General Fund fund balance consists of $466,323 (nonspendable), $366,160 (restricted), $1,391,548 (assigned) and $7,860,133 (unassigned). • Total fund balance for the Town Outside Villages Fund was $6,231,744 or 33% of total fund expenditures and other financing uses for 2025. • Total fund balance for Special Districts Funds is$8,363,610 or 67%of total fund expenditures and other financing uses for 2025. • The Town adopted a foiiiial fund ba a policy and surplus recovery plan on March 20, 2013 which prescribes that a minimum of 15% to 25% of the subsequent year's budgeted appropriations be retained. The percentages at December 31, 2025, in most cases, are within the range of or exceed the surplus levels that are consistent with the Town's policy. • The Town, along with other municipalities, and the Westchester Joint Water Works entered into a settlement agreement in 2024 and estimated total cost was re-evaluated in 2025 due to new information becoming available. The settlement agreement resulted in an estimated total cost to the Town of$36,575,158, $4,734,061 of which has been paid as of December 31,2025. The remaining $31,841,097 is a liability on the statement of net position for future costs expected resulting from capital projects required by the settlement agreement. • On the government-wide financial statements,the liabilities and deferred inflows of resources of the primary government, which is reported separately from the component unit,the Town of Mamaroneck Housing Authority (the Authority), for which the Town is financially accountable, exceeded its assets and deferred outflows of resources at the close of the most recent year by $49,972,993. Of this amount, the unrestricted net position, which is available to meet the ongoing obligations of the Town, is reported as a deficit in the amount of $90,720,134 due primarily from the required accrual in accordance with the provisions of Governmental Accounting Standards Board (GASB) Statement No. 75 -"Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions," of$86,167,580. 5 Page 281 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 41ir Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. The basic financial statements include three components: 1) government-wide financial statements, 2)fund financial statements and 3)notes to financial ements. This report also includes supplementary information as listed in the table of contents. Government-Wide Financial Statements The government-wide financial statements are designed to provide the readers with a broad overview of the Town's finances in a manner similar to a private-sector business. The Authority is a legally separate component unit of the primary government for which the Town is financially accountable. The financial information for the Authority is reported separately (discretely presented) from the financial information presented for the primary government. The reader may refer to the component unit's separately issued financial statements for additional information. The statement of net position presents information on all of the Town's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator as to whether the financial position of the Town is improving or deteriorating. The statement of activities presents information reflecting how the Town's net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenue and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (for example, uncollected taxes and earned but unused vacation leave and other postemployment benefit obligations). The government-wide financial statements distinguish functions of the Town that are principally •orted by taxes and intergovernmental revenue (governmental activities). The governmental ctivities of the Town include general government support, public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and interest. The government-wi nancial statements can be found immediately following this discussion and Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Town, 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 Town can be divided into two categories: governmental funds and fiduciary funds. 6 Page 282 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements,governmental fund financial statements focus on near-teiiii inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the year. Such infomiation may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the infoiiiiation presented for governmental funds with similar infomiation presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-tenn financing decisions. Both the governmental funds' balance sheet and the governmental funds' statement of revenue, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town maintains eleven individual governmental funds. Information is presented separately in the governmental funds' balance sheet and in the governmental funds' statement of revenue, expenditures and changes in fund balances for the General Fund, Town Outside Villages Fund, Special Districts Fund (Water, Sewer, Street Lighting, Refuse and Garbage, Ambulance and Fire Protection District), Highway Fund, Capital Projects Fund and Debt Service Fund, which are considered to be major funds. The Town adopts an annual appropriation budget for its General Fund, Town Outside Villages Fund, Special Districts Fund, Highway Fund and Debt Service Fund which are major funds. A budgetary comparison statement has been provided for these funds within the basic financial statements to demonstrate compliance with the respective budgets. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's programs. Resources are held in the Custodial Fund by the Town purely in a custodial capacity, primarily to account for real property taxes collected and remitted for other governments. The financial statements for the governmental and fiduciary funds can be found in the basic financial tatements section of this report. to Financial Statements The no s provide additional information that is essential to a full understanding of the data provided 44hitik, in the government-wide and fund financial statements. The notes to financial statements are located following the basic financial statements section of this report. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the Town's financial position. In the case of the Town, liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by ($49,972,993) at the close of the current fiscal year. 7 Page 283 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 2025 2024* Other assets $ 60,748,240 60,898,914 Capital assets 87,191,768 79,248,600 Total assets 147,940,008 140,147,514 Deferred outflows of resources 17,839,881 22,026,634 Current liabilities 16,224,* 13,251,762 Noncurrent liabilities 184,687,601 169,337,512 Total liabilities 200,912,125 182,589,274 Deferred inflows of resources 14,840,757 25,580,052 Net position (deficit): Net investment in capital assets 22,537,105 13,744,018 Restricted a18,210,036 26,679,033 Unrestricted (deficit) (90,720,134) (86,418,229) Total net position(deficit) $ (49,972,993) (45,995,178) * Reclassifications were made to certain 2024 balances in order to conform them to the 2025 presentation. Capital assets increased in governmental activities by $7,943,168 from the prior year due to capital asset additions exceeding depreciation/amortization expense. Current liabilities increased $2,972,762 due to the issuance of a $4,035,450 bond anticipation note payable. This was offset by a decreases in accounts payable and accrued liabilities. Noncurrent liabilities increased by $15,350,089 from the previous year for governmental activities 1M primarily due to the judgement liability from the settlement agreement which was re-evaluated in 2025 due to new information becoming available. Town reported net investment in capital assets,net of accumulated depreciation/amortization and less any outstanding debt used to acquire those assets of $22,537,105. The Town uses these assets to provide services to citizens. Consequently,these assets cannot be used for future spending. Although the Town'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 capital assets cannot be used to liquidate these liabilities. $18,210,036 of the Town's net position is restricted for various purposes (future capital projects, debt service, and trusts). The restricted net position represents resources that are subject to external restrictions on how they may be used. The restrictions are as follows: 8 Page 284 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Restricted Net Position 2025 2024 Future capital projects $ 15,263,294 23,512,456 Debt service 1,054,124 1,360,745 Pension benefits - fire district 1,892,618 1,805,832 Total assets S 18,210,036 26,679,033 The remaining balance of net position, representing unrestricted net position of ($90,720,134) is reported as a deficit as a result of having long-term commitments includig compensated absences, Other postemployment benefits obligations and pensions that are greater than currently available resources. Payments of these liabilities will be budgeted in the year that actual payment will be made. Change in Net Position 2025 2024 Program revenue: Charges for services $ 12,013,628 10,230,775 Operating grants and contributions )11000, 1,978,996 1,754,182 Capital grants and contributions '0,240 3,404,225 General revenue: Real property taxes 34,462,051 31,971,386 Real property tax items 693,382 1,030,921 Nonproperty tax items 3,847,372 3,731,317 Use of money and property` 3,086,258 3,491,062 Sale of property and compensation for loss 337,966 200,021 Miscellaneous 2,433,473 499,743 Total revenue 60,043,366 56,313,632 Program expenses: General government support 8,774,749 8,611,843 Public safety 17,149,000 17,571,419 Health 2,890,949 2,668,137 Transportation 7,102,587 6,767,746 Economic assistance and opportunity 955,966 933,098 Culture and recreation 5,889,213 5,926,558 Home and community services 5,481,320 5,940,313 Interest on long-term debt 1,788,600 1,629,695 Total expenses 50,032,384 50,048,809 Extraordinary item-judgement expense 13,988,797 17,852,300 Change in net position (3,977,815) (11,587,477) Net position(deficit)at beginning of year (45,995,178) (34,407,701) Net position(deficit)at end of year $ (49,972,993) (45,995,178) 9 Page 285 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental activities decreased the Town's net position by $3,977,815 for the year ended December 31, 2025. Total revenue for the year ended December 31, 2025 from governmental activities totaled $60,043,366 which is an increase of S3,729,734. The largest contributors to this increase were: • Charges for services increased by S1,782,853 which is altiibutable to water revenue. The Town's joint venture, the Westchester Joint Water Works (WJWW), distributes money to its members based on its net income. Water revenue received from WJWW increased by $1,678,195 in 2025. • Real property taxes increased by S2,490,665. The Town's real property tax levy increased from $31,887,970 in 2024 to $34,633,500 in 2025 which represents a $2,745,530 increase. The real property tax levy was increased to offset rising costs as the 2025 budget anticipated $2,306,425 in additional expenditures. • Miscellaneous revenue increased by $1,933,730 as the County of Westchester, New York, provided a$2,084,986 grant for bridge expenditures. Total expenses for the year ended December 31,2025 for governmental activities totaled$50,032,384 which is a decrease of$16,425. The decrease is due to the Town recognizing $1,162,719 less in pension expense. Pension expense is actuarially determined by New York State. Additionally, there is an extraordinary item recognized for the years ended December 31, 2025 and 2024. The decrease was partially offset by growing costs due to inflation. The extraordinary item is related to the WJWW for a settlement agreement. The agreement was entered into in late 2024 and as of December 31, 2024, not all of the known costs related to the settlement were known as there was a requirement for construction of a new filtration plant and a construction budget was not fully developed at that time. In 2025, as new information was obtained, the liability was increased along with $13,988,797 in expenses. Financial Analysis of the Town's Funds tel. noted earlier requated legal own us*d accounting to ensure and demonstrate compliance with finance- , Governmental Fund The focus of the Town's governmental funds is to provide infonnation on near-teiiii inflows,outflows and balances of spendable resources. Such infoiniation is useful in assessing the Town's financing requirements. In particular,unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the year. 10 Page 286 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued As of the end of the current year, the Town's governmental funds reported combined ending fund balance of $49,989,289, a decrease of $2,879,141 compared to last year's ending fund balance of $52,868,430. The nonspendable fund balance component of $2,140,295 consists of amounts representing prepaid expenditures as well as the net effect of the lease receivable and related deferred inflows of resources. Prepaid expenditures have been established primarily to account for a portion of the State retirement and liability insurance payments made in advance. Fund balance of $18,210,036 is restricted for general fund, special revenue funds, capital projects and debt service. The assigned fund balance classification aggregate of$21,778,825, consisting primarily of amounts designated to balance the fiscal 2026 budget and carry over encumbrances of $1,391,548 in the General Fund; $1,196,641 in the Town Outside Villages Fund, $222,337 in the Special Districts Funds and $219,521 in the Highway Fund and amounts available to be used at the Town's discretion in funds other than the General Fund; $4,108,121 in the Town Outside Villages Fund; $2,617,890 in the Highway Fund, $5,765,076 in the S•-cial Districts Funds and $6,257,691 in the Debt Service Fund. The remaining fund balance of$ is unassigned and represents the remaining positive fund balance in the General Fund. • The General Fund is the primary operating fund of the Town. At the end of the current year, unassigned fund balance of the General Fund was $7,860,133, representing 78% of the total General Fund balance of$10,084,164. This is an increase over the prior year, when the total fund balance was $8,650,086. The General Fund's total fund balance at the end of the year was $10,084,164, an increase of$1,434,078. The main drivers of this increase are real property taxes and State aid. Real property taxes increased due to the real property tax levy increase. State aid increased due to an increase in mortgage tax of$308,270. Mortgage tax is directly correlated to the housing market and the number and value of homes sold. The Town Outside Villages Fund's total fund balance at the end of the year was S6,231,744, an increase of$464,777 from the previous year. This increase was generated by the increase in the real property tax levy and was offset by payroll increases of approximately $300,000 which also lead to an increase in employee benefits expenditures. "I'he Special Districts Fund's total fund balance at the end of the current year was $8,363,610, an increase of$2,667,501 from the previous year. This represents increases in the Water District fund, the Sewer District fund,Street Lighting fund,Ambulance District fund and the Fire Protection District fund and offset by a decrease in the Refuse and Garbage District fund. The main driver of the increase was the real property tax levy and the water revenue received from the WJWW. The Capital Projects Fund reflects a fund balance of$14,897,134 at the end of the current year, a decrease of$8,263,476 from the previous year. The Town issued short term debt of$4,035,450 to fund a portion currently authorized capital projects during the year ended December 31, 2025. Ongoing capital projects without long-teini financing,which would have increased fund balance, lead to this fund balance decrease. 11 Page 287 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued General Fund Budgetary Information Generally, budget amendments fall into one of three categories: 1) . • en q e to adjust the estimates that are used to prepare the original budget ordinance onc- .ct info 's available; 2) amendments made to recognize new funding amounts from e al sources, sue s eral and State grants; and 3) increases in appropriations that become nece'.. to maintain servi The original and final budget remained consistent as anticipated expenditures and interfund transfers out only increased by $118,542. Actual revenue exceed the final budget by $503,738 which was driven by actual exceeding budget in the areas of use of money and property and state aid, offset by budget exceeding actual for real property taxes. Use of money and property had higher investment returns than expected as most of the General Funds' deposits are invested rather than using tradition checking and savings accounts. State aid includes money received for mortgage taxes which are dependent on sales in the housing market. These amounts are difficult to budget for as they are dependent on outside economic forces and the Town only receives receipt of funds twice a year, not giving the Town real time results allowing constant monitoring of expected results. Real property taxes experienced slow collections in the current year resulting in revenue falling short of budget. Actual expenditures were less than the final budget by $1,798,161 which was the result of budgetary savings in the areas of general government support and culture and recreation. These savings were primarily due to payroll savings of approximately $300,000, an unused contingency budget account of approximately $470,000, and pool maintenance savings of approximately $110,000. Payroll savings also had a direct correlation of employee benefits budgetary savings. 411160 Ialvirssets The Town's capital assets for its governmental activities as of December 31, 2025, amounted to $87,191,768 (net of accumulated depreciation). These capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. See note 4 to financial statements for detailed infolination on capital asset activity. Capital Assets (Net of Accumulated Depreciation/Amortization) 2025 2024 $ 4,031,660 4,031,660 truction-in-progress 5,875,568 4,018,273 uildings and improvements 22,522,791 22,512,437 Machinery and equipment 9,510,207 7,071,904 Infrastructure 44,526,372 41,614,326 Right-to-use asset 725,170 Total $ 87,191,768 79,248,600 12 Page 288 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Long-Term Debt and Short-Term Capital Borrowings At the end of the current year, the Town had total bonded debt outstanding of $56,365,000. As required by State Law, all bonds issued by the Town are general obligation bonds, backed by the full faith and credit of the Town. During the year ended December 31, 2025, the Town paid $4,171,500 in principal on outstanding long-term obligations. The Town also issued a bond anticipation note (BAN) in the amount of$4,035,450 for capital projects. This BAN was issued on August 14, 2025 with a stated interest rate of 4.00% and is set to mature on August 14, 20 . The Town also received a premium of$48,024 in relation to issuance to this BAN. The Town is estimating that $31,841,097 will be incurred for its future costs of the settlement agreement. This is subject to change based on unanticipated construction costs. See note 8 to financial statements for detailed information on long-teim liabilities activity. Economic Factors and Next Year's Budget and Rates The following economic factors currently affect the Town and were considered in developing the 2026 fiscal year budget. • The Town has the lowest unemployment rate in Westchester County for a Town and as a result a high tax collecti • Slowing housing market' • A tax levy increase of 2.8%to fund increases in recurring expenditure obligations. • On the expenditure side, increases in State mandated costs such as health insurance and pension costs, capital project needs, cyber security and Townwide technology needs and supply chain challenges. Requests for Information .111 fhis financial report is designed to provide a general overview of the Town's finances for all those with an interest in the government's finances. Questions concerning any of the information provided . . n this report or request for additional financial information should be addressed to Meredith Robson -Town Administrator or Tracy Yogman - Town Comptroller, Town of Mamaroneck, 740 W. Boston Post Road, Mamaroneck, New York 10543. .4* 13 Page 289 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Net Position December 31,2025 Component Unit Mamaroneck Governmental Housing Assets Activities Authority Current assets: Cash and equivalents $ 1,129,565 - Restricted cash and equivalents - - Investments 49,892,587 - Receivables: Accounts 860,242 - Taxes,net 1,111%131 - Due from other governments ',391,989 - State and Federal aid 1,213,710 - Lease 2,140,905 - Rents - - Prepaid expenses 1,979,111 - Tenant security deposits - Total current assets 60, - Capital assets: Not being depreciated/amortized ,228 - Being depreciated/amortized , 84,540 - Total capital assets 87,191,768 - Total assets Akihin., 147,940,008 - Deferred Outflows of Resources Deferred charge on refunding bonds 274,801 ' - Pension related-retirement systems 10,280,886 - Pension related-length of service award program 385,237 - OPEB 6,898,957 - Total deferred outfl. -sources 17,839,881 - Liabilities Current liabilities: Accounts payable 2,066,613 - Accrued liabilities 350,305 - Deposits payable 858,363 - Tenant security deposits payable - - Bond anticipation not 4,035,450 - Unearned revenue 381,495 - Accrued interest payable 431,633 Bonds payable including premiums 4,505,242 - Lease payable 174,052 - Total pension liability-length of service gram 37,705 - Total OPEB liability 3,383,666 - Total current liabilities 16,224,524 - Noncurrent liabilities: Bonds payable including premiums,less current portion 54,338,207 - Lease payable,less current portion 565,053 - Compensated absences 334,796 - Net pension liability-proportionate share 3,700,281 - Net pension liability- FRS-proportionate share 9,318,871 - Total pension liability-length of service award program,less current pardon 1,805,382 - Total OPEB liability,less current portion 82,783,914 - Judgement 31,841,097 Total noncurrent liabilities 184,687,601 - Total liabilities 200,912,125 - eferred Inflows of Resources ase 1,979,721 - ension related-retirement systems 625,524 - Pension related-length of service award program 864,527 - OPEB 11,370,985 - Total deferred inflows of resources 14,840,757 Net Position Net investment in capital assets 22,537,105 - Restricted: Capital 15,263,294 - Debt service 1,054,124 - LOSAP 1,892,618 - Unrestricted(deficit) (90,720,134) - Total net position(deficit) $ (49,972,993) - See accompanying notes to financial statements. 14 Page 290 of 610 ,Ar TOWN OF MAMARONECK,NEW YORK Statement of Activities Year ended December 31,2025 41Ir .41(' Net Revenue(Expense) and Chan es in Net Position Component Program Revenue Unit Operating Capital Total Mamaroneck Charges for Grants anrants and Primary Housing Functions/Programs Expenses Services Contributions Contributions Government Authority Primary government: Governmental activities: General government support $ 8,774,749 2,071,860 1,893,866 10,000 (4,799,023) - Public safety 17,149,000 709,768 5,152 - (16,434,080) - Health 2,890,949 1,336,342 - , - (1,554,607) - Transportation 7,102,587 1,034,058 2,456 01' 955,240 (5,110,833) - Economic assistance and opportunity 955,966 - 69,063 - (886,903) _ Culture and recreation 5,889,213 3,188,268 --.. . - (2,700,945) - Home and community services 5,481,320 3,673,332 7459 225,000 (1,574,529) - Interest on long-term debt 1,788,60 - - - (1,788,600) - Total governmental activities 50,032,384 ,013,628 1,978,996 1,190,240 (34,849,520) - Component unit-Mamaroneck Housing Authority $ - - - - - - General revenue: Real property taxesIIIIIIIIIIIIIIIIIIPr 34,462,051 - Real property tax items 693,382 - Nonproperty tax items 3,847,372 - Use of money and property 14S(11. 3,086,258 - Sale of property and compensation for loss 337,966 - Unrestricted state aid - Miscellaneous 2,433,473 - Insurance recoveries - - Total general revenue 44,860,502 - Extraordinary item-judgement expense (13,988,797) - co cct Change in net position (3,977,815) - CD N.) Net position(deficit)at beginning of year (45,995,178) 2,021,642 co Net position(deficit)at end of year $(49,972,993) 2,021,642 0 See accompanying notes to financial statements. (z) 15 TOWN OF MAMARONECK,NEW YORK Balance Sheet-Governmental Funds December 31,2025 Town • Outside Speci ISICapitebt Total General Villages Dis Highwayice Governmental Assets Cash and equivalents $ 1,129,365 - - 200 - 1,129,565 Investments 47,999,969 ,892,618 - 49,892,587 Receivables: Accounts 417,560 438,149 4,533 - - 860,242 Taxes,net 1,140,131 - - 1,140,131 Due from other governments 20,334 22,001 107,818 2,084,986 - 2,391,989 State and Federal aid 66,917 938,544 - 208,249 - 1,213,710 Lease 2,140,905 - - 2,140,905 Due from other funds - 5,065,984 6,007,457 l 2,895,989 17,957,540 7,311,815 39,238,785 Prepaid expenditures 305,139 926,982 483,579 263,411 - - 1,979,111 Total assets $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 Liabilities,Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 321,904 06 98,445 132,598 1,311,460 - 2,066,613 Accrued liabilities 39,066 528 78,449 38,531 6,731 - 350,305 Deposits payable 187,909 54 - - - 858,363 Due to other funds ,238,785 - - - - - 39,238,785 Bond anticipation note - - - 4.035,450 - 4,035,450 Unearned revenue 281,767- 9' - - - - 381,495 Total liabilities 40,069,431 .',916 176,894 171,129 5,353,641 - 46,931,011 Deferred inflows of resources: Tax revenue 1,087,004 - - - - - 1,087,004 Lease 1,979,721 - - - - - 1,979,721 Tot e erred inflows of re 3,066,725 - - - - - 3,066,725 Fund balances: Nonspendable 466,323 926,982 483,579 263,411 - - 2,140,295 Restricted n 366,160 - 1,892,618 - 14,897,134 1,054,124 18,210,036 Assigned 111111L1,391,548 5,304,762 5,987,413 2,837,411 - 6,257,691 21,778,825 1J Unassigned 7,860,133 - - - - - 7,860,133 It) 0 0Total fund balance 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 � Total liabilities,deferred inflows of IV resources and fund balances $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 See accompanying notes to financial statements. t) 0 16 TOWN OF MAMARONECK,NEW YORK Reconciliation of Balance Sheet -Governmental Funds to the Statement of Net Position December 31,2025 Total Governmental Fund Balances 49,989,289 Amounts reported for Governmental Activities in the statement of net position are different because: Capital assets, net of accumulated depreciation/amortization used in Governmental Activities are not financial resources and, therefore, are not reported in the funds. Capital assets-nondepreciable/amortizable $ 9,907,228 Capital assets-depreciable/amortizable 133,715,220 Accumulated depreciation/amortization (56,430,680) 87,16 Differences between expected and actual experiences, assumption 0 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 of resources-pensions 10,280,886 Deferred outflows of resources-length of service award program 385,237 Deferred outflows of resources -OPEB 6,898,957 Deferred inflows of resources-pensions (625,524) Deferred inflows of resources-length of service award program (864,527) Deferred inflows of resources- OPEB (11,370,985) 4,704,044 Other long-te !u` '; v spthat are not available to pay for current period expenditures an. therefore, er deferred or not reported in the funds-real property taxes. 1,087,004 Estimated long-term costs of the Westchester Joint Water Works filtration plant and related costs is a liability on the statement of net position but does not incur current economic resources. (31,841,097) Long-term liabilities that are not due and payable in the current period are not reported in the funds. Accrued interest payable (431,633) General obligation bonds payable (56,365,000) Lease liability (739,105) Compensated absences (334,796) Net pension liability-ERS -proportionate share (3,700,281) Net pension liability-PFRS -proportionate share (9,318,871) Total pension liability- length of service award program (1,843,087) Total OPEB liability (86,167,580) (158,900,353) 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 274,801 Premium on general obligation bonds (2,478,449) (2,203,648) Net Position of Governmental Activities $ (49,972,993) See accompanying notes to financial statements. 17 Page 293 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Revenue,Expenditures and Changes in Fund Balances-Gore i - •. r Year ended December 31,2025 Town Outside Sp- Cap. Debt Total General Villages P Highway Prolec' ervice Governmental Revenue: Real property taxes $ 6,613,851 11,915,96 •03,617 6,328,540 - - 34,261,973 Real property tax items 693,382 - - - 693,382 Nonproperty tax items - 3,8• - - - - 3,847,372 Departmental income 3,826,031 4,768,519 - - - 9,541,142 Intergovernmental charges 7,400 188,0 523,363 - - 718,838 Use of money and property 1,144,336 333,4 20 147,387 - 1,240,385 3,086,258 Licenses and permits 106,598 1,341,048 - - 1,447,646 Fines and forfeitures 300,242 5,760 - - - 306,002 Sale of property and compensation for loss 11,310 1,638 23,764 11,260 - 391,318 State aid 1,826,973 15,584 - - 218,249 - 2,060,806 Federal aid ti 131,287 5,152 - - 971,991 - 1,108,430 Miscellaneous 102,782 40 5,276A" 21 2,277,330 - 2,385,449 Total revenue 14,764,192 18,412,564 14,929,570 7,023,075 3,478,830 1,240,385 59,848,616 Expenditures: '4111111111111111111,General government support 4,599,767 '06,440 - - - 6,206,207 Public safety -"011 2,484,606 - - 10,683,617 Health289,091100 1,712,356 - - - 2,100,547 mi iir Transportation9,864493 178,097 3,579,848 - - 3,787,302 Economic assistance and opportunity - - - 476,931 Culture and recreation - - - 4,708,843 Home and community services 142411289 2,920,704 - - - 3,682,404 Employee benefits2965,579227 2,420,509 1,758,995 - - 13,282,310 Debt service: Principal 5,020 160,331 - - 4,171,500 4,338,857 Interest 1,088 34,736 - - 1,953,294 1,989,553 Capital outlay - - - - 12,425,672 - 12,425,672 Total expenditures 11,653,512 18,228,083 9,911,339 5,338,843 12,425,672 6,124,794 63,682,243 Excess(deficiency)of revenue over expenditures 3,110,680 184,481 5,018,231 1,684,232 (8,946,842) (4,884,409) (3,833,627) Other financing sources(uses): Installment purchase agreement issuance - - - - 906,462 - 906,462 Issuance premium 15,593 - 11,429 21,002 - - 48,024 Transfers in 409,145 956,253 272,588 5,113 1,659,967 5,698,941 9,002,007 Transfers out (2,101,340) (675,957) (2,634,747) (1,706,900) (1,883,063) - (9,002,007) -171 ! ra Total other funcing sources es) (1,676,602) 280,296 (2,350,730) (1,680,785) 683,366 5,698,941 954,486 tQ(D Net change in fund balance 1,434,078 464,777 2,667,501 3,447 (8,263,476) 814,532 (2,879,141) IV Fund balances at beginning of year 8,650,086 5,766,967 5,696,109 3,097,375 23,160,610 6,497,283 52,868,430 (9 , A Fund balances at end of year $ 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 O See accompanying notes to financial statements. l) 0 18 TOWN OF MAMARONECK, NEW YORK Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities Year ended December 31, 2025 Net change in fund balances -Total Governmental Funds $ (2,879,141) Amounts reported for Governmental Activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in 1SL the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. Capital outlay $12,456,851 Disposals (56,234) Depreciation/amortization expense (4,457,449) 7,943,168 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds - real property taxes. 200,078 Bond proceeds provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond 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 Lease payable issue 1/0 Ilk (906,462) Principal paid on lease payable 167,357 Principal paid on general obligation bonds 4,171,500 3,432,395 --dm, 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 47,075 Judgement expense (13,988,797) Compensated absences 46,601 Changes in pension asset and related deferred outflows and inflows of resources -ERS 385,181 Changes in pension liability and related deferred outflows and inflows of resources -PFRS 322,172 Changes in pension liability and related deferred outflows and inflows of resources -LOSAP 3,781 Changes in total OPEB liability and related deferred outflows and inflows of resources 355,794 Amortization of loss on refunding bonds and issuance premium 153,878 (12,674,315) Change in Net Position of Governmental Activities $ (3,977,815) See accompanying notes to financial statements. 19 Page 295 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Fiduciary Net Position Custodial Fund December 31, 2025 Assets: Cash and equivalents $ 3,599, 8 Real property taxes receivable for other gove 67,119,561 Total assets $70,719,149 Liabilities - due to other government 70,719,149 Fiduciary net position See accompanying notes to financial statements. 20 Page 296 of 610 TOWN OF MAMARONECK, NEW YORK Statement of Changes in Fiduciary Net Position Custodial Fund Year ended December 31, 2025 Additions - real property taxes collected for other governments $ 197,979, 4 Deductions - payments of real property taxes to other governments 197,979,414 Change in fiduciary net position Fiduciary net position at beginning of year Fiduciary net position at end of year See accompanying notes to financial statements. 21 Page 297 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements December 31, 2025 (1) Summary of Significant Accounting Policies The Town of Mamaroneck, New York (the Town) was established in 166 . and operates in accordance with Town Law and the various other applicable laws of the State of New York (the State). The Town Board is the legislative body responsible for overall operation. The Town Administrator serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following servcr to its residents: public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and general administrative support. The financial statements of the Town have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units and the Uniform System of Accounts as prescribed by the State. The Governmental Accounting Standards Board(GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The Town's significant accounting policies are described below: (a) Financial Reporting Entity The financial reporting entity consists of(a) the primary government, which is the Town, (b) organizations for which the Town is financially accountable and (c) other organizations for which the nature and significance of their relationship with the Town 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 Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Town'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, the following individual component unit is included in the Town's reporting entity because of its operational and financial relationship with the Town. The Town o i maroneck Housing Authority (the Housing Authority) was organized in July 1992 as unicipal housing authority created and established under the Public Housing Law State to provide affordable housing. The members of the Housing Authority's • , e appointed by the Town Board and, therefore, the Town is considered able to .se its will on the Housing Authority. Bonds issued by the Housing Authority are .aranteed by the Town. Since the Housing Authority does not provide services entirely or almost entirely to the Town, the financial statements of the Housing Authority have been reflected as a discretely presented component unit. Complete financial statements of the component unit can be obtained from its administrative office at Town of Mamaroneck Housing Authority, 740 West Boston Post Road, Mamaroneck, New York 10543. 22 Page 298 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (b) Government-Wide Financial Statements The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) report infoiiiiation on all non-fiduciary activities of the primary government as a whole and its component unit. The effect of interfund activity has been removed from these statements. The Statement of Net Position presents the financial position o the Town at the en. its fiscal year. The Statement of Activities demonstrates the 4 to which direct expenses of a given function or segment are offset by program reven Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenue 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 and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not identified as program revenue are reported as general revenue. The Town does not allocate indirect expenses to functions in the Statement of Activities. I 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. (c) Fund Financial Statements The accounts of the Town 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, revenue 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 Town 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 nonmajor funds 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 Town's resources are reflected in the fund financial statements in two broad fund categories, in accordance with GAAP as follows: 23 Page 299 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued Fund Categories (1) 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 Town's major governmental funds: • General Fund- The General Fund constitutes the primary operating fund of the Town and is used to account for and report all financial resources not accounted for and reported in another fund. • Town Outside Villages Fund-The Town Outside Villages Fund is used to account for transactions, which by statute affect only those areas outside the boundaries of the villages located within the Town. The major revenues of this fund are real property taxes and non-property taxes. • Special Revenue Funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specific purposes other than debt service or capital projects. The major special revenue funds of the Town are as follows: • . .. ` cial Districts Fund - The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, refuse and garbage, ambulance and fire protection. The major revenues of this fund are real property taxes and departmental income. • Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State. The major revenue of this fund is real property taxes. • 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. • Debt Service Fund - The Debt Service Fund is provided 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. 24 Page 300 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued (2) Fiduciary Funds - The Fiduciary Funds are used to account for assets held by the Town on behalf of others. The Custodial Fund is used to account for real property taxes collected and remitted for other governments. (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, as are the Fiduciary funds. Revenue is 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 revenue 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. Revenue is recognized when they have been earned and they are both measurable and available. Revenue is 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, revenue from Federal and State grants are recognized as revenue 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. Fees and other similar revenue is not susceptible to accrual because generally they are not measurable until received in cash. 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 liabilities, total pension liability and other postemployment benefit (OPEB) 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. Issuance of long-term debt and acquisitions under leases are reported as other financing sources. Component units are presented on the basis of accounting that most accurately reflects their activities. The Housing Authority is accounted for on the accrual basis of accounting. 25 Page 301 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) 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 datea.f acquisition. The Town's deposits and investment policies are governed by State statutes. Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by FDIC insurance. The Town 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. • Investments - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of the State or its political subdivisions. 44 The Town 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 Town participates in the New York Cooperative Liquid Assets Securities System (NYCLASS), a cooperative investment pool, established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. NYCLASS 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 NYCLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State and repurchase agreements. These investments are reported at fair value. NYCLASS issues separately available audited financial statements with a year end of June 30th. 26 Page 302 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) Cash and Equivalents, Investments and Risk Disclosure, Continued The Town's position in the pool is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. NYCLASS is rated AAA by Standard& Poor's. Local government investment cooperatives in this rating category meet the highest standards for credit quality,conservative investment policies and safety of principal. The cooperative invests in a high quality portfolio of investments legally permissible for municipalities and schhl districts in the State. Additional information concerning the cooperative is presented in the annual report of NYCLASS,which may be obtained from Public Trust Advisors,LLC, 717 17th Street, Suite 1850, Denver, Colorado 80202. Investments of the Fire Protection District are stated at fair value. The amounts are invested in various portfolios by the trustee of the Fund, who has been designated by the State Comptroller. These investments are unrated. The Town has no formal policy relating to interest rate or credit risk for the Fire Protection District's Investments. Investments of the Housing Authority consist of negotiable certificates of deposit and money market funds. Investments are stated at cost, which approximates fair value. The investments are not subject to risk categorization. • Interest Rate Risk - Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Town 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 Town 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 Town'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 Town's name. The Town's aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at December 31, 2025. redit 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 Town does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State. • Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government's investments in a single issuer. 27 Page 303 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (f) Taxes Receivable Real property taxes attach as an enforceable lien on real property and are levied on January 1st. The Town collects county, town, highway and special district taxes, which are due April 1st and payable without penalty to April 30th. School districts taxes are levied on July 1st and are due on September 1st, with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The Town guarantees the full payment of the County of Westchester, New York (the County) and school districts warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting in-rem foreclosure proceedings. The Town functions in both a fiduciary and guarantor relationship with the County and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such jurisdictions. County taxes are included in the Town's levy and are payable without penalty for thirty days. The County Charter provides for the Town to collect County and school districts taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and satisfy the balance of forty percent by October 15th. With respect to school districts taxes, the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus, the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations regardless of the amounts collected. County and school districts taxes collected prior to the satisfaction of the respective warrants are considered a fiduciary activity under the provisions of GASB Statement No. 84 - "Fiduciary Activities," and therefore have been accounted for within the Custodial Fund. (g) Other Receivables Other receivables include amounts due from other governments and individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred. Allowances are recorded when appropriate. (h) Due From/To Other Funds During the course of its operations, the Town 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 December 31, 2025, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. (i) Inventory There are no inventory values presented on the balance sheet of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase and year-end balances at these locations are not material. 28 Page 304 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (j) 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 amounts 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, which indicates that these amounts do not constitute"available spe ,` e resources"even though they are a component of current assets. (k) Restricted Assets The Housing Authority's restricted assets include rent security deposits required from tenants according to the terms of the lease agreements. In addition, certain proceeds from the Housing Authority revenue bonds,as well as certain other resources,are set aside pursuant to the terms of the bond indenture. (1) Capital Assets Capital assets,which includes land,buildings,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 Town as assets with an initial, individual cost of more than $5,000 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 the donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Town chose to include all such items regardless of their acquisition date or amount. The Town 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). 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 444, materially extend assets lives is not capitalized. Land and construction-in-progress are not depreciated. Buildings, equipment and infrastructure of the Town 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 30 - 50 29 Page 305 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (1) Capital Assets, Continued The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financia statements. Capital assets are not shown on the governmental funds' balance sheet. (m) Lease Receivable The Town leases land to the Housing Authority. A lease receivable is measured anlid‘ed at the present value of lease payments expected to be received by the Town during the lease term using an implicit discount rate, net of any provision for estimated uncollectible amounts. As lease payments are received from the lessee, they are first allocated to the amortization of the discount on the lease receivable and recognized as interest revenue, and them to lease receivable. (n) Unearned Revenue Unearned revenue arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenue consist of amounts received in advance and/or grants received before the eligibility requirements have been met. Unearned revenue in the fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported unearned revenue of$281,255 for parking permits received in advance and $512 of miscellaneous items in the General Fund and$99,728 for parking permits received in advance in the Town Outside Villages Fund. This amount has been deemed to be measurable but not"available"pursuant to GAAP. co) Deferred Outflows/Inflows of Resources Deferred outflows of resources 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. The Town has four items that qualify for reporting in this category. The first item is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement period between the Town's contributions and its N. proportion share of total contributions to the pension system not included in pension N. expense as well as the Town's contributions to the pension systems subsequent to the measurement date. The second item is related to OPEB reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of the liability. The third is related to the Length of Service Award Program (LOSAP) reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of liability. The fourth item relates to the Town's deferred charge on refunding resulting from the difference in the carrying value of the refunded debt and its acquisition. 30 Page 306 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (o) Deferred Outflows/Inflows of Resources, Continued Deferred inflows of resources 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 Town has five items that qualify for reporting in this category. The first is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement periods between the Town's contributions and its proportional share of total contributions to the pension systems not included in the pension expense. The second item represents differences between expected and actual experience as well as changes of assumptions related to the OPEB. The third item is reported on the Balance Sheet - Governmental Funds and relates to unavailable tax revenue for receivables not collected within 60 days of year end. The fourth item is reported on both the Balance Sheet - Governmental Funds and the Statement of Net Position and relates to long-term leases receivable. The fifth item represents differences between expected and actual experiences as well as changes of assumptions related to LOSAP. (p) Long-Term Liabilities In the government-wide financial statements, long-term debt and other long- term liabilities 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 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 expenditures. (cq) Compensated Absences 4v. The various collective bargaining agreements provide for the payment of accumulated vacation and sick leave upon separation from service. The liability for such accumulated leave is reflected in the government-wide Statement of Net Position as 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. (r) Nsion Liability The et pension liability represents the Town's proportionate share of the net pension liability 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." 31 Page 307 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (s) Total Pension Liability - Length of Service Awards Program The financial reporting of these amounts are presented in accor ance 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 No. 67 and 68." (t) Po stemployment Benefits 111LN In addition to providing pension benefits, the Town provides health insurance coverage for retired employees and their dependents. Substantially all of the Town's employees may become eligible for these benefits if they reach normal retirement age and retire under the New York State and Local Employees' Retirement System while working for the Town. The cost of providing postretirement benefits is shared between the Town and the retired employee. The Town recognizes the cost of providing health insurance by recording its share of insurance premiums for retiriand their dependents, as an expenditure in the year paid. (u) Lease payable The financial statements include leases recorded in accordance with the provisions of GASB Statement No. 87 - "Leases". The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are: financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset,and a lessor is required to recognize a lease receivable and a deferred inflow of resources. (v) Net Position Net Position represents the difference between assets and deferred outflows of resources less , 111111' liabilities and deferred inflows of resources. Net position is comprised of three components: 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 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 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 Town or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Restricted net position for the Town includes restricted for special purpose trusts, special revenue funds, capital projects and debt service. 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. 32 Page 308 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances Generally, fund balance represents the difference between current . and deferred outflows of resources and current liabilities and deferred inflows of reso In the fund financial statements, governmental funds report fund classifications that ccrixt.rise a hierarchy based primarily on the extent to which the Town is bound to honor aints on the specific purposes for which amounts in those funds can be spent. U 's 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-teiiii receivables, advances) 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 the General Municipal Law of the State. Committed fund balance - is reported for amounts that can only be used for specific purposes pursuant to foiinal action of the entity's highest level of decision making authority. The Town Board is the highest level of decision making authority for the Town 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 Town Board 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 Town Board. Assigned fund balance-represents amounts constrained either by policies of the Town Board for amounts assigned for balancing the subsequent year's budget or the Town Comptroller for amounts assigned as encumbrances as authorized by the Town Board. 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 funds except the General Fund includes all . remaining amounts, except for negative balances, that are not classified as nonspendable and are neither restricted nor committed. Unassigned fund balance - 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. 3 3 Page 309 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances, Continued 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 Town's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of • balance, it is the Town's policy to use fund balance in the following order: commi assigned and unassigned. (x) Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires piathvement to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Estimates and assumptions are made in a variety of areas, including compensated absences, other postemployment benefits, potential contingent liabilities and useful lives of long-lived assets. (y) Accounting Standards Issued But Not Yet Implemented GASB has issued the following pronouncements which will be implemented in the years required. The effects of the implementation of these pronouncements are not known at this time. Statement No. 103 - Financial Reporting Model Improvements. Effective for fiscal years beginning after June 15, 2025. Statement No. 104-Disclosure of Certain Capital Assets. Effective for fiscal years beginning after June 15, 2025. Statement No. 105 - Subsequent Events. Effective for fiscal years beginning after June 15, 2026. cz) Encumbranc In gove funds, encumbrance accounting, under which purchase orders, contracts and other c itments 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, Town Outside Villages, Highway and the Special Districts funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. (aa)Subsequent Events The Town has evaluated subsequent events through the date of the report which is the date the financial statements were available to be issued. 34 Page 310 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability (a) Budgetary Data The Town generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: • Prior to October 20th, the head of each administra ' unit shall submit to the budget officer an estimate of revenue and expenditure such administrative unit for the ensuing year. • The budget officer, upon completion of the review of the'estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 3 0th. • On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. • The Town Board shall review the tentative budget and may make such changes,alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review,the tentative budget and any modifications as approved by the Town Board shall become the preliminary budget. • On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. • After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. • The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. • Fointal budgetary integration is em oyed during the year as a management control device for General, Town Outside Villages, Highway, Special Districts and Debt Service funds. The Special Districts Fund is comprised of the Water District,the Sewer District,the Street Lighting District, the Refuse and Garbage District, the Ambulance District, and the Fire Protection District, all of which has a legally adopted budget. • Budgets for General,Town Outside Villages,Highway, Special Districts and Debt Service funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. k The Town Board has established legal control of the budget at the function level of expenditures. Transfers between appropriation accounts, at the function level over $10,000, require approval by the Town Board. Any modifications to appropriations resulting from an increase in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. • Appropriations in General, Town Outside Villages, Highway, Special Districts and Debt Service 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 Town Board. 3 5 Page 311 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability, Continued (b) Property Tax Limitation Under New York State Town Law,the Town is not limited as to the maximum amount of real property taxes which may be raised. However, Chapter 97 of the New York State 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 Town 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 sun-i 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 National Consumer Price Indexes determined by the United States Department of Labor with the result expressed as a decimal to four places. The Town 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 Town, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Town. The Town Board may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Town Board first enacts, by a vote of at least sixty percent of the total voting power of the Town Board, a local law to override such limit for such coming fiscal year. Taxes Receivable I -s receivable at December 31, 2025 consisted of the following: Town and County taxes - Current $ 282,714 Tax liens 1,529,849 1,812,563 Allowance for uncollectible amounts (672,432) $ 1,140,131 Taxes receivable are also partially offset by deferred tax revenue of$1,087,004,which represents an estimate of the taxes receivable which will not be collected within the first sixty days of the subsequent year. 36 Page 312 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (4) Capital Assets Changes in the Town's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 Additions Deletions Reclassifications 2025 Capital assets,not being depreciated/ amortized: Land $ 4,031,660 - - - 4,031,660 Construction-in-progress 4,018,273 4,824,899 - (2,967,604) 5,875,568 Total capital assets,not being depreciated/ amortized 933 4,824,899 - (2,967,604) 9,907,228 Capital assets,being depreciated/ amortized: Buildings and improvements 34,999,250 1,170,159 - 25,500 36,194,909 Machinery and equipment 20,606,645 2,117,162 (2,230,144) 1,651,094 22,144,757 Infrastructure 69,742,795 3,435487 � 1,291,010 74,469,092 Right-to-use asset - 906,462 - - 906,462 Total capital assets,b depreciated/amortized 125,348,69 29,070 (2,230,144) 2,967,604 133,715,220 Less accumulated depreciation/ amortization for: Buildings and improvements ,185,305 - - 13,672,118 Machinery and equipment 13,5 , 1,276,601 (2,176,792) - 12,634,550 infrastructure 28,128,469 1,814,251 - - 29,942,720 Right-toiuse asset - 181,292 - - 181,292 Total accumulated depreciation/amortization 54,150,023 4,457,449 (2,176,792) - 56,430,680 Total capital assets, being depreciated/ amortized,net 71,198,667 3,171,621 (53,352) (2,967,604) 71,349,332 Capital assets,net $ 79,248,600 7,996,520 (53,352) - 87,191,768 Depreciation/amortization expense was charged to the Town's functions and programs as follows: General government support $ 423,457 • Public safety 142,638 Transportation 1,903,331 Economic assistance and opportunity 294,192 Culture and recreation 98,064 Home and community services 1,595,767 Total depreciation/amortization expense $ 4,457,449 37 Page 313of610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (4) Capital Assets, Continued Capital Assets - Component Unit Changes in the Housing Authority's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 itions_ Deletions 2025 Capital assets,not being depreciated- construction-in-progress Capital assets,being depreciated: Buildings and improvements 8,836,076 Machinery and equipment 764,550 Right-to-use leased land '69,581 Total capital assets,being depreciated 9,571, Less accumulated depreciation for: Buildings and improvements 2,43 Machinery and equipment Right-to-use leased land Total accumulated depreci, ion 6,6- 8 Total capital assets, being depreciated,ne 5,920, Capital assets,nItiL, • (5) Lease Receivable The Town maintains an agreement to lease land to the Housing Authority. Under the agreement, the Town receives rent each year covered by the agreement through 2035. At December 31, 2025, the present value..pf the lease receivable and the corresponding deferred inflow of resources were $2,140,905 and $1,979,721, respectively. The following is the amortization schedule for the lease receivable: Year ending Principal Interest Total 2026 $ 183,652 31,002 214,654' 2027 189,976 28,208 218,184 2028 196,460 25,319 221,779 2029 203,105 22,331 225,436 2030 209,916 19,242 229,158 2031 - 2035 1,157,796 46,182 1,203,978 Total $ 2,140,905 172,284 2,313,189 38 Page 314 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (5) Lease Receivable, Continued The following is the amortization schedule for the deferred inflow of resources: Year ending 2026 $ 197,972 2027 197,972 2028 197,972 2029 197,972 2030 197,972 2031 - 2035 989,861 Total $ 1,979,721 (6) Joint Venture The Town, together with the Village of Larchmont and the Town and Village of Harrison, participate in the Westchester Joint Water Works (WJWW). The purpose of the joint venture is to acquire, construct, provide, maintain and operate a water works system. The following is a summary of financial information included in the audited financial statements of the joint venture. ir General Capital Fund Fund Balance Sheet Date - December 31, 2024 Total assets $ 22,134,258 108,210,045 Total liabilities 10,831,132 Net capital 11,303,126 108,210,045 Revenue 411 , 117,571,557 - Expenses 34,315,181 - Change in net assets 83,256,376 - *The December 31, 2025 information was not available as of the date of the issuance of these financial statements. 39 Page 315 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (7) Short-Term Debt Bond anticipation notes (BANs) issued in anticipation of proceeds from the subsequent sale of bonds are recorded as current liabilities of the funds that will actually receive the proceeds from the issuance of the bonds. Such notes may be classified as long-term debt when (1) the intention is to refinance the debt on a long-term basis and(2)the intention can be substantiated through a post balance sheet issuance of long-term debt or by an acceptable financing agreement. State law requires that bond anticipation notes issued for capital purposes be converted to long-term financing within five years after the original issue date. The Town issued a BAN in 2025 to finance capital projects. The following is an analysis of BAN activity as of and for the year ended December 31, 2025: Interest Issuance Maturity Balance at Balance at Description of Issue Rate Date Date 12/31/24 Additions Reductions 12/31/25 Capital projects 4.00% 8/14/2025 8/14/2026 $ - 4,035,450 - 4,035,450 (8) Long-Term Liabilities The following table es change own's long-term liabilities::;;;:::1T:;;T 1Increases Decreases Governmental activities: General obligation bonds payable $ 60,536,500 - 4,171,500 56,365,000 4,310,000 Plus unamortized premium on bonds 2,673,691 - 195,242 2,478,449 195,242 63,210,191 - 4,366,742 58,843,449 4,505,242 Other noncurrent liabilities: Lease payable ...V - 906,462 167,357 739,105 174,052 Compensated absences 381,397 - 46,601 334,796 Net pension liability-ERS 3,616,982 83,299 - 3,700,281 Net pension liability-PFRS 7,576,848 1,742,023 - 9,318,871 - Total pension liability- length ofserviceaward program 1,826,357 16,730 - 1,843,087 37,705 Total OP ility 82,680,626 3,486,954 - 86,167,580 3,383,666 udge 17,852,300 13,988,797 - 31,841,097 - r noncurrent liabilities 113,934,510 20,224,265 213,958 133,944,817 3,595,423 Go ental activities-long-term liabilities $ 177,144.701 20,224,265 4,580,700 192,788,266 8,100.665 Mamaroneck Housing Authority: Revenue bond payable $ 3,090,000 - - 3,090,000 - Plus unamortized premium on bonds 123,675 - - 123,675 - Lease payable 2,318,387 - - 2,318,387 - Component Unit-long-term liabilities $ 5,532,062 - - 5,532,062 - 40 Page 316 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued Each governmental fund's liability for compensated absences,net pension liabilities,total pension liability, total OPEB liability and judgement liability are liquidated by the respective fund. Governmental liabilities for general obligation bonds are liquidated by the Debt Service Fund, which is funded by the General, Town Outside Villages,Highway and Special Districts funds. Governmental liabilities for installment purchase debt are liquidated by the Special Districts Fund - Ambulance District. The changes in compensated absences are shown as net. le (a) General Obligation Bonds Payable General Obligation Bonds payable at December 31, 2025 omprised of the following individual issues: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2025 Fire district improvements 2013 $ 996,000 May, 2026 .4.. 2.590% $ 90,000 Fire district improvements 2016 2,185,000 July, 2031 2.000 - 3.000% 940,000 Public improvemetrAdig 2016 8,990,845 October, 2036 2.000 - 2.300% 5,335,000 Refunding bonds 2017 7,040,000 March, 2030 2.000 - 2.350% 2,580,000 Public improvements 2018 5,815,500 December, 2038 3.000 - 5.000% 4,130,000 Fire district improvements 2018 1,400,000 December, 2038 3.000 - 5.000% 995,000 Public improvements 2019 3,830,000 September, 2039 2.000 - 5.000% 2,975,000 Fire district improvements 2019 2,470,000 September, 2039 2.000 - 5.000% 1,920,000 Public improvements 2020 3,385,000 August, 2035 1.000 - 5.000% 2,475,000 Refunding bonds 2020 8,115,000 May, 2028 0.650 - 2.000% 5,310,000 Public improvements 2021 6,100,000 August, 2040 1.375 - 5.000% 4,820,000 Public improvements 2022 4,175,000 October, 2042 4.000-5.000% 3,770,000 Fire district improvements 2022 1,082,000 October, 2037 4.000-5.000% 900,000 Public improvements 2023 3,016,600 September, 2039 4.000-5.000% 2,720,000 Public improvements 2023 5,954,700 September, 2053 4.000-5.000% 5,715,000 Public improvements 2024 5,220,000 August, 2039 3.000-5.000% 4,970,000 Public improvements 2024 6,250,500 August, 2054 4.000-5.000% 6,125,000 ire district improvements 2024 646,000 August, 2034 3.790% 595,000 $ 56,365,000 41 Page 317 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (b) Payments to Maturity The annual requirements to amortize the bonds outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 4,310,000 1,829,748 6,139,748 2027 4,330,000 1F90,327 6,020,327 2028 4,235,000 1, 48,062 5,783,062 2029 4,045,000 1,409,828 5,454,828 2030 3,880,000 1,270,836 5,150,836 2031 - 2035 17,975,000 4,661,092 22,636,092 2036 - 2040 9,930,000 2,362,545 12,293,545 2041 - 2045 2,805,00 ,284,800 4,089,800 2046 - 2050 VIP"- 2,655,000 73,000 3,428,000 2051 - 2054 2,200,000 07,811 2,407,811 $ 56,365,0 17,039,049 73,404,049 The above general obligation bonds are direct borrowings of the Town for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the Town. Upon default of the payment of principal or interest on the serial bonds the bond holders have the right to litigate. Moody's Investor Service has maintained the Town's AAA bond rating, the hi hest the Agency issues. (c) Lease Payable The Town has 5 year lease for ambulance equipment. The lease requires annual payments of $203,616 and has an interest rate of 4.00%. The annual requirements to amortize the lease payable outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 174,052 29,564 203,616 2027 181,014 22,602 203,616 2028I 188,254 15,362 203,616 2029 195,785 7,831 203,616 $ 739,105 75,359 814,464 42 Page 318 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (d) Interest Expense Interest expense for the year ended December 31, 2025 was composed of: Interest paid: Bonds $ 1,953,295 Lease 36,258 1,989,553 Less: ar, Prior year accrued interest (478,708) Current year premium amortization (195,242) (673,950) Plus: Current year accrued interest: Bonds 370,162 BAN 61,471 Current year deferred loss amortization 41 364 472,997 Interest expense $ 1,788,600 (e) Indebtedness - Component Unit Bonds payable Dece ber 31, 2025 is comprised of the following: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue mount Maturity Rates 2025 Hammocks Park Apartments,Series B 2015 11P$ 650,000 October 2035 3.00-3.50% Hammocks Park Apartments 2023 2,800,000 April 2024 3.00-5.00% The annual requirements to amortize the bond outstanding as of December 31, 2025 is as follows: k Year ending * Principal Interest Total 2026 $ 140,000 111,900 251,900 2027 145,000 105,500 250,500 2028 150,000 98,825 248,825 2029 155,000 91,900 246,900 030 031 - 2035 2036 - 2040 2041 - 2043 The revenue bonds are payable from the revenues received by the Housing Authority from the operation of the project. The Town has guaranteed payment of bond principal and interest. 43 Page 319 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (e) Indebtedness - Component Unit, Continued The bonds are subject to redemption prior to maturity, a •irec the Housing Authority and with the consent of the Town, upon th- oc.. ence of o • ore of the following events. 1) The Project is damaged or destroyed to the extent ; a) it cannot be reasonably repaired within a six month period or b) the Housing Authority would thereby be prevented from carrying on the normal rental operations of the project, as it eted prior to the damage, for a period of six months or more. 2) Title to, or the use of or possession of, all or substantially the entire project is condemned or taken under the exercise of the power of eminent domain by any governmental authority. Under this extraordinary redemption provision,the bonds are subject to redemption as a whole at any time, but not in part, at a redemption price equal to 100% of the outstanding principal amount thereof without discount, together with accrued interest to the date of redemption. At the option of the Housing Authority, the 2015 Series B bonds maturing on or after October 15, 2024 will be subject to redemption prior to maturity on any date on or after October 15, 2023 and the 2023 bonds maturing on or after April 1, 2032 will be subject to redemption prior to maturity on any date on or after April 1, 2031. The bonds may be redeemed either as a whole or in part and if in part in order of maturity and in any amount within maturity, at the following redemption prices, plus accrued interest to the date of redemption. Redemption Period Redemption Price Issue (Dates Inclusive) as a Percentage of Par 2015B October 15, 2024 100% 2023 April 1, 2032 100% Corn mensated A•sy. ces Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave upon retirement. The contract provides for the payment of $80 per day for those days earned in excess of 165 days but not more than 240 days. Maximum number of days to be paid will be 75 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment up to a maximum of 30 days. No payment is provided for unused sick leave or vacation time for police and fire employees. The value of compensated absences has been reflected in the government-wide financial statements. 44 Page 320 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans (a) Plan Description and Benefits Provided The Town 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 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 dikability 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 allocated to the System. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. System benefits are established under the provisions of the New York State Retirement and Social Security Law. 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 Town also participates in the Public Employees' Group Life Insurance Plan(GLIP), which provides death benefits in the form of life insurance. GLIP amounts are appointed to and included in ERS. 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/ retirement/financial-statelnents-and-supplementary-infounation. 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. The Comptroller annually certifies the actuarially determined rates expressly used in computing the employers' contributions based on salaries paid during the Systems' fiscal year ending March 31. (b) Pension Liabilities, Pen4pn Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions At December 31, 2025, the Town reported the following for its proportionate share of the net pension liability for ERS and PFRS: ERS PFRS Measurement date March 31, 2025 March 31, 2025 Net pension liability $3,700,281 9,318,871 Town's proportion of the System's net pension liability 0.0215814% 0.1533501% Change in proportion from prior year (0.0029837) (0.0064038) 45 Page 321 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued4W For the year ended December 31, 2025, the Town recognized its proportionate share of pension expense in the government-wide financial statements of$865,926 for ERS and $2,419,183 for PFRS. Pension expenditures of$1,251,106 for ERS and $2,741,355 for PFRS were recorded in the fund financial statements and were charged to the following funds: ERS PFRS General $ 612,803 - Town Outside Villages 166,668 2,116,545 Special Districts 145,804 624,810 Highway 325 831 - Total $ 151,106 2,741,355 At December 31, 2025,the Town reported deferred outflows of resources and deferred inflows of resources related to the pensions from the following sources: ERS PFRS Total Deferred Deferred Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows Outflows Inflows Resources Resources Resources Resources Resources Resources Differences ' een expected .r actual experience $ 918,435 43,323 3,103,993 - 4,022,428 43,323 Changes of assumptions — 155,182 - 1,399,335 - 1,554,517 Net difference between projected and actual earnings on pension plan investments 290,314 - 358,187 - 648,501 - Changes in proportion and differences between Town contributions and proportionate share of contributions 283,708 290,862 696,500 291,339 980,208 582,201 Town contributions subsequent to the measurement date 961,204 - 2,114,028 - 3,075,232 - $ 2,608,843 334,185 7,672,043 291,339 10,280,886 625,524 Town contri•utions subsequent to the measurement date will be recognized as a reduction of the net pension system in the year ending December 31, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the pensions will be recognized in pension expense as follows: 46 Page 322 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued 11/11' (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued Year ending ERS PFRS 2026 685,918 2,520,971 2027 954,447 1,614,649 2028 319,023) 161,177 2029 (7,888) 655,930 2030 313,949 $ 1,313,454 5,266,676 (c) Actuarial Assumptions The total pension liabilities at March 31, 2025 were determined by using a roll forward procedure to advance the liability calculated using system assumptions and member demographics from the actuarial valuation completed as of April 1, 2024. Economic assumptions used in the April 1, 2024 actuarial valuation include: ERS PFRS Actuarial valuation date April 1, 2024 April 30, 2024 Measurement date March 31, 2025 March 31, 2025 Inflation 2.9% 2.9% Salary increases 4.3% 6.2% Investment rate o return, (net o investment expense including inflation) 5.9% 5.9% Cost-of-living adjustments 1.5% 1.5% To set the long-term rate of return on pension plan investments, consideration was given to a building-block method using best-estimate ranges of expected future real rates at return (expected return, net of investment expenses and inflation) for each major asset class. These ranges are combined to produce the long-teim expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. aphic assumptions used in the April 1,2024 actuarial valuation are based on the results • an actuarial experience study completed April 1, 2020. Demographic assumptions are primarily based on System experience over the period April 1, 2015 - March 31, 2020. Annuitant mortality rates are adjusted to incorporate mortality improvements under the Society of Actuaries' Scale MP-2021. 47 Page 323 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10)Pension Plans, Continued (c) Actuarial Assumptions, Continued The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return * Domestic equity 25% 3.54% International equity 14% 6.57% Private equity 15% 7.25% Real estate 12% 4.95% Opportunistic/ARS portfolio 3% 5.25% Credit 4% 5.40% Real assets 4% 5.55% Fixed income 22% 2.00% Cash 1% 0.25% 100% *The real rate of return is net of the long-term inflation assumption of 2.9%. (d) Discount Rate ilmk The discount rate used to calculate the total pension liabilities 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 liabilities. (e) Sensitivity of the Proportionate Share of the Net Pension Liabilities to the Discount Rate The following presents the Town's proportionate share of the net pension asseti(liability) calculated using the discount rate of 5.9%, as well as what the Town's proportionate share of the net pension asset/(liability) 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: 1% Current 1% Decrease Assumption Increase 4.9% 5.9% 6.9% ERS - Town's proportionate share of the net pension asset (liability) $ (10,709,079) (3,700,281) 2,152,700 PFRS - Town's proportionate share of the net pension asset (liability) $ (19 649 234) (9 318 871) (792 642) 48 Page 324 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (f) Pension Plan Fiduciary Net Position The components of each current-year net pension liability of. icip ployers as of March 31, 2025, were as follows: (Dollars 1 'ons) ERS Employers' total pension liability (247,600) (4e . :) Fiduciary net position .,I230,454 41,395 Employers' net pension liability S (17,146) (4,743) Ratio of fiduciary net position to the Employers' total pension liability 93.08% 87.53% (g) Contributions to the Pension Plans Employer contributions to ERS and PFRS are based on the System's fiscal year, which ends on March 31'. Retirement contributions as of December 31, 2025 represent the projected employer contributions for the period of April 1, 2025 through March 31, 2026 based on paid employee wages multiplied by the employers' contribution rate, by tier. Retirement contributions to ERS and PFRS for the year ended December 31, 2025 were $1,251,106 and $2,741,355, respectively. (h) Voluntary Defined Contribution Plan The Town 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 S75,000 or more. The employee contribution is between 3% and 6% depending on salary and the Town will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. (11) Length of Service Award Program (a) Plan Description and Benefits The information contained in this note is based on infoiniation for the Town of Mamaroneck Fire District Length of Service Award Program for the program year ended on December 31,2025. The Program is accounted for in the Town's financial statements within the Fire Pre • . District Fund. 49 Page 325 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (a) Plan Description and Benefits, Continued The Town of Mamaroneck Fire District (the District), esta s s a defined benefit Service Award Program (referred to as a"LOSAP" - Length Of Se vice Awards Program - under Section 457(e)(11) of the Internal Revenue Code) effective January 1, 1999 for the active volunteer firefighter members of the District. 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 District 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 has earned one year of Service Award Program Service Credit. An active volunteer firefighter earns a year of Service Credit for each calendar year after the establishment of the Program in which he or she accumulates 50 points. Points are granted for the perfoiiiiance of certain firefighter activities in accordance with a system established by the Sponsor on the basis of a statutory list of activities and point values. A Participant may also receive Service Credit for five years of active volunteer firefighting service rendered prior to the establishment of the Program. Participants acquire a non-forfeitable right to be paid a Service Award after earning five years of Service Credit, becoming totally and permanently disabled, dying while an active volunteer or upon attaining the Program's Entitlement Age while an active volunteer. The Program's Entitlement Age is age 60, and is the age at which benefits begin to be paid to Participants. A Participant's Service Award benefit is paid as a ten-year certain and continuous monthly payment life annuity. The amount payable each month equals $20 multiplied by the total number of years of Service Credit earned by the Participant. The maximum number of years of Service Credit a Participant may earn under the Program is 40 years. Currently, there are no other forms of payment of a volunteer's earned Service Award under the Program. Except in the case of Pre-Entitlement Age death or total and permanent disablement, a Participant's Service Award will not be paid until he or she attains the Entitlement Age. -teers who are active after attaining the Entitlement Age and who may have enced receiving a Service Award have the opportunity to earn Service Credit and, ereby, increase their Service Award payments. The pre-Entitlement Age death and disability benefit is equal to the actuarial value of the Participant's earned Service Award at the time of death or disablement. Program does not provide extra line-of- duty death or disability benefits. All death and disability benefits are self-insured and are paid from the Program Trust Fund. 50 Page 326 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (b) Employees Covered by Benefit Terms Active Members AMF Vested-Terminated 28 Retired and Beneficiaries 6 Total 67 fc) Actuarial Assumptions The total pension liability in the January 1,2025 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation: 0.0% Nir Investment rate of return: 4.43%net of pension plan investment expense, including inflation Salary Scale: Not applicable Mortality: No pre-retirement mortality; post retirement RP2000 projected to 2030 • Trust Assets I Although assets have been accumulated in an irrevocable trust such that the assets are dedicated to providing pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the District. As such,the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. The trust assets are recorded in the Fire Protection District fund as investments and as a component of Restricted fund balance. • Contributions New York State General Municipal Law §219(d) requires the District to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the District. (d) Measurement of Total Pension Liability The total pension liability of $1,843,087 was measured as of December 31, 2025 and was W determined using an actuarial valuation as of January 1, 2025. (e) Changes in the Total Pension Liability LOSAP liability - beginning of year $ 1,826,357 Service cost 37,638 Interest 80,139 Differences between expected and actual experience (12,505) Changes of assumptions (50,837) Benefit payments and expenses (37,705) LOSAP liability - end of year $ 1,843,087 51 Page 327 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (f) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pension For the year ended December 31, 2025, the District recognized pension ex $33,924. At December 31, 2025, the District reported deferred outflows of resource eferred inflows of resources related to the pension from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 15,864 124,357 Changes of assumptions 369,373 740,170 $ 385,237 864,527 Other amounts reported as deferred outflows of resources and deferred inflows of resources related to LOSAP will be recognized in the pension expense as follows: Year ending 2026 $ (83,849) 2027 (87,106) 2028 (87,104) 2029 (165,145) 2030 (47,032) Thereafter i (9,054) $ (479,290) (g) Sensitivity of the Total Pension Liability to Changes in the Discount Rate The following presents the total pension liability of the District as of the December 31, 2025 measurement date, calculated using the discount rate of 4.43%, as well as what the District's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher (5.43%) than the current rate: 1% Current 1% Decrease Assumption Increase (3.43%) (4.43%) (5.43%) al pension liability $ 2,213,804 1,843,087 1,554,112 52 Page 328 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB) (a) Plan Description and Benefits Provided In addition to providing pension benefits, the Town provides c ain 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 Town may vary according to length of service. The cost of providing postemployment health care benefits is shared between the Town and the retired employee as noted below. Substantially all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. 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. (b) Employees Covered by Benefit Terms At December 31, 2024, the valuation date, the following employees were covered by the benefit terms: Retired employees, 129 Active employeesmil` 128 257 (c) Total OPEB Liability The Town's total OPEB liability of$86,167,580 was measured as of December 31,2025, and was determined by an actuarial valuation as of December 31, 2024. (d) Actuarial Assumptions The total OPEB liability in the December 31, 2024 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 3.00% Salary increases 3.00% Discount rate 4.43% Healthcare cost trend rates 7.00% for 2025, decreasing by 0.5%per year to an ultimate rate of 4.5% 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 S&P 20-year High Grade Rate Index. Mortality rates were based on Pub-2010 with MP-2021 projection. 53 Page 329 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (e) Changes in the Total OPEB Liability The Town's change in the total OPEB liability for the year ended December 31, 2025 is as follows: Total OPEB liability - beginning of year $ 82,680,626 Service cost 1,933,008 Interest 3,549,053 Differences between expected and actual - ence 3,014,347 Changes of assumptions (1,625,788) Benefit payments (3,383,666) Total OPEB liability - end of year S 86,167,580 (f) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher(5.43%) than the current discount rate: 1%W Current 1% Total OPEB liability Decrease Assumption Increase (3.43%) (4.43%) (5.43%) $ 99,280,100 86,167,580 75,551,187 (.) Sensitivity of the Total OPEB Liability to Changes in the Healthcare Trend Rates The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage point lower (6.0% decreasing to 3.5%) or 1-percentage point higher (8.0% decreasing to 5.5%) than the current healthcare cost trend rates: Healthcare 1% Cost Trend 1% Decrease Rates Increase (6.0% (7.0% (8.0% decreasing decreasing decreasing to 3.5%) to 4.5%) to 5.5%) Tot. B liability $ 74,837,845 86,167,580 100,386,424 54 Page 330 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (h) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2025, the Town recognized OPEB expense of$3,027,872 in the government-wide financial statements. At ler 31, 2025, the Town reported deferred outflows of resources and deferred in 1 of resources related to OPEB from the following sources: erred Deferred tflows of Inflows of Resources Resources Differences between expected and actual experie' $ 5,298,718 396,722 Changes of assumptions 1,600,239 10,974,263 $ 6,898,957 11,370,985 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ending 2026 S (4,639,636) 2027 822,754 2028 (932,861) 2029 ' 277,715 $ (4,472,028) (13)Interfund Activity The balanc ected as due from/to other funds at December 31, 2025 were as follows: r' Due Due Fun From To General $ - 39,238,785 Town Outside Villages 5,065,984 - Special Districts 6,007,457 - Highway 2,895,989 - Capital Projects 17,957,540 - Debt Service 7,311,815 - $ 39,238,785 39,238,785 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. 55 Page 331 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (13) Interfund Activity, Continued Interfund transfers are defined as the flow of assets, such as cash o• a ervices, without the equivalent flow of assets in return. The interfund tran- effect-. ,w have been reflected as transfers: Transfers fers Fund In General $ 409,145 2,101, Town Outside Villages 56,253 675,957 Special Districts 272,588 2,634,747 Highway 5,113 1,706,900 Capital Projects IF 1,659,967 1,883,063 Debt service 5,698,941 - $ ikt002,007 9,002,007 Transfers are used to (1) move funds from the fund with collection authorization to the funds where additional amounts are needed and (2) to move amounts earmarked in the operating funds to fulfill commitments for Capital Projects and Debt Service funds expenditures. (14) Significant Contingen (a) Litigation The Town, 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 Town if adversely settled. WJWW, a joint venture of the Town,has entered into a settlement agreement along with other municipalities. The settlement agreement resulted in fines and commitments to capital projects. The Town's proportionate share of this settlement is 16.7%. As a result, the 1\ . Town has paid $4,734,061 as of December 31, 2025. Additionally, the Town estimates that its proportionate share of the remaining capital projects to be $31,841,097 which is recognized on the statement of net position. he Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. 56 Page 332 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (14) Significant Contingencies, Continued (b) Risk Management The primary government purchases various conventional liability and workers' compensation insurance policies to protect against potential losses. The general liability policy provides coverage of$1 million per occurrence, not to exceed an aggregate of up to $3asiilion. In addition, there is a public officials liability policy providing coverage of$1 million per claim, not to exceed an aggregate of up to $2 million. Finally, there is an excess liability policy of$20 million per occurrence,not to exceed an aggregate of up to $40 million. The Town's workers' compensation policy provides coverage at statutory levels. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The Authority purchases various conventional insurance policies to reduce its exposure to loss. The Authority maintains a general liability policy with coverage up to $5 million. Settled claims resulting from these risks have not exceeded commercial coverage in any of the past three fiscal years. (c) Contingencies The Town partici.. - 'n various F, . t programs. These programs are subject to program co' .its pursua e Single Audit Act. The amount of expenditures which • • disa • by the . *ng agencies cannot be deteunined at this time, altho e Town an hates such . ts, if any, to be immaterial. (15) Certain iii ' closures (a) Concentrations - Wor force Covered by Collective Bargaining Agreements The Town's workforce has collective bargaining agreements which dictate employment terms including payroll and related expenditures as well as benefits. The Town's C SEA contract has expired and the Town is currently in negotiations to extend the contract. Other collective bargaining are maintained by the Town and available upon request. (b) Constraints (1) Limitations on Raising Revenue The Town's ability to raise revenue through property taxes is subject to Article Ill of the New York State Constitution and the Real Property Tax Law, including the property tax levy limit("tax cap")imposed by Chapter 97 of the Laws of 2011. For most towns, annual increase in the property tax levy cannot exceed the lesser of 2% or the rate of inflation, unless a local law is passed and approved by a 60% supermajority of the r Town Board or governing body. (2) Limitations on Spending Expenditures must be authorized in accordance with the annual budget adopted by the Town Council, pursuant to New York State General Municipal Law(GML) and local charter provisions. The Town may not incur expenditures in excess of appropriations, except for legally authorized emergency expenditures. 57 Page 333 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (15) Certain Risk Disclosures, Continued (b) Constraints, Continued (3) Limitations on Incurrence of Debt The Town's authority to incur indebtedness is governed by Article VIII of the New York State Constitution,the Local Finance Law,and local charters or ordinances. The Town is subject to a constitutional debt limit, which is 7% of the five-year average full valuation of taxable real property within the Town. All borrowings must be authorized by the Town Board and, in some cases, by public ref um. The Town is also subject to statutory provisions governing issuance e, permission purposes, and repayment requirements. (16) Tax Abatements • The Town has real property tax abatement agreements exempt under Real Property Tax Law and General Municipal Law. However, the total value of the tax abatement agreements for the year ended December 31,2025 amounted to$3,655 and,therefore,detail information has been excluded from these financial statements. < 111111111111111111r 58 Page 334 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue,Expenditures and Changes in Fund Balance - Budget to Actual- General Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $ 6,987,600 6,987,600 6,613,851 73,749) Real property tax items 566,400 579,468 693,382 ' 914 Departmental income 3,780,325 3,801,748 3,826,031 :3 Intergovernmental charges - - 7,400 ,400 Use of money and property 950,190 950,190 1,144,336 194,146 Licenses and permits 77,300 77,300 106,598 29,298 Fines and forfeitures 250,000 250,000 300,242 50,242 Sale of property and compensation for 1 s - - 11,310 11,310 State aid 1,309,594 1,331,510 1,826,973 495,463 Federal aid 67,812 67,812 131,287 63,475 Miscellaneous 203,600 214,826 102,782 (112,044) Total revenue 14,192,821 14,260,454 14,764,192 503,738 Expenditures: General government suporill 5,521,178 5,511,877 4,599,767 912,110 Health 50,000 450,000 289,091 160,909 Transportation 9,700 19,700 9,864 9,836 Economic assistance and opportunity ,794 516,184 476,931 39,253 Culture and recreation .111111111'-=3, 47,778 3,588,743 3,167,428 421,315 Home and community services 155,050 156,520 142,411 14,109 Employee benefits 3,206,208 3,206,208 2,965,579 240,629 Debt service: Or Principal - 2,006 2,006 - Interest - 435 435 - Total a itures 13,413,708 13,451,673 11,653,512 1,798,161 Excess of revenue over penditures 779,113 808,781 3,110,680 2,301,899 Other financing sources (uses): Issuance premium - - 15,593 15,593 Transfers in 121,350 409,145 409,145 - Transfers out (2,077,463) (2,158,040) (2,101,340) 56,700 Total other financing sources (uses) (1,956,113) (1,748,895) (1,676,602) 72,293 Net change in fund balance $ (1,177,000) (940,114) 1,434,078 2,374,192 Fund balance at beginning of year 8,650,086 Fund balance at end of year $ 10,084,164 59 Page 335 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund Year ended December 31, 2025 Budget Amounts al Increase/ Original Final " A ' Decrease Revenue: Real property taxes $11,915,000 11,915,000 11,915,' 965 Nonproperty tax items 3,656,000 3,656,000 3,847,372 91,372 Departmental income 599,575 610,263 946,592 329 Use of money and property 250,000 250,000 p 333,413 .3,413 Licenses and permits 1,301,000 1,301,000 1,341,048 40,048 Fines and forfeitures 8,000 8 000 5,760 (2,240) Sale of property and compensation for loss - 1,638 1,638 State aid - 083 15,584 (37,499) Federal aid 12,800 i 5,152 (7,648) Miscellaneous �-. - 40 40 Total revenue 17,742,375 17,806,146 18,412,564 606,418 Expenditures: General government support •5,033 1,702,322 1,606,440 95,882 Public safety .622,540 8,298,042 8,199,011 99,031 Health 99,100 99,100 99,100 - Transportation '9,550 27,289 19,493 7,796 Culture and recreation ,144 1,553,405 1,541,415 11,990 Home and community services 726,932 640,640 619,289 21,351 Employee benefits 6,114,253 6,264,158 6,137,227 126,931 Debt service: Principal ‘ - 5,020 5,020 - Interest - 1,088 1,088 - Total expenditures 18,498,552 18,591,064 18,228,083 362,981 Excess (deficiency) of revenue over expenditures (756,177) (784,918) 184,481 969,399 Other financing s : (uses): Transfers in 830,275 1,012,953 956,253 (56,700) Transfers out (641,298) (675,957) (675,957) - Total other financing sources (uses) 188,977 336,996 280,296 (56,700) Net change in fund balance $ (567,200) (447,922) 464,777 912,699 Fund balance at beginning of year 5,766,967 Fund balance at end of year $ 6,231,744 60 Page 336 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original alv Amounts Decrease Revenue: Real property taxes $ 9,402,900 9,402,900 9,403,617 . 717 Departmental income 3,993,000 3,276,683 4,768,519 ,836 Intergovernmental charges 123,030 174,588 188,075 13,487 Use of money and property 127,561 143,164 220,737 77,573 Sale of property and compensation for loss - 331,608 343,346 11,738 Miscellaneous - - 5,276 5,276 Total revenue 13,646,491 13,328,943 14,929,570 1,600,627 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Health 1,839,562 1,727,484 1,712,356 15,128 Transportation 181,803 181,803 178,097 3,706 Home and communi ,345,982 3,393,842 2,920,704 473,138 Employee benefit 68,771 2,659,185 2,420,509 238,676 Debt service: Princip - 160,331 160,331 Interest - 34,736 34,736 Total expenditure 10,742,456 10,898,157 9,911,339 986,818 Excess of revenue over expenditures 2,904,035 2,430,786 5,018,231 2,587,445 er financing sources (uses): Issuance premiu - - 11,429 11,429 Transfers in - 272,588 272,588 - ansfers out (3,114,035) (2,634,747) (2,634,747) - Total other financing sources (uses) (3,114,035) (2,362,159) (2,350,730) 11,429 Net change in fund balance $ (210,000) 68,627 2,667,501 2,598,874 Fund balance at beginning of year 5,696,109 Fund balance at end of year $ 8,363,610 61 Page 337 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund Ak Year ended December 31, 2025 Bud:et is Actual Increase/ Ori l in. Final Amounts Decrease Revenue: Real property taxes $ 6,328,000 6,328,000 6,328,540 540 Intergovernmental charges 478,500 478,500 523,363 44,863 Use of money and property 130,000 130,000 147,387 17,387 Sale of property and compensation for loss 41,500 41,500 23,764 (17,736) Miscellaneous - - 21 21 Total revenue 6,978,000 6,978, 7,023,075 45,075 Expenditures: Transportation ,129 3,1 r ,793 3,579,848 323,945 Employee benefits .01,991 1,801,991 1,758,995 42,996 Total ex. e..,;,`res 59,120 5,705,784 5,338,843 366,941 Excess of reve -r expenditu :,880 1,272,216 1,684,232 412,016 Other financing s (uses Issuance premiu - - 21,002 21,002 Transfers in - 5,113 5,113 - Transfers out (1,503,880) (1,706,900) (1,706,900) - Total other financing sources (uses) (1,503,880) (1,701,787) (1,680,785) 21,002 Net change in fund balance $ (285,000) (429,571) 3,447 433,018 Fund balance at beginning of year 3,097,375 Fund bal ee at end of year $ 3,100,822 62 Page 338 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance Budget to Actual - Debt Service Fund Years ended December 31, 2025 Budget Amounts Actual Increase/ Original Final% Amounts Decrease Revenue - use of money and property S 500,000 500,000 1,240,385 740,385 Expenditures - debt service: Principal 4,171,500 4,171,500 4,171,500 - Interest 1,953,298 1,953,298 1,953,294 4 Total expenditures i■■►.ab,-124,798 6,124,798 6,124,794 4 Excess (deficiency) of revenue over expenditures (5,624,798) (5,624,798) (4,884,409) 740,389 Other financing sources - transfers in 4,264,051 4,264,051 5,698,941 1,434,890 Net change in fund balance $ (1,360,747) (1,360,747) 814,532 2,175,279 Fund balance at beginning of year 6,497,283 Fund balance at end of year $ 7,311,815 111, 63 Page 339 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Town's Total OPEB Liability a <. elated Ra Year ended December 31,2025 AO 2025 2024 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost $ 1,933,008 2,460,130 2,035,941 2,675,752 2,701,975 2,187,127 2,071,412 2,209,552 Interest 3,549,053 3,384,369 3,177,652 2,184,968 1,872,227 2,655,669 2,940,383 3,049,245 Differences between expected and actual experience 3,014,347 (661,204) 4,777,498 3,184,949 2,035,508 (2,971,792) (6,362,401) (5,645,533) Changes of assumptions (1,625,788) (5,391,664)1 4,000,599 (28,792,491) (4,080,811) 16,084,473 4,539,830 - Benefit payments (3,383,666) (3,440,447) (2,779,351) (2,491,486) (2,360,168) (2,462,076) (2,551,390) (2,656,557) Net change in total OPEB liability 3,486,954 (3,648,816) 11,212,339 (23,238,308) 168,731 15,493,401 637,834 (3,043,293) Total OPEB liability-beginning 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 85,098,738 Total OPEB liability-ending $86,167,580 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 Covered-employee payroll $ 15,a•',:!:3 15,107,644 15,349,416 14,403,864 14,224,353 11,649,814 13,033,191 12,306,706 Total OPEB liability as a percentage of covered-employee payroll 545.05% 547.28% 562.43% 521.51% 691.46% 842.82% 634.48% 666.75% Notes to schedule: .._'- Changes of assumption_,- hanges of ass ns and nputs reflect the effects of changes in the discount rate each period. The following are the discount rates • each period: 2025 2025 2024 2022 2021 2020 2019 2018 4.43% 4.28% 4.00% 4.31% 2.25% 1.93% 3.26% 3.64% cost) This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10 year trend is compiled,the Town m co is presenting information for those years for which information is available. oTrust Assets-There are no assets accumulated in a trust that meets the criteria in GASB Statement No. 75,paragraph 4. rn 8 64 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Towns Total LOSAP Liability an ated Rat Year ended December 31,2025 2025 2024 2023 202 , 2021 2020 2019 2018 2017 Total LOSAP liability Service cost $ 37,638 37,651 44,106 48,288 106,438 95,736 81,582 61,843 59,638 Interest 80,139 84,983 69,111 114,885 47,433 42,171 44,169 60,525 45,337 Differences between expected and actual experience (12,505) (86,939) (22,647) (44,700) 30,135 (44,432) (4,799) 22,197 - Changes of assumptions (50,837) (178,943) 99,982 (1,104,550) 100,267 397,195 393,292 (148,536) 172,911 Benefit payments (37,705) (29,780) (27,160) (26,930) _41124,130 (18,570) (5,680) (30,250) (5,171) Net change in total LOSAP liability 16,730 (173,028) 163,392 (1,013,007) 260,14,3 472,100 508,564 (34,221) 272,715 Total LOSAP liability-beginning 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 1,369,699 Total LOSAP liability-ending $ 1,843,087 FL 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 Covered-employee payroll N/• N/A N/A 11[/A N/A N/A N/A N/A N/A LOSAP liability as a percentage of covered-employee payroll 0.00°. 0 0.0'Og�.0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Notes to schedule: Changes of assumptions ges of ass . 4s and • '‘outs reflect the effects of changes in the discount rate each period. The following are the discount rates used in eriod: 2025 2025 2024 2022 2021 2020 2019 2018 2017 4.43% 4.28% 3.79% 4.05% 1.84% 2.75% 2.75% 3.71% 3.31% cQ This schedule is presented t. •ate the req ' ent to show information for 10 years. However, until a full 10 year trend is compiled,the Town is o presenting information for thos- for w ' formation is available. CO 42:Trust Assets-There are no assets a • in a trust that meets the criteria in GASB Statement No.73,paragraph 4. 0 rn 8 65 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Proportionate Share of the Net Pension As• ..ility December 31,2025 ERS 2025 2024 2023 2022 2020 2019 2018 2017 2016 Town's proportion of the net pension asset/liability 0.0215814% 0.0245651% 0.0231186% 0.0233148% 0.02223 ' .1% 0.0228534% 0.0217828% 0.0229223% 0.0212436% Town's proportionate share of the net pension asset(liability) $ (3,700,281) (3,616,982) (4,957,553) ' 891 (22,138) :4) (1,619,233) (703,029) 2,153,827 (3,409,658) Town's covered payroll $ 7,806,331 7,718,089 7,642,184 354,597 6,9' 6,882,383 6,649,254 6,193,460 6,044,712 Town's proportionate share of the net pension liability as a . percentage of its covered payroll 47.4% 46.9% 64.9% 2 i'.70 'mow 0 23.5% 10.6% 34.8% 56.4% Plan fiduciary net position as a percentage of the total pension asset/liability 93.08% 93. 9 . 103.65). 99.95% 86.4% 96.3% 98.2% 94.7% 90.7% PFRS Town's proportion of the net pension liability 0.1533501% t 39% f, .37065% 0.1666653% 0.1551869% 0.1711154% 0.1529885% 0.1526125% 0.1526963% 0.1601178% Town's proportionate share of the net pension liability(asset) $ '-: 1) (7,571 (9,021,000) (946,733) (2,694,473) (9,146,009) (2,565,650) (1,542,541) (3,164,863) (4,740,748) Town's covered payroll :,228,71• " '02,057 7,321,212 7,153,524 6,586,679 6,471,130 6,443,114 6,168,882 6,036,891 Town's proportionate share of the net pension liability as a percentage of its covered payroll 109.2% 114. '/° 12.9% 37.7% 138.9% 39.6% 23.9% 51.3% 78.5% Plan fiduciary net position as a percentage of the total pension liability 87.53% 89 87.43% 98.66% 95.79% 84.9% 95.1% 96.9°/o 93.5% 90.2% (D W tV 0 t) 0 66 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Pension Contributions December 31,2025 ERS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Contractually required contribution $ 1,251,106 1,109,073 986,16 984,111 1,139,485 1,012,831 1,001,835 9,366,836 951,693 975,073 Contributions in relation to the contractually required contribution 1,251,106 1,109,073 986,1. 9i•, ,139,485 1,012,8* 1,001,835 9,366,836 951,693 975,073 Contribution deficiency(excess) $ - - - - - - - - - Town's covered payroll $7,740,150 7,661,160 7,438,441 7,358,579 7,086,604 6,997,273 7,009,504 6,950,172 6,366,881 6,396,849 Contributions as a percentage of covered payroll 16.16% 14.48% 13.26% 13.37% 16.08% 14.47% 14.29% 134.77% 14.95% 15.24% PFFRS Contractually required contribution $2,741,355 2,412,717 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contributions in relation to the contractually required contributi.• 741,355 2,. 17 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contribution deficiency(ex • - - - - - - - - Town's covered payroll $8,305,' '•983,82 6,423 7,195,446 6,728,390 6,751,611 6,694,209 6,477,510 6,425,121 6,105,861 Contributions as a percentage of covered payroll 33.00% .22% 26.87% 26.54% 27.30% 22.35% 21.80% 22.06% 21.84% 22.31% a) m co co 0 rn 8 67 TOWN OF MAMARONECK,NEW YORK,' Other Supplementary Information Combining Balance Sheet-Special Districts Fund December 31,2025 Street Refuse and Fire Water Sewer Lighting Garbage Ambulance Protection Assets District District District District District District Total Investments $ - - - - - 1,892,618 1,892,618 Receivables: Due from other governments - 156,850 - - - - 156,850 Due from other funds 2,998,969 254,684 187,384 497;935 543,949 1,524,536 6,007,457 Prepaid expenditures 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Total assets $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 Liabilities and Fund Balanc Liabilities: Accounts payable 7,662 1,146 8,282 415 28,113 52,527 98,445 Accrued liabilities - 4,944 - - 49,520 23,985 78,449 Total liabilities 77111111r 6,390 8,282 415 77,633 76,512 176,894 Fund balances: Nonspendai 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Restricte'' - - - - - 1,892,618 1,892,618 Assig ` 2,991,307 405,144 179,102 497,520 466,316 1,448,024 5,987,413 and balances 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 cQ Tota ities and Balances $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 m co 0 68 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Combining Statement of Revenue,Expenditures and Changes in Fund Bala pecial I Fund Year ended December 31,2025 Sire, •efuse and ire Water Sewer Li. _ Garbage Ambulance 'on District District ct Distr. t District I t Total Revenue: Real property taxes $ - - 1,327 2,784, 21 933,499 5,354,470 9,403,617 Departmental income 2,886,314 731,272 - - 1,150,933 - 4,768,519 Intergovernmental charges - 2,666 - - 185,409 - 188,075 Use of money and property 40,250 - - - 27,331 153,156 220,737 Sale of property and compensation for loss - - 10,738 - 31,608 301,000 343,346 Miscellaneous - - - 276 - 5,000 5,276 Total revenue 2,926,56 733,938 342,065 2,784,597 2,328,780 5,813,626 14,929,570 Expenditures: Public safety - - - - - 2,484,606 2,484,606 Health AllW - - - - 1,712,356 - 1,712,356 Transportation - 178,097 - - - 178,097 Home and community services 93,713 139,007 - 2,687,984 - 2,920,704 Employee benefits - 66,283 31,800 - 338,334 1,984,092 2,420,509 Debt service: Principal - - - 154,808 5,523 160,331 Interest - - 33,540 1,196 34,736 Total expenditures ille 93,713 205,290 209,897 2,687,984 2,239,038 4,475,417 9,911,339 Excess of revenue over expenditures 2,832,851 528,648 132,168 96,613 89,742 1,338,209 5,018,231 Other financing sources(uses): Issuance pm 'um *11,429 - - - - - 11,429 Transfers 268,314 - - - 1,386 2,888 272,588 Transfers out (1,099,515) (377,110) (115,316) (209,691) (26,657) (806,458) (2,634,747) -0 Tota nancing sources(uses) (819,772) (377,110) (115,316) (209,691) (25,271) (803,570) (2,350,730) co co a) Net change in fund balanc 2,013,079 151,538 16,852 (113,078) 64,471 534,639 2,667,501 CO -i. Fund balances at beginning of 981,532 265,933 170,233 639,978 501,691 3,136,742 5,696,109 cn o Fund balances at end of year $ 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 cn 8 69 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - General Fund December 31, 2025 and 2024 Assets 2025 2024 Change Cash and equivalents $ 1,129,365 1,393,541 (264,176) Investments 47,999,969 50,569,461 (2,569,492) Receivables: Accounts 7,560 188,857 228,703 Taxes, net ,140,131 943,974 196,157 Due from other governments 20,334 94,747 (74,413) State and Federal aid 66,917 - 66,917 Lease 2,140,905 2,318,387 (177,482) Due from other funds - - - Prepaid expenditures 305,139 252,857 52,282 Total assets $53,220,320 55,761,824 (2,541,504) Liabilities Deferred Inflows of Resourc-. • d Fund Balances Liabilities: Accounts payable 321,904 242,312 79,592 Accrued liabil' 39,066 190,258 (151,192) Deposits pays . - 187,909 177,109 10,800 Due to other funds 39,238,785 43,211,041 (3,972,256) Unearned revenue 281,767 226,399 55,368 Total liabilities ' 40,069,431 44,047,119 (3,977,688) Deferred inflows of resources: Tax revenue 1,087,004 886,926 200,078 Lease 1,979,721 2,177,693 (197,972) Total deferred inflows of resources 3,066,725 3,064,619 2,106 Fund balances: taxi Nonspendable 466,323 252,857 213,466 Restricted 366,160 351,846 14,314 Assigned 1,391,548 1,227,909 163,639 Unassigned 7,860,133 6,817,474 1,042,659 Total fund balance 10,084,164 8,650,086 1,434,078 Total liabilities, deferred inflows of resources and fund balances $53,220,320 55,761,824 (2,541,504) 70 Page 346 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - General Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 6,613,851 6,185,318 428,533 Real property tax items 693,382 1,030,921 (337,539) Departmental income 3,826,031 3,525,541 300,490 Intergovernmental charges 7,400 7,400 - Use of money and property 1,144,336 1,348,099 (20V63) Licenses and permits 106,598 73,520 33,078 Fines and forfeitures 300,242 236,439 63,803 Sale of property and compensation for loss 11,310 22,311 (11,001) State aid 1,826,973 1,347,547 479,426 Federal aid 131,287 323,912 (192,625) Miscellaneous IE4114,_ 102,782 267,254 (164,472) Total revenue 14,764,192 14,368,262 395,930 Expenditures: General government support 4,599,767 4,459,656 140,111 Health 289,091 265,919 23,172 Transportation 9,864 7,054 2,810 Economic assistance and opportunity 476,931 487,967 (11,036) Culture and recreation 3,167,428 3,121,700 45,728 Home and community services 142,411 177,795 (35,384) Employee benefits 2,965,579 2,926,613 38,966 Debt service: Principal 2,006 480,000 (477,994) Interest 435 21,600 (21,165) Total expendit . 11,653,512 11,948,304 (294,792) Excess of revenue over expenditures 3,110,680 2,419,958 690,722 Other financing sources (uses): Issuance premium 15,593 - 15,593 Transfers in 409,145 1,772,136 (1,362,991) Transfers out (2,101,340) (4,113,783) 2,012,443 Total other financing sources (uses) (1,676,602) (2,341,647) 665,045 Net change in fund balance 1,434,078 78,311 1,355,767 Fund balances at beginning of year 8,650,086 8,571,775 78,311 Fund balances at end of year $ 10,084,164 8,650,086 1,434,078 71 Page z17 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Town Outside Villages December 31, 2025 and 2024 Assets 5 2024 - Receivables: Accounts $ 438,149, 878,126 (439,- Due from other governments 22,001 170 21,831 State and Federal aid 938,544 848,354 90,190 Due from other funds 5,065,984 4,342,946 723,038 Prepaid expenditures 926,982 649,560 277,422 Total assets $7,391,660 6,719,156 672,504 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 206 143,235 58,971 Accrued liabilities \r„ 187,528 150,730 36,798 Deposits payable 670,454 573,274 97,180 Unearned revenue 99,728 84,950 14,778 Total liabilities 1,159,916 952,189 207,727 Fund balances: Nonspendable 926,982 649,560 277,422 -I 5,304,762 5,117,407 187,355 fund b. - 6,231,744 5,766,967 464,777 To bilities, -rred inflows of rest -s and fund balances $7,391,660 6,719,156 672,504 72 Page 348 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Town Outside Villages Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes S 11,915,965 10,826,939 1,089,026 Nonproperty tax items 3,847,372 3,731,317 116,055 Departmental income 946,592 1,319,116 (372,524) Use of money and property 333,41 361,407 (27,994) Licenses and permits 1,341 'a 1,400,284 (59,236) Fines and forfeitures 0 2,550 3,210 Sale of property and compensation for loss ,638 46,617 (44,979) State aid 15,584 74,998 (59,414) Federal aid 5,152 7,725 (2,573) Miscellaneous 40 2,709 (2,669) Total revenue 18,412,564 17,773,662 638,902 Expenditures: General governme 1,606,440 1,485,511 120,929 Public safety 8,199,011 8,018,382 180,629 Health 99,100 99,100 - Transportation 19,493 19,305 188 Culture and recreation 1,541,415 1,508,635 32,780 Home and community services 619,289 620,007 (718) Employee benefits 6,137,227 5,892,946 244,281 Debt service: Principal 5,020 - 5,020 Interest 1,088 - 1,088 Total expenditures 18,228,083 17,643,886 584,197 Excess of revenue over expenditures 184,481 129,776 54,705 Other financing sources (uses): Transfers in 956,253 771,528 184,725 Transfers out (675,957) (1,173,525) 497,568 Total other financing sources (uses) 280,296 (401,997) 682,293 Net change in fund balance 464,777 (272,221) 736,998 Fund balances at beginning of year 5,766,967 6,039,188 (272,221) Fund balances at end of year $ 6,231,744 5,766,967 464,777 73 Page 349 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Highway Fund December 31, 2025 and 2024 Assets *025 2024 hanie Cash and equivalents 200 200 Receivables: Accounts 4,533 378 4,155 Due from other governments 107,818 45,763 62,055 Due from other funds 2,895,989 3,025,361 (129,372) Prepaid expenditures 263,411 157,054 106,357 Total assets $ 3,271,951 3,228,756 43,195 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 132,598 97,177 35,421 Accrued liabilities 38,531 34,204 4,327 Total 1. es 171,129 131,381 39,748 Fund balance Nonspendable 263,411 157,054 106,357 Assigned 2,837,411 2,940,321 (102,910) Total fund balance 3,100,822 3,097,375 3,447 Total liabilities, deferred inflows of resources and fund balances $ 3,271,951 3,228,756 43,195 74 Page 350 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Highway Fund Years ended December 31, 2025 and 2024 25 2024 hanle Revenue: Real property taxes 6,328,540 6,064,262 x : '8 Intergovernmental charges 523 508,831 14,532 Use of money and property 14 160,909 (13,522) Sale of property and compensation for loss 64 101,567 (77,803) Miscellaneous 21 - 21 Total revenue 075 6,835,569 187,506 Expenditures: Transportation 579,: 3,541,769 38,079 Employee benefits ',995 1,661,970 97,025 Total expenditures 5,338,843 5,203,739 135,104 Excess of revenue over expenditures 1,684,232 1,631,830 52,402 Other financi rces (uses): Issuanc ium 21,002 - 21,002 Transfers 5,113 110,015 (104,902) Transfers out (1,706,900) (1,433,427) (273,473) Total other financing sources (uses) (1,680,785) (1,323,412) (357,373) Net change in fund balance 3,447 308,418 (304,971) Fund balances at • • ing of ygar 3,097,375 2,788,957 308,418 Fund balances ate year $ 3,100,822 3,097,375 3,447 75 Page 351 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Capital Projects Fund December 31, 2025 and 2024 Assets 2025 2024 ante Receivables: Due from other governments $ 2,084,986 76,200 2,1v ,786 State and Federal aid 208,249 195,796 12,453 Due from other funds 17,957,540 25,742,132 (7,784,592) Total assets $20,250,775 26,014,128 (5,763,353) Liabilities, Deferred Inflows of Resource vd Balances Liabilities: Accounts payable 11 b f 2,610,556 (1,299,096) Accrued liabilities 731 242,962 (236,231) Bond anticipation note 4,135,450 - 4,035,450 Total liabilities 5,353,641 2,853,518 2,500,123 Fund balance -restricted 3 14,897,134 23,160,610 (8,263,476) Total liabilities, deferred inflows of resources and fund balances $20,250,775 26,014,128 (5,763,353) 76 Page 352 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Inforumation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances -Capital Projects Fund Years ended December 31, 2025 and 2024 yy`` 2025 2024 Chan_e Revenue: Sale of property and compensation for loss $ 11,260 - ri ,260 State aid 218,249 1,799,097 (1, ":0,848) Federal aid 971,991 1,605,128 (633,137) Miscellaneous 2,277,330 229,778 2,047,552 Total revenue 3,478,830 3,634,003 (155,173) Expenditures- capital outlay 12,425,672 11,131,207 1,294,465 Excess expenditures over revenue (8,946,842) (7,497,204) (1,449,638) Other financing sources (uses): Installment purchase agreement issuance 906,462 - 906,462 Bond issuance - 12,116,500 (12,116,500) BANs redeemed fr, 'pro. s - 480,000 (480,000) Issuance premium - 360,900 (360,900) Transfers in 1,659,967 4,424,146 (2,764,179) Transfers out (1,883,063) (4,254,221) 2,371,158 Total other financing sources (uses) 683,366 13,127,325 (12,443,959) Net change in fund balance (8,263,476) 5,630,121 (13,893,597) Fund balances at beginning of year 23,160,610 17,530,489 5,630,121 Fund balances at end of year $14,897,134 23,160,610 (8,263,476) 11111 77 Page 353 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025 Fund Balance (Deficit)at Project Project Expenditures ended Total December 31, Project Number Budget and Trans lance Revenue 2025 Rye lake Filtration H1364 $35,060,881 3,3: q97 12,531,000 9,144,216 Water Infrastructure Paving H1368 510,000 0 ' 510,000 250,000 Rye Lake turbity Curtain H1386 168,200 00 168,200 - Acorn Lane Water Main H1396 54,9 0 2,546 52, 54,900 52,354 Park Lane Storage#2 H1397 479 426,174 53,67. °=',850 53,676 Kensico Reservoir-Water Supp Env(Consent Decree) H1399 16 413 166,715 167,128 166,715 Waverly Bridge Water Main H1400 7 6 70,326 - 70,326 - Brookside Place Water Main H1401 238,880 238,880 - 238,880 - Lead Service Line Replacement(Consent Decree) H1402 960,400 960,400 - 960,400) Kenilworth Booster-Phase 1/2 H1403 28,320 2 7 2,953 28,320 2,953 Trails End Water Main H1404 110,625 110,, - 110,625 - Kenilworth Booster-Phase 3 H1405 35,400 22,155 13,245 35,400 13,245 Winged Foot Tank Access H1407 88,500 - 88,500 88,500 88,500 Town Center Generator H1603 749,718 711,635 38,083 749,718 38,083 Town Center HVAC HI614 421,935 421,935 - 421,935 - Town Center Restrooms HI614 289,437 289,437 - 289,437 - Town Center Improvements-Flat Roofs-5 areas H1614 700,030 700,030 - 700,030 - Town Center Flooring-1st and 2nd floor H1614 121,275 - 121,275 - 121,275 121,275 Town Center Flooring-Admin/Clerk H1614 30,000 30,000 30,000 30,000 Town Center Flooring-Police H1614 9,500 9,500 9,500 9,500 Town Center-Elevator Modernization H1614 291,109 9 - 291,109 - Town Center-Womens locker room/Relocating offices H1614 877,200 72 ,640 152,560 877,200 152,560 Town Center Painting-Police H1614 25,000 ' - 25,000 25,000 25,000 Town Center Backup boilers H1614 36,000 , 36,000 - 36,000 - Town Center ATV with snow plow 1614 20,000 20,000 - 20,000 - Computer Software/Hardware H1620 186,200 81,094 105,106 203,110 122,016 Server Replacement H1620 43,260 43,260 - 25,360 (17,900) Laptop purchases H1620 62,546 59,924 2,622 62,546 2,622 UPS Backups H1620 29,010 29,010 - 30,000 990 Will Access Points 1620 34,982 34,982 - 34,982 - Financial Enterprise System old opiiiimm1689 528,136 479,747 48,389 528,136 48,389 Town center-LMCTV 1690 500,000 276,706 223,294 - (276,706) Dam Improvements-Bypass Monitoring/Valve Control 1-12410 260,000 34,585 225,415 260,000 225,415 Environmental Systems Research Institute(ESRI)system installation H2419 37,300 37,300 - 37,300 - Furniture-Engineering H2496 16,500 16,500 - 16,500 - Police-Virtual Reality Training System H31103 75,000 58,300 16,700 75,000 16,700 Police-DRONE REPLACEMENT H3120 11,260 11,260 - 11,260 - Police Comm Equipment-portable radios H3167 90,000 32,741 57,259 90,000 57,259 Police Vehicles-Three hybrid Radio Patrol Cars-2024 H3I72 116,517 53,892 62,625 116,517 62,625 Police Vehicles-One hybrid Radio Patrol Cars-2025 H3172 55,350 - 55,350 55,350 55,350 Police Ballistic Equipment H3177 15,460 15,460 15,460 Rifle Rated Response Shields H3177 26,640 26,640 - 26,640 - Police Scanners-Refund-not working-Will hale H3177 - (17,244) 17,244 - 17,244 Speed Complaint system H3177 15,409 15,409 - 15,409 - Police-license plate reader H3177 41,000 - 41,000 41,000 41,000 Police Evidence Locker-outside storage c r H3186 30,159 30,159 - 30,159 - Madison Avenue Signal H336I 967,586 967,586 - 967,586 - Traffic Signal Replacement-Myrtle/Mu H3361 646,423 646,423 - 646,423 - Traffic Signal Replacement-Richbell/Pal er H3361 542,707 34,310 508,397 542,707 508,397 Traffic Signal Replacement-Turn Signal-Myrtle/Chatsworth H3361 69,500 - 69,500 49,500 49,500 Pedestrian Crossing Signal-Leatlyrstocking Trail H3398 90,000 8,848 81,152 90,000 81,152 Replace the 2007 Fire engine pthper H3411 1,093,766 1,093,766 - 1,093,766 - 2025 Fire Pumper-Replace 2010 Fire Rescue H3411 1,734,000 - 1,734,000 - - Computer Server-Fire Dept H3420 40,000 33,489 6,511 40,000 6,511 Concrete Pad H3429 16,000 16,000 - 16,000 - Shed roof supplies for lifeboat H3429 5,000 5,000 - 5,000 - Fire Apparatus-Replace Fire Engine#37(Storm Ida) H3492 1,074,562 1,074,562 - 1,074,562 - Scot Air pks H3495 551,448 55,486 495,962 551,448 495,962 New Equipment(Lexus) H3495 12,500 12,500 - 12,500 - Fleet Car-Building Dept H3672 40,000 - 40,000 40,000 40,000 Ambulance Radio Equipment H4133 27,651 23,633 4,018 27,651 4,018 (Continued) 78 Page 354 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025,Continued Fund Balance (Deficit)at Project Project Expenditures Unexpended Total December 31, Project Number Budget and Transfers Balance Revenue 2025 MEMS Ambulance-furniture/chairs H4133 $ 5,000 - 5,000 5,000 5,000 MEMS Ambulance-Portable radios H4I33 5,300 - 5,300 5,300 5,300 LVAC Electrical Upgrades H4159 25,000 IV00 - 25,000 - Pagers/Communications Equip-Ambulance H4167 43,350 43,350 - 43,350 - MEMS-Office Furniture H4I68 19,000 ' 4,432 14,568 19,000 14,568 Chevy Tahoe Fly Car-2024 H4172 70,000 70,000 - 70,000 - Rockland Bridge H5050 889,200 5,756 883,444 125,468 119,712 East Valley Stream Bridge-Storm Ida Damages-Permanent H5092 1,829,163 1,829,163 - 1,829,163 - Generator-Highway H5103 167,500 167,500 - 167,500 - Roads,Sidewalks,Curbs H5104 789,629 464,4(rF 325,222 588,979 I24,572 Dump Truck-6 Wheel (Black Top) H5106 283,778 273,6'39 10,139 283,778 10,139 Brush chipper H5106 84,700 84,700 - 84,700 - Pay Loader H5106 237,357 , 237,357 - 237,357 - Dump Truck(10 wheel)with salt spreader H5106 313,676 r 114,701 198,975 313,676 198,975 Excavator H5106 99,029 99,029 - 99,029 - Nancy Lane Storm Sewer Extension H5113 100,648 ^h. 100,648 - 100,648 - Murdoch Woods Easement H5I13 30,000 illik, 30,000 - 30,000 - Storm Water Drainage Study H5135 1,120,652, 706,517 414,135 631,652 (74,865) Highway Garage Drainage Improvements H5136 200,885 200,885 - 200,885 - Highway Tree Garage Reconstruction H5138 1,178,000 89,619 1,088,381 1,178,000 1,088,381 Highway Garage Fire Alarm H5139 65,000 56,954 8,046 65,000 8,046 Brine System H5142 48,762 48,762 - 29,074 (19,688) Weaver Street-Sidewalk Extension H5145 1,464,042 ,' 941,804 522,238 226,942 (714,862) Waverly Ave Bridge H5162 4,944,731 4,793,515 151,216 4,772,965 (20,550) Archway-Stone Masonry(Larchmont Gardens) Air 5165 146,853 146,853 - 146,853 - Replace Ford F550 with utility body for transporting tools and materials and snow r H5172 145,882 134,312 11,570 145,882 11,570 Sidewalks&Curbs-Howell Ave/New Jeff&N Chatsworth/Edgewso l&N Chats(202 H5173 367,445 367,445 - 367,445 - Sidewalks&Curbs-Howell Ave balance of sidewalk H5173 190,734 188,493 2,241 37,734 (150,759) Crosswalks H5173 22,460 10,460 12,000 22,460 12,000 Madison Ave Green Improvements(GIGP) 5180 1,266,474 161,918 1,104,556 266,474 104,556 Sign Shop-Storm Isaias 5191 3,461,279 267,417 3,193,862 2,931,279 2,663,862 Roundabout H5I98 2,000,000 - 2,000,000 - - Colonial Ave Sidewalk H5I99 1,530,600 788 1,529,812 120,000 119,212 Sr Center Building Improvements-Generator H6703 189,575 4,461 185,114 - (4,461) Sr Center Building Improvements-Yellow roo H6758 699,000 634,024 64,976 391,000 (243,024) Sr Center Building Improvements-(Donation from McGuire Foundation) H6758 25,663 25,663 - 25,663 - Sr Center Building Improvements-Exterior H6758 - - - - - Sr Center-Heat pump H6758 100,000 100,000 - - (100,000) Sr Center Bus-20 Passenger-202 H6772 70,000 - 70,000 70,000 70,000 Recreation-F250-with snow plow H7072 60,000 60,000 - 60,000 - Pool Improvements H7125 4,338,500 1,000,000 3,338,500 1,048,500 48,500 Sheldrake Improvements-Retaining Wall H7140 50,000 39,169 10,831 50,000 10,831 Sheldrake Driveway/Railings H7140 100,000 - 100,000 100,000 100,000 Sheldrake Boiler Replacement H7I40 12,000 - 12,000 12,000 12,000 Ice Rink Office Improvs-HVAC Admin/L H7224 423,363 423,363 - 423,363 - Ice Rink-Skate Rental H7224 120,000 3,000 117,000 120,000 117,000 Ice Rink-Parking lot Repavement H7248 82,000 82,000 - 82,000 - Ice Rink-Security Cameras H7294 27,344 27,344 - 27,344 - Comprehensive Plan H8066 180,000 160,894 19,106 180,000 19,106 Sanitary Sewer Pump Station 3(Baldwin Ave) H8123 355,500 81,708 273,792 355,500 273,792 Sanitary Sewer Improvements H8160 6,127,722 6,127,722 - 6,127,722 - Conservation trails replacement railings H8539 52,750 28,415 24,335 52,750 24,335 Gardens Lake-Dredging Feasability Study H8553 949,800 47,330 902,470 64,800 17,470 Sheldrake Trails-Drain Crossings H8579 10,000 10,000 - 10,000 - 20 Yard Garbage Truck H8609 257,477 257,477 - 257,477 - Garbage Trucks H8609 270,040 270,040 - 270,040 - Garbage Trucks-2026 Freighliner H8609 318,645 - 318,645 318,645 318,645 Garbage Comm Incinerator H8610 513,000 450 512,550 - (450) $89,I08,994 35,206,468 53,902,526 50,103,602 14,897,134 Page 355 of 610 79 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet - Debt Service Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $7,311,815 6,497,283 814,532 Fund Balances 4‘Ag Fund balances: Restricted 1,054,124 1,360,745 (306,621) Assigned 6,257,691 5,136,538 1,121,153 Total fund balances $7,311,815 6,497,283 814,532 80 Page 356 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Debt Service Fund Year ended December 31, 2025 and 2024 2025 2024 Change Revenue - use of money and property $ 1,240,385 1,397,133 (156,748) Expenditures: Debt service: Principal 4,171,500 3,651,300 520,200 Interest 1,953,294 1,558,224 395,070 Total expenditures 6,124,794 5,209,524 915,270 Excess of expenditures over revenue (4,884,409) (3,812,391) (1,072,018) Other financing sources: Issuance premiumtrgop - 240,331 (240,331) Transfers in 5,698,941 6,772,447 (1,073,506) Total other financing sources vik 5,698,941 7,012,778 (1,313,837) Net change in fund balance Am 814,532 3,200,387 (2,385,855) Fund balances at beginning of year 6,497,283 3,296,896 3,200,387 Fund balances at end of year ' $ 7,311,815 6,497,283 814,532 81 Page 357 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infounation Comparative Balance Sheet- Water District Fund December 31, 2025 and 2024 AN Assets 2025 2024 ante Receivables: Accounts 2,470 0) Due from other funds 2,998,969 983,553 2,015,416 Prepaid expenditures 3,304 3,453 (149) Total assets $ 3,002,273 989,476 2,012,797 Liabilities and Fund Balances Liabilities - accounts payable 7,662 7,944 (282) Fund balances: Nonspendable ,304 3,453 (149) Assigned 2 991 307 978,079 2,013,228 Total fund balances 2,994,611 981,532 2,013,079 Total liabilities and fund balances $ 3,002,273 989,476 2,012,797 ,11491\ 82 Page 358 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Water District Fund Years ended December 31, 2025 and 2024 025 2024' Change Revenue: Departmental income $ 2,886,314 1,208,119 95 Use of money and property 40,250 36,674 ,576 Total revenue 2,926,564 1,244,793 1,681,771 Expenditures - home and community services 93,713 303,190 (209,477) Excess of revenue over ex. -,•*tures 2,832,851 941,603 1,891,248 Other financing sources (uses): Issuance premium 11,429 - 11,429 Transfers in Alfr 268,314 234,330 33,984 Transfers out (1,099,515) (1,585,917) 486,402 Total other financing sources (u (819,772) (1,351,587) 531,815 Net change in fund balance 2,013,079 (409,984) 2,423,063 Fund balances at beginning of y 981,532 1,391,516 (409,984) Fund balances at end of ye $ 2,994,611 981,532 2,013,079 411=1,- 41L, 83 Page 359 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Water District Fund Year ended December 31, 2025 At lir Budgietuits Actual Increase/ Original Final Amounts Decrease Revenue: Departmental income $2,100,000 1,392,282 2,886,314 1,494,032 Use of money and property 24,461 24,461 40,250 15,789 Total revenue 2,124,461 1,416,743 2,926,564 1,509,821 Expenditures - home and community services 395,200 382,440 93,713 288,727 Excess of revenue over expenditures 1,729,261 1,034,30 2,832,851 1,798,548 Other financing sources (uses): Issuance premium - 11,429 11,429 4011Transfers in - 268,314 268,314 Transfers out 1,879,261) (1,099,515) (1,099,515) - messr_ Total other financings es (uses) 879,261) (831,201) (819,772) 11,429 Net change in fund balance (150,000) 203,102 2,013,079 1,809,977 Fund balance at beginning of year 981,532 Fund balance at end of year $2,994,611 . ) 84 Page 360 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Sewer District Fund December 31, 2025 and 2024 Assets 025 2024 = ante Receivables: Due from other governments $ 156,8 173,593 (1 <` 43) Due from other funds 254, 86,264 168,420 Prepaid expenditures 12, ° 7 10,999 1,328 Total assets $ 423,861 270,856 153,005 Liabilities and Fund Balances Liabilities: Accounts payable 1,446 1,332 114 Accrued liabilities 4,944 3,591 1,353 Total Ha ' ' 6,390 4,923 1,467 Fund balances: Nonspenda 12,327 10,999 1,328 Assigned 405,144 254,934 150,210 Total fund balances 417,471 265,933 151,538 Total liabilities and fund balances $ 423,861 270,856 153,005 85 Page 361 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Sewer District Fund Years ended December 31, 2025 and 2024 2024 ante Revenue: Departmental income $ 731,272 724,814 ,8 Intergovernmental charges 2,666 5,788 (3,122) Total revenue 733,938 730,602 3,336 Expenditures: Home and community services „._‘ 139,007 147,739 (8,732) Employee benefits 66,283 69,281 (2,998) Total expenditures 205,290 I 217,020 (11,730) Excess of revenue over expenditures 528,648 513,582 15,066 Other financing sources (uses): Transfers in 3,722 (3,722) Transfers out (377,110) (536,237) 159,127 Total other fina sources (us (377,110) (532,515) 155,405 Net change in fund balance 151,538 (18,933) 170,471 Fund balances at beginning of year 265,933 284,866 (18,933) Fund balances at end of year $ 417,471 265,933 151,538 .17 ) 86 Page 362 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Sewer District Fund Year ended December 31, 2025 Bu _et Amounts Actual ease/ Original F. al Amounts ease Revenue: Departmental income $773,000 ,000 731,272 (41,728) Intergovernmental charges - 6,276 2,666 (3,610) Total revenue 773,000 779,276 733,938 (45,338) Expenditures: Home and community services `� 316,373 322,649 139,007 183,642 Employee benefits 79,517 79,517 66,283 13,234 Total expenditures 395,890 402,166 205,290 196,876 Excess of revenue over expenditures 377,110 377,110 528,648 151,538 Other financing uses - trnsfers out (377,110) (377,110) (377,110)Net change in fund balance $ - - 151,538 151,538 Fund balance at beginning of year 265,933 Fund balance at end of year $417,471 87 Page 363 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infounation Comparative Balance Sheet - Street Lighting District Fund December 31, 2025 and 2024 Assets 025 2024 Change Due from other funds $ 187,384 178,445 8,939 Prepaid expenditures 7,93 5,565 2,418 Total assets $ ' 184,010 11,357 Liabilities and Fund Balances Liabilities: Accounts payable ,282 12,895 (4,613) Accrued liabilities 882 (882) Total liabilities 8, :2 13,777 (5,495) Fund balances: Nonspendable 7,983 5,565 2,418 Assigned 179,102 164,668 14,434 RAE fund balances 187,085 170,233 16,852 Total liabilities and fund balances S 195,367 184,010 11,357 88 Page 364 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Street Lighting District Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 331,327 305,473 25,854 Sale of property and compensation for loss 10,738 5,431 5,307 Total revenue 342,065 310,904 31,161 Expenditures: Transportation 178,097 173,035 5,062 Employee benefits )ik31,800 30,400 1,400 Total expenditures '97 203,435 6,462 Excess o - e over expe 132,168 107,469 24,699 Other financing use s - . (115,316) (112,573) (2,743) Net change in .alance 16,852 (5,104) 21,956 Fund balanc beginning o• . 170,233 175,337 (5,104) Fund balances . +f $ 187,085 170,233 16,852 111, 89 Page 365 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Street Lighting District Fund Year ended December 31, 2025 ....et Amounts Actua rease/ •final Final Amounts . ase Revenue: Real property taxes $331,300 ,300 331,327 27 Sale of property and compensation for loss - - 10,738 10,738 Total revenue 331,300 331,300 342,065 10,765 Expenditures: Transportation r... 181,803 181 803 178,097 3,706 Employee benefits 34,181 34,181 31,800 2,381 Total expenditures 215,984 215,984 209,897 6,087 Excess of revenue over 115,316 115,316 132,168 16,852 Other financing us— .nsfers o L (115,316) (115,316) (115,316)Net change in ,rr ; .alance 1 $ - - 16,852 16,852 Fund balance a : ing o 170,233 Fund balance at en. $187,085 90 Page 366 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infonnation Comparative Balance Sheet- Refuse and Garbage District Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $ 497,935 617,819 (119,884) Prepaid expenditures ^ 80 27,945 1,435 Total assets " ,315 645,764 (118,449) Liabilities and Fund Balances Liabilities: Accounts payable 415 1,636 (1,221) Accrued liabilities - 4,150 (4,150) Total liabilities 415 5,786 (5,371) Fund balances: -..w. Nonspendable 29,380 27,945 1,435 Assigned 497,520 612,033 (114,513) Total und balances 526,900 639,978 (113,078) Total liabilities and fund balances $ 527,315 645,764 (118,449) 111° 91 Page 367 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Refuse and Garbage District Fund Years ended December 31, 2025 and 2024 025 2024 e Revenue: ,, Real property taxes $ 2,784,321 )'2,507,447 276,874 Sale of property and compensation for loss - 24,040 (24,040) Miscellaneous 276 2 274 Total revenue 2,784 5597 2,531,489 253,108 Ilk Expenditures - home and community services 2,687,984 2,361,955 326,029 Excess of revenue over expenditures 96,613 169,534 (72,921) Other financing uses -transfers out (209,691) (161,140) (48,551) Net change in fund balance (113,078) 8,394 (121,472) Fund balances at F- ing of year 639,978 631,584 8,394 Fund balanc; :.-nd of year $ 526,900 639,978 (113,078) 92 Page 368 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Refuse and Garbage District Fund Year ended December 31, 2025 Budget illitounts Actual .se/ Original Final. Amounts D- .se Revenue: Real property taxes $ 2,784,100 2,784,100 2,784,321 221 Miscellaneous 276 276 Total revenue 2,784,11.00 2,784,100 2,784,597 497 Expenditures - home and community services 2,634,409 2,688,753 2,687,984 769 Excess of revenue over expenditures 149,691 95,34k 96,613 1,266 Other financing uses - transfers out (209,691) (209,691) (209,691) Net change in fund bal. • $ (60,000) (114,344) (113,078) 1,266 Fund balance at be- g of 639,978 Fund balance of year $ 526,900 93 Page 369 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet-Ambulance District Fund December 31, 2025 and 2024 Alk Assets 2025 2024 _I. ge Receivables: Due from other governments 1,900 ( , 40) Due from other funds 543,941 555,543 (11,594) Prepaid expenditures 99,846 39,284 60,562 Total assets $ 643,795 596,727 47,068 Liabilities and Fund Balances Liabilities: Accounts payable 2g111F5 25,571 2,542 Accrued liabilities 49,520 69,465 (19,945) Total li. .• 77,633 95,036 (17,403) Fund balances:Nonspendasle 99,846 39,284 60,562 Assignee 466,316 462,407 3,909 566,162 501,691 64,471 Tot. ties and fund balances S 643,795 596,727 47,068 94 Page 370 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Ambulance District Fund Years ended December 31, 2025 and 2024 2025 2024 Revenue: Real property taxes $ 933,499 724,942 208,557 Departmental income 1,150,933 1,074,376 76,557 Intergovernmental charges 185,409 143,997 41,412 Use of money and property 27,331 24,174 3,157 Sale of property and compensation 31,608 5,070 26,538 Total revenue 2,328,780 1,972,559 356,221 Expenditures: Health 1,712,356 1,509,118 203,238 Employee benefits 338,334 309,981 28,353 Debt service: Principal 154,808 - 154,808 Interest 33,540 - 33,540 Total expenditure 2,239,038 1,819,099 419,939 Excess of revenue over expen i res 89,742 153,460 (63,718) Other financing sources (uses): Transfers in 1,386 14,058 (12,672) 4Ir Transfers out (26,657) (144,812) 118,155 Total other financing sources (uses) (25,271) (130,754) 105,483 Net change in fund balance 64,471 22,706 41,765 Fund balances at beginning of year 501,691 478,985 22,706 Fund balances at end of year $ 566,162 501,691 64,471 95 Page 371 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Ambulance District Fund Year ended December 31, 2025 Budget Amounts Actual rease/ Original Final Amounts -ase Revenue: Real property taxes $ 933,500 933,500 933,499 (1) Departmental income 1,120,000 1,111,401 1,150,933 39,532 Intergovernmental charges 123,030 168,312 185,409 17,097 Use of money and property 20,000 35,603 27,331 (8,272) Sale of property and compensation for loss - 31,608 31,608 - Total revenue 2,196,530 2,280,424 2,328,780 48,356 Expenditures: Health 1,839,562 1,727,484 1,712,356 15,128 Employee benefits 330,311 338,573 338,334 239 Debt service: Principal - 154,808 154,808 - Interest - 33,540 33,540 - Total iture 2,169,873 2,254,405 2,239,038 15,367 Excess of revenue over expe itures 26,657 26,019 89,742 63,723 Other financing sources (uses): Transfers in - 1,386 1,386 Transfers out (26,657) (26,657) (26,657) - Total other financing sources (uses) (26,657) (25,271) (25,271)Net change in fund balance $ - 748 64,471 63,723 Fund balance at beginning of year 501,691 Fund balance at end of year S 566,162 96 Page 372 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Fire Protection District Fund December 31, 2025 and 2024 Assets 125 2024 Change Investments ., 1,892,618 1,805,832 ' 86,786 Due from other funds 1,524,536 1,181,695 342,841 Prepaid expenditures 330,739 214,448 116,291 Total assets $ 3,747,893 3,201,975 545,918 Liabilities and Fund Balances Liabilities: Accounts payable 52,527 25,415 27,112 Accrued liabilities 23,985 39,818 (15,833) Total liabilities ,512 65,233 11,279 Fund balances: Nonspendable 330,739 214,448 116,291 Restricted 1,892,618 1,805,832 86,786 ilimir Assigned e 1,448,024 1,116,462 331,562 Total fund balances 3,671,381 3,136,742 534,639 iim Total liabilities and fund balances S 3,747,893 3,201,975 545,918 97 Page 373 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Fire Protection District Fund Years ended December 31, 2025 and 2024 2025 2024 inte Revenue: Real property taxes S 5, 0 5,338,327 16,143 Use of money and property ,156 159,576 (6,420) Sale of property and compensation for loss 01,000 3,099 297,901 Miscellaneous 5,000 - 5,000 Total revenue ,626 5,501,002 312,624 Expenditures: Public safety 484,606 2,403,716 80,890 Employee benefits , 84,092 1,925,712 58,380 Debt service: Principal 5,523 - 5,523 Interest 1,196 - 1,196 Total expenditures 4,475,417 4,329,428 145,989 Excess of revenue over expenditu?e," 1,338,209 1,171,574 166,635 Other financing sources (uses): Transfers in 2,888 30,554 (27,666) Transfers out (806,458) (617,301) (189,157) Total other financing sources (uses) (803,570) (586,747) (216,823) -t change in fund balance 534,639 584,827 (50,188) •alances at beginning of year 3,136,742 2,551,915 584,827 Fund balances at end of year $ 3,671,381 3,136,742 534,639 98 Page 374 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiiiiation Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Fire Protection District Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $5,354,000 5,354,000 5,354,470 470 Use of money and property 83,100 83,100 153,156 70,056 Sale of property and compensation for loss - 300,000 301,000 1,000 Miscellaneous - - 5,000 5,000 Total revenue .5,437,100 5,737,100 5,813,626 76,526 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Employee benefits 2,224,762 2,206,914 1,984,092 222,822 Debt service: Principal - 5,523 5,523 - Interest - 1,196 1,196 - Total expenditures 4,931,100 4,954,409 4,475,417 478,992 Excess of revenue over expendi +es 506,000 782,691 1,338,209 555,518 Other financing sources (uses): Transfers in - 2,888 2,888 - Transfers out (506,000) (806,458) (806,458) - Total other financing sources (uses) (506,000) (803,570) (803,570) - Net change in fund balance $ - (20,879) 534,639 555,518 Fund balance at beginning of year 3,136,742 Fund balance at end of year $3,671,381 99 Page 375 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Net Investment in Capital Assets December 31, 2025 and 2024 2025 2024 Add: Capital assets, net $ 87,191,7 79,248,600 Deferred charge on refunding bonds 274,801 87,466,569 316,165 79,564,765 Deduct: 116* Bonds payable, including bond premiums 58,843,449 63,210,191 Lease payable 739,105 Bond anticipation note 4,035,450 Capital projects fund - accounts payable 1,311,460 64,929,464 2,610,556 65,820,747 Net investment in capital as $ 22,537,105 13,744,018 100 Page 376 of 610 STATISTICAL S { Page 377 of 610 TOWN OF MAMARONECK,NEW YORK Net Position by Component Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Governmental activities: Net investment in capital assets $ 22,537,105 13,744,018 34,830,193 30,788,717 25,787,996 23,930,948 22,693,069 21,534,691 20,552,890 17,142,172 Restricted 18,210,036 26,679,033 2,250,007 7,085,438 6,292,601 4,297,461 4,244,789 2,715,876 6,268,501 7,587,153 Unrestricted(deficit) (90,720,134) (86,418,229) (71,487,901) (74,055,433) (79,330,405) (78,676,100) (72,181,546) (69,491,740) (17,311,086) (12,101,505) Total net position $(49,972,993) (45,995,178) 34,407,701 (36,181,278) (47,249,808) (50,447,691 45,243,688) (45,241,173) 9,510,305 12,627,820 W Air ' PIP (1) The Town implemented LASS Statement No.75 in 2018 resulting in a significant decrease in net position. 411c)\ I 101 TOWN OF MAMARONECK,NEW YORK Changes in Net Position Last Ten Fiscal Years 2025 2024 2023 2022 2 2020 2019 2017 2016 Expenses: Governmental activities: General government support $ 8,774,749 8,611,843 8,814,492 7,079,766 8,040,805 9,121,870 8,365,091 8,416,341 8,558,953 7,886,168 Public safety 17,149,000 17,571,419 16,598,320 13,716,463 15,455,166 17,553,249 15,094,283 13,909,760 15,075,843 14,474,164 Health 2,890,949 2,668,137 2,494,698 2,106,883 2,355,457 2,438,103 2,248,074 2,210,349 2,341,289 2,240,164 Transportation 7,102,587 6,767,746 6,458,193 5,389,339 5,807,600 6,325,334 5,853,210 5,966,073 6,094,052 5,921,176 Economic assistance and opportunity 955,966 933,098 1,011,115 790,606 919,638 8,311,965 7,548,174 7,198,352 7,181,791 6,455,362 Culture and recreation 5,889,213 5,926,558 5,820,190 5,150,169 4,598,511 4,513,931 5,483,527 5,436,815 5,587,787 5,290,919 Home and community services 5,481,320 5,940,313 9,946,607 11,098,995 11,608,623 3,623,617 3,577,494 3,422,663 3,646,045 3,546,456 Interest on long-term debt 1.788,600 1,629,695 1,129,499 1,115,677 882,904 1,069,976 955,895 634,799 766,612 712,909 Total governmental activities 50,032,384 50,048,809 52,273,11i 46,447,898 49,668,704 52,95 )L 49,125,748 47,195,152 49,252,372 46,527,318 Program revenue: Governmental activities: Charges for services: 12,013,628 10,230,775 9,699,162 8,581,104 7,612,897 6,990,093 10,160,631 9,512,249 8,473,399 8,572,342 Operating grants and contributions 1,978,996 1,754,182 5,198,206 11,404,082 10,819,947 8,445,520 7,432,768 7,156,846 7,481,928 6,939,865 Capital grants and contributions 1,190,240 3 414,225 _ 39,499 934,330 808,289 269,679 511,640 493,565 349,551 341,127 Total governmental activities program revenue 15,182' 15,389,182 a6,867 20,919,516 19,241,133 15,705,292 18,105,039 17,162,660 16,304,878 15,853,334 Net expense 34 849. 4 34,659,627, • '7 (25,528,382) (30,427,571) (37,252,753) (31,020,709) (30,032,492) (32,947,494) (30,673,984) General revenue: Governmental activities: Taxes: Real property taxes 34,462,051 31,971,386 30,306,263 29,310,060 27,918,380 26,881,964 26,225,787 25,729,260 25,233,805 23,708,098 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581 1,827,391 1,748,807 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 121,172 284,394 88,486 36,289 27,642 Sale of property and compensati for loss 337,966 200,021 235,649 942,805 191,680 309,343 86,998 57,970 1,494,431 160,855 Unrestricted state aid - - - - - 1,448,634 1,247,050 1,379,690 1,524,938 1,878,775 Miscellaneous 2,433,473 499,743 360,665 223,241 191,448 148,155 163,732 7,217 3,899 29,790 Total governmental activities 44,860,502 40,924,450 37,909,824 36,553,219 33,625,454 32,048,750 31,018,194 29,739,752 31,199,678 28,554.500 Extraordinary item-judgement expel (13,988,797) (17,852,300) - - - - - - - - IQ (DChange in net position (3,977,815)/11,587,477) 1,773,577 11,024,837 3,197,883 (5,204,003). (2,5) (292,7401 (1,747.816) (2,119,484) CO v t9 O 0 102 TOWN OF MAMARONECK,NEW YORK Fund Balances of Governmental Funds Last Ten Fiscal Years -j '- 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 General fund: Nonspendable $ 466,323 252,857 279,971 264,614 219,430 316,376 229,478 232,605 339,732 213,450 Restricted 366,160 351,846 342,293 331,114 316,332 125,000 125,000 125,000 125,000 125,000 Assigned 1,391,548 1,227,909 1,962,246 3,143,962 1,145,202 1,378,743 1,211,344 1,144,199 964,645 887,976 Unassigned 7,860,133 6,817,474 5,987,265 6,315,171 6,478,759 4,822.000 6,021,170 6,308,132 7,930,479 7,065,612 Total general fund 10,084,164 8,650,086 8,571,775 10,054,861 8,159,723 42,11 7,586,992 7,809,936 9,359,856 8,292,038 All other governmental funds: Nonspendable 1,673,972 1,108,308 1,484,338 1,405,429 893,789 1,328,604 820,087 760,926 1,578,747 732,390 Restricted 17,843,876 26,327,187 19,438,203 17,213,405 14,209,026 13,015,050 13,651.840 10,362,964 3,821,321 7,909,457 Assigned 20,387,277 16,782,849 15,126,979 10,820,179 11,111,278 9,356,998 8,949,812 10,060,681 10,559,022 11,157,486 Total all other governmental funds 39,905,125 44,218,344 36,049,520 29,439,013 26,214,093 23,700,652 23,421,739 21,184,571 15,959,090 19,799,333 Total governmental funds $ 49,989,289 52,868,430 44,621,295 39,493,874 34,373,816 30,342,771 31,008,731 28,994,507 25,318,946 28,091,371 771 co OD 0 rn 103 TOWN OF MAMARONECK,NEW YOWL Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 201 2018 2017 2016 Revenue: Real property taxes $34,261,973 31,952,708 30,095,484 29,459,100 27,618,184 27,001,329 26,367,087 '5,544,231 25,474,698 23,443,483 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581' 1,827,391 1,748,807 Departmental income 9,541,142 7,851,966 7,383,730 6,476,489 5,546,292 4,975,165 7,647,812 6,977,345 7,107,128 6,964,318 Intergovernmental charges 718,838 666,016 664,508 665,561 603,453 465,358 509,501 469,189 493,235 494,377 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 551,232 823,173 493,008 378,795 512,398 Licenses and permits 1,447,646 1,473,804 1,372,402 1,173,589 1,247,518 963,582 1,130,746 972,254 854,093 895,500 Fines and forfeitures 306,002 238,989 278,522 265,465 215,634 140,573 296,017 279,793 298,035 329,758 Sale of property and compensation for loss 391,318 208,135 243,596 944,176 191,680 338,163 172,344 524,462 1,529,465 212,569 State aid 2,060,806 3,221,642 2,103,154 2,931,674 3,497,614 2,009,732 1,853,369 1,956,713 2,092,719 2,378,810 Federal aid 1,108,430 1,936,765 ;4,334,551 9,406,738 8,130,622 7,877,770 6,690,867 6,460,814 6,297,207 6,282,201 Miscellaneous 2,385,449 499,743 ' 360,665 '•223,241 191,448 411,021 762,895 562,445 313,758 449,483 Total revenue 59,848,616 56,303,068 53,843,859 57,623,146 52,566,391 47,873,407 49,264,044 46,717,383 47,745,449 44,712,237 Expenditures: General government support 6,206,207 5,945,167 6,163,562 5,434,290 4,959,084 5,952,519 6,019,245 6,053,428 5,859,657 5,463,401 Public safety 10,683,617 10,422,098 9,813,109 9,618,925 8,728,679 8,249,417 8,711,165 7,916,467 7,678,411 7,478,299 Health 2,100,547 1,874,137 1,734,561 1,743,384 1,738,267 1,665,925 1,674,281 1,650,320 1,600,732 1,547,453 Transportation 3,787,302 3,741,163 3,399,033 3,401,805 3,292,310 3,213,681 3,280,178 3,374,910 3,219,603 3,095,738 Economic assistance and opportunity 476,931 487,967 513,089 440,341 410,124 7,892,847 7,211,167 6,880,525 6,821,194 6,696,347 Culture and recreation 4,708,843 4,630,335 4,503,692 4,199,027 3,650,812 3,312,991 4,077,103 4,003,888 3,915,388 3,692,098 Home and community services 3,682,404 4,491,547 8,221,986 10,553,430 10,961,336 2,761,606 2,898,142 2,868,725 2,847,528 2,789,696 Employee benefits 13,282,310 12,818,919 11,779,643 10,258,213 9,796,933 9,320,015 9,594,152 9,523,498 8,997,890 8,487,575 Debt service: Principal ,338,857 31,300 3,292,000 - , 80,000 2,675,000 2,420,000 2,449,800 2,489,300 2,350,145 1,774,300 Interest ;989,553 , 79,824 1,282,577 1,129,993 1,025,700 1,189,725 909,975 646,887 983,963 681,610 Capital outlay 12,425,672 1,131,207 7,222,895 8,283,179 8,169,242 6,439,573 7,219,084 5,253,640 6,368,279 6,697,638 Total expenditures .-AgllgIIIIIIIIIII.`. 63,682,243 61,253,664 57,926,147 58,142,587 55,407,487 52,418,299 54,044,292 50,661,588 50,642,790 48,404,155 Excess expenditures over revenue (3,833,627) (4,950,596) (4,082,288) (519,441) (2,841,096) (4,544,892) (4,780,248) (3,944,205) (2,897,341) (3,691,918) Other financing sources(uses): Bond issuance - 12,116,500 8,971,300 5,257,000 6,100,000 11,500,000 6,300,000 7,215,500 7,040,000 11,175,845 Installment purchase debt issued 906,462 - - - - - - - - - BANs redeemed from appropriations - 480,000 - - - - - - - - Issuance premium 481024 601,231 238,409 338,806 772,141 445,260 494,472 404,266 51,989 2,047 13 Payment of refunded bond escrow account - - - - - (8,066,328) - - (6,967,073) CCDQ Transfers in 9,002,007 14,132,936 11,528,838 8,942,143 6,476,045 5,607,036 5,556,705 7,821,560 5,787,405 3,660,155 fp Transfers out (9,002,007) (14,132,9361 (11,528,838) (8,942,143) (6,476,045) (5,607,036) (5,556,705) (7,821,560) (5,787,405) (3,660,155) CO Total other financing sources(uses) 954,486 13,197,731 9,209,709 5,595,806 6,872,141 3,878,932 6,794,472 7,619,766 124,916 11,177,892 CO Net change in fund balances ,. L2,879,141) 8,247,135 5,127,421 5,076,365 4,031,045 (665,960) 2,014,224 3,675,561 (2,772,425) 7,485,974 O Debt service as a percentage of non-capital expends 12.3% 11.4% 9.0% 8.4% 7.8% 7.9% 7.2% 6.9% 7.5% 5.9% 0') 0 104 Revenue Capacity These schedules contain information to help t , .der assess the Town's most significant local revenue source,the property t. ese schedui-; lude: Assessed Value and Estimat . e of Taxable Property Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Principal Taxpayers Property Tax Levies and Collections Page 382 of 610 TOWN OF MAMARONECK,NEW YORK Assessed Value and Estimated Actual Value of Taxabl, •erty Last Ten Fiscal Years ,At Total State Estimated Total Taxable Special Actual Direct Residential Commercial Other Assessed E ualization Taxable Tax Year Property Property Property Value Rate(1) Value(2) Rate 2016 $7,693,457,152 1,511,026,905 155,960,427 9,360,444,48 00.00% 9,360,444,484 5.199 2017 7,931,573,564 1,570,290,221 166,804,951 9,668,668,736 100.00% 9,668,668,736 5.469 2018 7,953,836,371 1,595,637,327 161,111,875 9,710,585,5733 00.00% 9,710,585,573 5.403 2019 7,968,299,641 1,598,366,077 165,968,953 9,732,634,671�100.00% 9,732,634,671 5.465 2020 7,946,845,031 1,622,753,200 168,251,34/ 9,737,849,573 100.00% 9,737,849,573 5.580 2021 8,304,192,018 1,665,732,055 170,144,330 ` 10,140,068,403 100.00% 10,140,068,403 5.648 2022 8,970,919,824 1,684,629,458 171,109,268 10,826,658,547 100.00% 10,826,658,547 5.717 2023 9,763,265,838 1,724,542,062 170,992,545 Lt 658,800,445 100.00% 11,658,800,445 5.600 2024 10,475,027,924 1,775,301,909 175,833,755 12,426,163,588 100.00% 12,426,163,588 5.488 2025 10,855,118,249 1,817,555,679 183,100,628 12,855,774,556 100.00% 12,855,774,556 5.546 (1) Provided by the New York State Office of Real Property Services. (2) Estimated actual taxable value is calculated by dividing taxable assessed value by the state special equalization rate. Tax rates are per$1,000 of assessed value. v .....Ne co o co op co 0 o) 8 105 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Last Ten Fiscal Years Overla.•i. At& Westchester County,. Total Refuse Direct Sewer Disposal Year Rate (3) Operating Districts (1) District Dist 2 2016 5.199 3.373 0.551 0.307 13.409 2017 5.469 3.289 0.578 0.296 13.409 2018 5.403 3.227 0.572 0.283 13.397 2019 5.465 3.176 0.564 0.268 13.527 2020 5.5:" 3.093 0.579 0.259 13.757 2021 .48 3.054 0.580 0.284 14.022 ii 2022 5.717 2.878 0.572 0.307 13.795 --"W 2023 5.600 2.587 0.590 0.306 13.255 . 4 5.488 2.359 0.587 0.298 12.636 2025 46 ® 2.295 0.624 0.298 12.451 'urce: Town of sroneck Comptroller's Office. (1 ,arone, , er district rate. (2) Refl- , ,chool District tax rate for fiscal year ending June 30th in year indicated. (3) A single direct property tax rate applies to all classes of real property. 106 Page 384 of 610 TOWN OF MAMARONECK,NEW YORK. Principal Taxpayers Current Year and Nine Years Ago 2025 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 253,037,69 i 1.97% 2 CF Westchester Multifamily Apartments 45,640,000 5% 3 Larchmont Acres East Asso LLC Apartments 28,500,000 4 Palmer Terrace Co-Op Inc. Co-Op 27,901,006 0.22% 5 845 Palmer Ave Realty LLC Co-Op 25,680,000 0.20% 6 Larchmont Prime Assets LLC Shopping Center 24,127,600 0.19% 7 Sheldrake Station Deve LL Apartments 22,500,000 0.17% r, 8 Mamaroneck Gardens Inc. . %2,231,590 0.17% 9 Winged Foot Holding Corp. Comp 21,600,000 0.17% 10 Larchmont Owners Corp. C' . 21,036,080 0.16% ile • $ 492,253,972 3.82% illimor 1 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 120,490,141 1.27% 2 Avalon Properties Inc. Apartments 45,640,000 0.48% 3 Palmer Terrace Co-Op Inc. Co-Op 29,471,148 0.31% 4 Larchmo cres East Asso LLC Apartments 28,200,000 0.30% jil Wingedoo Holding Corp. Country Club 28,048,000 0.30% 6 Mamaroneck Gardens Inc. Co-Op 24,647,429 0.26% 7 Ten Grand Manufacturing 22,360,000 0.24% 8 Larchmont Owners Corp. Co-Op 21,036,080 0.22% 9 16 North Chatsworth Ave Corp. Commercial 18,296,683 0.19% 10 Carlshire Tenants Inc. Co-Op 18,175,151 0.19% Total $ 356,364,632 3.76% Source: Town of Mamaroneck Assessor's Office. 107 Page 385 of 610 TOWN OF MAMARONECK,NEW YORK Property Tax Levies and Collections Last Ten Fiscal Years Collected within the Fiscal Year of the Levy Total Collections to Date Taxes Levied Collections in for the Percentage Subsequent Percentage Year Fiscal Year Amount of Le Years Amount of Levy 2016 $ 23,713,182 23,608,581 99.56T 103,912 23,712,493 100.00% 2017 24,987,956 24,786,385 99.19% 198,363 24,984,748 99.99% 2018 25,646,039 25,628,733 99.93% 16,593 25,645,326 100.00% 2019 26,514,663 26,453,080 99.77% 60,753 26,513,833 100.00% 2020 27,045,640 26,934,144 99.59% 107,534 27,041,678 99.99% 2021 27,439,613 27,312,645 99.54% 119,441 27,432,086 99.97% 2022 29,065,226 28,995,044 99.76% 60,497 29,055,541 99.97% 2023 30,180,305 30,137,237 99.86% 20,687 30,157,924 99.93% 2024 31,887,970 31,777,371 99.65% 92,504 31,869,875 99.94% 2025 34,633,500 34,520,341 99.67% 8,513 34,528,854 99.70% 108 Page 386 of 610 Debt Capacity These schedules present information to help the reader assess the ,ffordability of the Town's current levels of outstanding debt and the Town's abil' a j'ssue additional debt in the future. These schedules include: Ratios of Outstanding Debt by Type Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information Page 387 of 610 TOWN OF MAMARONECK,NEW YORK Ratios of Outstanding Debt by Type Last Ten Fiscal Years Less: Amounts Bonds Payable, Bond Available et entage Fiscal Including Bond Lease Anticipation in Debt ong-Teiiii Per . onal Year Premiums Payable Note Service Fund Debt Capita(1) Inc,;_ (1) 2016 $ 32,935,452 - - 933,413 32,002,039 1,098 1.90% 2017 30,881,753 - - 871,666 30,010,087 1,029 1.78% 2018 36,007,677 - - 1,853,539 34,154,138 1,171 2.03% 2019 40,337,365 - - 2,177,326 38,160,039 1,309 2.26% IL 2020 42,093,970 - - 2,186,923 39,907,047 1,257 1.12% 2021 46,185,877 - - 2,211,334 43,974,543 1,385 1.24% 2022 48,561till504 - 2,605,687 45,955,817 1,466 1.30% 2023 54,32480,000 3,296,896 51,506,089 1,643 1.45% 2024 62,21 - 497,283 55,712,908 1,778 1.57% 2025 58,8405 4,035,450 7,311,815 56,306,189 1,797 1.52% IIV (1) Population and personal income data can be found in the schedule of demographic and economic statistics. Note: Details regarding the Towns's outstanding debt can be found in the notes to financial statements. 1r. 109 Page 388 of 610 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Governmental Activities Debt December 31,2025 Net Amount Long-Term APIKentage 1 Applicable Debt Applicable to to Town of Government Unit Outstanding(1 amaroneck(2) Mamaroneck County of Westchester(3) $1,071,3, 4.50% 48,210,382 Village of Mamaroneck(4) 1 001 48.50% 19,894,700 Village of Larchmont(5) 4,7' 100.00% 4,795,000 Mamaroneck Union Free School District I 19,153,901 100.00% 19,153,900 Scarsdale Union Free School District( 4 025,000 5.00% 2,351,250 Net overlapping debt 94,405,232 Town direct debt 63,618,004 Net direct and overlapping debt ) $158,023,236 (1) Excludes enterprise fund bonds and the amount available for repayment in the Debt Service Fund. (2) The percentage of overlapping debt applicable is estimated using taxable assessed values. Applicable percentages were estimated by determining the portion of the Town's taxable assessed value that is within the government's boundaries and dividing it by the Town's total taxable assessed value. (3) As of December 31,2024 4 (4) As of November 15, 2024 (5) As of May 31,2026 (6s of December 23,2024 (7) As of September 15,2024 110 Page 389 of 610 TOWN OF MAMARONECK,NEW YORK Legal Debt Margin Information Last Ten Fiscal Years 4' 2025 2024 2023 2022 2021 2020 2019 201 2017 2016 Debt limit $810,704,518 729,875,858 703,151,115 687,955,263 678,056,065 669.935. .54,872,238 656,998,521 641,760,093 617,325,283 Total net debt Applicable to limit 35,128,701 39,497,561 39,344,389 39,150,266 37,660,633 34,781 14 34,611,036 25,026,759 27,057,867 21,665,812 Legal debt margin $775,575,817 690,378,297 663,806,726 648,804,997 640,395,432 6, 54,678 620,261,202 631,971,762 614,702.226 595,659,471 Total net debt applicable to the limit as a percentage of debt limit 4.33% 5.41% 5.60% 5.69% 5.55% 5.19% 5.29% 3.81% 4.22% 3.51% Legal Debt Margin Calculation for Fiscal Year 2025 Assessment Roll All Stale , Budget Assessed .� Equalization Full Year Year Valuation Rate Valuation 2024 2025 $12,855,774,556 100.00% 12,855,774,556 2023 2024 12,426,163,588 100.00% 12,426,163,588 2022 2023 11,658,800,445 100.00% 11,658,800,445 2021 2022 10,826,658,547 100.00% 10,826,658,547 2020 2021 10,140,068,403 100.00% 10,140,068,403 Total five year full valuation $57,907,465,539 Five year average full valuation of taxable real property 11,581,493,108 Debt limit-7%of five year average full valuation 810,704,518 Outstanding debt: Serial bonds $56,365,000 Less water and sewer (21,236,299) Net indebtedness subject to debt limit 35,128,701 Net debt contracting margin $ 775,575,817 -171 03 Percentage of Debt-Contracting Pow ted 4.3% (Q 0) CO (D O O t) 0 111 Demographic and Economic Information 4 These schedules offer demographic and econo, dicators to help the re8r understand the environment within which the s financial ities take place. These schedules include: Demographic Statistics Principal Employers Page 391 of 610 TOWN OF MAMARONECK,NEW YORK Demographic Statistics Last Ten Fiscal Years Media," Median employ- Median Personal Per W Hous> Family ment Year Population(1) Age(1) Income Incom- In, " A l Income(1) Rate(2) 2016 29,156 39 $1,685,858,232 57,822 84,213 118,722 3.60% 2017 29,156 39 1,685,858,232 57,822 13 118,722 3.90% 2018 29,156 42 1,685,858,232 57,822 118,722 3.40% 2019 29,156 40 1,685,858,232 57,822 111100,4,2 3 118,722 3.00% 2020 31,758 41 3,547,590,906 111,707 1,504 121,672 5.90% 2021 31,758 39 3,547,590,906 111,707 161,504 121,672 3.80% 2022 31,758 41 3,547,590,906 111,707 161,504 121,672 2.50% 2023 31,758 41 3,547,590,906 111,707 161,504 121,672 3.10% 2024 31,758 41 ,547,590,906 111,707 161,504 121,672 2.90% 2025 31,758 3,547,590,906 111,707 161,504 121,672 2.90% Sources: (1) U " s eau of Censu BC) ( ensus for 2004-2009; 2010 Census for 2010-2016) 2020 DEC Red' g Data&2020 AC -ar. (2) Ne State Departmen Labor-Unemployment rates not seasonally adjusted.Unemployment rate from USBC Cen (3)Data above -s the ' the Village of Larchmont and the Village of Mamaroneck. co co N O 0 112 TOWN OF MAMARONECK, NEW YORK Principal Employers Current Year and Nine Years Ago 2025 Percentage of total Employer Employe employment The New Jewish Home, Sarah Neuman - 420 2.44% Mamaroneck Union Free School District 245 1.42% Village of Mamaroneck 150 0.87% Town of Mamaroneck 129 0.74% Larchmont Yacht Club 120 0.70% Trader Joes 100 0.58% Westchester Day School 100 0.58% French American School of New Yor 100 0.58% Hampshire Country Club AD 90 0.52% Mania! Industries 50 0.29% 410 S 1,504 8.72% 2016 Percentage of total Employer Employees employment . • ;etics 265 2.62% .maro . •'on Fr• 101 District 245 2.43% Village of M. •eck 150 1.49% Town of Mamare 127 1.26% Semiconductor P. ging Materials, Incv 80 0.79% Derecktor,Rob; ,Inc 75 0.74% Argueso, M 'e'., o. 55 0.54% Nessen Lighting Inc. 55 0.54% Archie Comic Publishing, Inc. 54 0.53% Marval Industries 50 0.50% 1,156 11.44% Data Source: DataUSA 113 Page 393 of 610 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. These schedules include: Full-Time Equivalent City Government Em. -,,, -s by Function Operating Indicators by Function/Program Capital Asset Statistics by Function/Program < giummi; Page 394 of 610 TOWN OF MAMARONECK,NEW YORK Full-Time Equivalent Town Government Employees B tion Last Ten Fiscal Years , .. Full-time Equivalent Employees as of December 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: General government 34 34 N2 31 27111‘32 31 31 37 37 Public safety 55 55 . 55 55 55 55 55 54 54 Transportation 25 25 24 24 25 25 25 24 24 Economic assistance and opportunity - - 5 9 11 11 11 6 6 40 Culture and recreation 1111111i 1- 14 8 8 8 8 10 10 Home and community services 3 3 3 3 3 3 3 3 Total 129 129 132 132 128 134 133 133 134 134 Data Source:Various Town departments. °NL -tp st) co a) co co cri o o) 8 114 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 2020 2019 - 2017 2016 General government support: Parking permits issued 1,025 982 950 1,0. 450 3 1,200 1,200 1,580 1,292 Alarm permits issued 1,052 1,040 975 1,297 00 ,250 1,250 1,250 1,309 1,289 STAR exemptions 1,191 1,227 1,494 1,954 2,285 2,589 3,034 3,930 4,115 Street opening permits 150 134 153 167 156 182 184 214 217 Payroll and vendor checks issued 12,279 11,825 1 3,355 12,70 ,827 15,138 16,196 15,461 15,119 Tax bills processed 17,661 17,966 17, ' 17,966 .2 17,945 17,937 17,924 17,966 Public safety: Police: Calls for service 9,544 10,279 ,I 9,829 9,479 9,960 10,035 7,934 8,464 Criminal cases 15 242 40 290 208 221 209 207 281 Auto accidents 200 204 15 208 161 244 275 265 273 Fire: Calls for service 1,365 1,322 1,301 1,238 1,416 1,146 1,280 1,284 1,220 1,237 Fire training sessions 45 42 43 41 45 28 51 54 41 42 Ambulance: Number of emergency calls 3,460 3,317 3,500 3,318 3,081 2,518 2,910 2,792 2,863 2,752 Students trained 250 227 250 250 250 100 300 300 946 1,023 Transportation: -tD Street lights replaced 93 75 54 100 82 90 87 25 - - 8 Street signs replaced ,40 230 226 151 145 110 140 170 167 160 a) Roads resurfaced 21 14 9 9 4 16 8 18 10 CO (as Vehicle repairs 789 398 360 495 565 575 588 592 606 720 0 o) 115 8 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program,Continued Last Ten Fiscal Years 2025 2024 2023 202 021 2019 2018 2017 2016 Economic assistance and opportunity: Senior citizen nutrition meals served 2,604 2,600 2,534 1,281 2,000 3,200 3,026 n/a n/a Meals on wheels served 6,642 6,000 5,057 5,072 7, 8,500 8,000 6,707 n/a n/a Transportation services for senior citizens 4,467 4,500 4,070 6,06 2,789 (0 7,200 7,072 n/a n/a Culture and recreation: Pool attendance 14,223 22,047 21,575 19,235 19,249 17,422 35,858 38,259 38,000 37,800 Ice rink attendance 27,551 26,500 27,334 13,600 10,567 29,084 30,047 30,000 29,000 Special events 1 9 9 9 9 9 9 9 9 Home and community services: Building,plumbing and related permits issued 1, 886 1,085 1,031 748 950 951 1,050 1,199 Building inspections conducted 2,322 2,560 3,140 4,486 3,694 3,220 3,800 3,504 38,463 3,669 Number of trees planted 2tW 113 21 40 46 3 32 18 14 43 Data Source:Various Town departments. /A-Information not available. co 0 rn 116 0 TOWN OF MAMARONECK,NEW YORK Capital Asset Statistics by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 202 2020 2019 2018 2017 2016 General government support-number of general government buildings 6 6 6 6 6 6 6 6 6 Public safety: AP Number of police stations I 1 1 1 1 1 I I 1 1 Number of ambulance facilities 2 2 2 2 -,. 2 2 2 2 2 2 Number of firehouses 1 1 1 1 1 1 1 1 1 1 Transportation: Miles of streets 44 44 44 44 44 44 44 44 Number of street lights 1,211 1,211 1,21 1,20' , . 1,2ft, 1,209 1,209 1,209 1,209 Economic assistance and opportunity- number of senior citizens centers 1 1 I 1 1 1 1 1 Culture and recreation: Number of parks 1 1 1 1 1 1 1 1 1 Acres of parks and recreation area 93 9 93 93 93 93 93 93 93 Swimming pools 1 1 1 1 1 1 biome and community services: Number of fire hydrants ,Aimibb. 345 345 345 345 345 345 345 345 345 345 Miles of sanitary sewers 58 58 58 58 58 58 58 58 58 58 Miles of storm drains 15 1 15 15 15 15 15 15 15 15 Parking facilities: Number of parking structures 1 1 1 1 1 I I 1 1 1 Number of parking lots 4 4 4 4 4 4 4 4 4 4 su co a) CO (.0 OD Data Source:Various TownNfdepartm o o) _. 117 o • • • FEDERAL AWARD : ION Page 399 of 610 EFPRCROUP CPAs Certified Public Accountants 6390 Main Street,Suite 200 Willia ,ville,New York 14221 ..634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPORT ON INTERN•: i TR t. R FINANCIAL REPORTING AND ON COMPLIANCE I OTHER M• S BASED ON AN AUDIT OF FINANCIAL STA TS PERFORMED IN ACCORDANCE WITH GOVERNMENT TING STANDARDS The Honorable Supervisor and Town Board Town of Mamaroneck, New York: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31, 2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements, and have issued our report thereon dated 2026. Our report includes a reference to other auditors who audited the financial statements of the Town of Mamaroneck Housing Authority (the Authority), as described in our report on the Town's financial statements. The financial statements of the Authority were not audited in accordance with Government Auditing Standards, and accordingly, this report does not include reporting on internal control over financial reporting or compliance or and other matters associated with the Authority or that are reported on separately by those auditors who audited the financial statements of the Authority. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town's internal control over financial reporting4internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Town's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies, in internal control that is less severe than a material weakness,yet important enough to merit attention by those charged with governance. 118 Page 400 of 610 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit w did not identify any deficiencies in internal control that we consider to be material weaknesses. ever, material weaknesses or significant deficiencies may exist that were not identified. • Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other natters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not tdprovide an opinion on the effectiveness of the Town's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Williamsville, Ne , 2026 119 Page 401 of 610 EFPRCROUS Certified Public Accountants 6390 Main Street,Suite 200 Williar ville,New York 14221 •.634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS'REPORT ON COM CE ► EACH MAJOR PROGRAM AND ON INTERN • TROL OV' COMPLIANCE REQUIRED BY THE UN GUIDANCE The Honorable Supervisor and Town BoardAO Town of Mamaroneck, New York: Report on Compliance for Each Major Federal Program Opinion on Each Major Federal Program We have audited the Town of Mamaroneck, New York's (the Town) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on the Town's major federal program for the year ended December 31, 2025. The Town's major federal program is identified in the summary of auditors'results section of the accompanying schedule of findings and questioned costs. In our opinion,the Town complied,in all material respects,with the types of compliance requirements referred to above that could have a direct and material effect on its major federal program for the year ended December 31, 2025. Basis for Opinion on Each Major Federal Program e conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditors' Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the Town and to meet our other ethical responsibilities, in accordance with 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 opinion on compliance for the major federal program. Our audit does not provide a legal determination of the Town's compliance with the compliance requirements referred to above. 120 Page 402 of 610 Other Matters - Federal Expenditures Not Included in the Compliance Audit The Town's basic financial statements include the operations of the Town of Mamaroneck Housing Authority (the Authority) which is not included in the Town's schedule of expenditures of federal awards during the year ended December 31,2025. Our audit,described in the Opinion on Each Major Federal Program, did not include the operations of the Authority because the Authority engaged other auditors to perform their annual audit. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant a reements applicable to the Town's federal programs. Auditors' Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Town's compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,intentional omissions,misrepresentations,or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Town's compliance with the requirements of the major federal program as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 Town's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the Town's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Unifoiiii Guidance, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding,among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. 121 Page 403 of 610 Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,or a combination of deficiencies,in internal control over compliance,such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditors'Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. -411r Williamsville, New York 122 Page 404 of 610 TOWN OF MAMARONECK,NEW YORK Schedule of Expenditures of Federal Awards Year ended December 31, 2025 Assistance Pass-through Expenditures Listing Grantor's Federal to Federal Grantor/Pass-Through Grantor/Program Title Number Number Expenditures Subrecipients U.S. Department of Justice-direct recipient- Bulletproof Vest Partnership Program 16.607 N/A $ 5,152 U.S. Department of Transportation -passed through New York State- Highway Planning and Construction 'a. 0 (2.19 746,991 U.S. Department of Treasury- passed through New York State- COVID-19 Coronavirus State and Local Fiscal Recovery Fund 21.02 N/A 54,182 U.S. Department of Health and Human Services-Indirect Programs - Passed through County of Westchester,New York- aging cluster: Special Programs for the Aging-Title III, 1111P Part B -Grants for Suppoi e Services and Senior Centers 93.044 AGET6860415 710335 8,393 Nutrition Services 93.045 AG E710934 32504 15 60,670 .S. Depart of Health and uman Services 69,063 U.S. Department of Homeland Security-passed through New York State- Disaster Grants - Public Assistance(Presidentially Declared Disasters) lb 97.036 NY4397 233,042 Total Expenditures of Federal Awards $ 1,108,430 See accompanying notes to schedule of expenditures of federal awards. 123 Page 405 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Schedule of Expenditures of Federal Awards December 31, 2025 (1) Basis of Presentation The accompanying schedule of expenditures of federal awards(the Schedule)includes the federal award activity of the Town of Mamaroneck, New York (the Town) under programs of the Federal government for the year ended December 31, 2025. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town. We did not audit the Town of Mamaroneck Housing Authority (the Authority), as such, Federal awards received by the Authority are excluded from this report. (2) Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. °PIP (3) Indirect Cost Rate Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Town to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Town does not use the de minimis election. ubrecipients e yea d December 31, 2025, the Town provided no funds to subrecipients. (5) Nonmonetary Assistance For the year ended December 31, 2025, the Town received no nonmonetary assistance. 124 Page 406 of 610 TOWN OF MAMARONECK, NEW YORK Schedule of Findings and Questioned Costs Year ended December 31, 2025 Part I - SUMMARY OF AUDITORS' RESULTS Financial Statements: Type of auditors' report issued on whether the basic financial statement audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: 1. Material weakness(es) identified? • Yes x No 2. Significant deficiency(ies) identified? Yes x None reported 3. Noncompliance material to financial statements noted? Yes x No Federal Awards: Internal control over major programs. 4. Material weakness(es) identified? Yes x No 5. Significant deficiency(ies) identified. Yes x None reported Type of auditors' report issued on compliance for major programs: Unmodified 6. Any audit findings disclosed that are required to be reported in accordance with 2 CFR Section 200.516(a) (Uniform Guidance)? Yes x No - - own's major program audited was: Assistance Listing ame of Federal Program Number Highway Planning and Construction 20.205 8. Dollar threshold used to distinguish between Type A and Type B programs. $1,000,000 Auditee u ed as low-risk auditee? x Yes No Part I AL STATEMENT FINDINGS SECTION No sortable findings. Part III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS SECTION No reportable findings. 125 Page 407 of 610 TOWN OF MAMARONECK,NEW YORK Status of Prior Year Audit Findings Year ended December 31, 2025 There were no audit findings in the prior year financial s -nts (December 31, 2024). 126 Page 408 of 610 EFPRGROUSa Certified Public Accountants 6390 Main Street,Suite 200 Willi sville,New York 14221 6.634.0700 800.546.7556 REPORT TO THE BOARD w EFPRadvisory.com , 2026 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Dear Board Members: We have audited the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town) for the year ended December 31, 2025. Professional standards requires that we provide you with information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such infoiiiiation in our engagement letter. Professional standards also require that we communicate to you the following information related to our audit. Significant Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Town are described in note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the Town during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. For the year ended December 31, 2025, we evaluated the key factors and assumptions used to develop the accounting estimates and deteiniined that they are reasonable in relation to the financial statements taken as a whole. Page 409 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck,New York Page 2 Significant Disclosures The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in perfoirning and comple ing our audit. 0 Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. Disagreements with Management For purposes of this report, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors' report. We are pleased to report that no such disagreements arose d ing the course of our audit. Ak - •sement Representations We have requested certain representations from management that are included in the management representation letter. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the Town's financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accounting to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants by management. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management prior to retention as the Town's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Page 410 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Page 3 Other Matters We applied certain limited procedures to the required supplenritary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the infoiination 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 did nvitt audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the other supplementary information, which accompanies the financial statements but is not RSI. With respect to this supplementary information, we made certain inquires of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections, which accompany the financial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. This information is intended solely for the use of the Honorable Supervisor, Town Board and management of the Town of Mamaroneck, New York and is not intended to be and should not De used by anyone other than these specified parties. Very truly yours, EFPR GROUP, CPAs, PLLC Page 411 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 Page 412 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Table of Contents Page Independent Auditors' Report 1 -2 Statement of Cash Receipts, Cash Disbursements and Cash Balances 3 Note to Financial Statement 4 4111 :1000•HISC * Page 413 of 610 ��EFPRGROUP C9As. Certified Public Accountants 6390 Main Street,Suite 200 Williamsville,New York 14221 .634.0700 00.546.7556 INDEPENDENT AUDITORS' REPORT EFPRadvisory.com The Honorable Supervisor and Town Board Town of Mamaroneck, New York: Report on the Audit of the Financial Statement Opinion .4 We have audited the accompanying statement of cash receipts, cash disbursements and cash balances of the Town Justice Court of the Town of Mamaroneck, New York (the Court) as of and for the year ended December 31, 2025, and the related note to financial statement. 4... In our opinion, the financial statement referred to above presents fairly, in all material respects, the cash receipts, cash disbursements and cash balances of the Court, as of and for the year ended December 31, 2025, in accordance with the cash basis of accounting described in the note to financial statement. Basis for Opinion 401111% ik 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 Statement section of our report. We are required to be independent of the Court 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 opinion. mphasis of Matter- Basis of Accounting We draw attention to the note to financial statement, which describes the basis of accounting. The financial statement is prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to that matter. Responsibilities of Management for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in the note to the financial statement; this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statement that is free from material misstatement, whether due to fraud or error. Page 414 of 610 Auditors' Responsibilities for the Audit of the Financial Statement Our objectives are to obtain reasonable assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. 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 statement. 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 statement, 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 statement. • 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 Court'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 statement. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Court's ability to continue as a going concern for a reasonable period of time. V 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. Williamsville, New York 026 2 Page 415 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 tice Justice rescia Meister Joint Fine Fine Bail Acco Account Account Cash receipts: Bail $ - - 2,000 Fines, fees and other 131,801 167,916 - Total cash receipts 131,801 167,916 2,000 Cash disbursements: Remittances to Town of Mamaroneck 119,659 164,130 - Bail refund - - 1,550 Total cash disb ents 119,659 164,130 1,550 Net change in cash balances 12,142 3,786 450 Cash balances at beginning of year 3,344 10,265 4,125 Cash balances at end of ye $ 15,486 14,051 4,575 Cash balances represented by: Amounts due to Town 15,486 14,051 - Undisposed cases( - - 4,575 Ilik Total ch balances -December 31, 2025 $ 15,486 14,051 4,575 14) See accompanying note to financial statement. 3 Page 416 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Note to Financial Statement December 31, 2025 Summary of Significant Accounting Policies (a) Basis of Accounting This financial statement of the Town Justice Court of the Town of Mamaroneck, ork (the Court), was prepared on the cash basis of accounting in accordance k; 'the accounting principles prescribed in the New York State Handbook for Town and Village Justices, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. (b) Deposits and Risk Disclosures Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and certificates of deposit with original maturities of less than three months. The Court's deposits and investment policies follow the Town of Mamaroneck, New York's (the Town) policies. The Town's investment policies are governed by New York State (the State) statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation(FDIC)insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Peiinissible investments include obligations of the U.S. Treasury, U.S. Agencies and obligations of the State or its political divisions, and accordingly, the Town's policy provides for no credit risk on investments. 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 Town 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. Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may not be returned to it. Governmental Accounting Standards Board Statement No.40 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 Town's name. The Town's aggregate bank balances are covered by FDIC insurance at December 31, 2025. The Town was invested only in the above mentioned obligations and, accordingly, was not exposed to any interest rate or credit risk. 4 Page 417 of 610 o u `" m Town of Mamaroneck if X Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Tracy Yogman, Town Comptroller Re: Fire Claims Date: March 18, 2026 Action Requested: Resolved that the Board of Fire Commissioners hereby approves the attached list of fire claims. Page 418 of 610 u_rt1;' 'rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: Fire Claims General: Attached is the list of fire claims for approval. Attachment/s: FIRE CLAIMS -3-18-26 Page 419 of 610 TOWN OF MAMARONECK FROM: TRACY YOGMAN-TOWN COMPTROLLER RE: Fire Claims Date March 18,2026 The following Town of Mamaroneck Fire Department claims have been certified by Chief Alex Rapp and submitted to the Comptroller's Office for payment: VENDOR DESCRIPTION AMOUNT AAA Emergency Supply Co. Hydra Ram repair(Forceable entry tool),Protech Gloves(Medium&Large) $ 916.93 All Hands Fire Equipment Rope Bags w/windows $ 120.21 Drain Cleaner+Snake,Batteries,Pens,Post-Its,Paper Towel,Dish Soap,Dishwasher Amazon Pods,Tissue $ 571.53 Bound Tree Medical Medical Supplies Account#205343 $ 334.28 Cablevision(Optimum) Monthly TV service 2/23/26-3/22/26 $ 287.81 Champion Elevator Monthly maintenance Feb.2025 S 237.99 Con Edison Fire HQ(205 Weaver)Gas services 1/29-3/2/26 $ 3,779.66 Gaetano Vitolo(SG Fire Protection) Kitchen hood cleaning S 475.00 Gear Grid Gear Lockers $ 5,516.00 Sound Shore Pest Control Exterminating services 205 Weaver St.2/27/26 S 77.00 Verizon Account 455-888-244-0001-52 Monthly Charges Internet S 294.34 Village Pizza&Pasta Food for fire drill 2/17/26&2/25/26&3/4/26 S 612.70 Westchester Joint Water Works(WJWW) 205 Weaver St-Fire Line Water 1/28-2/25/26 S 37.00 Total $ 13,260.45 Page 420 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Tracy Yogman, Town Comptroller Re: 2025 Financial Audit by EFPR Group Date: March 18, 2026 Attached is a memo from Town Comptroller, Tracy Yogman regarding the 2025 Financial Audit. The auditors from EFPR Group will attend the meeting to provide an overview and answer any questions the Board may have. Action Requested: Resolved that the Town Board hereby accepts the Town of Mamaroneck, New York Comprehensive Financial Report for the Fiscal Year ended December 31,2025. Page 421 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2025 Financial Audit by EFPR Group General: Attached is the Town of Mamaroneck New York Annual Comprehensive Financial Report for the fiscal year ending December 31, 2025. This is the second year that this comprehensive report is issued in compliance with the Government Finance Officer's Association (GFOA) guidelines. This report goes beyond the minimum requirements of generally accepted accounting principles that evidence the transparency and full disclosure of the Town's finances and provides information necessary to assess the Town's financial health. Thomas Smith from EFPR Group will be attending the work session and public session to review the documents with the Town Board. Attachment/s: 2025 DRAFT Financial Statements Page 422 of 610 TOWN OF MAMARONECK,NEW YORK Annual Comprehensive Financial Report Year ended December 31, 2025 Page 423 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents Page INTRODUCTORY SECTION Principal Officials i Organization Chart ii Letter of Transmittal - viii FINANCIAL SECTION Independent Auditors' Report 1 - 4 Management's Discussion and Analysis 5 - 13 Basic Financial Statements: Government-Wide Financial Statements: Statement of Net Position 14 Statement of Activities 15 Governmental Fund Financial Statements: Balance Sheet - Governmental Funds 16 Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position r► 17 Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds 18 Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities 19 Fiduciary Fund: Statement of Fiduciary Net Position - Custodial Fund 20 Statement of Changes in Fiduciary Net Position - Custodial Fund 21 • otes to Financial Statements 22 - 58 Page 424 of 610 TOWN OF MAMARONECK, NEW YORK Table of Contents, Continued Page un Required Supplementary Infoation: Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - General Fund 59 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund 60 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund 61 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund 62 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Debt Service Fund 63 Schedule of Changes in the Town's Total OPEB Liability and Related Ratios 64 Schedule of Changes in the Town's Total LOSAP Liability and Related Ratios 65 Schedule of the Town's Proportionate Share of the Net Pension Asset/Liability 66 Schedule of the Town's Pension Contributions 67 Other Supplementary Information: Combining Balance Sheet - Special District Fund 68 Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Special Districts Fund 69 General Fund: Comparative Balance Sheet 70 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 71 Town Outside Villages: Comparative Balance Sheet 72 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 73 Highway Fund: Comparative Balance Sheet 74 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 75 Capital Projects Fund: Comparative Balance Sheet 76 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 77 Project-Length Schedule 78 - 79 Page 425 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page Other Supplementary Infounation, Continued: Debt Service Fund: Comparative Balance Sheet 80 Comparative Statement of Revenue, Expenditures and C . in Fund Balances 1 Water District Fund: Comparative Balance Sheet Comparative Statement of Revenue, Expenditure Changes i• niei Balances 83 Schedule of Revenue, Expenditures and Changes i Bal. • udget to Actual 84 Sewer District Fund: Comparative Balance Sheet 85 Comparative Statement of Revenue, Expenditures and Changes id Balances 86 Schedule of Revenue, Expenditures and Changes in Fund Balance •get to Actual 87 Street Lighting District Fund: Comparative Balance Sheet 88 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 89 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual AM, 90 Refuse and Garbage District Fund: Comparative Balance Sheet 91 Comparative Statement of Revenue, Expen itures and Changes in Fund Balances 92 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 93 Ambulance District Fund: Comparative Balance Shee 94 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 95 Schedule of Revenue, Expenditures and Changes in Fund Balance -Budget to Actual 96 Fire Protection District Fund: Comparative Balance Sheet 97 Comparative Statement of Revenue, Expenditures and Changes in Fund Balances 98 Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual 99 Net Investment in Capital Assets 100 Page 426 of 610 TOWN OF MAMARONECK,NEW YORK Table of Contents, Continued Page STATISTICAL SECTION Financial Trends: Net Position by Component - Last Ten Fiscal Years 101 Changes in Net Position- Last Ten Fiscal Years 102 Fund Balances of Governmental Funds - Last Ten Fiscal Years 103 Changes in Fund Balances of Governmental Funds - Last Ten Fiscal Years 104 Revenue Capacity: Assessed Value and Estimated Actual Value of Taxable Property - Last Ten Fiscal Years 105 Direct and Overlapping Property Tax Rates Per $1,000 of Assessed Valuation - Last Ten Fiscal Years 106 Principal Taxpayers - Current Year and Nine Years Ago 107 Property Tax Levies and Collections - Last Ten Fiscal Years 108 Debt Capacity: Ratios of Outstanding Debt by Type - Last Ten Fiscal Years 109 Direct and Overlapping Governmental Activities Debt 110 Legal Debt Margin Information- Last Ten Fiscal Years 111 Demographic and Economic Information: Demographic Statistics - Las -n Fiscal Years 112 Principal Employers - Cu . 4nd Nine Years Ago 113 Operating Information: Full-Time Equivalent Town Governm- ployees by Function - Last Ten Fiscal Years 114 Operating Indicators by Function/Program- Last Ten Fiscal Years 115 - 116 Capital Asset Statistics by Function/Program- Last Ten Fiscal Years 117 NFEDERAL AWARDS SECTION Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Perfoinied in Accordance with Government Auditing Standards 118 - 119 Independent Auditors' Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Unifoiiii Guidance 120 - 122 Schedule of Expenditures of Federal Awards 123 Notes to Schedule of Expenditures of Federal Awards 124 Schedule of Findings and Questioned Costs 125 Status of Prior Year Audit Findings 126 * * Page 427 of 610 INTRODUCTORY SECTION Page 428 of 610 TOWN OF MAMARONECK TOWN OFFICIALS TOWN SUPERVISOR AND TOWN BOARD MEMBERS Town Supervisor Jaine Elkind Eney Deputy Town Supervisor Sabrina Fiddelnian Town Board Member Jeffery L. King Town Board Member Robin J. Nichinsky Town Board Member Anant Nambiar TOWN OFFICIALS Town Administrator Meredith Robson Deputy Town Administrator Vacant Ambulance District Administrator Michael Liverzani Assessor Pamela Valenza Building Inspector Richard Polcari Buildings & Grounds Superintendent Michael Orchanian Comptroller Tracy Yogman Environmental Plan Elizabeth Aitchison Town Engineer Robert Wasp Fire Chief Alex Rapp Highway-General Foremamil John Barreto Highway- Fleet Manager John Galli IT Director Shyam Pandya Court Clerk Dominique Patterson Chief of Police Paul Creazzo Superintendent of Recreation Jill Fisher Town Clerk Allison May Page 429 of 610 o r„ , F m Sus t7 T `FOUNDED 1061' - - Town of Mamaroneck Organizational Chart Elected ., y / \ / \\ V n _6lfrow r% �wn, 5 pervis r ; ` /� C • ; \ @er1E j \ \ one lkindEney- \ ijeanMare Brescicl / Ronald Meister A� +ay5 • ' iTow Board Members. / \ \ ( r j � \ Sabrina Fiddelman Deputy i.Yv„Supery sor ' g is Jeffery King,Towti BoardtMember / \ b "Nichinsky,Tawn BoordMe ►Ron j Avant Nambiar,Town Board Met. / 9 ♦j ...:... \.. / i% ..>. ,,:, ". ' �.a .,moo. ♦ - ---.1iii.:,.•• ,--::: . ..„, • .- - / • / • Town . Fire Town Ad m i r istrator Alex Rapp Attorney Fire Chief Meredith Robson William Maker,Jr. el iv*..rZd e;; l J 3� ,j ✓✓ : t c',-ite t / ��/ / \ � y O • r s oi er P fl5i l4iP'Fi..,,f ngcr ' Cf� \ - ignway to /j/ John satiate r -V �i i% Taw ,g( jfl lii /l • I ft#`�'@C ` 3 %`,P4 �1,10 � eati tit 7� e a \� / ov ii Page 430 of 610 Town of Mamaroneck Town Center ssg 740 West Boston Post Road,Mamaroneck,NY 10543-3353 TEL:914/381-7860 FAX:914/381-2110 TEL: 914/381-7860 FAX:914/381-2110 , 2026 The Honorable Supervisor and Town Board Citizens of the Town of Mamaroneck,New York: Submitted herewith is the Annual Comprehensive Financial Report (ACFR) of the Town of Mamaroneck,New York(the Town) for the year ended December 31, 2025. Management assumes full responsibility for the completeness and reliability of the information contained in this report, based upon a comprehensive framework of internal control that it has established for this purpose. Because the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. Management asserts that to the best of our knowledge and belief, this ACFR is complete and reliable in all material aspects. The Town's financial statements have been audited by EFPR Group, CPAs, PLLC, a firm of licensed certified public accountants. The goal of the independent audit was to provide reasonable assurance that the financial statements of the Town for the year ended December 31, 2025 are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there was a reasonable basis for rendering unmodified opinions that the Town's basic financial statements for the year ended December 31, 2025 are fairly presented in accordance with accounting principles generally accepted in the United States(GAAP). The independent auditor's report is presented as the first component of the financial section of this report. Management's discussion and analysis (MD&A) immediately follows the independent auditor's report and provides a narrative introduction, overview and analysis of the basic financial statements. MD&A complements this letter of transmittal and should be read in conjunction with it. This report has also been prepared and organized to meet the requirements of the Government Finance Officers Association's (GFOA) Certificate of Achievement for Excellence in Financial Reporting program. In accordance with those guidelines the report is presented with four major sections: Introductory, Financial, Statistical and Federal Awards Section. iii Page 431 of 610 Profile of the Town The Town, a Native American name translated as "the place where the sweet waters fall into the sea," is located just twenty-three miles north of New York City on Long Island Soun The Town was established at the mouth of a river and at the head of a harbor. Today, the Town, with its beautiful Long Island Sound waterfront and easy access to highways, airports and Metro North train service to New York City and Stamford is a prime suburban residential community. The Town includes the entire Village of Larchmont (one sq ile), the unincorporated area (5.7 square miles which is not part of either village), and t . of the Village of Mamaroneck (the Villages) west of the Mamaroneck River borderint eck (2.3 square miles). Both the incorporated Villages and the unincorporated Town . -governing , define the Town as a political and governmental subdivision of the State o York. The does provide a select menu of services for the Villages to all residents. The Town provides direct municipal services including police, fire, sanitation, building and highway among others to the residents of the unincorporated area, and recreation, ambulance, senior citizen services, property assessment services and tax collection for all Town residents. Town Government The Town elects its own officials, adopts its s , and manages its own finances under the direction of a,Supervisor and four Town Board m- lers. The Supervisor is elected for a two-year term and the Town Board members for four years. The Town Board appoints a Town Administrator to manage the government and carry out the policy directives of the Town Board. The Town Board is vested by New York State with control of legislation, appropriation of monies and decision-making on general local governmental policies. The Board authorizes the annual budget, and the collection of taxes required to finance it. Established in 1661, the Town was officially created by an act of the New York State Legislature on May 17, 1788. 18th and 19th Century residents earned their livelihoods by farming, fishing, umbering and milling. Manufacturing arrived in the 19th century, and most were located (as it is today) in the Village of Mamaroneck section. The Village of Larchmont and the Town were, and .rgely remains residential. The Town has slight+, over two miles of shoreline, a culturally diverse population, an award- winning school system, recreation facilities, easy access to New York City and a full range of housing options, making the Town a great place to live, work, relax and enjoy life. Within its 5.7 square miles, 44 miles of streets and roads, 58 miles of sanitary sewer lines, 15 miles of storm drains and 1,211 streetlights are maintained. The present Town Center, dedicated in 1963, was originally constructed in 1906 to serve as Mamaroneck High School. Town Center serves as the administrative hub for the Town. The Town also has a police station, one fire station, a park and playground, swimming pool,ice rink,fields and recreational facilities encompassing nearly 3 acres within the Town, a Senior Citizen Center, 4 public parking structures or lots, a highway garage and traffic sign shop. iv Page 432 of 610 The Town serves a population of 31,240 according to the U.S. Census Bureau, Quickfacts (hap s://www.census.gov/quickfacts/fact/table/mamaronecktownwestchestercountynewyork,US/ PST045224). The census also reports median income per capita for the Town of$111,707 and 10 median household income of$163,781. Based on the most recent sales data, th erage sales price of homes in the Town is $1,651,000, well above the state-wide average. The Town Administrator is appointed by the Town Board and is responsible for planning, implementing and budgeting the delivery of Town services, programs and capital projects and executes Town Board policies and directives. The Town Administrator also serves as an advisor to the Town Board and develops recommendations and alrndtives leading toward the preservation and enhancement of the Town's physical and econorhic conditions as well as its social, recreational and cultural vitality. The Town provides a full range of services. General government services include vital statist s (birth, marriage and death certificates), licenses, elections, tax collection services for the Mamaroneck School District and the County of Westchester as well as the Town, and a myriad of administrative functions. Public safety is provided through full-time police and fire departments and ambulance services. Community environment services include community planning, engineering, building inspection, emergency disaster, street maintenance, snow removal, street lighting, off-street parking, maintenance of sewers and drains, street cleaning, refuse disposal and recycling, and street tree maintenance. The Town offers a variety of programs and activities tailored to irduals of all ages and interests for residents and visitors. There are learn to skate programs at the ice rink, figure skating camps, ice hockey programs, skate with the Easter Bunny event, tot and youth swim programs at our indoor/outdoor pool, swim clubs, swim lessons for all ages, tennis and pickleball programs, tot and youth recreational programs, S.T.E.M. programs, summer day camps, teen travel camp. The Town operates a Senior Center offering an engaging selection of social, educational and recreational programs, including a Senior Nutrition Program providing hot lunch on weekdays, Meals on Wheels for homebound seniors and senior bus services for shopping and medical appointments. In addition, the Town hosts a 5k Run & Lil' Bunny Hop, outdoor movies, food truck festival, and summer concert series. The Town is home to the Winged Foot Golf Club that has hosted numerous national amateur and professional golf championships since 1929, including the 2020 U.S. Open Championship. There is something for all of our community residents. There are two School Districts within the boundaries of the Town. Both the Mamaroneck Union Free School District and the Scarsdale Union Free School District are independent organizations with a separately elected board and adopted budget. The Districts prepare their own financial statements and, as such, are not reflected in the Town's report. The Town does provide tax collection services for the Mamaroneck Union Free School District and the small portion of the Town that falls within the Scarsdale Union Free School District boundaries. The annualTudget serves as the foundation for the Town's financial planning and control. When adopted,it becomes an operational and fiscal guideline for the ensuing year. It is prepared pursuant to Town Legislative requirements, policy direction from the Supervisor and Town Board and a set of budget strategies developed by the Town Administrator and the administrative staff. Objectives and performance measures are established and tracked for each department. Budgetary control is at the function level of expenditures. Additional information on the budgetary process is provided v Page 433 of 610 in note 2 of the notes to financial statements. The Town has maintained a credit rating of Aaa from Moody's Investors Service press release dated August 31, 2024. Following adoption of the budget,the Town Budget Policy establishes procedures for amendments during the fiscal year and processing transfers between appropriations. Amendments to the budget, which increase overall spending, must be formally adopted by resolution of the Town Board. Transfers from the contingent fund,or from one budget unit to another budget unit of over$10,000, must be approved by the unanimous consent of the Town Board. Transfers from one item to another item in the same budget unit may be made by the Town Administrator or Comptroller except that the Town Administrator does not have the authority to transfer any item that increases the authorized salary amounts. Factors Affecting Financial Condition The Town is subject to the provisions of the New York State "tax cap"legislation enacted in 2012, whose foimula restricts the increase in the property tax levy to no more than 2% or the rate of inflation,whichever is less(subject to override by at least 5 of the 7 voting councilmembers). This restriction on property tax growth places an additional burden on our ability to provide services and maintain facilities within available resources. At this time, the Town's fund balance is healthy and is working towards stabilization of appropriated fund balance amounts to allow for even greater flexibility during difficult years and management of resources through severe weather and unanticipated events without incurring additional debt. The intent of this action is to keep pace with infrastructure and equipment needs and further balance the burden of the capital projects and equipment expenditures for current and future taxpayers. 41/ In addition,the Town's exceptional wealth levels and housing values form a foundation which can more effectively weather the financial storms that may occur. The Town must respond to this adversity by creating a financial plan that will maintain the delivery of our basic services without placing an onerous burden on our taxpayers. Thus, the information presented in the financial statements is best understood when it is considered in light of the specific environment in which the Town operates. lillik' Local Economy 'WIN u The Town has many ositive attributes that contribute to its reputation as one of the oldest communities in the C nty of Westchester, New York, with a vibrant community and a solid financial base, including: • A strong and growing housing stock having a market value of over $10 billion in 2025; • A property tax collection rate in excess of 99%, one of the highest in New York State; • An excellent school system. As a suburb of New York City, the Town's residential housing stock remains a key component of the Town's financial strength. For the most recent calendar year,the Town Assessor's data reveals that 503 homes were sold. Sales prices ranged from $355,000 to $7.2 million. The average sales price of homes increased by over 7% over the previous twelve months to $1,651,000. vi Page 434 of 610 The economic strength of the Town is further supported by its transportation infrastructure. The Town is accessible by rail, road and air links. Metro-North passenger trains run frequently to Grand Central Terminal in New York City. Amtrak passenger service is also available. An extensive network of highway facilities includes the New York State Thruway, the New England Thruway, and the Hutchinson River Parkway. The Town is in close proximity to three major airports: LaGuardia Airport, JFK International Airport and Westchester County Airport. Long-term Financial Planning The Town's Comprehensive Plan has been adopted in 2024 that includes a significant amount of public input into future planning, capital improvement and operational improvement needs. The plan is a framework establishing policies for long-range planning and development. The 2026 budget has begun to identify funding to meet the strategies and action plan goals as the first step of the implementation process. The Comprehensive Plan created a blueprint for a more environmentally and economically sound Town. Many of our capital projects in the five-year plan have been aligned with the stated goals. The implementation plan currently in progress will prioritize issues, assets and challenges for budget planning in future years. Relevant Financial Policies The Town's annual budget document incorporates a series of financial policies designed to ensure the continued fiscal health of the Town. Included in that document are guidelines on staffing levels, expenditure growth, fund balance, debt management, enterprise fund operations, fees, self- insurance reserves and property tax rates. The Town also maintains an investment policy adopted by the Town Board that complies with Section 10 and 11 of the New York State General Municipal Law, which emphasize a conservative financial approach to the investment of municipal funds and collateralization of deposits in excess of Federal Deposit Insurance Corporation coverage. The Town's investment policy is reviewed annually and amended as needed or desired. The Town maintains a procurement policy adopted by the Town Board in accordance with Section 104-b of the New York State General Municipal Law. This policy outlines all bidding and procurement procedures that Town departments must adhere to when purchasing goods and services. The Town procures conventional insurance for general liability, excess liability, law enforcement, public officials' liability, automobile, crime, and property coverage. An actuarial study is performed annually to ensure that insurance resources are sufficient to fund current and anticipated claims. The Town continually assesses its risks to determine the appropriate mix of self-insurance retention and policy coverage. The Town repares its budgets with these financial policies in mind and maintains aggressive and effective budgetary controls to ensure compliance with these documents. Quarterly budget reports are presented to the Town Board to apprise elected officials of any major variances that may arise. The Town does not foresee any issues with its ability to comply with the current guidelines in the implementation of its near and long-teini initiatives. vii Page 435 of 610 Awards The Town also received the GFOA's Distinguished Budget Presentation Award for its annual budget document for the year ended December 31, 2024. This is the highest fond of recognition in governmental budgeting and represents the commitment of the governing body and staff to meet the nationally recognized criteria. We are proud that the budget is a transparent document that provides financial infoiiiiation to our citizens. Acknowledgements r N. -11 The preparation of this report would not have been possible without the efficient and dedicated services of the finance department staff, the guidance of our independent auditors, EFPR - ., CPAs, PLLC, and the assistance of all Town depai tiiients concerning information specific to operations. Our gratitude is extended to the Town Administrator, Supervisor and Town Board or their continued leadership and support in enhancing the financial integrity of the Town and who continuously strive to enhance the quality of life for our citizens. Most importantly, our heartfelt thanks go to our citizens and residents, for giving us the opportunity to serve this fine Town. Respectfully submitted, Tracy Yogman, CPA Comptroller& Receiver of Taxes Town of Mamaroneck, New York viii Page 436 of 610 FINANCIAL SE Page 437 of 610 rfEFPRGROUPCPAs� Certified Public Accountants 6390 Main Street,Suite 200 Willie sville,New York 14221 634.0700 00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPO The Honorable Supervisor and Town Board Town of Mamaroneck,New York: Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities,the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31,2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements as listed in the table of contents. In our opinion,based on our audit and the report of the other auditors,the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town, as of December 31, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the discretely presented component unit,which represent .00% of the assets, net position and revenue of the discretely presented component unit. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the discretely presented component unit, is based •lely on the report of other auditors. .r O.info We co .• audit in accordance with auditing standards generally accepted in the United States of Amen• AAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. The financial statements of the discretely presented component was not audited in accordance with Government Auditing Standards. 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 Town 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. Page 438 of 610 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 o s erica, and for the design, implementation, and maintenance of internal control relevant to thy. . : aration and fair presentation of financial statements that are free from material misstatement, w e I er 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 Town's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known infoiiiiation 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 and Government Auditing Standards 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 and Government Auditing Standards, 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 Town's internal control. Accordingly, no such opinion is expressed. • Evaluate the ap riateness of accounting policies used and the reasonableness of significant accounting esti es made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Town'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. 2 Page 439 of 610 Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the additional information as listed in the table of contents on pages 59 through 67 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 GAAS, 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 n rovide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of foiiiiing opinions on the financial statements that collectively comprise the Town's basic financial statements. The accompanying other supplementary information on pages 68 through 100 and schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards 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 and certain additional procedures, i g comparing and reconciling such information directly to the underlying accounting and o. -r records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the other supplementary information and the schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises tie introductory and statistical sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financials statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work perfoimed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 3 Page 440 of 610 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated , 2026 on our consideration of the Town's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Town's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Go'nment Auditing Standards in considering the Town's internal control over financial reporting and compliance. Williamsville,New York , 2026 4 Page 441 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis December 31, 2025 Introduction As management of the Town of Mamaroneck,New York (the Town), we offer readers of the Town's financial statements this narrative overview and analysis of the financial activities of the Town for the year ended December 31, 2025. It should be read in conjunction with the basic financial statements, which immediately follow this section, to enhance understanding of the Town's financial performance. Financial Highlights Key financial highlights for year ended December 31, 2025 are as follows: • As of the close of the current year, the Town's governmental funds reported combined ending fund balances of$49,989,289, a decrease of$2,879,141 from the prior year. The decrease in fund balance is primarily the result of ongoing capital projects. • At the end of the current year, the total fund balance for the General Fund was $10,084,164 or 73% of total General Fund expenditures and other financing uses for 2025. The total General Fund fund balance consists of $466,323 (nonspendable), $366,160 (restricted), $1,391,548 (assigned) and $7,860,133 (unassigned). • Total fund balance for the Town Outside Villages Fund was $6,231,744 or 33% of total fund expenditures and other financing uses for 2025. • Total fund balance for Special Districts Funds is$8,363,610 or 67%of total fund expenditures and other financing uses for 2025. • The Town adopted a foiiiial fund ba a policy and surplus recovery plan on March 20, 2013 which prescribes that a minimum of 15% to 25% of the subsequent year's budgeted appropriations be retained. The percentages at December 31, 2025, in most cases, are within the range of or exceed the surplus levels that are consistent with the Town's policy. • The Town, along with other municipalities, and the Westchester Joint Water Works entered into a settlement agreement in 2024 and estimated total cost was re-evaluated in 2025 due to new information becoming available. The settlement agreement resulted in an estimated total cost to the Town of$36,575,158, $4,734,061 of which has been paid as of December 31,2025. The remaining $31,841,097 is a liability on the statement of net position for future costs expected resulting from capital projects required by the settlement agreement. • On the government-wide financial statements,the liabilities and deferred inflows of resources of the primary government, which is reported separately from the component unit,the Town of Mamaroneck Housing Authority (the Authority), for which the Town is financially accountable, exceeded its assets and deferred outflows of resources at the close of the most recent year by $49,972,993. Of this amount, the unrestricted net position, which is available to meet the ongoing obligations of the Town, is reported as a deficit in the amount of $90,720,134 due primarily from the required accrual in accordance with the provisions of Governmental Accounting Standards Board (GASB) Statement No. 75 -"Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions," of$86,167,580. 5 Page 442 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 41ir Overview of Financial Statements This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. The basic financial statements include three components: 1) government-wide financial statements, 2)fund financial statements and 3)notes to financial ements. This report also includes supplementary information as listed in the table of contents. Government-Wide Financial Statements The government-wide financial statements are designed to provide the readers with a broad overview of the Town's finances in a manner similar to a private-sector business. The Authority is a legally separate component unit of the primary government for which the Town is financially accountable. The financial information for the Authority is reported separately (discretely presented) from the financial information presented for the primary government. The reader may refer to the component unit's separately issued financial statements for additional information. The statement of net position presents information on all of the Town's assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator as to whether the financial position of the Town is improving or deteriorating. The statement of activities presents information reflecting how the Town's net position changed during the most recent year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenue and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods (for example, uncollected taxes and earned but unused vacation leave and other postemployment benefit obligations). The government-wide financial statements distinguish functions of the Town that are principally •orted by taxes and intergovernmental revenue (governmental activities). The governmental ctivities of the Town include general government support, public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and interest. The government-wi nancial statements can be found immediately following this discussion and Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Town, 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 Town can be divided into two categories: governmental funds and fiduciary funds. 6 Page 443 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements,governmental fund financial statements focus on near-teiiii inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the year. Such infomiation may be useful in evaluating a government's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the infoiiiiation presented for governmental funds with similar infomiation presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-tenn financing decisions. Both the governmental funds' balance sheet and the governmental funds' statement of revenue, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The Town maintains eleven individual governmental funds. Information is presented separately in the governmental funds' balance sheet and in the governmental funds' statement of revenue, expenditures and changes in fund balances for the General Fund, Town Outside Villages Fund, Special Districts Fund (Water, Sewer, Street Lighting, Refuse and Garbage, Ambulance and Fire Protection District), Highway Fund, Capital Projects Fund and Debt Service Fund, which are considered to be major funds. The Town adopts an annual appropriation budget for its General Fund, Town Outside Villages Fund, Special Districts Fund, Highway Fund and Debt Service Fund which are major funds. A budgetary comparison statement has been provided for these funds within the basic financial statements to demonstrate compliance with the respective budgets. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the Town's programs. Resources are held in the Custodial Fund by the Town purely in a custodial capacity, primarily to account for real property taxes collected and remitted for other governments. The financial statements for the governmental and fiduciary funds can be found in the basic financial tatements section of this report. to Financial Statements The no s provide additional information that is essential to a full understanding of the data provided 44hitik, in the government-wide and fund financial statements. The notes to financial statements are located following the basic financial statements section of this report. Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of the Town's financial position. In the case of the Town, liabilities and deferred inflows of resources exceeded assets and deferred outflows of resources by ($49,972,993) at the close of the current fiscal year. 7 Page 444 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued 2025 2024* Other assets $ 60,748,240 60,898,914 Capital assets 87,191,768 79,248,600 Total assets 147,940,008 140,147,514 Deferred outflows of resources 17,839,881 22,026,634 Current liabilities 16,224,* 13,251,762 Noncurrent liabilities 184,687,601 169,337,512 Total liabilities 200,912,125 182,589,274 Deferred inflows of resources 14,840,757 25,580,052 Net position (deficit): Net investment in capital assets 22,537,105 13,744,018 Restricted a18,210,036 26,679,033 Unrestricted (deficit) (90,720,134) (86,418,229) Total net position(deficit) $ (49,972,993) (45,995,178) * Reclassifications were made to certain 2024 balances in order to conform them to the 2025 presentation. Capital assets increased in governmental activities by $7,943,168 from the prior year due to capital asset additions exceeding depreciation/amortization expense. Current liabilities increased $2,972,762 due to the issuance of a $4,035,450 bond anticipation note payable. This was offset by a decreases in accounts payable and accrued liabilities. Noncurrent liabilities increased by $15,350,089 from the previous year for governmental activities 1M primarily due to the judgement liability from the settlement agreement which was re-evaluated in 2025 due to new information becoming available. Town reported net investment in capital assets,net of accumulated depreciation/amortization and less any outstanding debt used to acquire those assets of $22,537,105. The Town uses these assets to provide services to citizens. Consequently,these assets cannot be used for future spending. Although the Town'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 capital assets cannot be used to liquidate these liabilities. $18,210,036 of the Town's net position is restricted for various purposes (future capital projects, debt service, and trusts). The restricted net position represents resources that are subject to external restrictions on how they may be used. The restrictions are as follows: 8 Page 445 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Restricted Net Position 2025 2024 Future capital projects $ 15,263,294 23,512,456 Debt service 1,054,124 1,360,745 Pension benefits - fire district 1,892,618 1,805,832 Total assets S 18,210,036 26,679,033 The remaining balance of net position, representing unrestricted net position of ($90,720,134) is reported as a deficit as a result of having long-term commitments includig compensated absences, Other postemployment benefits obligations and pensions that are greater than currently available resources. Payments of these liabilities will be budgeted in the year that actual payment will be made. Change in Net Position 2025 2024 Program revenue: Charges for services $ 12,013,628 10,230,775 Operating grants and contributions )11000, 1,978,996 1,754,182 Capital grants and contributions '0,240 3,404,225 General revenue: Real property taxes 34,462,051 31,971,386 Real property tax items 693,382 1,030,921 Nonproperty tax items 3,847,372 3,731,317 Use of money and property` 3,086,258 3,491,062 Sale of property and compensation for loss 337,966 200,021 Miscellaneous 2,433,473 499,743 Total revenue 60,043,366 56,313,632 Program expenses: General government support 8,774,749 8,611,843 Public safety 17,149,000 17,571,419 Health 2,890,949 2,668,137 Transportation 7,102,587 6,767,746 Economic assistance and opportunity 955,966 933,098 Culture and recreation 5,889,213 5,926,558 Home and community services 5,481,320 5,940,313 Interest on long-term debt 1,788,600 1,629,695 Total expenses 50,032,384 50,048,809 Extraordinary item-judgement expense 13,988,797 17,852,300 Change in net position (3,977,815) (11,587,477) Net position(deficit)at beginning of year (45,995,178) (34,407,701) Net position(deficit)at end of year $ (49,972,993) (45,995,178) 9 Page 446 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Governmental activities decreased the Town's net position by $3,977,815 for the year ended December 31, 2025. Total revenue for the year ended December 31, 2025 from governmental activities totaled $60,043,366 which is an increase of S3,729,734. The largest contributors to this increase were: • Charges for services increased by S1,782,853 which is altiibutable to water revenue. The Town's joint venture, the Westchester Joint Water Works (WJWW), distributes money to its members based on its net income. Water revenue received from WJWW increased by $1,678,195 in 2025. • Real property taxes increased by S2,490,665. The Town's real property tax levy increased from $31,887,970 in 2024 to $34,633,500 in 2025 which represents a $2,745,530 increase. The real property tax levy was increased to offset rising costs as the 2025 budget anticipated $2,306,425 in additional expenditures. • Miscellaneous revenue increased by $1,933,730 as the County of Westchester, New York, provided a$2,084,986 grant for bridge expenditures. Total expenses for the year ended December 31,2025 for governmental activities totaled$50,032,384 which is a decrease of$16,425. The decrease is due to the Town recognizing $1,162,719 less in pension expense. Pension expense is actuarially determined by New York State. Additionally, there is an extraordinary item recognized for the years ended December 31, 2025 and 2024. The decrease was partially offset by growing costs due to inflation. The extraordinary item is related to the WJWW for a settlement agreement. The agreement was entered into in late 2024 and as of December 31, 2024, not all of the known costs related to the settlement were known as there was a requirement for construction of a new filtration plant and a construction budget was not fully developed at that time. In 2025, as new information was obtained, the liability was increased along with $13,988,797 in expenses. Financial Analysis of the Town's Funds tel. noted earlier requated legal own us*d accounting to ensure and demonstrate compliance with finance- , Governmental Fund The focus of the Town's governmental funds is to provide infonnation on near-teiiii inflows,outflows and balances of spendable resources. Such infoiniation is useful in assessing the Town's financing requirements. In particular,unassigned fund balance may serve as a useful measure of a government's net resources available for spending at the end of the year. 10 Page 447 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued As of the end of the current year, the Town's governmental funds reported combined ending fund balance of $49,989,289, a decrease of $2,879,141 compared to last year's ending fund balance of $52,868,430. The nonspendable fund balance component of $2,140,295 consists of amounts representing prepaid expenditures as well as the net effect of the lease receivable and related deferred inflows of resources. Prepaid expenditures have been established primarily to account for a portion of the State retirement and liability insurance payments made in advance. Fund balance of $18,210,036 is restricted for general fund, special revenue funds, capital projects and debt service. The assigned fund balance classification aggregate of$21,778,825, consisting primarily of amounts designated to balance the fiscal 2026 budget and carry over encumbrances of $1,391,548 in the General Fund; $1,196,641 in the Town Outside Villages Fund, $222,337 in the Special Districts Funds and $219,521 in the Highway Fund and amounts available to be used at the Town's discretion in funds other than the General Fund; $4,108,121 in the Town Outside Villages Fund; $2,617,890 in the Highway Fund, $5,765,076 in the S•-cial Districts Funds and $6,257,691 in the Debt Service Fund. The remaining fund balance of$ is unassigned and represents the remaining positive fund balance in the General Fund. • The General Fund is the primary operating fund of the Town. At the end of the current year, unassigned fund balance of the General Fund was $7,860,133, representing 78% of the total General Fund balance of$10,084,164. This is an increase over the prior year, when the total fund balance was $8,650,086. The General Fund's total fund balance at the end of the year was $10,084,164, an increase of$1,434,078. The main drivers of this increase are real property taxes and State aid. Real property taxes increased due to the real property tax levy increase. State aid increased due to an increase in mortgage tax of$308,270. Mortgage tax is directly correlated to the housing market and the number and value of homes sold. The Town Outside Villages Fund's total fund balance at the end of the year was S6,231,744, an increase of$464,777 from the previous year. This increase was generated by the increase in the real property tax levy and was offset by payroll increases of approximately $300,000 which also lead to an increase in employee benefits expenditures. "I'he Special Districts Fund's total fund balance at the end of the current year was $8,363,610, an increase of$2,667,501 from the previous year. This represents increases in the Water District fund, the Sewer District fund,Street Lighting fund,Ambulance District fund and the Fire Protection District fund and offset by a decrease in the Refuse and Garbage District fund. The main driver of the increase was the real property tax levy and the water revenue received from the WJWW. The Capital Projects Fund reflects a fund balance of$14,897,134 at the end of the current year, a decrease of$8,263,476 from the previous year. The Town issued short term debt of$4,035,450 to fund a portion currently authorized capital projects during the year ended December 31, 2025. Ongoing capital projects without long-teini financing,which would have increased fund balance, lead to this fund balance decrease. 11 Page 448 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued General Fund Budgetary Information Generally, budget amendments fall into one of three categories: 1) . • en q e to adjust the estimates that are used to prepare the original budget ordinance onc- .ct info 's available; 2) amendments made to recognize new funding amounts from e al sources, sue s eral and State grants; and 3) increases in appropriations that become nece'.. to maintain servi The original and final budget remained consistent as anticipated expenditures and interfund transfers out only increased by $118,542. Actual revenue exceed the final budget by $503,738 which was driven by actual exceeding budget in the areas of use of money and property and state aid, offset by budget exceeding actual for real property taxes. Use of money and property had higher investment returns than expected as most of the General Funds' deposits are invested rather than using tradition checking and savings accounts. State aid includes money received for mortgage taxes which are dependent on sales in the housing market. These amounts are difficult to budget for as they are dependent on outside economic forces and the Town only receives receipt of funds twice a year, not giving the Town real time results allowing constant monitoring of expected results. Real property taxes experienced slow collections in the current year resulting in revenue falling short of budget. Actual expenditures were less than the final budget by $1,798,161 which was the result of budgetary savings in the areas of general government support and culture and recreation. These savings were primarily due to payroll savings of approximately $300,000, an unused contingency budget account of approximately $470,000, and pool maintenance savings of approximately $110,000. Payroll savings also had a direct correlation of employee benefits budgetary savings. 411160 Ialvirssets The Town's capital assets for its governmental activities as of December 31, 2025, amounted to $87,191,768 (net of accumulated depreciation). These capital assets includes land, buildings and improvements, machinery and equipment, infrastructure and construction-in-progress. See note 4 to financial statements for detailed infolination on capital asset activity. Capital Assets (Net of Accumulated Depreciation/Amortization) 2025 2024 $ 4,031,660 4,031,660 truction-in-progress 5,875,568 4,018,273 uildings and improvements 22,522,791 22,512,437 Machinery and equipment 9,510,207 7,071,904 Infrastructure 44,526,372 41,614,326 Right-to-use asset 725,170 Total $ 87,191,768 79,248,600 12 Page 449 of 610 TOWN OF MAMARONECK, NEW YORK Management's Discussion and Analysis, Continued Long-Term Debt and Short-Term Capital Borrowings At the end of the current year, the Town had total bonded debt outstanding of $56,365,000. As required by State Law, all bonds issued by the Town are general obligation bonds, backed by the full faith and credit of the Town. During the year ended December 31, 2025, the Town paid $4,171,500 in principal on outstanding long-term obligations. The Town also issued a bond anticipation note (BAN) in the amount of$4,035,450 for capital projects. This BAN was issued on August 14, 2025 with a stated interest rate of 4.00% and is set to mature on August 14, 20 . The Town also received a premium of$48,024 in relation to issuance to this BAN. The Town is estimating that $31,841,097 will be incurred for its future costs of the settlement agreement. This is subject to change based on unanticipated construction costs. See note 8 to financial statements for detailed information on long-teim liabilities activity. Economic Factors and Next Year's Budget and Rates The following economic factors currently affect the Town and were considered in developing the 2026 fiscal year budget. • The Town has the lowest unemployment rate in Westchester County for a Town and as a result a high tax collecti • Slowing housing market' • A tax levy increase of 2.8%to fund increases in recurring expenditure obligations. • On the expenditure side, increases in State mandated costs such as health insurance and pension costs, capital project needs, cyber security and Townwide technology needs and supply chain challenges. Requests for Information .111 fhis financial report is designed to provide a general overview of the Town's finances for all those with an interest in the government's finances. Questions concerning any of the information provided . . n this report or request for additional financial information should be addressed to Meredith Robson -Town Administrator or Tracy Yogman - Town Comptroller, Town of Mamaroneck, 740 W. Boston Post Road, Mamaroneck, New York 10543. .4* 13 Page 450 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Net Position December 31,2025 Component Unit Mamaroneck Governmental Housing Assets Activities Authority Current assets: Cash and equivalents $ 1,129,565 - Restricted cash and equivalents - - Investments 49,892,587 - Receivables: Accounts 860,242 - Taxes,net 1,111%131 - Due from other governments ',391,989 - State and Federal aid 1,213,710 - Lease 2,140,905 - Rents - - Prepaid expenses 1,979,111 - Tenant security deposits - Total current assets 60, - Capital assets: Not being depreciated/amortized ,228 - Being depreciated/amortized , 84,540 - Total capital assets 87,191,768 - Total assets Akihin., 147,940,008 - Deferred Outflows of Resources Deferred charge on refunding bonds 274,801 ' - Pension related-retirement systems 10,280,886 - Pension related-length of service award program 385,237 - OPEB 6,898,957 - Total deferred outfl. -sources 17,839,881 - Liabilities Current liabilities: Accounts payable 2,066,613 - Accrued liabilities 350,305 - Deposits payable 858,363 - Tenant security deposits payable - - Bond anticipation not 4,035,450 - Unearned revenue 381,495 - Accrued interest payable 431,633 Bonds payable including premiums 4,505,242 - Lease payable 174,052 - Total pension liability-length of service gram 37,705 - Total OPEB liability 3,383,666 - Total current liabilities 16,224,524 - Noncurrent liabilities: Bonds payable including premiums,less current portion 54,338,207 - Lease payable,less current portion 565,053 - Compensated absences 334,796 - Net pension liability-proportionate share 3,700,281 - Net pension liability- FRS-proportionate share 9,318,871 - Total pension liability-length of service award program,less current pardon 1,805,382 - Total OPEB liability,less current portion 82,783,914 - Judgement 31,841,097 Total noncurrent liabilities 184,687,601 - Total liabilities 200,912,125 - eferred Inflows of Resources ase 1,979,721 - ension related-retirement systems 625,524 - Pension related-length of service award program 864,527 - OPEB 11,370,985 - Total deferred inflows of resources 14,840,757 Net Position Net investment in capital assets 22,537,105 - Restricted: Capital 15,263,294 - Debt service 1,054,124 - LOSAP 1,892,618 - Unrestricted(deficit) (90,720,134) - Total net position(deficit) $ (49,972,993) - See accompanying notes to financial statements. 14 Page 451 of 610 ,Ar TOWN OF MAMARONECK,NEW YORK Statement of Activities Year ended December 31,2025 41Ir .41(' Net Revenue(Expense) and Chan es in Net Position Component Program Revenue Unit Operating Capital Total Mamaroneck Charges for Grants anrants and Primary Housing Functions/Programs Expenses Services Contributions Contributions Government Authority Primary government: Governmental activities: General government support $ 8,774,749 2,071,860 1,893,866 10,000 (4,799,023) - Public safety 17,149,000 709,768 5,152 - (16,434,080) - Health 2,890,949 1,336,342 - , - (1,554,607) - Transportation 7,102,587 1,034,058 2,456 01' 955,240 (5,110,833) - Economic assistance and opportunity 955,966 - 69,063 - (886,903) _ Culture and recreation 5,889,213 3,188,268 --.. . - (2,700,945) - Home and community services 5,481,320 3,673,332 7459 225,000 (1,574,529) - Interest on long-term debt 1,788,60 - - - (1,788,600) - Total governmental activities 50,032,384 ,013,628 1,978,996 1,190,240 (34,849,520) - Component unit-Mamaroneck Housing Authority $ - - - - - - General revenue: Real property taxesIIIIIIIIIIIIIIIIIIPr 34,462,051 - Real property tax items 693,382 - Nonproperty tax items 3,847,372 - Use of money and property 14S(11. 3,086,258 - Sale of property and compensation for loss 337,966 - Unrestricted state aid - Miscellaneous 2,433,473 - Insurance recoveries - - Total general revenue 44,860,502 - Extraordinary item-judgement expense (13,988,797) - co t.ct Change in net position (3,977,815) - CD -t- Net position(deficit)at beginning of year (45,995,178) 2,021,642 cri N) Net position(deficit)at end of year $(49,972,993) 2,021,642 0 See accompanying notes to financial statements. (z) 15 TOWN OF MAMARONECK,NEW YORK Balance Sheet-Governmental Funds December 31,2025 Town • Outside Speci ISICapitebt Total General Villages Dis Highwayice Governmental Assets Cash and equivalents $ 1,129,365 - - 200 - 1,129,565 Investments 47,999,969 ,892,618 - 49,892,587 Receivables: Accounts 417,560 438,149 4,533 - - 860,242 Taxes,net 1,140,131 - - 1,140,131 Due from other governments 20,334 22,001 107,818 2,084,986 - 2,391,989 State and Federal aid 66,917 938,544 - 208,249 - 1,213,710 Lease 2,140,905 - - 2,140,905 Due from other funds - 5,065,984 6,007,457 l 2,895,989 17,957,540 7,311,815 39,238,785 Prepaid expenditures 305,139 926,982 483,579 263,411 - - 1,979,111 Total assets $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 Liabilities,Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 321,904 06 98,445 132,598 1,311,460 - 2,066,613 Accrued liabilities 39,066 528 78,449 38,531 6,731 - 350,305 Deposits payable 187,909 54 - - - 858,363 Due to other funds ,238,785 - - - - - 39,238,785 Bond anticipation note - - - 4.035,450 - 4,035,450 Unearned revenue 281,767- 9' - - - - 381,495 Total liabilities 40,069,431 .',916 176,894 171,129 5,353,641 - 46,931,011 Deferred inflows of resources: Tax revenue 1,087,004 - - - - - 1,087,004 Lease 1,979,721 - - - - - 1,979,721 Tot e erred inflows of re 3,066,725 - - - - - 3,066,725 Fund balances: Nonspendable 466,323 926,982 483,579 263,411 - - 2,140,295 Restricted n 366,160 - 1,892,618 - 14,897,134 1,054,124 18,210,036 Assigned 111111L1,391,548 5,304,762 5,987,413 2,837,411 - 6,257,691 21,778,825 1J Unassigned 7,860,133 - - - - - 7,860,133 9) (C)(D Total fund balance 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 Total liabilities,deferred inflows of CO resources and fund balances $ 53,220,320 7,391,660 8,540,504 3,271,951 20,250,775 7,311,815 99,987,025 See accompanying notes to financial statements. t) 0 16 TOWN OF MAMARONECK,NEW YORK Reconciliation of Balance Sheet -Governmental Funds to the Statement of Net Position December 31,2025 Total Governmental Fund Balances 49,989,289 Amounts reported for Governmental Activities in the statement of net position are different because: Capital assets, net of accumulated depreciation/amortization used in Governmental Activities are not financial resources and, therefore, are not reported in the funds. Capital assets-nondepreciable/amortizable $ 9,907,228 Capital assets-depreciable/amortizable 133,715,220 Accumulated depreciation/amortization (56,430,680) 87,16 Differences between expected and actual experiences, assumption 0 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 of resources-pensions 10,280,886 Deferred outflows of resources-length of service award program 385,237 Deferred outflows of resources -OPEB 6,898,957 Deferred inflows of resources-pensions (625,524) Deferred inflows of resources-length of service award program (864,527) Deferred inflows of resources- OPEB (11,370,985) 4,704,044 Other long-te !u` '; v spthat are not available to pay for current period expenditures an. therefore, er deferred or not reported in the funds-real property taxes. 1,087,004 Estimated long-term costs of the Westchester Joint Water Works filtration plant and related costs is a liability on the statement of net position but does not incur current economic resources. (31,841,097) Long-term liabilities that are not due and payable in the current period are not reported in the funds. Accrued interest payable (431,633) General obligation bonds payable (56,365,000) Lease liability (739,105) Compensated absences (334,796) Net pension liability-ERS -proportionate share (3,700,281) Net pension liability-PFRS -proportionate share (9,318,871) Total pension liability- length of service award program (1,843,087) Total OPEB liability (86,167,580) (158,900,353) 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 274,801 Premium on general obligation bonds (2,478,449) (2,203,648) Net Position of Governmental Activities $ (49,972,993) See accompanying notes to financial statements. 17 Page 454 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Revenue,Expenditures and Changes in Fund Balances-Gore i - •. r Year ended December 31,2025 Town Outside Sp- Cap. Debt Total General Villages P Highway Prolec' ervice Governmental Revenue: Real property taxes $ 6,613,851 11,915,96 •03,617 6,328,540 - - 34,261,973 Real property tax items 693,382 - - - 693,382 Nonproperty tax items - 3,8• - - - - 3,847,372 Departmental income 3,826,031 4,768,519 - - - 9,541,142 Intergovernmental charges 7,400 188,0 523,363 - - 718,838 Use of money and property 1,144,336 333,4 20 147,387 - 1,240,385 3,086,258 Licenses and permits 106,598 1,341,048 - - 1,447,646 Fines and forfeitures 300,242 5,760 - - - 306,002 Sale of property and compensation for loss 11,310 1,638 23,764 11,260 - 391,318 State aid 1,826,973 15,584 - - 218,249 - 2,060,806 Federal aid ti 131,287 5,152 - - 971,991 - 1,108,430 Miscellaneous 102,782 40 5,276A" 21 2,277,330 - 2,385,449 Total revenue 14,764,192 18,412,564 14,929,570 7,023,075 3,478,830 1,240,385 59,848,616 Expenditures: '4111111111111111111,General government support 4,599,767 '06,440 - - - 6,206,207 Public safety -"011 2,484,606 - - 10,683,617 Health289,091100 1,712,356 - - - 2,100,547 mi iir Transportation9,864493 178,097 3,579,848 - - 3,787,302 Economic assistance and opportunity - - - 476,931 Culture and recreation - - - 4,708,843 Home and community services 142411289 2,920,704 - - - 3,682,404 Employee benefits2965,579227 2,420,509 1,758,995 - - 13,282,310 Debt service: Principal 5,020 160,331 - - 4,171,500 4,338,857 Interest 1,088 34,736 - - 1,953,294 1,989,553 Capital outlay - - - - 12,425,672 - 12,425,672 Total expenditures 11,653,512 18,228,083 9,911,339 5,338,843 12,425,672 6,124,794 63,682,243 Excess(deficiency)of revenue over expenditures 3,110,680 184,481 5,018,231 1,684,232 (8,946,842) (4,884,409) (3,833,627) Other financing sources(uses): Installment purchase agreement issuance - - - - 906,462 - 906,462 Issuance premium 15,593 - 11,429 21,002 - - 48,024 Transfers in 409,145 956,253 272,588 5,113 1,659,967 5,698,941 9,002,007 Transfers out (2,101,340) (675,957) (2,634,747) (1,706,900) (1,883,063) - (9,002,007) -171 ! ra Total other funcing sources es) (1,676,602) 280,296 (2,350,730) (1,680,785) 683,366 5,698,941 954,486 CO(0 Net change in fund balance 1,434,078 464,777 2,667,501 3,447 (8,263,476) 814,532 (2,879,141) A Fund balances at beginning of year 8,650,086 5,766,967 5,696,109 3,097,375 23,160,610 6,497,283 52,868,430 01 , (T Fund balances at end of year $ 10,084,164 6,231,744 8,363,610 3,100,822 14,897,134 7,311,815 49,989,289 O See accompanying notes to financial statements. l) 0 18 TOWN OF MAMARONECK, NEW YORK Reconciliation of the Statement of Revenue, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities Year ended December 31, 2025 Net change in fund balances -Total Governmental Funds $ (2,879,141) Amounts reported for Governmental Activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures. However, in 1SL the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation/amortization expense. Capital outlay $12,456,851 Disposals (56,234) Depreciation/amortization expense (4,457,449) 7,943,168 Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds - real property taxes. 200,078 Bond proceeds provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. Repayment of bond 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 Lease payable issue 1/0 Ilk (906,462) Principal paid on lease payable 167,357 Principal paid on general obligation bonds 4,171,500 3,432,395 --dm, 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 47,075 Judgement expense (13,988,797) Compensated absences 46,601 Changes in pension asset and related deferred outflows and inflows of resources -ERS 385,181 Changes in pension liability and related deferred outflows and inflows of resources -PFRS 322,172 Changes in pension liability and related deferred outflows and inflows of resources -LOSAP 3,781 Changes in total OPEB liability and related deferred outflows and inflows of resources 355,794 Amortization of loss on refunding bonds and issuance premium 153,878 (12,674,315) Change in Net Position of Governmental Activities $ (3,977,815) See accompanying notes to financial statements. 19 Page 456 of 610 TOWN OF MAMARONECK,NEW YORK Statement of Fiduciary Net Position Custodial Fund December 31, 2025 Assets: Cash and equivalents $ 3,599, 8 Real property taxes receivable for other gove 67,119,561 Total assets $70,719,149 Liabilities - due to other government 70,719,149 Fiduciary net position See accompanying notes to financial statements. 20 Page 457 of 610 TOWN OF MAMARONECK, NEW YORK Statement of Changes in Fiduciary Net Position Custodial Fund Year ended December 31, 2025 Additions - real property taxes collected for other governments $ 197,979, 4 Deductions - payments of real property taxes to other governments 197,979,414 Change in fiduciary net position Fiduciary net position at beginning of year Fiduciary net position at end of year See accompanying notes to financial statements. 21 Page 458 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements December 31, 2025 (1) Summary of Significant Accounting Policies The Town of Mamaroneck, New York (the Town) was established in 166 . and operates in accordance with Town Law and the various other applicable laws of the State of New York (the State). The Town Board is the legislative body responsible for overall operation. The Town Administrator serves as the chief executive officer and the Town Comptroller serves as the chief financial officer. The Town provides the following servcr to its residents: public safety, health, transportation, economic assistance and opportunity, culture and recreation, home and community services and general administrative support. The financial statements of the Town have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units and the Uniform System of Accounts as prescribed by the State. The Governmental Accounting Standards Board(GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The Town's significant accounting policies are described below: (a) Financial Reporting Entity The financial reporting entity consists of(a) the primary government, which is the Town, (b) organizations for which the Town is financially accountable and (c) other organizations for which the nature and significance of their relationship with the Town 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 Town, for financial reporting purposes, management has considered all potential component units. The decision to include a potential component unit in the Town'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, the following individual component unit is included in the Town's reporting entity because of its operational and financial relationship with the Town. The Town o i maroneck Housing Authority (the Housing Authority) was organized in July 1992 as unicipal housing authority created and established under the Public Housing Law State to provide affordable housing. The members of the Housing Authority's • , e appointed by the Town Board and, therefore, the Town is considered able to .se its will on the Housing Authority. Bonds issued by the Housing Authority are .aranteed by the Town. Since the Housing Authority does not provide services entirely or almost entirely to the Town, the financial statements of the Housing Authority have been reflected as a discretely presented component unit. Complete financial statements of the component unit can be obtained from its administrative office at Town of Mamaroneck Housing Authority, 740 West Boston Post Road, Mamaroneck, New York 10543. 22 Page 459 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (b) Government-Wide Financial Statements The government-wide financial statements (i.e. the Statement of Net Position and the Statement of Activities) report infoiiiiation on all non-fiduciary activities of the primary government as a whole and its component unit. The effect of interfund activity has been removed from these statements. The Statement of Net Position presents the financial position o the Town at the en. its fiscal year. The Statement of Activities demonstrates the 4 to which direct expenses of a given function or segment are offset by program reven Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenue 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 and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not identified as program revenue are reported as general revenue. The Town does not allocate indirect expenses to functions in the Statement of Activities. I 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. (c) Fund Financial Statements The accounts of the Town 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, revenue 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 Town 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 nonmajor funds 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 Town's resources are reflected in the fund financial statements in two broad fund categories, in accordance with GAAP as follows: 23 Page 460 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued Fund Categories (1) 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 Town's major governmental funds: • General Fund- The General Fund constitutes the primary operating fund of the Town and is used to account for and report all financial resources not accounted for and reported in another fund. • Town Outside Villages Fund-The Town Outside Villages Fund is used to account for transactions, which by statute affect only those areas outside the boundaries of the villages located within the Town. The major revenues of this fund are real property taxes and non-property taxes. • Special Revenue Funds - Special revenue funds are used to account for and report the proceeds of specific revenue sources that are restricted, committed, or assigned to expenditures for specific purposes other than debt service or capital projects. The major special revenue funds of the Town are as follows: • . .. ` cial Districts Fund - The Special Districts Fund is provided to account for the operation and maintenance of the Town's water, sewer, street lighting, refuse and garbage, ambulance and fire protection. The major revenues of this fund are real property taxes and departmental income. • Highway Fund - The Highway Fund is used to account for road and bridge maintenance and improvements as defined in the Highway Law of the State. The major revenue of this fund is real property taxes. • 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. • Debt Service Fund - The Debt Service Fund is provided 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. 24 Page 461 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (c) Fund Financial Statements, Continued (2) Fiduciary Funds - The Fiduciary Funds are used to account for assets held by the Town on behalf of others. The Custodial Fund is used to account for real property taxes collected and remitted for other governments. (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, as are the Fiduciary funds. Revenue is 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 revenue 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. Revenue is recognized when they have been earned and they are both measurable and available. Revenue is 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, revenue from Federal and State grants are recognized as revenue 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. Fees and other similar revenue is not susceptible to accrual because generally they are not measurable until received in cash. 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 liabilities, total pension liability and other postemployment benefit (OPEB) 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. Issuance of long-term debt and acquisitions under leases are reported as other financing sources. Component units are presented on the basis of accounting that most accurately reflects their activities. The Housing Authority is accounted for on the accrual basis of accounting. 25 Page 462 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) 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 datea.f acquisition. The Town's deposits and investment policies are governed by State statutes. Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation (FDIC) insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Collateral is required for demand deposit accounts, time deposit accounts and certificates of deposit at 100% of all deposits not covered by FDIC insurance. The Town 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. • Investments - Permissible investments include obligations of the U.S. Treasury, U.S. Agencies, repurchase agreements and obligations of the State or its political subdivisions. 44 The Town 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 Town participates in the New York Cooperative Liquid Assets Securities System (NYCLASS), a cooperative investment pool, established pursuant to Articles 3A and 5G of General Municipal Law of the State of New York. NYCLASS 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 NYCLASS. The pool is authorized to invest in various securities issued by the United States and its agencies, obligations of the State and repurchase agreements. These investments are reported at fair value. NYCLASS issues separately available audited financial statements with a year end of June 30th. 26 Page 463 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (e) Cash and Equivalents, Investments and Risk Disclosure, Continued The Town's position in the pool is equal to the value of the pool shares. The maximum maturity for any specific investment in the portfolio is 397 days. NYCLASS is rated AAA by Standard& Poor's. Local government investment cooperatives in this rating category meet the highest standards for credit quality,conservative investment policies and safety of principal. The cooperative invests in a high quality portfolio of investments legally permissible for municipalities and schhl districts in the State. Additional information concerning the cooperative is presented in the annual report of NYCLASS,which may be obtained from Public Trust Advisors,LLC, 717 17th Street, Suite 1850, Denver, Colorado 80202. Investments of the Fire Protection District are stated at fair value. The amounts are invested in various portfolios by the trustee of the Fund, who has been designated by the State Comptroller. These investments are unrated. The Town has no formal policy relating to interest rate or credit risk for the Fire Protection District's Investments. Investments of the Housing Authority consist of negotiable certificates of deposit and money market funds. Investments are stated at cost, which approximates fair value. The investments are not subject to risk categorization. • Interest Rate Risk - Interest rate risk is the risk that the government will incur losses in fair value caused by changing interest rates. The Town 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 Town 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 Town'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 Town's name. The Town's aggregate bank balances that were not covered by depository insurance were not exposed to custodial credit risk at December 31, 2025. redit 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 Town does not have a formal credit risk policy other than restrictions to obligations allowable under General Municipal Law of the State. • Concentration of Credit Risk - Concentration of credit risk is the risk attributed to the magnitude of a government's investments in a single issuer. 27 Page 464 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (f) Taxes Receivable Real property taxes attach as an enforceable lien on real property and are levied on January 1st. The Town collects county, town, highway and special district taxes, which are due April 1st and payable without penalty to April 30th. School districts taxes are levied on July 1st and are due on September 1st, with the first half payable without penalty until September 30th and the second half payable without penalty until January 31st. The Town guarantees the full payment of the County of Westchester, New York (the County) and school districts warrants and assumes the responsibility for uncollected taxes. The Town also has the responsibility for conducting in-rem foreclosure proceedings. The Town functions in both a fiduciary and guarantor relationship with the County and the various school districts located within the Town with respect to the collection and payment of real property taxes levied by such jurisdictions. County taxes are included in the Town's levy and are payable without penalty for thirty days. The County Charter provides for the Town to collect County and school districts taxes and remit them as collected to the respective municipality. However, the Town must remit to the County sixty percent of the amount levied by May 25th and satisfy the balance of forty percent by October 15th. With respect to school districts taxes, the Charter provides that the Town satisfy the warrant of each school district by April 5th. Thus, the Town's fiduciary responsibility is from the date of the levy until the due date of the respective tax warrant at which time the Town must satisfy its obligations regardless of the amounts collected. County and school districts taxes collected prior to the satisfaction of the respective warrants are considered a fiduciary activity under the provisions of GASB Statement No. 84 - "Fiduciary Activities," and therefore have been accounted for within the Custodial Fund. (g) Other Receivables Other receivables include amounts due from other governments and individuals for services provided by the Town. Receivables are recorded and revenues recognized as earned or as specific program expenses/expenditures are incurred. Allowances are recorded when appropriate. (h) Due From/To Other Funds During the course of its operations, the Town 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 December 31, 2025, balances of interfund amounts receivable or payable have been recorded in the fund financial statements. (i) Inventory There are no inventory values presented on the balance sheet of the respective funds of the Town. Purchases of inventoriable items at various locations are recorded as expenditures at the time of purchase and year-end balances at these locations are not material. 28 Page 465 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (j) 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 amounts 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, which indicates that these amounts do not constitute"available spe ,` e resources"even though they are a component of current assets. (k) Restricted Assets The Housing Authority's restricted assets include rent security deposits required from tenants according to the terms of the lease agreements. In addition, certain proceeds from the Housing Authority revenue bonds,as well as certain other resources,are set aside pursuant to the terms of the bond indenture. (1) Capital Assets Capital assets,which includes land,buildings,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 Town as assets with an initial, individual cost of more than $5,000 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 the donation. In the case of the initial capitalization of general infrastructure assets (i.e., those reported by governmental activities), the Town chose to include all such items regardless of their acquisition date or amount. The Town 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). 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 444, materially extend assets lives is not capitalized. Land and construction-in-progress are not depreciated. Buildings, equipment and infrastructure of the Town 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 30 - 50 29 Page 466 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (1) Capital Assets, Continued The costs associated with the acquisition or construction of capital assets are shown as capital outlay expenditures on the governmental fund financia statements. Capital assets are not shown on the governmental funds' balance sheet. (m) Lease Receivable The Town leases land to the Housing Authority. A lease receivable is measured anlid‘ed at the present value of lease payments expected to be received by the Town during the lease term using an implicit discount rate, net of any provision for estimated uncollectible amounts. As lease payments are received from the lessee, they are first allocated to the amortization of the discount on the lease receivable and recognized as interest revenue, and them to lease receivable. (n) Unearned Revenue Unearned revenue arise when assets are recognized before revenue recognition criteria have been satisfied. In government-wide financial statements, unearned revenue consist of amounts received in advance and/or grants received before the eligibility requirements have been met. Unearned revenue in the fund financial statements are those where asset recognition criteria have been met, but for which revenue recognition criteria have not been met. The Town has reported unearned revenue of$281,255 for parking permits received in advance and $512 of miscellaneous items in the General Fund and$99,728 for parking permits received in advance in the Town Outside Villages Fund. This amount has been deemed to be measurable but not"available"pursuant to GAAP. co) Deferred Outflows/Inflows of Resources Deferred outflows of resources 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. The Town has four items that qualify for reporting in this category. The first item is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement period between the Town's contributions and its N. proportion share of total contributions to the pension system not included in pension N. expense as well as the Town's contributions to the pension systems subsequent to the measurement date. The second item is related to OPEB reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of the liability. The third is related to the Length of Service Award Program (LOSAP) reported in the Statement of Net Position. This represents differences between expected and actual experience as well as changes of assumptions in the calculation of liability. The fourth item relates to the Town's deferred charge on refunding resulting from the difference in the carrying value of the refunded debt and its acquisition. 30 Page 467 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (o) Deferred Outflows/Inflows of Resources, Continued Deferred inflows of resources 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 Town has five items that qualify for reporting in this category. The first is related to pensions reported in the Statement of Net Position. This represents the effect of the net change in the Town's proportion of the collective net pension liability and difference during the measurement periods between the Town's contributions and its proportional share of total contributions to the pension systems not included in the pension expense. The second item represents differences between expected and actual experience as well as changes of assumptions related to the OPEB. The third item is reported on the Balance Sheet - Governmental Funds and relates to unavailable tax revenue for receivables not collected within 60 days of year end. The fourth item is reported on both the Balance Sheet - Governmental Funds and the Statement of Net Position and relates to long-term leases receivable. The fifth item represents differences between expected and actual experiences as well as changes of assumptions related to LOSAP. (p) Long-Term Liabilities In the government-wide financial statements, long-term debt and other long- term liabilities 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 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 expenditures. (cq) Compensated Absences 4v. The various collective bargaining agreements provide for the payment of accumulated vacation and sick leave upon separation from service. The liability for such accumulated leave is reflected in the government-wide Statement of Net Position as 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. (r) Nsion Liability The et pension liability represents the Town's proportionate share of the net pension liability 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." 31 Page 468 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (s) Total Pension Liability - Length of Service Awards Program The financial reporting of these amounts are presented in accor ance 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 No. 67 and 68." (t) Po stemployment Benefits 111LN In addition to providing pension benefits, the Town provides health insurance coverage for retired employees and their dependents. Substantially all of the Town's employees may become eligible for these benefits if they reach normal retirement age and retire under the New York State and Local Employees' Retirement System while working for the Town. The cost of providing postretirement benefits is shared between the Town and the retired employee. The Town recognizes the cost of providing health insurance by recording its share of insurance premiums for retiriand their dependents, as an expenditure in the year paid. (u) Lease payable The financial statements include leases recorded in accordance with the provisions of GASB Statement No. 87 - "Leases". The primary objective of this statement is to enhance the relevance and consistency of information about governments' leasing activities. This statement establishes a single model for lease accounting based on the principle that leases are: financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset,and a lessor is required to recognize a lease receivable and a deferred inflow of resources. (v) Net Position Net Position represents the difference between assets and deferred outflows of resources less , 111111' liabilities and deferred inflows of resources. Net position is comprised of three components: 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 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 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 Town or through external restrictions imposed by creditors, grantors, or laws or regulations of other governments. Restricted net position for the Town includes restricted for special purpose trusts, special revenue funds, capital projects and debt service. 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. 32 Page 469 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances Generally, fund balance represents the difference between current . and deferred outflows of resources and current liabilities and deferred inflows of reso In the fund financial statements, governmental funds report fund classifications that ccrixt.rise a hierarchy based primarily on the extent to which the Town is bound to honor aints on the specific purposes for which amounts in those funds can be spent. U 's 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-teiiii receivables, advances) 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 the General Municipal Law of the State. Committed fund balance - is reported for amounts that can only be used for specific purposes pursuant to foiinal action of the entity's highest level of decision making authority. The Town Board is the highest level of decision making authority for the Town 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 Town Board 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 Town Board. Assigned fund balance-represents amounts constrained either by policies of the Town Board for amounts assigned for balancing the subsequent year's budget or the Town Comptroller for amounts assigned as encumbrances as authorized by the Town Board. 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 funds except the General Fund includes all . remaining amounts, except for negative balances, that are not classified as nonspendable and are neither restricted nor committed. Unassigned fund balance - 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. 3 3 Page 470 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (1) Summary of Significant Accounting Policies, Continued (w) Fund Balances, Continued 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 Town's policy to use restricted amounts first and then unrestricted amounts as they are needed. For unrestricted amounts of • balance, it is the Town's policy to use fund balance in the following order: commi assigned and unassigned. (x) Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires piathvement to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Estimates and assumptions are made in a variety of areas, including compensated absences, other postemployment benefits, potential contingent liabilities and useful lives of long-lived assets. (y) Accounting Standards Issued But Not Yet Implemented GASB has issued the following pronouncements which will be implemented in the years required. The effects of the implementation of these pronouncements are not known at this time. Statement No. 103 - Financial Reporting Model Improvements. Effective for fiscal years beginning after June 15, 2025. Statement No. 104-Disclosure of Certain Capital Assets. Effective for fiscal years beginning after June 15, 2025. Statement No. 105 - Subsequent Events. Effective for fiscal years beginning after June 15, 2026. cz) Encumbranc In gove funds, encumbrance accounting, under which purchase orders, contracts and other c itments 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, Town Outside Villages, Highway and the Special Districts funds. Encumbrances outstanding at year-end are generally reported as assigned fund balance since they do not constitute expenditures or liabilities. (aa)Subsequent Events The Town has evaluated subsequent events through the date of the report which is the date the financial statements were available to be issued. 34 Page 471 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability (a) Budgetary Data The Town generally follows the procedures enumerated below in establishing the budgetary data reflected in the financial statements: • Prior to October 20th, the head of each administra ' unit shall submit to the budget officer an estimate of revenue and expenditure such administrative unit for the ensuing year. • The budget officer, upon completion of the review of the'estimates, shall prepare a tentative budget and file such budget in the office of the Town Clerk on or before October 3 0th. • On or before November 10th, the Town Clerk shall present the tentative budget to the Town Board. • The Town Board shall review the tentative budget and may make such changes,alterations and revisions as it shall consider advisable and which are consistent with law. Upon completion of such review,the tentative budget and any modifications as approved by the Town Board shall become the preliminary budget. • On or before December 10th, the Town Board shall hold a public hearing on the preliminary budget. • After the public hearing, the Town Board may further change, alter and revise the preliminary budget subject to provisions of the law. • The preliminary budget as submitted or amended shall be adopted by resolution no later than December 20th. • Fointal budgetary integration is em oyed during the year as a management control device for General, Town Outside Villages, Highway, Special Districts and Debt Service funds. The Special Districts Fund is comprised of the Water District,the Sewer District,the Street Lighting District, the Refuse and Garbage District, the Ambulance District, and the Fire Protection District, all of which has a legally adopted budget. • Budgets for General,Town Outside Villages,Highway, Special Districts and Debt Service funds are legally adopted annually on a basis consistent with generally accepted accounting principles. The Capital Projects Fund is budgeted on a project basis. k The Town Board has established legal control of the budget at the function level of expenditures. Transfers between appropriation accounts, at the function level over $10,000, require approval by the Town Board. Any modifications to appropriations resulting from an increase in revenue estimates or supplemental reserve appropriations also require a majority vote by the Board. • Appropriations in General, Town Outside Villages, Highway, Special Districts and Debt Service 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 Town Board. 3 5 Page 472 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (2) Stewardship, Compliance and Accountability, Continued (b) Property Tax Limitation Under New York State Town Law,the Town is not limited as to the maximum amount of real property taxes which may be raised. However, Chapter 97 of the New York State 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 Town 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 sun-i 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 National Consumer Price Indexes determined by the United States Department of Labor with the result expressed as a decimal to four places. The Town 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 Town, including exclusions for certain portions of the expenditures for retirement system contributions and tort judgments payable by the Town. The Town Board may adopt a budget that exceeds the tax levy limit for the coming fiscal year, only if the Town Board first enacts, by a vote of at least sixty percent of the total voting power of the Town Board, a local law to override such limit for such coming fiscal year. Taxes Receivable I -s receivable at December 31, 2025 consisted of the following: Town and County taxes - Current $ 282,714 Tax liens 1,529,849 1,812,563 Allowance for uncollectible amounts (672,432) $ 1,140,131 Taxes receivable are also partially offset by deferred tax revenue of$1,087,004,which represents an estimate of the taxes receivable which will not be collected within the first sixty days of the subsequent year. 36 Page 473 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (4) Capital Assets Changes in the Town's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 Additions Deletions Reclassifications 2025 Capital assets,not being depreciated/ amortized: Land $ 4,031,660 - - - 4,031,660 Construction-in-progress 4,018,273 4,824,899 - (2,967,604) 5,875,568 Total capital assets,not being depreciated/ amortized 933 4,824,899 - (2,967,604) 9,907,228 Capital assets,being depreciated/ amortized: Buildings and improvements 34,999,250 1,170,159 - 25,500 36,194,909 Machinery and equipment 20,606,645 2,117,162 (2,230,144) 1,651,094 22,144,757 Infrastructure 69,742,795 3,435487 � 1,291,010 74,469,092 Right-to-use asset - 906,462 - - 906,462 Total capital assets,b depreciated/amortized 125,348,69 29,070 (2,230,144) 2,967,604 133,715,220 Less accumulated depreciation/ amortization for: Buildings and improvements ,185,305 - - 13,672,118 Machinery and equipment 13,5 , 1,276,601 (2,176,792) - 12,634,550 infrastructure 28,128,469 1,814,251 - - 29,942,720 Right-toiuse asset - 181,292 - - 181,292 Total accumulated depreciation/amortization 54,150,023 4,457,449 (2,176,792) - 56,430,680 Total capital assets, being depreciated/ amortized,net 71,198,667 3,171,621 (53,352) (2,967,604) 71,349,332 Capital assets,net $ 79,248,600 7,996,520 (53,352) - 87,191,768 Depreciation/amortization expense was charged to the Town's functions and programs as follows: General government support $ 423,457 • Public safety 142,638 Transportation 1,903,331 Economic assistance and opportunity 294,192 Culture and recreation 98,064 Home and community services 1,595,767 Total depreciation/amortization expense $ 4,457,449 37 Page474of610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (4) Capital Assets, Continued Capital Assets - Component Unit Changes in the Housing Authority's capital assets for the year ended December 31, 2025 are as follows: Balance Balance January 1, December 31, 2025 itions_ Deletions 2025 Capital assets,not being depreciated- construction-in-progress Capital assets,being depreciated: Buildings and improvements 8,836,076 Machinery and equipment 764,550 Right-to-use leased land '69,581 Total capital assets,being depreciated 9,571, Less accumulated depreciation for: Buildings and improvements 2,43 Machinery and equipment Right-to-use leased land Total accumulated depreci, ion 6,6- 8 Total capital assets, being depreciated,ne 5,920, Capital assets,nItiL, • (5) Lease Receivable The Town maintains an agreement to lease land to the Housing Authority. Under the agreement, the Town receives rent each year covered by the agreement through 2035. At December 31, 2025, the present value..pf the lease receivable and the corresponding deferred inflow of resources were $2,140,905 and $1,979,721, respectively. The following is the amortization schedule for the lease receivable: Year ending Principal Interest Total 2026 $ 183,652 31,002 214,654' 2027 189,976 28,208 218,184 2028 196,460 25,319 221,779 2029 203,105 22,331 225,436 2030 209,916 19,242 229,158 2031 - 2035 1,157,796 46,182 1,203,978 Total $ 2,140,905 172,284 2,313,189 38 Page 475 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (5) Lease Receivable, Continued The following is the amortization schedule for the deferred inflow of resources: Year ending 2026 $ 197,972 2027 197,972 2028 197,972 2029 197,972 2030 197,972 2031 - 2035 989,861 Total $ 1,979,721 (6) Joint Venture The Town, together with the Village of Larchmont and the Town and Village of Harrison, participate in the Westchester Joint Water Works (WJWW). The purpose of the joint venture is to acquire, construct, provide, maintain and operate a water works system. The following is a summary of financial information included in the audited financial statements of the joint venture. ir General Capital Fund Fund Balance Sheet Date - December 31, 2024 Total assets $ 22,134,258 108,210,045 Total liabilities 10,831,132 Net capital 11,303,126 108,210,045 Revenue 411 , 117,571,557 - Expenses 34,315,181 - Change in net assets 83,256,376 - *The December 31, 2025 information was not available as of the date of the issuance of these financial statements. 39 Page 476 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (7) Short-Term Debt Bond anticipation notes (BANs) issued in anticipation of proceeds from the subsequent sale of bonds are recorded as current liabilities of the funds that will actually receive the proceeds from the issuance of the bonds. Such notes may be classified as long-term debt when (1) the intention is to refinance the debt on a long-term basis and(2)the intention can be substantiated through a post balance sheet issuance of long-term debt or by an acceptable financing agreement. State law requires that bond anticipation notes issued for capital purposes be converted to long-term financing within five years after the original issue date. The Town issued a BAN in 2025 to finance capital projects. The following is an analysis of BAN activity as of and for the year ended December 31, 2025: Interest Issuance Maturity Balance at Balance at Description of Issue Rate Date Date 12/31/24 Additions Reductions 12/31/25 Capital projects 4.00% 8/14/2025 8/14/2026 $ - 4,035,450 - 4,035,450 (8) Long-Term Liabilities The following table es change own's long-term liabilities::;;;:::1T:;;T 1Increases Decreases Governmental activities: General obligation bonds payable $ 60,536,500 - 4,171,500 56,365,000 4,310,000 Plus unamortized premium on bonds 2,673,691 - 195,242 2,478,449 195,242 63,210,191 - 4,366,742 58,843,449 4,505,242 Other noncurrent liabilities: Lease payable ...V - 906,462 167,357 739,105 174,052 Compensated absences 381,397 - 46,601 334,796 Net pension liability-ERS 3,616,982 83,299 - 3,700,281 Net pension liability-PFRS 7,576,848 1,742,023 - 9,318,871 - Total pension liability- length ofserviceaward program 1,826,357 16,730 - 1,843,087 37,705 Total OP ility 82,680,626 3,486,954 - 86,167,580 3,383,666 udge 17,852,300 13,988,797 - 31,841,097 - r noncurrent liabilities 113,934,510 20,224,265 213,958 133,944,817 3,595,423 Go ental activities-long-term liabilities $ 177,144.701 20,224,265 4,580,700 192,788,266 8,100.665 Mamaroneck Housing Authority: Revenue bond payable $ 3,090,000 - - 3,090,000 - Plus unamortized premium on bonds 123,675 - - 123,675 - Lease payable 2,318,387 - - 2,318,387 - Component Unit-long-term liabilities $ 5,532,062 - - 5,532,062 - 40 Page 477 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued Each governmental fund's liability for compensated absences,net pension liabilities,total pension liability, total OPEB liability and judgement liability are liquidated by the respective fund. Governmental liabilities for general obligation bonds are liquidated by the Debt Service Fund, which is funded by the General, Town Outside Villages,Highway and Special Districts funds. Governmental liabilities for installment purchase debt are liquidated by the Special Districts Fund - Ambulance District. The changes in compensated absences are shown as net. le (a) General Obligation Bonds Payable General Obligation Bonds payable at December 31, 2025 omprised of the following individual issues: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue Amount Maturity Rates 2025 Fire district improvements 2013 $ 996,000 May, 2026 .4.. 2.590% $ 90,000 Fire district improvements 2016 2,185,000 July, 2031 2.000 - 3.000% 940,000 Public improvemetrAdig 2016 8,990,845 October, 2036 2.000 - 2.300% 5,335,000 Refunding bonds 2017 7,040,000 March, 2030 2.000 - 2.350% 2,580,000 Public improvements 2018 5,815,500 December, 2038 3.000 - 5.000% 4,130,000 Fire district improvements 2018 1,400,000 December, 2038 3.000 - 5.000% 995,000 Public improvements 2019 3,830,000 September, 2039 2.000 - 5.000% 2,975,000 Fire district improvements 2019 2,470,000 September, 2039 2.000 - 5.000% 1,920,000 Public improvements 2020 3,385,000 August, 2035 1.000 - 5.000% 2,475,000 Refunding bonds 2020 8,115,000 May, 2028 0.650 - 2.000% 5,310,000 Public improvements 2021 6,100,000 August, 2040 1.375 - 5.000% 4,820,000 Public improvements 2022 4,175,000 October, 2042 4.000-5.000% 3,770,000 Fire district improvements 2022 1,082,000 October, 2037 4.000-5.000% 900,000 Public improvements 2023 3,016,600 September, 2039 4.000-5.000% 2,720,000 Public improvements 2023 5,954,700 September, 2053 4.000-5.000% 5,715,000 Public improvements 2024 5,220,000 August, 2039 3.000-5.000% 4,970,000 Public improvements 2024 6,250,500 August, 2054 4.000-5.000% 6,125,000 ire district improvements 2024 646,000 August, 2034 3.790% 595,000 $ 56,365,000 41 Page 478 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (b) Payments to Maturity The annual requirements to amortize the bonds outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 4,310,000 1,829,748 6,139,748 2027 4,330,000 1F90,327 6,020,327 2028 4,235,000 1, 48,062 5,783,062 2029 4,045,000 1,409,828 5,454,828 2030 3,880,000 1,270,836 5,150,836 2031 - 2035 17,975,000 4,661,092 22,636,092 2036 - 2040 9,930,000 2,362,545 12,293,545 2041 - 2045 2,805,00 ,284,800 4,089,800 2046 - 2050 VIP"- 2,655,000 73,000 3,428,000 2051 - 2054 2,200,000 07,811 2,407,811 $ 56,365,0 17,039,049 73,404,049 The above general obligation bonds are direct borrowings of the Town for which its full faith and credit are pledged and are payable from taxes levied on all taxable real property within the Town. Upon default of the payment of principal or interest on the serial bonds the bond holders have the right to litigate. Moody's Investor Service has maintained the Town's AAA bond rating, the hi hest the Agency issues. (c) Lease Payable The Town has 5 year lease for ambulance equipment. The lease requires annual payments of $203,616 and has an interest rate of 4.00%. The annual requirements to amortize the lease payable outstanding as of December 31, 2025 are as follows: Year ending Principal Interest Total 2026 $ 174,052 29,564 203,616 2027 181,014 22,602 203,616 2028I 188,254 15,362 203,616 2029 195,785 7,831 203,616 $ 739,105 75,359 814,464 42 Page 479 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (d) Interest Expense Interest expense for the year ended December 31, 2025 was composed of: Interest paid: Bonds $ 1,953,295 Lease 36,258 1,989,553 Less: ar, Prior year accrued interest (478,708) Current year premium amortization (195,242) (673,950) Plus: Current year accrued interest: Bonds 370,162 BAN 61,471 Current year deferred loss amortization 41 364 472,997 Interest expense $ 1,788,600 (e) Indebtedness - Component Unit Bonds payable Dece ber 31, 2025 is comprised of the following: Amount Original Outstanding at Year of Issue Final Interest December 31, Purpose Issue mount Maturity Rates 2025 Hammocks Park Apartments,Series B 2015 11P$ 650,000 October 2035 3.00-3.50% Hammocks Park Apartments 2023 2,800,000 April 2024 3.00-5.00% The annual requirements to amortize the bond outstanding as of December 31, 2025 is as follows: k Year ending * Principal Interest Total 2026 $ 140,000 111,900 251,900 2027 145,000 105,500 250,500 2028 150,000 98,825 248,825 2029 155,000 91,900 246,900 030 031 - 2035 2036 - 2040 2041 - 2043 The revenue bonds are payable from the revenues received by the Housing Authority from the operation of the project. The Town has guaranteed payment of bond principal and interest. 43 Page 480 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (8) Long-Term Liabilities, Continued (e) Indebtedness - Component Unit, Continued The bonds are subject to redemption prior to maturity, a •irec the Housing Authority and with the consent of the Town, upon th- oc.. ence of o • ore of the following events. 1) The Project is damaged or destroyed to the extent ; a) it cannot be reasonably repaired within a six month period or b) the Housing Authority would thereby be prevented from carrying on the normal rental operations of the project, as it eted prior to the damage, for a period of six months or more. 2) Title to, or the use of or possession of, all or substantially the entire project is condemned or taken under the exercise of the power of eminent domain by any governmental authority. Under this extraordinary redemption provision,the bonds are subject to redemption as a whole at any time, but not in part, at a redemption price equal to 100% of the outstanding principal amount thereof without discount, together with accrued interest to the date of redemption. At the option of the Housing Authority, the 2015 Series B bonds maturing on or after October 15, 2024 will be subject to redemption prior to maturity on any date on or after October 15, 2023 and the 2023 bonds maturing on or after April 1, 2032 will be subject to redemption prior to maturity on any date on or after April 1, 2031. The bonds may be redeemed either as a whole or in part and if in part in order of maturity and in any amount within maturity, at the following redemption prices, plus accrued interest to the date of redemption. Redemption Period Redemption Price Issue (Dates Inclusive) as a Percentage of Par 2015B October 15, 2024 100% 2023 April 1, 2032 100% Corn mensated A•sy. ces Pursuant to its collective bargaining agreements, the Town is required to pay its civil service employees for accumulated sick leave upon retirement. The contract provides for the payment of $80 per day for those days earned in excess of 165 days but not more than 240 days. Maximum number of days to be paid will be 75 days. The contract also provides for these employees to be compensated at their regular rate of pay for unused vacation time upon separation of employment up to a maximum of 30 days. No payment is provided for unused sick leave or vacation time for police and fire employees. The value of compensated absences has been reflected in the government-wide financial statements. 44 Page 481 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans (a) Plan Description and Benefits Provided The Town 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 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 dikability 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 allocated to the System. The Comptroller of the State of New York serves as the trustee of the Fund and is the administrative head of the System. System benefits are established under the provisions of the New York State Retirement and Social Security Law. 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 Town also participates in the Public Employees' Group Life Insurance Plan(GLIP), which provides death benefits in the form of life insurance. GLIP amounts are appointed to and included in ERS. 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/ retirement/financial-statelnents-and-supplementary-infounation. 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. The Comptroller annually certifies the actuarially determined rates expressly used in computing the employers' contributions based on salaries paid during the Systems' fiscal year ending March 31. (b) Pension Liabilities, Pen4pn Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions At December 31, 2025, the Town reported the following for its proportionate share of the net pension liability for ERS and PFRS: ERS PFRS Measurement date March 31, 2025 March 31, 2025 Net pension liability $3,700,281 9,318,871 Town's proportion of the System's net pension liability 0.0215814% 0.1533501% Change in proportion from prior year (0.0029837) (0.0064038) 45 Page 482 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued4W For the year ended December 31, 2025, the Town recognized its proportionate share of pension expense in the government-wide financial statements of$865,926 for ERS and $2,419,183 for PFRS. Pension expenditures of$1,251,106 for ERS and $2,741,355 for PFRS were recorded in the fund financial statements and were charged to the following funds: ERS PFRS General $ 612,803 - Town Outside Villages 166,668 2,116,545 Special Districts 145,804 624,810 Highway 325 831 - Total $ 151,106 2,741,355 At December 31, 2025,the Town reported deferred outflows of resources and deferred inflows of resources related to the pensions from the following sources: ERS PFRS Total Deferred Deferred Deferred Deferred Deferred Deferred Outflows Inflows Outflows Inflows Outflows Inflows Resources Resources Resources Resources Resources Resources Differences ' een expected .r actual experience $ 918,435 43,323 3,103,993 - 4,022,428 43,323 Changes of assumptions — 155,182 - 1,399,335 - 1,554,517 Net difference between projected and actual earnings on pension plan investments 290,314 - 358,187 - 648,501 - Changes in proportion and differences between Town contributions and proportionate share of contributions 283,708 290,862 696,500 291,339 980,208 582,201 Town contributions subsequent to the measurement date 961,204 - 2,114,028 - 3,075,232 - $ 2,608,843 334,185 7,672,043 291,339 10,280,886 625,524 Town contri•utions subsequent to the measurement date will be recognized as a reduction of the net pension system in the year ending December 31, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the pensions will be recognized in pension expense as follows: 46 Page 483 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued 11/11' (10) Pension Plans, Continued (b) Pension Liabilities, Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pensions, Continued Year ending ERS PFRS 2026 685,918 2,520,971 2027 954,447 1,614,649 2028 319,023) 161,177 2029 (7,888) 655,930 2030 313,949 $ 1,313,454 5,266,676 (c) Actuarial Assumptions The total pension liabilities at March 31, 2025 were determined by using a roll forward procedure to advance the liability calculated using system assumptions and member demographics from the actuarial valuation completed as of April 1, 2024. Economic assumptions used in the April 1, 2024 actuarial valuation include: ERS PFRS Actuarial valuation date April 1, 2024 April 30, 2024 Measurement date March 31, 2025 March 31, 2025 Inflation 2.9% 2.9% Salary increases 4.3% 6.2% Investment rate o return, (net o investment expense including inflation) 5.9% 5.9% Cost-of-living adjustments 1.5% 1.5% To set the long-term rate of return on pension plan investments, consideration was given to a building-block method using best-estimate ranges of expected future real rates at return (expected return, net of investment expenses and inflation) for each major asset class. These ranges are combined to produce the long-teim expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. aphic assumptions used in the April 1,2024 actuarial valuation are based on the results • an actuarial experience study completed April 1, 2020. Demographic assumptions are primarily based on System experience over the period April 1, 2015 - March 31, 2020. Annuitant mortality rates are adjusted to incorporate mortality improvements under the Society of Actuaries' Scale MP-2021. 47 Page 484 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10)Pension Plans, Continued (c) Actuarial Assumptions, Continued The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return * Domestic equity 25% 3.54% International equity 14% 6.57% Private equity 15% 7.25% Real estate 12% 4.95% Opportunistic/ARS portfolio 3% 5.25% Credit 4% 5.40% Real assets 4% 5.55% Fixed income 22% 2.00% Cash 1% 0.25% 100% *The real rate of return is net of the long-term inflation assumption of 2.9%. (d) Discount Rate ilmk The discount rate used to calculate the total pension liabilities 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 liabilities. (e) Sensitivity of the Proportionate Share of the Net Pension Liabilities to the Discount Rate The following presents the Town's proportionate share of the net pension asseti(liability) calculated using the discount rate of 5.9%, as well as what the Town's proportionate share of the net pension asset/(liability) 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: 1% Current 1% Decrease Assumption Increase 4.9% 5.9% 6.9% ERS - Town's proportionate share of the net pension asset (liability) $ (10,709,079) (3,700,281) 2,152,700 PFRS - Town's proportionate share of the net pension asset (liability) $ (19 649 234) (9 318 871) (792 642) 48 Page 485 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (10) Pension Plans, Continued (f) Pension Plan Fiduciary Net Position The components of each current-year net pension liability of. icip ployers as of March 31, 2025, were as follows: (Dollars 1 'ons) ERS Employers' total pension liability (247,600) (4e . :) Fiduciary net position .,I230,454 41,395 Employers' net pension liability S (17,146) (4,743) Ratio of fiduciary net position to the Employers' total pension liability 93.08% 87.53% (g) Contributions to the Pension Plans Employer contributions to ERS and PFRS are based on the System's fiscal year, which ends on March 31'. Retirement contributions as of December 31, 2025 represent the projected employer contributions for the period of April 1, 2025 through March 31, 2026 based on paid employee wages multiplied by the employers' contribution rate, by tier. Retirement contributions to ERS and PFRS for the year ended December 31, 2025 were $1,251,106 and $2,741,355, respectively. (h) Voluntary Defined Contribution Plan The Town 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 S75,000 or more. The employee contribution is between 3% and 6% depending on salary and the Town will contribute 8%. Employer contributions vest after 366 days of service. No current employees participated in this program. (11) Length of Service Award Program (a) Plan Description and Benefits The information contained in this note is based on infoiniation for the Town of Mamaroneck Fire District Length of Service Award Program for the program year ended on December 31,2025. The Program is accounted for in the Town's financial statements within the Fire Pre • . District Fund. 49 Page 486 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (a) Plan Description and Benefits, Continued The Town of Mamaroneck Fire District (the District), esta s s a defined benefit Service Award Program (referred to as a"LOSAP" - Length Of Se vice Awards Program - under Section 457(e)(11) of the Internal Revenue Code) effective January 1, 1999 for the active volunteer firefighter members of the District. 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 District 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 has earned one year of Service Award Program Service Credit. An active volunteer firefighter earns a year of Service Credit for each calendar year after the establishment of the Program in which he or she accumulates 50 points. Points are granted for the perfoiiiiance of certain firefighter activities in accordance with a system established by the Sponsor on the basis of a statutory list of activities and point values. A Participant may also receive Service Credit for five years of active volunteer firefighting service rendered prior to the establishment of the Program. Participants acquire a non-forfeitable right to be paid a Service Award after earning five years of Service Credit, becoming totally and permanently disabled, dying while an active volunteer or upon attaining the Program's Entitlement Age while an active volunteer. The Program's Entitlement Age is age 60, and is the age at which benefits begin to be paid to Participants. A Participant's Service Award benefit is paid as a ten-year certain and continuous monthly payment life annuity. The amount payable each month equals $20 multiplied by the total number of years of Service Credit earned by the Participant. The maximum number of years of Service Credit a Participant may earn under the Program is 40 years. Currently, there are no other forms of payment of a volunteer's earned Service Award under the Program. Except in the case of Pre-Entitlement Age death or total and permanent disablement, a Participant's Service Award will not be paid until he or she attains the Entitlement Age. -teers who are active after attaining the Entitlement Age and who may have enced receiving a Service Award have the opportunity to earn Service Credit and, ereby, increase their Service Award payments. The pre-Entitlement Age death and disability benefit is equal to the actuarial value of the Participant's earned Service Award at the time of death or disablement. Program does not provide extra line-of- duty death or disability benefits. All death and disability benefits are self-insured and are paid from the Program Trust Fund. 50 Page 487 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (b) Employees Covered by Benefit Terms Active Members AMF Vested-Terminated 28 Retired and Beneficiaries 6 Total 67 fc) Actuarial Assumptions The total pension liability in the January 1,2025 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation: 0.0% Nir Investment rate of return: 4.43%net of pension plan investment expense, including inflation Salary Scale: Not applicable Mortality: No pre-retirement mortality; post retirement RP2000 projected to 2030 • Trust Assets I Although assets have been accumulated in an irrevocable trust such that the assets are dedicated to providing pensions to plan members in accordance with benefit terms, the trust assets are not legally protected from creditors of the District. As such,the trust assets do not meet the criteria in paragraph 4 of GASB Statement No. 73. The trust assets are recorded in the Fire Protection District fund as investments and as a component of Restricted fund balance. • Contributions New York State General Municipal Law §219(d) requires the District to contribute an actuarially determined contribution on an annual basis. The actuarially determined contribution shall be appropriated annually by the District. (d) Measurement of Total Pension Liability The total pension liability of $1,843,087 was measured as of December 31, 2025 and was W determined using an actuarial valuation as of January 1, 2025. (e) Changes in the Total Pension Liability LOSAP liability - beginning of year $ 1,826,357 Service cost 37,638 Interest 80,139 Differences between expected and actual experience (12,505) Changes of assumptions (50,837) Benefit payments and expenses (37,705) LOSAP liability - end of year $ 1,843,087 51 Page 488 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (11) Length of Service Award Program, Continued (f) Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to the Pension For the year ended December 31, 2025, the District recognized pension ex $33,924. At December 31, 2025, the District reported deferred outflows of resource eferred inflows of resources related to the pension from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $ 15,864 124,357 Changes of assumptions 369,373 740,170 $ 385,237 864,527 Other amounts reported as deferred outflows of resources and deferred inflows of resources related to LOSAP will be recognized in the pension expense as follows: Year ending 2026 $ (83,849) 2027 (87,106) 2028 (87,104) 2029 (165,145) 2030 (47,032) Thereafter i (9,054) $ (479,290) (g) Sensitivity of the Total Pension Liability to Changes in the Discount Rate The following presents the total pension liability of the District as of the December 31, 2025 measurement date, calculated using the discount rate of 4.43%, as well as what the District's total pension liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher (5.43%) than the current rate: 1% Current 1% Decrease Assumption Increase (3.43%) (4.43%) (5.43%) al pension liability $ 2,213,804 1,843,087 1,554,112 52 Page 489 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB) (a) Plan Description and Benefits Provided In addition to providing pension benefits, the Town provides c ain 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 Town may vary according to length of service. The cost of providing postemployment health care benefits is shared between the Town and the retired employee as noted below. Substantially all of the Town's employees may become eligible for those benefits if they reach normal retirement age while working for the Town. 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. (b) Employees Covered by Benefit Terms At December 31, 2024, the valuation date, the following employees were covered by the benefit terms: Retired employees, 129 Active employeesmil` 128 257 (c) Total OPEB Liability The Town's total OPEB liability of$86,167,580 was measured as of December 31,2025, and was determined by an actuarial valuation as of December 31, 2024. (d) Actuarial Assumptions The total OPEB liability in the December 31, 2024 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified: Inflation 3.00% Salary increases 3.00% Discount rate 4.43% Healthcare cost trend rates 7.00% for 2025, decreasing by 0.5%per year to an ultimate rate of 4.5% 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 S&P 20-year High Grade Rate Index. Mortality rates were based on Pub-2010 with MP-2021 projection. 53 Page 490 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (e) Changes in the Total OPEB Liability The Town's change in the total OPEB liability for the year ended December 31, 2025 is as follows: Total OPEB liability - beginning of year $ 82,680,626 Service cost 1,933,008 Interest 3,549,053 Differences between expected and actual - ence 3,014,347 Changes of assumptions (1,625,788) Benefit payments (3,383,666) Total OPEB liability - end of year S 86,167,580 (f) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage point lower (3.43%) or 1-percentage point higher(5.43%) than the current discount rate: 1%W Current 1% Total OPEB liability Decrease Assumption Increase (3.43%) (4.43%) (5.43%) $ 99,280,100 86,167,580 75,551,187 (.) Sensitivity of the Total OPEB Liability to Changes in the Healthcare Trend Rates The following presents the total OPEB liability of the Town, as well as what the Town's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1- percentage point lower (6.0% decreasing to 3.5%) or 1-percentage point higher (8.0% decreasing to 5.5%) than the current healthcare cost trend rates: Healthcare 1% Cost Trend 1% Decrease Rates Increase (6.0% (7.0% (8.0% decreasing decreasing decreasing to 3.5%) to 4.5%) to 5.5%) Tot. B liability $ 74,837,845 86,167,580 100,386,424 54 Page 491 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (12) Other Post Employment Benefit Liability (OPEB), Continued (h) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended December 31, 2025, the Town recognized OPEB expense of$3,027,872 in the government-wide financial statements. At ler 31, 2025, the Town reported deferred outflows of resources and deferred in 1 of resources related to OPEB from the following sources: erred Deferred tflows of Inflows of Resources Resources Differences between expected and actual experie' $ 5,298,718 396,722 Changes of assumptions 1,600,239 10,974,263 $ 6,898,957 11,370,985 Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: Year ending 2026 S (4,639,636) 2027 822,754 2028 (932,861) 2029 ' 277,715 $ (4,472,028) (13)Interfund Activity The balanc ected as due from/to other funds at December 31, 2025 were as follows: r' Due Due Fun From To General $ - 39,238,785 Town Outside Villages 5,065,984 - Special Districts 6,007,457 - Highway 2,895,989 - Capital Projects 17,957,540 - Debt Service 7,311,815 - $ 39,238,785 39,238,785 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. 55 Page 492 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (13) Interfund Activity, Continued Interfund transfers are defined as the flow of assets, such as cash o• a ervices, without the equivalent flow of assets in return. The interfund tran- effect-. ,w have been reflected as transfers: Transfers fers Fund In General $ 409,145 2,101, Town Outside Villages 56,253 675,957 Special Districts 272,588 2,634,747 Highway 5,113 1,706,900 Capital Projects IF 1,659,967 1,883,063 Debt service 5,698,941 - $ ikt002,007 9,002,007 Transfers are used to (1) move funds from the fund with collection authorization to the funds where additional amounts are needed and (2) to move amounts earmarked in the operating funds to fulfill commitments for Capital Projects and Debt Service funds expenditures. (14) Significant Contingen (a) Litigation The Town, 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 Town if adversely settled. WJWW, a joint venture of the Town,has entered into a settlement agreement along with other municipalities. The settlement agreement resulted in fines and commitments to capital projects. The Town's proportionate share of this settlement is 16.7%. As a result, the 1\ . Town has paid $4,734,061 as of December 31, 2025. Additionally, the Town estimates that its proportionate share of the remaining capital projects to be $31,841,097 which is recognized on the statement of net position. he Town is also defendant in numerous tax certiorari proceedings, the results of which generally require tax refunds on the part of the Town. The amount of possible refunds cannot be determined at the present time and any refunds resulting from adverse settlements will be funded in the year in which the payments are made. 56 Page 493 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Financial Statements, Continued (14) Significant Contingencies, Continued (b) Risk Management The primary government purchases various conventional liability and workers' compensation insurance policies to protect against potential losses. The general liability policy provides coverage of$1 million per occurrence, not to exceed an aggregate of up to $3asiilion. In addition, there is a public officials liability policy providing coverage of$1 million per claim, not to exceed an aggregate of up to $2 million. Finally, there is an excess liability policy of$20 million per occurrence,not to exceed an aggregate of up to $40 million. The Town's workers' compensation policy provides coverage at statutory levels. Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past three fiscal years. The Authority purchases various conventional insurance policies to reduce its exposure to loss. The Authority maintains a general liability policy with coverage up to $5 million. Settled claims resulting from these risks have not exceeded commercial coverage in any of the past three fiscal years. (c) Contingencies The Town partici.. - 'n various F, . t programs. These programs are subject to program co' .its pursua e Single Audit Act. The amount of expenditures which • • disa • by the . *ng agencies cannot be deteunined at this time, altho e Town an hates such . ts, if any, to be immaterial. (15) Certain iii ' closures (a) Concentrations - Wor force Covered by Collective Bargaining Agreements The Town's workforce has collective bargaining agreements which dictate employment terms including payroll and related expenditures as well as benefits. The Town's C SEA contract has expired and the Town is currently in negotiations to extend the contract. Other collective bargaining are maintained by the Town and available upon request. (b) Constraints (1) Limitations on Raising Revenue The Town's ability to raise revenue through property taxes is subject to Article Ill of the New York State Constitution and the Real Property Tax Law, including the property tax levy limit("tax cap")imposed by Chapter 97 of the Laws of 2011. For most towns, annual increase in the property tax levy cannot exceed the lesser of 2% or the rate of inflation, unless a local law is passed and approved by a 60% supermajority of the r Town Board or governing body. (2) Limitations on Spending Expenditures must be authorized in accordance with the annual budget adopted by the Town Council, pursuant to New York State General Municipal Law(GML) and local charter provisions. The Town may not incur expenditures in excess of appropriations, except for legally authorized emergency expenditures. 57 Page 494 of 610 TOWN OF MAMARONECK, NEW YORK Notes to Financial Statements, Continued (15) Certain Risk Disclosures, Continued (b) Constraints, Continued (3) Limitations on Incurrence of Debt The Town's authority to incur indebtedness is governed by Article VIII of the New York State Constitution,the Local Finance Law,and local charters or ordinances. The Town is subject to a constitutional debt limit, which is 7% of the five-year average full valuation of taxable real property within the Town. All borrowings must be authorized by the Town Board and, in some cases, by public ref um. The Town is also subject to statutory provisions governing issuance e, permission purposes, and repayment requirements. (16) Tax Abatements • The Town has real property tax abatement agreements exempt under Real Property Tax Law and General Municipal Law. However, the total value of the tax abatement agreements for the year ended December 31,2025 amounted to$3,655 and,therefore,detail information has been excluded from these financial statements. < 111111111111111111r 58 Page 495 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue,Expenditures and Changes in Fund Balance - Budget to Actual- General Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $ 6,987,600 6,987,600 6,613,851 73,749) Real property tax items 566,400 579,468 693,382 ' 914 Departmental income 3,780,325 3,801,748 3,826,031 :3 Intergovernmental charges - - 7,400 ,400 Use of money and property 950,190 950,190 1,144,336 194,146 Licenses and permits 77,300 77,300 106,598 29,298 Fines and forfeitures 250,000 250,000 300,242 50,242 Sale of property and compensation for 1 s - - 11,310 11,310 State aid 1,309,594 1,331,510 1,826,973 495,463 Federal aid 67,812 67,812 131,287 63,475 Miscellaneous 203,600 214,826 102,782 (112,044) Total revenue 14,192,821 14,260,454 14,764,192 503,738 Expenditures: General government suporill 5,521,178 5,511,877 4,599,767 912,110 Health 50,000 450,000 289,091 160,909 Transportation 9,700 19,700 9,864 9,836 Economic assistance and opportunity ,794 516,184 476,931 39,253 Culture and recreation .111111111'-=3, 47,778 3,588,743 3,167,428 421,315 Home and community services 155,050 156,520 142,411 14,109 Employee benefits 3,206,208 3,206,208 2,965,579 240,629 Debt service: Or Principal - 2,006 2,006 - Interest - 435 435 - Total a itures 13,413,708 13,451,673 11,653,512 1,798,161 Excess of revenue over penditures 779,113 808,781 3,110,680 2,301,899 Other financing sources (uses): Issuance premium - - 15,593 15,593 Transfers in 121,350 409,145 409,145 - Transfers out (2,077,463) (2,158,040) (2,101,340) 56,700 Total other financing sources (uses) (1,956,113) (1,748,895) (1,676,602) 72,293 Net change in fund balance $ (1,177,000) (940,114) 1,434,078 2,374,192 Fund balance at beginning of year 8,650,086 Fund balance at end of year $ 10,084,164 59 Page 496 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Town Outside Village Fund Year ended December 31, 2025 Budget Amounts al Increase/ Original Final " A ' Decrease Revenue: Real property taxes $11,915,000 11,915,000 11,915,' 965 Nonproperty tax items 3,656,000 3,656,000 3,847,372 91,372 Departmental income 599,575 610,263 946,592 329 Use of money and property 250,000 250,000 p 333,413 .3,413 Licenses and permits 1,301,000 1,301,000 1,341,048 40,048 Fines and forfeitures 8,000 8 000 5,760 (2,240) Sale of property and compensation for loss - 1,638 1,638 State aid - 083 15,584 (37,499) Federal aid 12,800 i 5,152 (7,648) Miscellaneous �-. - 40 40 Total revenue 17,742,375 17,806,146 18,412,564 606,418 Expenditures: General government support •5,033 1,702,322 1,606,440 95,882 Public safety .622,540 8,298,042 8,199,011 99,031 Health 99,100 99,100 99,100 - Transportation '9,550 27,289 19,493 7,796 Culture and recreation ,144 1,553,405 1,541,415 11,990 Home and community services 726,932 640,640 619,289 21,351 Employee benefits 6,114,253 6,264,158 6,137,227 126,931 Debt service: Principal ‘ - 5,020 5,020 - Interest - 1,088 1,088 - Total expenditures 18,498,552 18,591,064 18,228,083 362,981 Excess (deficiency) of revenue over expenditures (756,177) (784,918) 184,481 969,399 Other financing s : (uses): Transfers in 830,275 1,012,953 956,253 (56,700) Transfers out (641,298) (675,957) (675,957) - Total other financing sources (uses) 188,977 336,996 280,296 (56,700) Net change in fund balance $ (567,200) (447,922) 464,777 912,699 Fund balance at beginning of year 5,766,967 Fund balance at end of year $ 6,231,744 60 Page 497 of 610 TOWN OF MAMARONECK, NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Special Districts Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original alv Amounts Decrease Revenue: Real property taxes $ 9,402,900 9,402,900 9,403,617 . 717 Departmental income 3,993,000 3,276,683 4,768,519 ,836 Intergovernmental charges 123,030 174,588 188,075 13,487 Use of money and property 127,561 143,164 220,737 77,573 Sale of property and compensation for loss - 331,608 343,346 11,738 Miscellaneous - - 5,276 5,276 Total revenue 13,646,491 13,328,943 14,929,570 1,600,627 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Health 1,839,562 1,727,484 1,712,356 15,128 Transportation 181,803 181,803 178,097 3,706 Home and communi ,345,982 3,393,842 2,920,704 473,138 Employee benefit 68,771 2,659,185 2,420,509 238,676 Debt service: Princip - 160,331 160,331 Interest - 34,736 34,736 Total expenditure 10,742,456 10,898,157 9,911,339 986,818 Excess of revenue over expenditures 2,904,035 2,430,786 5,018,231 2,587,445 er financing sources (uses): Issuance premiu - - 11,429 11,429 Transfers in - 272,588 272,588 - ansfers out (3,114,035) (2,634,747) (2,634,747) - Total other financing sources (uses) (3,114,035) (2,362,159) (2,350,730) 11,429 Net change in fund balance $ (210,000) 68,627 2,667,501 2,598,874 Fund balance at beginning of year 5,696,109 Fund balance at end of year $ 8,363,610 61 Page 498 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Highway Fund Ak Year ended December 31, 2025 Bud:et is Actual Increase/ Ori l in. Final Amounts Decrease Revenue: Real property taxes $ 6,328,000 6,328,000 6,328,540 540 Intergovernmental charges 478,500 478,500 523,363 44,863 Use of money and property 130,000 130,000 147,387 17,387 Sale of property and compensation for loss 41,500 41,500 23,764 (17,736) Miscellaneous - - 21 21 Total revenue 6,978,000 6,978, 7,023,075 45,075 Expenditures: Transportation ,129 3,1 r ,793 3,579,848 323,945 Employee benefits .01,991 1,801,991 1,758,995 42,996 Total ex. e..,;,`res 59,120 5,705,784 5,338,843 366,941 Excess of reve -r expenditu :,880 1,272,216 1,684,232 412,016 Other financing s (uses Issuance premiu - - 21,002 21,002 Transfers in - 5,113 5,113 - Transfers out (1,503,880) (1,706,900) (1,706,900) - Total other financing sources (uses) (1,503,880) (1,701,787) (1,680,785) 21,002 Net change in fund balance $ (285,000) (429,571) 3,447 433,018 Fund balance at beginning of year 3,097,375 Fund bal ee at end of year $ 3,100,822 62 Page 499 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance Budget to Actual - Debt Service Fund Years ended December 31, 2025 Budget Amounts Actual Increase/ Original Final% Amounts Decrease Revenue - use of money and property S 500,000 500,000 1,240,385 740,385 Expenditures - debt service: Principal 4,171,500 4,171,500 4,171,500 - Interest 1,953,298 1,953,298 1,953,294 4 Total expenditures i■■►.ab,-124,798 6,124,798 6,124,794 4 Excess (deficiency) of revenue over expenditures (5,624,798) (5,624,798) (4,884,409) 740,389 Other financing sources - transfers in 4,264,051 4,264,051 5,698,941 1,434,890 Net change in fund balance $ (1,360,747) (1,360,747) 814,532 2,175,279 Fund balance at beginning of year 6,497,283 Fund balance at end of year $ 7,311,815 111, 63 Page 500 of 610 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Town's Total OPEB Liability a <. elated Ra Year ended December 31,2025 AO 2025 2024 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost $ 1,933,008 2,460,130 2,035,941 2,675,752 2,701,975 2,187,127 2,071,412 2,209,552 Interest 3,549,053 3,384,369 3,177,652 2,184,968 1,872,227 2,655,669 2,940,383 3,049,245 Differences between expected and actual experience 3,014,347 (661,204) 4,777,498 3,184,949 2,035,508 (2,971,792) (6,362,401) (5,645,533) Changes of assumptions (1,625,788) (5,391,664)1 4,000,599 (28,792,491) (4,080,811) 16,084,473 4,539,830 - Benefit payments (3,383,666) (3,440,447) (2,779,351) (2,491,486) (2,360,168) (2,462,076) (2,551,390) (2,656,557) Net change in total OPEB liability 3,486,954 (3,648,816) 11,212,339 (23,238,308) 168,731 15,493,401 637,834 (3,043,293) Total OPEB liability-beginning 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 85,098,738 Total OPEB liability-ending $86,167,580 82,680,626 86,329,442 75,117,103 98,355,411 98,186,680 82,693,279 82,055,445 Covered-employee payroll $ 15,a•',:!:3 15,107,644 15,349,416 14,403,864 14,224,353 11,649,814 13,033,191 12,306,706 Total OPEB liability as a percentage of covered-employee payroll 545.05% 547.28% 562.43% 521.51% 691.46% 842.82% 634.48% 666.75% Notes to schedule: .._'- Changes of assumption_,- hanges of ass ns and nputs reflect the effects of changes in the discount rate each period. The following are the discount rates • each period: 2025 2025 2024 2022 2021 2020 2019 2018 4.43% 4.28% 4.00% 4.31% 2.25% 1.93% 3.26% 3.64% cost) This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10 year trend is compiled,the Town m ci is presenting information for those years for which information is available. o oTrust Assets-There are no assets accumulated in a trust that meets the criteria in GASB Statement No. 75,paragraph 4. rn 8 64 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Changes in the Towns Total LOSAP Liability an ated Rat Year ended December 31,2025 2025 2024 2023 202 , 2021 2020 2019 2018 2017 Total LOSAP liability Service cost $ 37,638 37,651 44,106 48,288 106,438 95,736 81,582 61,843 59,638 Interest 80,139 84,983 69,111 114,885 47,433 42,171 44,169 60,525 45,337 Differences between expected and actual experience (12,505) (86,939) (22,647) (44,700) 30,135 (44,432) (4,799) 22,197 - Changes of assumptions (50,837) (178,943) 99,982 (1,104,550) 100,267 397,195 393,292 (148,536) 172,911 Benefit payments (37,705) (29,780) (27,160) (26,930) _41124,130 (18,570) (5,680) (30,250) (5,171) Net change in total LOSAP liability 16,730 (173,028) 163,392 (1,013,007) 260,14,3 472,100 508,564 (34,221) 272,715 Total LOSAP liability-beginning 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 1,369,699 Total LOSAP liability-ending $ 1,843,087 FL 1,826,357 1,999,385 1,835,993 2,849,000 2,588,857 2,116,757 1,608,193 1,642,414 Covered-employee payroll N/• N/A N/A 11[/A N/A N/A N/A N/A N/A LOSAP liability as a percentage of covered-employee payroll 0.00°. 0 0.Uu-,-w 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Notes to schedule: Changes of assumptions ges of ass . 4s and • '‘outs reflect the effects of changes in the discount rate each period. The following are the discount rates used in eriod: 2025 2025 2024 2022 2021 2020 2019 2018 2017 4.43% 4.28% 3.79% 4.05% 1.84% 2.75% 2.75% 3.71% 3.31% cQ This schedule is presented t. •ate the req ' ent to show information for 10 years. However, until a full 10 year trend is compiled,the Town is o presenting information for thos- for w ' formation is available. cn Trust Assets-There are no assets a • in a trust that meets the criteria in GASB Statement No.73,paragraph 4. 0 rn 8 65 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Proportionate Share of the Net Pension As• ..ility December 31,2025 ERS 2025 2024 2023 2022 2020 2019 2018 2017 2016 Town's proportion of the net pension asset/liability 0.0215814% 0.0245651% 0.0231186% 0.0233148% 0.02223 ' .1% 0.0228534% 0.0217828% 0.0229223% 0.0212436% Town's proportionate share of the net pension asset(liability) $ (3,700,281) (3,616,982) (4,957,553) ' 891 (22,138) :4) (1,619,233) (703,029) 2,153,827 (3,409,658) Town's covered payroll $ 7,806,331 7,718,089 7,642,184 354,597 6,9' 6,882,383 6,649,254 6,193,460 6,044,712 Town's proportionate share of the net pension liability as a . percentage of its covered payroll 47.4% 46.9% 64.9% 2 i'.70 'mow 0 23.5% 10.6% 34.8% 56.4% Plan fiduciary net position as a percentage of the total pension asset/liability 93.08% 93. 9 . 103.65). 99.95% 86.4% 96.3% 98.2% 94.7% 90.7% PFRS Town's proportion of the net pension liability 0.1533501% t 39% f, .37065% 0.1666653% 0.1551869% 0.1711154% 0.1529885% 0.1526125% 0.1526963% 0.1601178% Town's proportionate share of the net pension liability(asset) $ '-: 1) (7,571 (9,021,000) (946,733) (2,694,473) (9,146,009) (2,565,650) (1,542,541) (3,164,863) (4,740,748) Town's covered payroll :,228,71• " '02,057 7,321,212 7,153,524 6,586,679 6,471,130 6,443,114 6,168,882 6,036,891 Town's proportionate share of the net pension liability as a percentage of its covered payroll 109.2% 114. '/° 12.9% 37.7% 138.9% 39.6% 23.9% 51.3% 78.5% Plan fiduciary net position as a percentage of the total pension liability 87.53% 89 87.43% 98.66% 95.79% 84.9% 95.1% 96.9°/o 93.5% 90.2% (D rr W O t) 0 66 TOWN OF MAMARONECK,NEW YORK Required Supplementary Information Schedule of Town's Pension Contributions December 31,2025 ERS 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Contractually required contribution $ 1,251,106 1,109,073 986,16 984,111 1,139,485 1,012,831 1,001,835 9,366,836 951,693 975,073 Contributions in relation to the contractually required contribution 1,251,106 1,109,073 986,1. 9i•, ,139,485 1,012,8* 1,001,835 9,366,836 951,693 975,073 Contribution deficiency(excess) $ - - - - - - - - - Town's covered payroll $7,740,150 7,661,160 7,438,441 7,358,579 7,086,604 6,997,273 7,009,504 6,950,172 6,366,881 6,396,849 Contributions as a percentage of covered payroll 16.16% 14.48% 13.26% 13.37% 16.08% 14.47% 14.29% 134.77% 14.95% 15.24% PFFRS Contractually required contribution $2,741,355 2,412,717 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contributions in relation to the contractually required contributi.• 741,355 2,. 17 2,006,537 1,909,637 1,837,154 1,508,699 1,459,619 1,428,769 1,403,486 1,362,460 Contribution deficiency(ex • - - - - - - - - Town's covered payroll $8,305,' '•983,82 6,423 7,195,446 6,728,390 6,751,611 6,694,209 6,477,510 6,425,121 6,105,861 Contributions as a percentage of covered payroll 33.00% .22% 26.87% 26.54% 27.30% 22.35% 21.80% 22.06% 21.84% 22.31% v m cn 0 0 cn 8 67 TOWN OF MAMARONECK,NEW YORK,' Other Supplementary Information Combining Balance Sheet-Special Districts Fund December 31,2025 Street Refuse and Fire Water Sewer Lighting Garbage Ambulance Protection Assets District District District District District District Total Investments $ - - - - - 1,892,618 1,892,618 Receivables: Due from other governments - 156,850 - - - - 156,850 Due from other funds 2,998,969 254,684 187,384 497;935 543,949 1,524,536 6,007,457 Prepaid expenditures 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Total assets $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 Liabilities and Fund Balanc Liabilities: Accounts payable 7,662 1,146 8,282 415 28,113 52,527 98,445 Accrued liabilities - 4,944 - - 49,520 23,985 78,449 Total liabilities 77111111r 6,390 8,282 415 77,633 76,512 176,894 Fund balances: Nonspendai 3,304 12,327 7,983 29,380 99,846 330,739 483,579 Restricte'' - - - - - 1,892,618 1,892,618 Assig ` 2,991,307 405,144 179,102 497,520 466,316 1,448,024 5,987,413 and balances 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 cQ Tota ities and Balances $ 3,002,273 423,861 195,367 527,315 643,795 3,747,893 8,540,504 m cn 0 cn 0 68 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Combining Statement of Revenue,Expenditures and Changes in Fund Bala pecial I Fund Year ended December 31,2025 Sire, •efuse and ire Water Sewer Li. _ Garbage Ambulance 'on District District ct Distr. t District I t Total Revenue: Real property taxes $ - - 1,327 2,784, 21 933,499 5,354,470 9,403,617 Departmental income 2,886,314 731,272 - - 1,150,933 - 4,768,519 Intergovernmental charges - 2,666 - - 185,409 - 188,075 Use of money and property 40,250 - - - 27,331 153,156 220,737 Sale of property and compensation for loss - - 10,738 - 31,608 301,000 343,346 Miscellaneous - - - 276 - 5,000 5,276 Total revenue 2,926,56 733,938 342,065 2,784,597 2,328,780 5,813,626 14,929,570 Expenditures: Public safety - - - - - 2,484,606 2,484,606 Health AllW - - - - 1,712,356 - 1,712,356 Transportation - 178,097 - - - 178,097 Home and community services 93,713 139,007 - 2,687,984 - 2,920,704 Employee benefits - 66,283 31,800 - 338,334 1,984,092 2,420,509 Debt service: Principal - - - 154,808 5,523 160,331 Interest - - 33,540 1,196 34,736 Total expenditures ille 93,713 205,290 209,897 2,687,984 2,239,038 4,475,417 9,911,339 Excess of revenue over expenditures 2,832,851 528,648 132,168 96,613 89,742 1,338,209 5,018,231 Other financing sources(uses): Issuance pm 'um *11,429 - - - - - 11,429 Transfers 268,314 - - - 1,386 2,888 272,588 Transfers out (1,099,515) (377,110) (115,316) (209,691) (26,657) (806,458) (2,634,747) -0 Tota nancing sources(uses) (819,772) (377,110) (115,316) (209,691) (25,271) (803,570) (2,350,730) co co a) Net change in fund balanc 2,013,079 151,538 16,852 (113,078) 64,471 534,639 2,667,501 cn o Fund balances at beginning of 981,532 265,933 170,233 639,978 501,691 3,136,742 5,696,109 cn o Fund balances at end of year $ 2,994,611 417,471 187,085 526,900 566,162 3,671,381 8,363,610 cn 8 69 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - General Fund December 31, 2025 and 2024 Assets 2025 2024 Change Cash and equivalents $ 1,129,365 1,393,541 (264,176) Investments 47,999,969 50,569,461 (2,569,492) Receivables: Accounts 7,560 188,857 228,703 Taxes, net ,140,131 943,974 196,157 Due from other governments 20,334 94,747 (74,413) State and Federal aid 66,917 - 66,917 Lease 2,140,905 2,318,387 (177,482) Due from other funds - - - Prepaid expenditures 305,139 252,857 52,282 Total assets $53,220,320 55,761,824 (2,541,504) Liabilities Deferred Inflows of Resourc-. • d Fund Balances Liabilities: Accounts payable 321,904 242,312 79,592 Accrued liabil' 39,066 190,258 (151,192) Deposits pays . - 187,909 177,109 10,800 Due to other funds 39,238,785 43,211,041 (3,972,256) Unearned revenue 281,767 226,399 55,368 Total liabilities ' 40,069,431 44,047,119 (3,977,688) Deferred inflows of resources: Tax revenue 1,087,004 886,926 200,078 Lease 1,979,721 2,177,693 (197,972) Total deferred inflows of resources 3,066,725 3,064,619 2,106 Fund balances: taxi Nonspendable 466,323 252,857 213,466 Restricted 366,160 351,846 14,314 Assigned 1,391,548 1,227,909 163,639 Unassigned 7,860,133 6,817,474 1,042,659 Total fund balance 10,084,164 8,650,086 1,434,078 Total liabilities, deferred inflows of resources and fund balances $53,220,320 55,761,824 (2,541,504) 70 Page 507 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - General Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 6,613,851 6,185,318 428,533 Real property tax items 693,382 1,030,921 (337,539) Departmental income 3,826,031 3,525,541 300,490 Intergovernmental charges 7,400 7,400 - Use of money and property 1,144,336 1,348,099 (20V63) Licenses and permits 106,598 73,520 33,078 Fines and forfeitures 300,242 236,439 63,803 Sale of property and compensation for loss 11,310 22,311 (11,001) State aid 1,826,973 1,347,547 479,426 Federal aid 131,287 323,912 (192,625) Miscellaneous IE4114,_ 102,782 267,254 (164,472) Total revenue 14,764,192 14,368,262 395,930 Expenditures: General government support 4,599,767 4,459,656 140,111 Health 289,091 265,919 23,172 Transportation 9,864 7,054 2,810 Economic assistance and opportunity 476,931 487,967 (11,036) Culture and recreation 3,167,428 3,121,700 45,728 Home and community services 142,411 177,795 (35,384) Employee benefits 2,965,579 2,926,613 38,966 Debt service: Principal 2,006 480,000 (477,994) Interest 435 21,600 (21,165) Total expendit . 11,653,512 11,948,304 (294,792) Excess of revenue over expenditures 3,110,680 2,419,958 690,722 Other financing sources (uses): Issuance premium 15,593 - 15,593 Transfers in 409,145 1,772,136 (1,362,991) Transfers out (2,101,340) (4,113,783) 2,012,443 Total other financing sources (uses) (1,676,602) (2,341,647) 665,045 Net change in fund balance 1,434,078 78,311 1,355,767 Fund balances at beginning of year 8,650,086 8,571,775 78,311 Fund balances at end of year $ 10,084,164 8,650,086 1,434,078 71 Page 508 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Town Outside Villages December 31, 2025 and 2024 Assets 5 2024 - Receivables: Accounts $ 438,149, 878,126 (439,- Due from other governments 22,001 170 21,831 State and Federal aid 938,544 848,354 90,190 Due from other funds 5,065,984 4,342,946 723,038 Prepaid expenditures 926,982 649,560 277,422 Total assets $7,391,660 6,719,156 672,504 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 206 143,235 58,971 Accrued liabilities \r„ 187,528 150,730 36,798 Deposits payable 670,454 573,274 97,180 Unearned revenue 99,728 84,950 14,778 Total liabilities 1,159,916 952,189 207,727 Fund balances: Nonspendable 926,982 649,560 277,422 -I 5,304,762 5,117,407 187,355 fund b. - 6,231,744 5,766,967 464,777 To bilities, -rred inflows of rest -s and fund balances $7,391,660 6,719,156 672,504 72 Page 509 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Town Outside Villages Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes S 11,915,965 10,826,939 1,089,026 Nonproperty tax items 3,847,372 3,731,317 116,055 Departmental income 946,592 1,319,116 (372,524) Use of money and property 333,41 361,407 (27,994) Licenses and permits 1,341 'a 1,400,284 (59,236) Fines and forfeitures 0 2,550 3,210 Sale of property and compensation for loss ,638 46,617 (44,979) State aid 15,584 74,998 (59,414) Federal aid 5,152 7,725 (2,573) Miscellaneous 40 2,709 (2,669) Total revenue 18,412,564 17,773,662 638,902 Expenditures: General governme 1,606,440 1,485,511 120,929 Public safety 8,199,011 8,018,382 180,629 Health 99,100 99,100 - Transportation 19,493 19,305 188 Culture and recreation 1,541,415 1,508,635 32,780 Home and community services 619,289 620,007 (718) Employee benefits 6,137,227 5,892,946 244,281 Debt service: Principal 5,020 - 5,020 Interest 1,088 - 1,088 Total expenditures 18,228,083 17,643,886 584,197 Excess of revenue over expenditures 184,481 129,776 54,705 Other financing sources (uses): Transfers in 956,253 771,528 184,725 Transfers out (675,957) (1,173,525) 497,568 Total other financing sources (uses) 280,296 (401,997) 682,293 Net change in fund balance 464,777 (272,221) 736,998 Fund balances at beginning of year 5,766,967 6,039,188 (272,221) Fund balances at end of year $ 6,231,744 5,766,967 464,777 73 Page 510 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Highway Fund December 31, 2025 and 2024 Assets *025 2024 hanie Cash and equivalents 200 200 Receivables: Accounts 4,533 378 4,155 Due from other governments 107,818 45,763 62,055 Due from other funds 2,895,989 3,025,361 (129,372) Prepaid expenditures 263,411 157,054 106,357 Total assets $ 3,271,951 3,228,756 43,195 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Accounts payable 132,598 97,177 35,421 Accrued liabilities 38,531 34,204 4,327 Total 1. es 171,129 131,381 39,748 Fund balance Nonspendable 263,411 157,054 106,357 Assigned 2,837,411 2,940,321 (102,910) Total fund balance 3,100,822 3,097,375 3,447 Total liabilities, deferred inflows of resources and fund balances $ 3,271,951 3,228,756 43,195 74 Page 511 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Highway Fund Years ended December 31, 2025 and 2024 25 2024 hanle Revenue: Real property taxes 6,328,540 6,064,262 x : '8 Intergovernmental charges 523 508,831 14,532 Use of money and property 14 160,909 (13,522) Sale of property and compensation for loss 64 101,567 (77,803) Miscellaneous 21 - 21 Total revenue 075 6,835,569 187,506 Expenditures: Transportation 579,: 3,541,769 38,079 Employee benefits ',995 1,661,970 97,025 Total expenditures 5,338,843 5,203,739 135,104 Excess of revenue over expenditures 1,684,232 1,631,830 52,402 Other financi rces (uses): Issuanc ium 21,002 - 21,002 Transfers 5,113 110,015 (104,902) Transfers out (1,706,900) (1,433,427) (273,473) Total other financing sources (uses) (1,680,785) (1,323,412) (357,373) Net change in fund balance 3,447 308,418 (304,971) Fund balances at • • ing of ygar 3,097,375 2,788,957 308,418 Fund balances ate year $ 3,100,822 3,097,375 3,447 75 Page 512 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet- Capital Projects Fund December 31, 2025 and 2024 Assets 2025 2024 ante Receivables: Due from other governments $ 2,084,986 76,200 2,1v ,786 State and Federal aid 208,249 195,796 12,453 Due from other funds 17,957,540 25,742,132 (7,784,592) Total assets $20,250,775 26,014,128 (5,763,353) Liabilities, Deferred Inflows of Resource vd Balances Liabilities: Accounts payable 11 b f 2,610,556 (1,299,096) Accrued liabilities 731 242,962 (236,231) Bond anticipation note 4,135,450 - 4,035,450 Total liabilities 5,353,641 2,853,518 2,500,123 Fund balance -restricted 3 14,897,134 23,160,610 (8,263,476) Total liabilities, deferred inflows of resources and fund balances $20,250,775 26,014,128 (5,763,353) 76 Page 513 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Inforumation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances -Capital Projects Fund Years ended December 31, 2025 and 2024 yy`` 2025 2024 Chan_e Revenue: Sale of property and compensation for loss $ 11,260 - ri ,260 State aid 218,249 1,799,097 (1, ":0,848) Federal aid 971,991 1,605,128 (633,137) Miscellaneous 2,277,330 229,778 2,047,552 Total revenue 3,478,830 3,634,003 (155,173) Expenditures- capital outlay 12,425,672 11,131,207 1,294,465 Excess expenditures over revenue (8,946,842) (7,497,204) (1,449,638) Other financing sources (uses): Installment purchase agreement issuance 906,462 - 906,462 Bond issuance - 12,116,500 (12,116,500) BANs redeemed fr, 'pro. s - 480,000 (480,000) Issuance premium - 360,900 (360,900) Transfers in 1,659,967 4,424,146 (2,764,179) Transfers out (1,883,063) (4,254,221) 2,371,158 Total other financing sources (uses) 683,366 13,127,325 (12,443,959) Net change in fund balance (8,263,476) 5,630,121 (13,893,597) Fund balances at beginning of year 23,160,610 17,530,489 5,630,121 Fund balances at end of year $14,897,134 23,160,610 (8,263,476) 11111 77 Page 514 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025 Fund Balance (Deficit)at Project Project Expenditures ended Total December 31, Project Number Budget and Trans lance Revenue 2025 Rye lake Filtration H1364 $35,060,881 3,3: q97 12,531,000 9,144,216 Water Infrastructure Paving H1368 510,000 0 ' 510,000 250,000 Rye Lake turbity Curtain H1386 168,200 00 168,200 - Acorn Lane Water Main H1396 54,9 0 2,546 52, 54,900 52,354 Park Lane Storage#2 H1397 479 426,174 53,67. °=',850 53,676 Kensico Reservoir-Water Supp Env(Consent Decree) H1399 16 413 166,715 167,128 166,715 Waverly Bridge Water Main H1400 7 6 70,326 - 70,326 - Brookside Place Water Main H1401 238,880 238,880 - 238,880 - Lead Service Line Replacement(Consent Decree) H1402 960,400 960,400 - 960,400) Kenilworth Booster-Phase 1/2 H1403 28,320 2 7 2,953 28,320 2,953 Trails End Water Main H1404 110,625 110,, - 110,625 - Kenilworth Booster-Phase 3 H1405 35,400 22,155 13,245 35,400 13,245 Winged Foot Tank Access H1407 88,500 - 88,500 88,500 88,500 Town Center Generator H1603 749,718 711,635 38,083 749,718 38,083 Town Center HVAC HI614 421,935 421,935 - 421,935 - Town Center Restrooms HI614 289,437 289,437 - 289,437 - Town Center Improvements-Flat Roofs-5 areas H1614 700,030 700,030 - 700,030 - Town Center Flooring-1st and 2nd floor H1614 121,275 - 121,275 - 121,275 121,275 Town Center Flooring-Admin/Clerk H1614 30,000 30,000 30,000 30,000 Town Center Flooring-Police H1614 9,500 9,500 9,500 9,500 Town Center-Elevator Modernization H1614 291,109 9 - 291,109 - Town Center-Womens locker room/Relocating offices H1614 877,200 72 ,640 152,560 877,200 152,560 Town Center Painting-Police H1614 25,000 ' - 25,000 25,000 25,000 Town Center Backup boilers H1614 36,000 , 36,000 - 36,000 - Town Center ATV with snow plow 1614 20,000 20,000 - 20,000 - Computer Software/Hardware H1620 186,200 81,094 105,106 203,110 122,016 Server Replacement H1620 43,260 43,260 - 25,360 (17,900) Laptop purchases H1620 62,546 59,924 2,622 62,546 2,622 UPS Backups H1620 29,010 29,010 - 30,000 990 Will Access Points 1620 34,982 34,982 - 34,982 - Financial Enterprise System old opiiiimm1689 528,136 479,747 48,389 528,136 48,389 Town center-LMCTV 1690 500,000 276,706 223,294 - (276,706) Dam Improvements-Bypass Monitoring/Valve Control 1-12410 260,000 34,585 225,415 260,000 225,415 Environmental Systems Research Institute(ESRI)system installation H2419 37,300 37,300 - 37,300 - Furniture-Engineering H2496 16,500 16,500 - 16,500 - Police-Virtual Reality Training System H31103 75,000 58,300 16,700 75,000 16,700 Police-DRONE REPLACEMENT H3120 11,260 11,260 - 11,260 - Police Comm Equipment-portable radios H3167 90,000 32,741 57,259 90,000 57,259 Police Vehicles-Three hybrid Radio Patrol Cars-2024 H3I72 116,517 53,892 62,625 116,517 62,625 Police Vehicles-One hybrid Radio Patrol Cars-2025 H3172 55,350 - 55,350 55,350 55,350 Police Ballistic Equipment H3177 15,460 15,460 15,460 Rifle Rated Response Shields H3177 26,640 26,640 - 26,640 - Police Scanners-Refund-not working-Will hale H3177 - (17,244) 17,244 - 17,244 Speed Complaint system H3177 15,409 15,409 - 15,409 - Police-license plate reader H3177 41,000 - 41,000 41,000 41,000 Police Evidence Locker-outside storage c r H3186 30,159 30,159 - 30,159 - Madison Avenue Signal H336I 967,586 967,586 - 967,586 - Traffic Signal Replacement-Myrtle/Mu H3361 646,423 646,423 - 646,423 - Traffic Signal Replacement-Richbell/Pal er H3361 542,707 34,310 508,397 542,707 508,397 Traffic Signal Replacement-Turn Signal-Myrtle/Chatsworth H3361 69,500 - 69,500 49,500 49,500 Pedestrian Crossing Signal-Leatlyrstocking Trail H3398 90,000 8,848 81,152 90,000 81,152 Replace the 2007 Fire engine pthper H3411 1,093,766 1,093,766 - 1,093,766 - 2025 Fire Pumper-Replace 2010 Fire Rescue H3411 1,734,000 - 1,734,000 - - Computer Server-Fire Dept H3420 40,000 33,489 6,511 40,000 6,511 Concrete Pad H3429 16,000 16,000 - 16,000 - Shed roof supplies for lifeboat H3429 5,000 5,000 - 5,000 - Fire Apparatus-Replace Fire Engine#37(Storm Ida) H3492 1,074,562 1,074,562 - 1,074,562 - Scot Air pks H3495 551,448 55,486 495,962 551,448 495,962 New Equipment(Lexus) H3495 12,500 12,500 - 12,500 - Fleet Car-Building Dept H3672 40,000 - 40,000 40,000 40,000 Ambulance Radio Equipment H4133 27,651 23,633 4,018 27,651 4,018 (Continued) 78 Page 515 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Project-Length Schedule-Capital Projects Fund Inception of Project through December 31,2025,Continued Fund Balance (Deficit)at Project Project Expenditures Unexpended Total December 31, Project Number Budget and Transfers Balance Revenue 2025 MEMS Ambulance-furniture/chairs H4133 $ 5,000 - 5,000 5,000 5,000 MEMS Ambulance-Portable radios H4I33 5,300 - 5,300 5,300 5,300 LVAC Electrical Upgrades H4159 25,000 IV00 - 25,000 - Pagers/Communications Equip-Ambulance H4167 43,350 43,350 - 43,350 - MEMS-Office Furniture H4I68 19,000 ' 4,432 14,568 19,000 14,568 Chevy Tahoe Fly Car-2024 H4172 70,000 70,000 - 70,000 - Rockland Bridge H5050 889,200 5,756 883,444 125,468 119,712 East Valley Stream Bridge-Storm Ida Damages-Permanent H5092 1,829,163 1,829,163 - 1,829,163 - Generator-Highway H5103 167,500 167,500 - 167,500 - Roads,Sidewalks,Curbs H5104 789,629 464,4(rF 325,222 588,979 I24,572 Dump Truck-6 Wheel (Black Top) H5106 283,778 273,6'39 10,139 283,778 10,139 Brush chipper H5106 84,700 84,700 - 84,700 - Pay Loader H5106 237,357 , 237,357 - 237,357 - Dump Truck(10 wheel)with salt spreader H5106 313,676 r 114,701 198,975 313,676 198,975 Excavator H5106 99,029 99,029 - 99,029 - Nancy Lane Storm Sewer Extension H5113 100,648 ^h. 100,648 - 100,648 - Murdoch Woods Easement H5I13 30,000 illik, 30,000 - 30,000 - Storm Water Drainage Study H5135 1,120,652, 706,517 414,135 631,652 (74,865) Highway Garage Drainage Improvements H5136 200,885 200,885 - 200,885 - Highway Tree Garage Reconstruction H5138 1,178,000 89,619 1,088,381 1,178,000 1,088,381 Highway Garage Fire Alarm H5139 65,000 56,954 8,046 65,000 8,046 Brine System H5142 48,762 48,762 - 29,074 (19,688) Weaver Street-Sidewalk Extension H5145 1,464,042 ,' 941,804 522,238 226,942 (714,862) Waverly Ave Bridge H5162 4,944,731 4,793,515 151,216 4,772,965 (20,550) Archway-Stone Masonry(Larchmont Gardens) Air 5165 146,853 146,853 - 146,853 - Replace Ford F550 with utility body for transporting tools and materials and snow r H5172 145,882 134,312 11,570 145,882 11,570 Sidewalks&Curbs-Howell Ave/New Jeff&N Chatsworth/Edgewso l&N Chats(202 H5173 367,445 367,445 - 367,445 - Sidewalks&Curbs-Howell Ave balance of sidewalk H5173 190,734 188,493 2,241 37,734 (150,759) Crosswalks H5173 22,460 10,460 12,000 22,460 12,000 Madison Ave Green Improvements(GIGP) 5180 1,266,474 161,918 1,104,556 266,474 104,556 Sign Shop-Storm Isaias 5191 3,461,279 267,417 3,193,862 2,931,279 2,663,862 Roundabout H5I98 2,000,000 - 2,000,000 - - Colonial Ave Sidewalk H5I99 1,530,600 788 1,529,812 120,000 119,212 Sr Center Building Improvements-Generator H6703 189,575 4,461 185,114 - (4,461) Sr Center Building Improvements-Yellow roo H6758 699,000 634,024 64,976 391,000 (243,024) Sr Center Building Improvements-(Donation from McGuire Foundation) H6758 25,663 25,663 - 25,663 - Sr Center Building Improvements-Exterior H6758 - - - - - Sr Center-Heat pump H6758 100,000 100,000 - - (100,000) Sr Center Bus-20 Passenger-202 H6772 70,000 - 70,000 70,000 70,000 Recreation-F250-with snow plow H7072 60,000 60,000 - 60,000 - Pool Improvements H7125 4,338,500 1,000,000 3,338,500 1,048,500 48,500 Sheldrake Improvements-Retaining Wall H7140 50,000 39,169 10,831 50,000 10,831 Sheldrake Driveway/Railings H7140 100,000 - 100,000 100,000 100,000 Sheldrake Boiler Replacement H7I40 12,000 - 12,000 12,000 12,000 Ice Rink Office Improvs-HVAC Admin/L H7224 423,363 423,363 - 423,363 - Ice Rink-Skate Rental H7224 120,000 3,000 117,000 120,000 117,000 Ice Rink-Parking lot Repavement H7248 82,000 82,000 - 82,000 - Ice Rink-Security Cameras H7294 27,344 27,344 - 27,344 - Comprehensive Plan H8066 180,000 160,894 19,106 180,000 19,106 Sanitary Sewer Pump Station 3(Baldwin Ave) H8123 355,500 81,708 273,792 355,500 273,792 Sanitary Sewer Improvements H8160 6,127,722 6,127,722 - 6,127,722 - Conservation trails replacement railings H8539 52,750 28,415 24,335 52,750 24,335 Gardens Lake-Dredging Feasability Study H8553 949,800 47,330 902,470 64,800 17,470 Sheldrake Trails-Drain Crossings H8579 10,000 10,000 - 10,000 - 20 Yard Garbage Truck H8609 257,477 257,477 - 257,477 - Garbage Trucks H8609 270,040 270,040 - 270,040 - Garbage Trucks-2026 Freighliner H8609 318,645 - 318,645 318,645 318,645 Garbage Comm Incinerator H8610 513,000 450 512,550 - (450) $89,I08,994 35,206,468 53,902,526 50,103,602 14,897,134 Page 516 of 610 79 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet - Debt Service Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $7,311,815 6,497,283 814,532 Fund Balances 4‘Ag Fund balances: Restricted 1,054,124 1,360,745 (306,621) Assigned 6,257,691 5,136,538 1,121,153 Total fund balances $7,311,815 6,497,283 814,532 80 Page 517 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Debt Service Fund Year ended December 31, 2025 and 2024 2025 2024 Change Revenue - use of money and property $ 1,240,385 1,397,133 (156,748) Expenditures: Debt service: Principal 4,171,500 3,651,300 520,200 Interest 1,953,294 1,558,224 395,070 Total expenditures 6,124,794 5,209,524 915,270 Excess of expenditures over revenue (4,884,409) (3,812,391) (1,072,018) Other financing sources: Issuance premiumtrgop - 240,331 (240,331) Transfers in 5,698,941 6,772,447 (1,073,506) Total other financing sources vik 5,698,941 7,012,778 (1,313,837) Net change in fund balance Am 814,532 3,200,387 (2,385,855) Fund balances at beginning of year 6,497,283 3,296,896 3,200,387 Fund balances at end of year ' $ 7,311,815 6,497,283 814,532 81 Page 518 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infounation Comparative Balance Sheet- Water District Fund December 31, 2025 and 2024 AN Assets 2025 2024 ante Receivables: Accounts 2,470 0) Due from other funds 2,998,969 983,553 2,015,416 Prepaid expenditures 3,304 3,453 (149) Total assets $ 3,002,273 989,476 2,012,797 Liabilities and Fund Balances Liabilities - accounts payable 7,662 7,944 (282) Fund balances: Nonspendable ,304 3,453 (149) Assigned 2 991 307 978,079 2,013,228 Total fund balances 2,994,611 981,532 2,013,079 Total liabilities and fund balances $ 3,002,273 989,476 2,012,797 ,11491\ 82 Page 519 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Water District Fund Years ended December 31, 2025 and 2024 025 2024' Change Revenue: Departmental income $ 2,886,314 1,208,119 95 Use of money and property 40,250 36,674 ,576 Total revenue 2,926,564 1,244,793 1,681,771 Expenditures - home and community services 93,713 303,190 (209,477) Excess of revenue over ex. -,•*tures 2,832,851 941,603 1,891,248 Other financing sources (uses): Issuance premium 11,429 - 11,429 Transfers in Alfr 268,314 234,330 33,984 Transfers out (1,099,515) (1,585,917) 486,402 Total other financing sources (u (819,772) (1,351,587) 531,815 Net change in fund balance 2,013,079 (409,984) 2,423,063 Fund balances at beginning of y 981,532 1,391,516 (409,984) Fund balances at end of ye $ 2,994,611 981,532 2,013,079 411=1,- 41L, 83 Page 520 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Water District Fund Year ended December 31, 2025 At lir Budgietuits Actual Increase/ Original Final Amounts Decrease Revenue: Departmental income $2,100,000 1,392,282 2,886,314 1,494,032 Use of money and property 24,461 24,461 40,250 15,789 Total revenue 2,124,461 1,416,743 2,926,564 1,509,821 Expenditures - home and community services 395,200 382,440 93,713 288,727 Excess of revenue over expenditures 1,729,261 1,034,30 2,832,851 1,798,548 Other financing sources (uses): Issuance premium - 11,429 11,429 4011Transfers in - 268,314 268,314 Transfers out 1,879,261) (1,099,515) (1,099,515) - messr_ Total other financings es (uses) 879,261) (831,201) (819,772) 11,429 Net change in fund balance (150,000) 203,102 2,013,079 1,809,977 Fund balance at beginning of year 981,532 Fund balance at end of year $2,994,611 . ) 84 Page 521 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Sewer District Fund December 31, 2025 and 2024 Assets 025 2024 = ante Receivables: Due from other governments $ 156,8 173,593 (1 <` 43) Due from other funds 254, 86,264 168,420 Prepaid expenditures 12, ° 7 10,999 1,328 Total assets $ 423,861 270,856 153,005 Liabilities and Fund Balances Liabilities: Accounts payable 1,446 1,332 114 Accrued liabilities 4,944 3,591 1,353 Total Ha ' ' 6,390 4,923 1,467 Fund balances: Nonspenda 12,327 10,999 1,328 Assigned 405,144 254,934 150,210 Total fund balances 417,471 265,933 151,538 Total liabilities and fund balances $ 423,861 270,856 153,005 85 Page 522 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiination Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Sewer District Fund Years ended December 31, 2025 and 2024 2024 ante Revenue: Departmental income $ 731,272 724,814 ,8 Intergovernmental charges 2,666 5,788 (3,122) Total revenue 733,938 730,602 3,336 Expenditures: Home and community services „._‘ 139,007 147,739 (8,732) Employee benefits 66,283 69,281 (2,998) Total expenditures 205,290 I 217,020 (11,730) Excess of revenue over expenditures 528,648 513,582 15,066 Other financing sources (uses): Transfers in 3,722 (3,722) Transfers out (377,110) (536,237) 159,127 Total other fina sources (us (377,110) (532,515) 155,405 Net change in fund balance 151,538 (18,933) 170,471 Fund balances at beginning of year 265,933 284,866 (18,933) Fund balances at end of year $ 417,471 265,933 151,538 .17 ) 86 Page 523 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Sewer District Fund Year ended December 31, 2025 Bu _et Amounts Actual ease/ Original F. al Amounts ease Revenue: Departmental income $773,000 ,000 731,272 (41,728) Intergovernmental charges - 6,276 2,666 (3,610) Total revenue 773,000 779,276 733,938 (45,338) Expenditures: Home and community services `� 316,373 322,649 139,007 183,642 Employee benefits 79,517 79,517 66,283 13,234 Total expenditures 395,890 402,166 205,290 196,876 Excess of revenue over expenditures 377,110 377,110 528,648 151,538 Other financing uses - trnsfers out (377,110) (377,110) (377,110)Net change in fund balance $ - - 151,538 151,538 Fund balance at beginning of year 265,933 Fund balance at end of year $417,471 87 Page 524 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infounation Comparative Balance Sheet - Street Lighting District Fund December 31, 2025 and 2024 Assets 025 2024 Change Due from other funds $ 187,384 178,445 8,939 Prepaid expenditures 7,93 5,565 2,418 Total assets $ ' 184,010 11,357 Liabilities and Fund Balances Liabilities: Accounts payable ,282 12,895 (4,613) Accrued liabilities 882 (882) Total liabilities 8, :2 13,777 (5,495) Fund balances: Nonspendable 7,983 5,565 2,418 Assigned 179,102 164,668 14,434 RAE fund balances 187,085 170,233 16,852 Total liabilities and fund balances S 195,367 184,010 11,357 88 Page 525 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Street Lighting District Fund Years ended December 31, 2025 and 2024 2025 2024 Change Revenue: Real property taxes $ 331,327 305,473 25,854 Sale of property and compensation for loss 10,738 5,431 5,307 Total revenue 342,065 310,904 31,161 Expenditures: Transportation 178,097 173,035 5,062 Employee benefits )ik31,800 30,400 1,400 Total expenditures '97 203,435 6,462 Excess o - e over expe 132,168 107,469 24,699 Other financing use s - . (115,316) (112,573) (2,743) Net change in .alance 16,852 (5,104) 21,956 Fund balanc beginning o• . 170,233 175,337 (5,104) Fund balances . +f $ 187,085 170,233 16,852 111, 89 Page 526 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Street Lighting District Fund Year ended December 31, 2025 ....et Amounts Actua rease/ •final Final Amounts . ase Revenue: Real property taxes $331,300 ,300 331,327 27 Sale of property and compensation for loss - - 10,738 10,738 Total revenue 331,300 331,300 342,065 10,765 Expenditures: Transportation r... 181,803 181 803 178,097 3,706 Employee benefits 34,181 34,181 31,800 2,381 Total expenditures 215,984 215,984 209,897 6,087 Excess of revenue over 115,316 115,316 132,168 16,852 Other financing us— .nsfers o L (115,316) (115,316) (115,316)Net change in ,rr ; .alance 1 $ - - 16,852 16,852 Fund balance a : ing o 170,233 Fund balance at en. $187,085 90 Page 527 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infonnation Comparative Balance Sheet- Refuse and Garbage District Fund December 31, 2025 and 2024 Assets 2025 2024 Change Due from other funds $ 497,935 617,819 (119,884) Prepaid expenditures ^ 80 27,945 1,435 Total assets " ,315 645,764 (118,449) Liabilities and Fund Balances Liabilities: Accounts payable 415 1,636 (1,221) Accrued liabilities - 4,150 (4,150) Total liabilities 415 5,786 (5,371) Fund balances: -..w. Nonspendable 29,380 27,945 1,435 Assigned 497,520 612,033 (114,513) Total und balances 526,900 639,978 (113,078) Total liabilities and fund balances $ 527,315 645,764 (118,449) 111° 91 Page 528 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Infoiiiiation Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Refuse and Garbage District Fund Years ended December 31, 2025 and 2024 025 2024 e Revenue: ,, Real property taxes $ 2,784,321 )'2,507,447 276,874 Sale of property and compensation for loss - 24,040 (24,040) Miscellaneous 276 2 274 Total revenue 2,784 5597 2,531,489 253,108 Ilk Expenditures - home and community services 2,687,984 2,361,955 326,029 Excess of revenue over expenditures 96,613 169,534 (72,921) Other financing uses -transfers out (209,691) (161,140) (48,551) Net change in fund balance (113,078) 8,394 (121,472) Fund balances at F- ing of year 639,978 631,584 8,394 Fund balanc; :.-nd of year $ 526,900 639,978 (113,078) 92 Page 529 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Refuse and Garbage District Fund Year ended December 31, 2025 Budget illitounts Actual .se/ Original Final. Amounts D- .se Revenue: Real property taxes $ 2,784,100 2,784,100 2,784,321 221 Miscellaneous 276 276 Total revenue 2,784,11.00 2,784,100 2,784,597 497 Expenditures - home and community services 2,634,409 2,688,753 2,687,984 769 Excess of revenue over expenditures 149,691 95,34k 96,613 1,266 Other financing uses - transfers out (209,691) (209,691) (209,691) Net change in fund bal. • $ (60,000) (114,344) (113,078) 1,266 Fund balance at be- g of 639,978 Fund balance of year $ 526,900 93 Page 530 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Balance Sheet-Ambulance District Fund December 31, 2025 and 2024 Alk Assets 2025 2024 _I. ge Receivables: Due from other governments 1,900 ( , 40) Due from other funds 543,941 555,543 (11,594) Prepaid expenditures 99,846 39,284 60,562 Total assets $ 643,795 596,727 47,068 Liabilities and Fund Balances Liabilities: Accounts payable 2g111F5 25,571 2,542 Accrued liabilities 49,520 69,465 (19,945) Total li. .• 77,633 95,036 (17,403) Fund balances:Nonspendasle 99,846 39,284 60,562 Assignee 466,316 462,407 3,909 566,162 501,691 64,471 Tot. ties and fund balances S 643,795 596,727 47,068 94 Page 531 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Ambulance District Fund Years ended December 31, 2025 and 2024 2025 2024 Revenue: Real property taxes $ 933,499 724,942 208,557 Departmental income 1,150,933 1,074,376 76,557 Intergovernmental charges 185,409 143,997 41,412 Use of money and property 27,331 24,174 3,157 Sale of property and compensation 31,608 5,070 26,538 Total revenue 2,328,780 1,972,559 356,221 Expenditures: Health 1,712,356 1,509,118 203,238 Employee benefits 338,334 309,981 28,353 Debt service: Principal 154,808 - 154,808 Interest 33,540 - 33,540 Total expenditure 2,239,038 1,819,099 419,939 Excess of revenue over expen i res 89,742 153,460 (63,718) Other financing sources (uses): Transfers in 1,386 14,058 (12,672) 4Ir Transfers out (26,657) (144,812) 118,155 Total other financing sources (uses) (25,271) (130,754) 105,483 Net change in fund balance 64,471 22,706 41,765 Fund balances at beginning of year 501,691 478,985 22,706 Fund balances at end of year $ 566,162 501,691 64,471 95 Page 532 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Ambulance District Fund Year ended December 31, 2025 Budget Amounts Actual rease/ Original Final Amounts -ase Revenue: Real property taxes $ 933,500 933,500 933,499 (1) Departmental income 1,120,000 1,111,401 1,150,933 39,532 Intergovernmental charges 123,030 168,312 185,409 17,097 Use of money and property 20,000 35,603 27,331 (8,272) Sale of property and compensation for loss - 31,608 31,608 - Total revenue 2,196,530 2,280,424 2,328,780 48,356 Expenditures: Health 1,839,562 1,727,484 1,712,356 15,128 Employee benefits 330,311 338,573 338,334 239 Debt service: Principal - 154,808 154,808 - Interest - 33,540 33,540 - Total iture 2,169,873 2,254,405 2,239,038 15,367 Excess of revenue over expe itures 26,657 26,019 89,742 63,723 Other financing sources (uses): Transfers in - 1,386 1,386 Transfers out (26,657) (26,657) (26,657) - Total other financing sources (uses) (26,657) (25,271) (25,271)Net change in fund balance $ - 748 64,471 63,723 Fund balance at beginning of year 501,691 Fund balance at end of year S 566,162 96 Page 533 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Comparative Balance Sheet - Fire Protection District Fund December 31, 2025 and 2024 Assets 125 2024 Change Investments ., 1,892,618 1,805,832 ' 86,786 Due from other funds 1,524,536 1,181,695 342,841 Prepaid expenditures 330,739 214,448 116,291 Total assets $ 3,747,893 3,201,975 545,918 Liabilities and Fund Balances Liabilities: Accounts payable 52,527 25,415 27,112 Accrued liabilities 23,985 39,818 (15,833) Total liabilities ,512 65,233 11,279 Fund balances: Nonspendable 330,739 214,448 116,291 Restricted 1,892,618 1,805,832 86,786 ilimir Assigned e 1,448,024 1,116,462 331,562 Total fund balances 3,671,381 3,136,742 534,639 iim Total liabilities and fund balances S 3,747,893 3,201,975 545,918 97 Page 534 of 610 TOWN OF MAMARONECK,NEW YORK Other Supplementary Information Comparative Statement of Revenue, Expenditures and Changes in Fund Balances - Fire Protection District Fund Years ended December 31, 2025 and 2024 2025 2024 inte Revenue: Real property taxes S 5, 0 5,338,327 16,143 Use of money and property ,156 159,576 (6,420) Sale of property and compensation for loss 01,000 3,099 297,901 Miscellaneous 5,000 - 5,000 Total revenue ,626 5,501,002 312,624 Expenditures: Public safety 484,606 2,403,716 80,890 Employee benefits , 84,092 1,925,712 58,380 Debt service: Principal 5,523 - 5,523 Interest 1,196 - 1,196 Total expenditures 4,475,417 4,329,428 145,989 Excess of revenue over expenditu?e," 1,338,209 1,171,574 166,635 Other financing sources (uses): Transfers in 2,888 30,554 (27,666) Transfers out (806,458) (617,301) (189,157) Total other financing sources (uses) (803,570) (586,747) (216,823) -t change in fund balance 534,639 584,827 (50,188) •alances at beginning of year 3,136,742 2,551,915 584,827 Fund balances at end of year $ 3,671,381 3,136,742 534,639 98 Page 535 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Infoiiiiation Schedule of Revenue, Expenditures and Changes in Fund Balance - Budget to Actual - Fire Protection District Fund Year ended December 31, 2025 Budget Amounts Actual Increase/ Original Final Amounts Decrease Revenue: Real property taxes $5,354,000 5,354,000 5,354,470 470 Use of money and property 83,100 83,100 153,156 70,056 Sale of property and compensation for loss - 300,000 301,000 1,000 Miscellaneous - - 5,000 5,000 Total revenue .5,437,100 5,737,100 5,813,626 76,526 Expenditures: Public safety 2,706,338 2,740,776 2,484,606 256,170 Employee benefits 2,224,762 2,206,914 1,984,092 222,822 Debt service: Principal - 5,523 5,523 - Interest - 1,196 1,196 - Total expenditures 4,931,100 4,954,409 4,475,417 478,992 Excess of revenue over expendi +es 506,000 782,691 1,338,209 555,518 Other financing sources (uses): Transfers in - 2,888 2,888 - Transfers out (506,000) (806,458) (806,458) - Total other financing sources (uses) (506,000) (803,570) (803,570) - Net change in fund balance $ - (20,879) 534,639 555,518 Fund balance at beginning of year 3,136,742 Fund balance at end of year $3,671,381 99 Page 536 of 610 TOWN OF MAMARONECK, NEW YORK Other Supplementary Information Net Investment in Capital Assets December 31, 2025 and 2024 2025 2024 Add: Capital assets, net $ 87,191,7 79,248,600 Deferred charge on refunding bonds 274,801 87,466,569 316,165 79,564,765 Deduct: 116* Bonds payable, including bond premiums 58,843,449 63,210,191 Lease payable 739,105 Bond anticipation note 4,035,450 Capital projects fund - accounts payable 1,311,460 64,929,464 2,610,556 65,820,747 Net investment in capital as $ 22,537,105 13,744,018 100 Page 537 of 610 STATISTICAL S { Page 538 of 610 TOWN OF MAMARONECK,NEW YORK Net Position by Component Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Governmental activities: Net investment in capital assets $ 22,537,105 13,744,018 34,830,193 30,788,717 25,787,996 23,930,948 22,693,069 21,534,691 20,552,890 17,142,172 Restricted 18,210,036 26,679,033 2,250,007 7,085,438 6,292,601 4,297,461 4,244,789 2,715,876 6,268,501 7,587,153 Unrestricted(deficit) (90,720,134) (86,418,229) (71,487,901) (74,055,433) (79,330,405) (78,676,100) (72,181,546) (69,491,740) (17,311,086) (12,101,505) Total net position $(49,972,993) (45,995,178) 34,407,701 (36,181,278) (47,249,808) (50,447,691 45,243,688) (45,241,173) 9,510,305 12,627,820 W Air ' PIP (1) The Town implemented LASS Statement No.75 in 2018 resulting in a significant decrease in net position. 411c)\ I 101 TOWN OF MAMARONECK,NEW YORK Changes in Net Position Last Ten Fiscal Years 2025 2024 2023 2022 2 2020 2019 2017 2016 Expenses: Governmental activities: General government support $ 8,774,749 8,611,843 8,814,492 7,079,766 8,040,805 9,121,870 8,365,091 8,416,341 8,558,953 7,886,168 Public safety 17,149,000 17,571,419 16,598,320 13,716,463 15,455,166 17,553,249 15,094,283 13,909,760 15,075,843 14,474,164 Health 2,890,949 2,668,137 2,494,698 2,106,883 2,355,457 2,438,103 2,248,074 2,210,349 2,341,289 2,240,164 Transportation 7,102,587 6,767,746 6,458,193 5,389,339 5,807,600 6,325,334 5,853,210 5,966,073 6,094,052 5,921,176 Economic assistance and opportunity 955,966 933,098 1,011,115 790,606 919,638 8,311,965 7,548,174 7,198,352 7,181,791 6,455,362 Culture and recreation 5,889,213 5,926,558 5,820,190 5,150,169 4,598,511 4,513,931 5,483,527 5,436,815 5,587,787 5,290,919 Home and community services 5,481,320 5,940,313 9,946,607 11,098,995 11,608,623 3,623,617 3,577,494 3,422,663 3,646,045 3,546,456 Interest on long-term debt 1.788,600 1,629,695 1,129,499 1,115,677 882,904 1,069,976 955,895 634,799 766,612 712,909 Total governmental activities 50,032,384 50,048,809 52,273,11i 46,447,898 49,668,704 52,95 )L 49,125,748 47,195,152 49,252,372 46,527,318 Program revenue: Governmental activities: Charges for services: 12,013,628 10,230,775 9,699,162 8,581,104 7,612,897 6,990,093 10,160,631 9,512,249 8,473,399 8,572,342 Operating grants and contributions 1,978,996 1,754,182 5,198,206 11,404,082 10,819,947 8,445,520 7,432,768 7,156,846 7,481,928 6,939,865 Capital grants and contributions 1,190,240 3 414,225 _ 39,499 934,330 808,289 269,679 511,640 493,565 349,551 341,127 Total governmental activities program revenue 15,182' 15,389,182 a6,867 20,919,516 19,241,133 15,705,292 18,105,039 17,162,660 16,304,878 15,853,334 Net expense 34 849. 4 34,659,627, • '7 (25,528,382) (30,427,571) (37,252,753) (31,020,709) (30,032,492) (32,947,494) (30,673,984) General revenue: Governmental activities: Taxes: Real property taxes 34,462,051 31,971,386 30,306,263 29,310,060 27,918,380 26,881,964 26,225,787 25,729,260 25,233,805 23,708,098 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581 1,827,391 1,748,807 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 121,172 284,394 88,486 36,289 27,642 Sale of property and compensati for loss 337,966 200,021 235,649 942,805 191,680 309,343 86,998 57,970 1,494,431 160,855 Unrestricted state aid - - - - - 1,448,634 1,247,050 1,379,690 1,524,938 1,878,775 Miscellaneous 2,433,473 499,743 360,665 223,241 191,448 148,155 163,732 7,217 3,899 29,790 Total governmental activities 44,860,502 40,924,450 37,909,824 36,553,219 33,625,454 32,048,750 31,018,194 29,739,752 31,199,678 28,554.500 Extraordinary item-judgement expel (13,988,797) (17,852,300) - - - - - - - - IQ (DChange in net position (3,977,815)/11,587,477) 1,773,577 11,024,837 3,197,883 (5,204,003). (2,5) (292,7401 (1,747.816) (2,119,484) (T A O O 0 102 TOWN OF MAMARONECK,NEW YORK Fund Balances of Governmental Funds Last Ten Fiscal Years -j '- 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 General fund: Nonspendable $ 466,323 252,857 279,971 264,614 219,430 316,376 229,478 232,605 339,732 213,450 Restricted 366,160 351,846 342,293 331,114 316,332 125,000 125,000 125,000 125,000 125,000 Assigned 1,391,548 1,227,909 1,962,246 3,143,962 1,145,202 1,378,743 1,211,344 1,144,199 964,645 887,976 Unassigned 7,860,133 6,817,474 5,987,265 6,315,171 6,478,759 4,822.000 6,021,170 6,308,132 7,930,479 7,065,612 Total general fund 10,084,164 8,650,086 8,571,775 10,054,861 8,159,723 42,11 7,586,992 7,809,936 9,359,856 8,292,038 All other governmental funds: Nonspendable 1,673,972 1,108,308 1,484,338 1,405,429 893,789 1,328,604 820,087 760,926 1,578,747 732,390 Restricted 17,843,876 26,327,187 19,438,203 17,213,405 14,209,026 13,015,050 13,651.840 10,362,964 3,821,321 7,909,457 Assigned 20,387,277 16,782,849 15,126,979 10,820,179 11,111,278 9,356,998 8,949,812 10,060,681 10,559,022 11,157,486 Total all other governmental funds 39,905,125 44,218,344 36,049,520 29,439,013 26,214,093 23,700,652 23,421,739 21,184,571 15,959,090 19,799,333 Total governmental funds $ 49,989,289 52,868,430 44,621,295 39,493,874 34,373,816 30,342,771 31,008,731 28,994,507 25,318,946 28,091,371 771 cn cn 103 TOWN OF MAMARONECK,NEW YOWL Changes in Fund Balances of Governmental Funds Last Ten Fiscal Years 2025 2024 2023 2022 2021 2020 201 2018 2017 2016 Revenue: Real property taxes $34,261,973 31,952,708 30,095,484 29,459,100 27,618,184 27,001,329 26,367,087 '5,544,231 25,474,698 23,443,483 Real property tax items 693,382 1,030,921 984,811 1,091,992 1,117,138 656,776 818,786 559,548 1,078,925 1,000,533 Nonproperty tax items 3,847,372 3,731,317 3,768,043 4,118,620 3,788,040 2,482,706 2,191,447 1,917,581' 1,827,391 1,748,807 Departmental income 9,541,142 7,851,966 7,383,730 6,476,489 5,546,292 4,975,165 7,647,812 6,977,345 7,107,128 6,964,318 Intergovernmental charges 718,838 666,016 664,508 665,561 603,453 465,358 509,501 469,189 493,235 494,377 Use of money and property 3,086,258 3,491,062 2,254,393 866,501 418,768 551,232 823,173 493,008 378,795 512,398 Licenses and permits 1,447,646 1,473,804 1,372,402 1,173,589 1,247,518 963,582 1,130,746 972,254 854,093 895,500 Fines and forfeitures 306,002 238,989 278,522 265,465 215,634 140,573 296,017 279,793 298,035 329,758 Sale of property and compensation for loss 391,318 208,135 243,596 944,176 191,680 338,163 172,344 524,462 1,529,465 212,569 State aid 2,060,806 3,221,642 2,103,154 2,931,674 3,497,614 2,009,732 1,853,369 1,956,713 2,092,719 2,378,810 Federal aid 1,108,430 1,936,765 ;4,334,551 9,406,738 8,130,622 7,877,770 6,690,867 6,460,814 6,297,207 6,282,201 Miscellaneous 2,385,449 499,743 ' 360,665 '•223,241 191,448 411,021 762,895 562,445 313,758 449,483 Total revenue 59,848,616 56,303,068 53,843,859 57,623,146 52,566,391 47,873,407 49,264,044 46,717,383 47,745,449 44,712,237 Expenditures: General government support 6,206,207 5,945,167 6,163,562 5,434,290 4,959,084 5,952,519 6,019,245 6,053,428 5,859,657 5,463,401 Public safety 10,683,617 10,422,098 9,813,109 9,618,925 8,728,679 8,249,417 8,711,165 7,916,467 7,678,411 7,478,299 Health 2,100,547 1,874,137 1,734,561 1,743,384 1,738,267 1,665,925 1,674,281 1,650,320 1,600,732 1,547,453 Transportation 3,787,302 3,741,163 3,399,033 3,401,805 3,292,310 3,213,681 3,280,178 3,374,910 3,219,603 3,095,738 Economic assistance and opportunity 476,931 487,967 513,089 440,341 410,124 7,892,847 7,211,167 6,880,525 6,821,194 6,696,347 Culture and recreation 4,708,843 4,630,335 4,503,692 4,199,027 3,650,812 3,312,991 4,077,103 4,003,888 3,915,388 3,692,098 Home and community services 3,682,404 4,491,547 8,221,986 10,553,430 10,961,336 2,761,606 2,898,142 2,868,725 2,847,528 2,789,696 Employee benefits 13,282,310 12,818,919 11,779,643 10,258,213 9,796,933 9,320,015 9,594,152 9,523,498 8,997,890 8,487,575 Debt service: Principal ,338,857 31,300 3,292,000 - , 80,000 2,675,000 2,420,000 2,449,800 2,489,300 2,350,145 1,774,300 Interest ;989,553 , 79,824 1,282,577 1,129,993 1,025,700 1,189,725 909,975 646,887 983,963 681,610 Capital outlay 12,425,672 1,131,207 7,222,895 8,283,179 8,169,242 6,439,573 7,219,084 5,253,640 6,368,279 6,697,638 Total expenditures .-AgllgIIIIIIIIIII.`. 63,682,243 61,253,664 57,926,147 58,142,587 55,407,487 52,418,299 54,044,292 50,661,588 50,642,790 48,404,155 Excess expenditures over revenue (3,833,627) (4,950,596) (4,082,288) (519,441) (2,841,096) (4,544,892) (4,780,248) (3,944,205) (2,897,341) (3,691,918) Other financing sources(uses): Bond issuance - 12,116,500 8,971,300 5,257,000 6,100,000 11,500,000 6,300,000 7,215,500 7,040,000 11,175,845 Installment purchase debt issued 906,462 - - - - - - - - - BANs redeemed from appropriations - 480,000 - - - - - - - - Issuance premium 481024 601,231 238,409 338,806 772,141 445,260 494,472 404,266 51,989 2,047 13 Payment of refunded bond escrow account - - - - - (8,066,328) - - (6,967,073) (Q Transfers in 9,002,007 14,132,936 11,528,838 8,942,143 6,476,045 5,607,036 5,556,705 7,821,560 5,787,405 3,660,155 fp Transfers out (9,002,007) (14,132,9361 (11,528,838) (8,942,143) (6,476,045) (5,607,036) (5,556,705) (7,821,560) (5,787,405) (3,660,155) (31 Total other financing sources(uses) 954,486 13,197,731 9,209,709 5,595,806 6,872,141 3,878,932 6,794,472 7,619,766 124,916 11,177,892 N Net change in fund balances L2,879,141) 8,247,135 5,127,421 5,076,365 4,031,045 (665,960) 2,014,224 3,675,561 (2,772,425) 7,485,974 O Debt service as a percentage of non-capital expends 12.3% 11.4% 9.0% 8.4% 7.8% 7.9% 7.2% 6.9% 7.5% 5.9% 0') 0 104 Revenue Capacity These schedules contain information to help t , .der assess the Town's most significant local revenue source,the property t. ese schedui-; lude: Assessed Value and Estimat . e of Taxable Property Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Principal Taxpayers Property Tax Levies and Collections Page 543 of 610 TOWN OF MAMARONECK,NEW YORK Assessed Value and Estimated Actual Value of Taxabl, •erty Last Ten Fiscal Years ,At Total State Estimated Total Taxable Special Actual Direct Residential Commercial Other Assessed E ualization Taxable Tax Year Property Property Property Value Rate(1) Value(2) Rate 2016 $7,693,457,152 1,511,026,905 155,960,427 9,360,444,48 00.00% 9,360,444,484 5.199 2017 7,931,573,564 1,570,290,221 166,804,951 9,668,668,736 100.00% 9,668,668,736 5.469 2018 7,953,836,371 1,595,637,327 161,111,875 9,710,585,5733 00.00% 9,710,585,573 5.403 2019 7,968,299,641 1,598,366,077 165,968,953 9,732,634,671�100.00% 9,732,634,671 5.465 2020 7,946,845,031 1,622,753,200 168,251,34/ 9,737,849,573 100.00% 9,737,849,573 5.580 2021 8,304,192,018 1,665,732,055 170,144,330 ` 10,140,068,403 100.00% 10,140,068,403 5.648 2022 8,970,919,824 1,684,629,458 171,109,268 10,826,658,547 100.00% 10,826,658,547 5.717 2023 9,763,265,838 1,724,542,062 170,992,545 Lt 658,800,445 100.00% 11,658,800,445 5.600 2024 10,475,027,924 1,775,301,909 175,833,755 12,426,163,588 100.00% 12,426,163,588 5.488 2025 10,855,118,249 1,817,555,679 183,100,628 12,855,774,556 100.00% 12,855,774,556 5.546 (1) Provided by the New York State Office of Real Property Services. (2) Estimated actual taxable value is calculated by dividing taxable assessed value by the state special equalization rate. Tax rates are per$1,000 of assessed value. v co o cn -r. .....Ne o) 8 105 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Property Tax Rates Per$1,000 of Assessed Valuation Last Ten Fiscal Years Overla.•i. At& Westchester County,. Total Refuse Direct Sewer Disposal Year Rate (3) Operating Districts (1) District Dist 2 2016 5.199 3.373 0.551 0.307 13.409 2017 5.469 3.289 0.578 0.296 13.409 2018 5.403 3.227 0.572 0.283 13.397 2019 5.465 3.176 0.564 0.268 13.527 2020 5.5:" 3.093 0.579 0.259 13.757 2021 .48 3.054 0.580 0.284 14.022 ii 2022 5.717 2.878 0.572 0.307 13.795 --"W 2023 5.600 2.587 0.590 0.306 13.255 . 4 5.488 2.359 0.587 0.298 12.636 2025 46 ® 2.295 0.624 0.298 12.451 'urce: Town of sroneck Comptroller's Office. (1 ,arone, , er district rate. (2) Refl- , ,chool District tax rate for fiscal year ending June 30th in year indicated. (3) A single direct property tax rate applies to all classes of real property. 106 Page 545 of 610 TOWN OF MAMARONECK,NEW YORK. Principal Taxpayers Current Year and Nine Years Ago 2025 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 253,037,69 i 1.97% 2 CF Westchester Multifamily Apartments 45,640,000 5% 3 Larchmont Acres East Asso LLC Apartments 28,500,000 4 Palmer Terrace Co-Op Inc. Co-Op 27,901,006 0.22% 5 845 Palmer Ave Realty LLC Co-Op 25,680,000 0.20% 6 Larchmont Prime Assets LLC Shopping Center 24,127,600 0.19% 7 Sheldrake Station Deve LL Apartments 22,500,000 0.17% r, 8 Mamaroneck Gardens Inc. . %2,231,590 0.17% 9 Winged Foot Holding Corp. Comp 21,600,000 0.17% 10 Larchmont Owners Corp. C' . 21,036,080 0.16% ile • $ 492,253,972 3.82% illimor 1 Percent of Net Taxable Type of Assessed Assessed Rank Taxpayer Business Valuation Valuation 1 Con Edison Co of NY Utility $ 120,490,141 1.27% 2 Avalon Properties Inc. Apartments 45,640,000 0.48% 3 Palmer Terrace Co-Op Inc. Co-Op 29,471,148 0.31% 4 Larchmo cres East Asso LLC Apartments 28,200,000 0.30% jil Wingedoo Holding Corp. Country Club 28,048,000 0.30% 6 Mamaroneck Gardens Inc. Co-Op 24,647,429 0.26% 7 Ten Grand Manufacturing 22,360,000 0.24% 8 Larchmont Owners Corp. Co-Op 21,036,080 0.22% 9 16 North Chatsworth Ave Corp. Commercial 18,296,683 0.19% 10 Carlshire Tenants Inc. Co-Op 18,175,151 0.19% Total $ 356,364,632 3.76% Source: Town of Mamaroneck Assessor's Office. 107 Page 546 of 610 TOWN OF MAMARONECK,NEW YORK Property Tax Levies and Collections Last Ten Fiscal Years Collected within the Fiscal Year of the Levy Total Collections to Date Taxes Levied Collections in for the Percentage Subsequent Percentage Year Fiscal Year Amount of Le Years Amount of Levy 2016 $ 23,713,182 23,608,581 99.56T 103,912 23,712,493 100.00% 2017 24,987,956 24,786,385 99.19% 198,363 24,984,748 99.99% 2018 25,646,039 25,628,733 99.93% 16,593 25,645,326 100.00% 2019 26,514,663 26,453,080 99.77% 60,753 26,513,833 100.00% 2020 27,045,640 26,934,144 99.59% 107,534 27,041,678 99.99% 2021 27,439,613 27,312,645 99.54% 119,441 27,432,086 99.97% 2022 29,065,226 28,995,044 99.76% 60,497 29,055,541 99.97% 2023 30,180,305 30,137,237 99.86% 20,687 30,157,924 99.93% 2024 31,887,970 31,777,371 99.65% 92,504 31,869,875 99.94% 2025 34,633,500 34,520,341 99.67% 8,513 34,528,854 99.70% 108 Page 547 of 610 Debt Capacity These schedules present information to help the reader assess the ,ffordability of the Town's current levels of outstanding debt and the Town's abil' a j'ssue additional debt in the future. These schedules include: Ratios of Outstanding Debt by Type Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information Page 548 of 610 TOWN OF MAMARONECK,NEW YORK Ratios of Outstanding Debt by Type Last Ten Fiscal Years Less: Amounts Bonds Payable, Bond Available et entage Fiscal Including Bond Lease Anticipation in Debt ong-Teiiii Per . onal Year Premiums Payable Note Service Fund Debt Capita(1) Inc,;_ (1) 2016 $ 32,935,452 - - 933,413 32,002,039 1,098 1.90% 2017 30,881,753 - - 871,666 30,010,087 1,029 1.78% 2018 36,007,677 - - 1,853,539 34,154,138 1,171 2.03% 2019 40,337,365 - - 2,177,326 38,160,039 1,309 2.26% IL 2020 42,093,970 - - 2,186,923 39,907,047 1,257 1.12% 2021 46,185,877 - - 2,211,334 43,974,543 1,385 1.24% 2022 48,561till504 - 2,605,687 45,955,817 1,466 1.30% 2023 54,32480,000 3,296,896 51,506,089 1,643 1.45% 2024 62,21 - 497,283 55,712,908 1,778 1.57% 2025 58,8405 4,035,450 7,311,815 56,306,189 1,797 1.52% IIV (1) Population and personal income data can be found in the schedule of demographic and economic statistics. Note: Details regarding the Towns's outstanding debt can be found in the notes to financial statements. 1r. 109 Page 549 of 610 TOWN OF MAMARONECK,NEW YORK Direct and Overlapping Governmental Activities Debt December 31,2025 Net Amount Long-Term APIKentage 1 Applicable Debt Applicable to to Town of Government Unit Outstanding(1 amaroneck(2) Mamaroneck County of Westchester(3) $1,071,3, 4.50% 48,210,382 Village of Mamaroneck(4) 1 001 48.50% 19,894,700 Village of Larchmont(5) 4,7' 100.00% 4,795,000 Mamaroneck Union Free School District I 19,153,901 100.00% 19,153,900 Scarsdale Union Free School District( 4 025,000 5.00% 2,351,250 Net overlapping debt 94,405,232 Town direct debt 63,618,004 Net direct and overlapping debt ) $158,023,236 (1) Excludes enterprise fund bonds and the amount available for repayment in the Debt Service Fund. (2) The percentage of overlapping debt applicable is estimated using taxable assessed values. Applicable percentages were estimated by determining the portion of the Town's taxable assessed value that is within the government's boundaries and dividing it by the Town's total taxable assessed value. (3) As of December 31,2024 4 (4) As of November 15, 2024 (5) As of May 31,2026 (6s of December 23,2024 (7) As of September 15,2024 110 Page 550 of 610 TOWN OF MAMARONECK,NEW YORK Legal Debt Margin Information Last Ten Fiscal Years 4' 2025 2024 2023 2022 2021 2020 2019 201 2017 2016 Debt limit $810,704,518 729,875,858 703,151,115 687,955,263 678,056,065 669.935. .54,872,238 656,998,521 641,760,093 617,325,283 Total net debt Applicable to limit 35,128,701 39,497,561 39,344,389 39,150,266 37,660,633 34,781 14 34,611,036 25,026,759 27,057,867 21,665,812 Legal debt margin $775,575,817 690,378,297 663,806,726 648,804,997 640,395,432 6, 54,678 620,261,202 631,971,762 614,702.226 595,659,471 Total net debt applicable to the limit as a percentage of debt limit 4.33% 5.41% 5.60% 5.69% 5.55% 5.19% 5.29% 3.81% 4.22% 3.51% Legal Debt Margin Calculation for Fiscal Year 2025 Assessment Roll All Stale , Budget Assessed .� Equalization Full Year Year Valuation Rate Valuation 2024 2025 $12,855,774,556 100.00% 12,855,774,556 2023 2024 12,426,163,588 100.00% 12,426,163,588 2022 2023 11,658,800,445 100.00% 11,658,800,445 2021 2022 10,826,658,547 100.00% 10,826,658,547 2020 2021 10,140,068,403 100.00% 10,140,068,403 Total five year full valuation $57,907,465,539 Five year average full valuation of taxable real property 11,581,493,108 Debt limit-7%of five year average full valuation 810,704,518 Outstanding debt: Serial bonds $56,365,000 Less water and sewer (21,236,299) Net indebtedness subject to debt limit 35,128,701 Net debt contracting margin $ 775,575,817 -171 03 Percentage of Debt-Contracting Pow ted 4.3% (Q 0) cn cn O 0 111 Demographic and Economic Information 4 These schedules offer demographic and econo, dicators to help the re8r understand the environment within which the s financial ities take place. These schedules include: Demographic Statistics Principal Employers Page 552 of 610 TOWN OF MAMARONECK,NEW YORK Demographic Statistics Last Ten Fiscal Years Media," Median employ- Median Personal Per W Hous> Family ment Year Population(1) Age(1) Income Incom- In, " A l Income(1) Rate(2) 2016 29,156 39 $1,685,858,232 57,822 84,213 118,722 3.60% 2017 29,156 39 1,685,858,232 57,822 13 118,722 3.90% 2018 29,156 42 1,685,858,232 57,822 118,722 3.40% 2019 29,156 40 1,685,858,232 57,822 111100,4,2 3 118,722 3.00% 2020 31,758 41 3,547,590,906 111,707 1,504 121,672 5.90% 2021 31,758 39 3,547,590,906 111,707 161,504 121,672 3.80% 2022 31,758 41 3,547,590,906 111,707 161,504 121,672 2.50% 2023 31,758 41 3,547,590,906 111,707 161,504 121,672 3.10% 2024 31,758 41 ,547,590,906 111,707 161,504 121,672 2.90% 2025 31,758 3,547,590,906 111,707 161,504 121,672 2.90% Sources: (1) U " s eau of Censu BC) ( ensus for 2004-2009; 2010 Census for 2010-2016) 2020 DEC Red' g Data&2020 AC -ar. (2) Ne State Departmen Labor-Unemployment rates not seasonally adjusted.Unemployment rate from USBC Cen (3)Data above -s the ' the Village of Larchmont and the Village of Mamaroneck. cn cn co 0 a) 0 112 TOWN OF MAMARONECK, NEW YORK Principal Employers Current Year and Nine Years Ago 2025 Percentage of total Employer Employe employment The New Jewish Home, Sarah Neuman - 420 2.44% Mamaroneck Union Free School District 245 1.42% Village of Mamaroneck 150 0.87% Town of Mamaroneck 129 0.74% Larchmont Yacht Club 120 0.70% Trader Joes 100 0.58% Westchester Day School 100 0.58% French American School of New Yor 100 0.58% Hampshire Country Club AD 90 0.52% Mania! Industries 50 0.29% 410 S 1,504 8.72% 2016 Percentage of total Employer Employees employment . • ;etics 265 2.62% .maro . •'on Fr• 101 District 245 2.43% Village of M. •eck 150 1.49% Town of Mamare 127 1.26% Semiconductor P. ging Materials, Incv 80 0.79% Derecktor,Rob; ,Inc 75 0.74% Argueso, M 'e'., o. 55 0.54% Nessen Lighting Inc. 55 0.54% Archie Comic Publishing, Inc. 54 0.53% Marval Industries 50 0.50% 1,156 11.44% Data Source: DataUSA 113 Page 554 of 610 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. These schedules include: Full-Time Equivalent City Government Em. -,,, -s by Function Operating Indicators by Function/Program Capital Asset Statistics by Function/Program < giummi; Page 555 of 610 TOWN OF MAMARONECK,NEW YORK Full-Time Equivalent Town Government Employees B tion Last Ten Fiscal Years , .. Full-time Equivalent Employees as of December 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Function: General government 34 34 N2 31 27111‘32 31 31 37 37 Public safety 55 55 . 55 55 55 55 55 54 54 Transportation 25 25 24 24 25 25 25 24 24 Economic assistance and opportunity - - 5 9 11 11 11 6 6 40 Culture and recreation 1111111i 1- 14 8 8 8 8 10 10 Home and community services 3 3 3 3 3 3 3 3 Total 129 129 132 132 128 134 133 133 134 134 Data Source:Various Town departments. °NL -tp st) co (a cri cri a) o o) 8 114 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 2020 2019 - 2017 2016 General government support: Parking permits issued 1,025 982 950 1,0. 450 3 1,200 1,200 1,580 1,292 Alarm permits issued 1,052 1,040 975 1,297 00 ,250 1,250 1,250 1,309 1,289 STAR exemptions 1,191 1,227 1,494 1,954 2,285 2,589 3,034 3,930 4,115 Street opening permits 150 134 153 167 156 182 184 214 217 Payroll and vendor checks issued 12,279 11,825 1 3,355 12,70 ,827 15,138 16,196 15,461 15,119 Tax bills processed 17,661 17,966 17, ' 17,966 .2 17,945 17,937 17,924 17,966 Public safety: Police: Calls for service 9,544 10,279 ,I 9,829 9,479 9,960 10,035 7,934 8,464 Criminal cases 15 242 40 290 208 221 209 207 281 Auto accidents 200 204 15 208 161 244 275 265 273 Fire: Calls for service 1,365 1,322 1,301 1,238 1,416 1,146 1,280 1,284 1,220 1,237 Fire training sessions 45 42 43 41 45 28 51 54 41 42 Ambulance: Number of emergency calls 3,460 3,317 3,500 3,318 3,081 2,518 2,910 2,792 2,863 2,752 Students trained 250 227 250 250 250 100 300 300 946 1,023 Transportation: -tD Street lights replaced 93 75 54 100 82 90 87 25 - - 8 Street signs replaced ,40 230 226 151 145 110 140 170 167 160 a) Roads resurfaced 21 14 9 9 4 16 8 18 10 cn (2,1 Vehicle repairs 789 398 360 495 565 575 588 592 606 720 0 cn 115 8 TOWN OF MAMARONECK,NEW YORK Operating Indicators by Function/Program,Continued Last Ten Fiscal Years 2025 2024 2023 202 021 2019 2018 2017 2016 Economic assistance and opportunity: Senior citizen nutrition meals served 2,604 2,600 2,534 1,281 2,000 3,200 3,026 n/a n/a Meals on wheels served 6,642 6,000 5,057 5,072 7, 8,500 8,000 6,707 n/a n/a Transportation services for senior citizens 4,467 4,500 4,070 6,06 2,789 (0 7,200 7,072 n/a n/a Culture and recreation: Pool attendance 14,223 22,047 21,575 19,235 19,249 17,422 35,858 38,259 38,000 37,800 Ice rink attendance 27,551 26,500 27,334 13,600 10,567 29,084 30,047 30,000 29,000 Special events 1 9 9 9 9 9 9 9 9 Home and community services: Building,plumbing and related permits issued 1, 886 1,085 1,031 748 950 951 1,050 1,199 Building inspections conducted 2,322 2,560 3,140 4,486 3,694 3,220 3,800 3,504 38,463 3,669 Number of trees planted 2tW 113 21 40 46 3 32 18 14 43 Data Source:Various Town departments. /A-Information not available. cn cn co 116 0 TOWN OF MAMARONECK,NEW YORK Capital Asset Statistics by Function/Program Last Ten Fiscal Years 2025 2024 2023 2022 202 2020 2019 2018 2017 2016 General government support-number of general government buildings 6 6 6 6 6 6 6 6 6 Public safety: AP Number of police stations I 1 1 1 1 1 I I 1 1 Number of ambulance facilities 2 2 2 2 -,. 2 2 2 2 2 2 Number of firehouses 1 1 1 1 1 1 1 1 1 1 Transportation: Miles of streets 44 44 44 44 44 44 44 44 Number of street lights 1,211 1,211 1,21 1,20' , . 1,2ft, 1,209 1,209 1,209 1,209 Economic assistance and opportunity- number of senior citizens centers 1 1 I 1 1 1 1 1 Culture and recreation: Number of parks 1 1 1 1 1 1 1 1 1 Acres of parks and recreation area 93 9 93 93 93 93 93 93 93 Swimming pools 1 1 1 1 1 1 biome and community services: Number of fire hydrants ,Aimibb. 345 345 345 345 345 345 345 345 345 345 Miles of sanitary sewers 58 58 58 58 58 58 58 58 58 58 Miles of storm drains 15 1 15 15 15 15 15 15 15 15 Parking facilities: Number of parking structures 1 1 1 1 1 I I 1 1 1 Number of parking lots 4 4 4 4 4 4 4 4 4 4 su co a:. cn cn co Data Source:Various TownNfdepartm o o) _. 117 o • • FEDERAL AWARD : ION Page 560 of 610 EFPRCROUP CPAs Certified Public Accountants 6390 Main Street,Suite 200 Willia ,ville,New York 14221 ..634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS' REPORT ON INTERN•: i TR t. R FINANCIAL REPORTING AND ON COMPLIANCE I OTHER M• S BASED ON AN AUDIT OF FINANCIAL STA TS PERFORMED IN ACCORDANCE WITH GOVERNMENT TING STANDARDS The Honorable Supervisor and Town Board Town of Mamaroneck, New York: We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town), as of and for the year ended December 31, 2025, and the related notes to financial statements, which collectively comprise the Town's basic financial statements, and have issued our report thereon dated 2026. Our report includes a reference to other auditors who audited the financial statements of the Town of Mamaroneck Housing Authority (the Authority), as described in our report on the Town's financial statements. The financial statements of the Authority were not audited in accordance with Government Auditing Standards, and accordingly, this report does not include reporting on internal control over financial reporting or compliance or and other matters associated with the Authority or that are reported on separately by those auditors who audited the financial statements of the Authority. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Town's internal control over financial reporting4internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control. Accordingly, we do not express an opinion on the effectiveness of the Town's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Town's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies, in internal control that is less severe than a material weakness,yet important enough to merit attention by those charged with governance. 118 Page 561 of 610 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit w did not identify any deficiencies in internal control that we consider to be material weaknesses. ever, material weaknesses or significant deficiencies may exist that were not identified. • Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Town's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other natters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not tdprovide an opinion on the effectiveness of the Town's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Town's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Williamsville, Ne , 2026 119 Page 562 of 610 EFPRCROUS Certified Public Accountants 6390 Main Street,Suite 200 Williar ville,New York 14221 •.634.0700 :00.546.7556 EFPRadvisory.com INDEPENDENT AUDITORS'REPORT ON COM CE ► EACH MAJOR PROGRAM AND ON INTERN • TROL OV' COMPLIANCE REQUIRED BY THE UN GUIDANCE The Honorable Supervisor and Town BoardAO Town of Mamaroneck, New York: Report on Compliance for Each Major Federal Program Opinion on Each Major Federal Program We have audited the Town of Mamaroneck, New York's (the Town) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on the Town's major federal program for the year ended December 31, 2025. The Town's major federal program is identified in the summary of auditors'results section of the accompanying schedule of findings and questioned costs. In our opinion,the Town complied,in all material respects,with the types of compliance requirements referred to above that could have a direct and material effect on its major federal program for the year ended December 31, 2025. Basis for Opinion on Each Major Federal Program e conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards and the Uniform Guidance are further described in the Auditors' Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the Town and to meet our other ethical responsibilities, in accordance with 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 opinion on compliance for the major federal program. Our audit does not provide a legal determination of the Town's compliance with the compliance requirements referred to above. 120 Page 563 of 610 Other Matters - Federal Expenditures Not Included in the Compliance Audit The Town's basic financial statements include the operations of the Town of Mamaroneck Housing Authority (the Authority) which is not included in the Town's schedule of expenditures of federal awards during the year ended December 31,2025. Our audit,described in the Opinion on Each Major Federal Program, did not include the operations of the Authority because the Authority engaged other auditors to perform their annual audit. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant a reements applicable to the Town's federal programs. Auditors' Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Town's compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery,intentional omissions,misrepresentations,or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the Town's compliance with the requirements of the major federal program as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform Guidance, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 Town's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the Town's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Unifoiiii Guidance, but not for the purpose of expressing an opinion on the effectiveness of the Town's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding,among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. 121 Page 564 of 610 Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency,or a combination of deficiencies,in internal control over compliance,such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditors'Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. -411r Williamsville, New York 122 Page 565 of 610 TOWN OF MAMARONECK,NEW YORK Schedule of Expenditures of Federal Awards Year ended December 31, 2025 Assistance Pass-through Expenditures Listing Grantor's Federal to Federal Grantor/Pass-Through Grantor/Program Title Number Number Expenditures Subrecipients U.S. Department of Justice-direct recipient- Bulletproof Vest Partnership Program 16.607 N/A $ 5,152 U.S. Department of Transportation -passed through New York State- Highway Planning and Construction 'a. 0 (2.19 746,991 U.S. Department of Treasury- passed through New York State- COVID-19 Coronavirus State and Local Fiscal Recovery Fund 21.02 N/A 54,182 U.S. Department of Health and Human Services-Indirect Programs - Passed through County of Westchester,New York- aging cluster: Special Programs for the Aging-Title III, 1111P Part B -Grants for Suppoi e Services and Senior Centers 93.044 AGET6860415 710335 8,393 Nutrition Services 93.045 AG E710934 32504 15 60,670 .S. Depart of Health and uman Services 69,063 U.S. Department of Homeland Security-passed through New York State- Disaster Grants - Public Assistance(Presidentially Declared Disasters) lb 97.036 NY4397 233,042 Total Expenditures of Federal Awards $ 1,108,430 See accompanying notes to schedule of expenditures of federal awards. 123 Page 566 of 610 TOWN OF MAMARONECK,NEW YORK Notes to Schedule of Expenditures of Federal Awards December 31, 2025 (1) Basis of Presentation The accompanying schedule of expenditures of federal awards(the Schedule)includes the federal award activity of the Town of Mamaroneck, New York (the Town) under programs of the Federal government for the year ended December 31, 2025. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net position or cash flows of the Town. We did not audit the Town of Mamaroneck Housing Authority (the Authority), as such, Federal awards received by the Authority are excluded from this report. (2) Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. °PIP (3) Indirect Cost Rate Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Town to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Town does not use the de minimis election. ubrecipients e yea d December 31, 2025, the Town provided no funds to subrecipients. (5) Nonmonetary Assistance For the year ended December 31, 2025, the Town received no nonmonetary assistance. 124 Page 567 of 610 TOWN OF MAMARONECK, NEW YORK Schedule of Findings and Questioned Costs Year ended December 31, 2025 Part I - SUMMARY OF AUDITORS' RESULTS Financial Statements: Type of auditors' report issued on whether the basic financial statement audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: 1. Material weakness(es) identified? • Yes x No 2. Significant deficiency(ies) identified? Yes x None reported 3. Noncompliance material to financial statements noted? Yes x No Federal Awards: Internal control over major programs. 4. Material weakness(es) identified? Yes x No 5. Significant deficiency(ies) identified. Yes x None reported Type of auditors' report issued on compliance for major programs: Unmodified 6. Any audit findings disclosed that are required to be reported in accordance with 2 CFR Section 200.516(a) (Uniform Guidance)? Yes x No - - own's major program audited was: Assistance Listing ame of Federal Program Number Highway Planning and Construction 20.205 8. Dollar threshold used to distinguish between Type A and Type B programs. $1,000,000 Auditee u ed as low-risk auditee? x Yes No Part I AL STATEMENT FINDINGS SECTION No sortable findings. Part III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS SECTION No reportable findings. 125 Page 568 of 610 TOWN OF MAMARONECK,NEW YORK Status of Prior Year Audit Findings Year ended December 31, 2025 There were no audit findings in the prior year financial s -nts (December 31, 2024). 126 Page 569 of 610 EFPRGROUSa Certified Public Accountants 6390 Main Street,Suite 200 Willi sville,New York 14221 6.634.0700 800.546.7556 REPORT TO THE BOARD w EFPRadvisory.com , 2026 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Dear Board Members: We have audited the financial statements of the governmental activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the Town of Mamaroneck, New York (the Town) for the year ended December 31, 2025. Professional standards requires that we provide you with information about our responsibilities under auditing standards generally accepted in the United States of America, Government Auditing Standards and the Uniform Guidance, as well as certain information related to the planned scope and timing of our audit. We have communicated such infoiiiiation in our engagement letter. Professional standards also require that we communicate to you the following information related to our audit. Significant Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Town are described in note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during 2025. We noted no transactions entered into by the Town during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. For the year ended December 31, 2025, we evaluated the key factors and assumptions used to develop the accounting estimates and deteiniined that they are reasonable in relation to the financial statements taken as a whole. Page 570 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck,New York Page 2 Significant Disclosures The financial statement disclosures are neutral, consistent and clear. Difficulties Encountered in Performing the Audit We encountered no difficulties in dealing with management in perfoirning and comple ing our audit. 0 Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. Disagreements with Management For purposes of this report, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditors' report. We are pleased to report that no such disagreements arose d ing the course of our audit. Ak - •sement Representations We have requested certain representations from management that are included in the management representation letter. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the Town's financial statements or a determination of the type of auditors' opinion that may be expressed on those statements, our professional standards require the consulting accounting to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants by management. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management prior to retention as the Town's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Page 571 of 610 The Honorable Supervisor and Town Board Town of Mamaroneck, New York Page 3 Other Matters We applied certain limited procedures to the required supplenritary information (RSI) that supplements the basic financial statements. Our procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the infoiination 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 did nvitt audit the RSI and do not express an opinion or provide any assurance on the RSI. We were engaged to report on the other supplementary information, which accompanies the financial statements but is not RSI. With respect to this supplementary information, we made certain inquires of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statements. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. We were not engaged to report on the introductory and statistical sections, which accompany the financial statements but are not RSI. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. This information is intended solely for the use of the Honorable Supervisor, Town Board and management of the Town of Mamaroneck, New York and is not intended to be and should not De used by anyone other than these specified parties. Very truly yours, EFPR GROUP, CPAs, PLLC Page 572 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 Page 573 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Table of Contents Page Independent Auditors' Report 1 -2 Statement of Cash Receipts, Cash Disbursements and Cash Balances 3 Note to Financial Statement 4 4111 :1000•HISC * Page 574 of 610 ��EFPRGROUP C9As. Certified Public Accountants 6390 Main Street,Suite 200 Williamsville,New York 14221 .634.0700 00.546.7556 INDEPENDENT AUDITORS' REPORT EFPRadvisory.com The Honorable Supervisor and Town Board Town of Mamaroneck, New York: Report on the Audit of the Financial Statement Opinion .4 We have audited the accompanying statement of cash receipts, cash disbursements and cash balances of the Town Justice Court of the Town of Mamaroneck, New York (the Court) as of and for the year ended December 31, 2025, and the related note to financial statement. 4... In our opinion, the financial statement referred to above presents fairly, in all material respects, the cash receipts, cash disbursements and cash balances of the Court, as of and for the year ended December 31, 2025, in accordance with the cash basis of accounting described in the note to financial statement. Basis for Opinion 401111% ik 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 Statement section of our report. We are required to be independent of the Court 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 opinion. mphasis of Matter- Basis of Accounting We draw attention to the note to financial statement, which describes the basis of accounting. The financial statement is prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to that matter. Responsibilities of Management for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in the note to the financial statement; this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statement that is free from material misstatement, whether due to fraud or error. Page 575 of 610 Auditors' Responsibilities for the Audit of the Financial Statement Our objectives are to obtain reasonable assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. 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 statement. 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 statement, 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 statement. • 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 Court'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 statement. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Court's ability to continue as a going concern for a reasonable period of time. V 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. Williamsville, New York 026 2 Page 576 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Statement of Cash Receipts, Cash Disbursements and Cash Balances Year ended December 31, 2025 tice Justice rescia Meister Joint Fine Fine Bail Acco Account Account Cash receipts: Bail $ - - 2,000 Fines, fees and other 131,801 167,916 - Total cash receipts 131,801 167,916 2,000 Cash disbursements: Remittances to Town of Mamaroneck 119,659 164,130 - Bail refund - - 1,550 Total cash disb ents 119,659 164,130 1,550 Net change in cash balances 12,142 3,786 450 Cash balances at beginning of year 3,344 10,265 4,125 Cash balances at end of ye $ 15,486 14,051 4,575 Cash balances represented by: Amounts due to Town 15,486 14,051 - Undisposed cases( - - 4,575 Ilik Total ch balances -December 31, 2025 $ 15,486 14,051 4,575 14) See accompanying note to financial statement. 3 Page 577 of 610 TOWN OF MAMARONECK,NEW YORK Town Justice Court Note to Financial Statement December 31, 2025 Summary of Significant Accounting Policies (a) Basis of Accounting This financial statement of the Town Justice Court of the Town of Mamaroneck, ork (the Court), was prepared on the cash basis of accounting in accordance k; 'the accounting principles prescribed in the New York State Handbook for Town and Village Justices, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. (b) Deposits and Risk Disclosures Cash and equivalents consist of funds deposited in demand deposit accounts, time deposit accounts and certificates of deposit with original maturities of less than three months. The Court's deposits and investment policies follow the Town of Mamaroneck, New York's (the Town) policies. The Town's investment policies are governed by New York State (the State) statutes. The Town has adopted its own written investment policy which provides for the deposit of funds in Federal Deposit Insurance Corporation(FDIC)insured commercial banks or trust companies located within the State. The Town is authorized to use demand deposit accounts, time deposit accounts and certificates of deposit. Peiinissible investments include obligations of the U.S. Treasury, U.S. Agencies and obligations of the State or its political divisions, and accordingly, the Town's policy provides for no credit risk on investments. 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 Town 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. Custodial credit risk is the risk that in the event of a bank failure, the Town's deposits may not be returned to it. Governmental Accounting Standards Board Statement No.40 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 Town's name. The Town's aggregate bank balances are covered by FDIC insurance at December 31, 2025. The Town was invested only in the above mentioned obligations and, accordingly, was not exposed to any interest rate or credit risk. 4 Page 578 of 610 0 ul 1 rrl Town of Mamaroneck in # x Town Center FOUNDED 1661 i 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: 2026 Operating Budget Amendments Date: March 18, 2026 Attached please find a memo from Tracy Yogman, Town Comptroller, regarding 2026 Operating Budget amendments. Action Requested: Resolved that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented. Page 579 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2026 Operating Budget Amendments General: In compliance with the Budget Policy the following 2026 Operating Budget amendments are recommended for approval as they increase appropriations. 1. Judgements & Claims (A1900-1931) A Senior Citizen Rent Exemption Increase payment for prior years was received and paid that was more than the 2026 funding. A budget amendment is recommended below to transfer funds from contingency. 2. Snow Removal (A5650,DB5142) There have been 7 snow/ice events in 2026 with an estimated out of pocket cost of$365k. The 2026 Snow Budget is $262k. The budget shortfall is $103k with the possibility of additional snow by year end. A budget amendment is recommended below to utilize fund balance for these storms. 3. LM Media (B8989) LM Media required funding for their new offices for equipment that is not funded by the DASNY grant. The Public, Educational and Government funding received from the cable providers exclusively available for equipment. A budget amendment is recommended below to fund these purchases from those funds leaving a remaining balance of$241k. Attachment/s: 2026 OPERATING BUDGET AMENDMENTS -March 18, 2026 Page 580 of 610 2026 OPERATING BUDGET AMENDMENTS GENERAL FUND(FUND A) 1 A1900-1931 Expense Judgements & Ckaims Increase 6,256.05 A1900-4050 Expense Contingency Decrease (6,256.05) 2 A5650-4047 Expense Snow Removal-Contracts Increase 1,900.00 A1900-4050 Expense Contingency Decrease (1,900.00) PART TOWN (FUND B) 3 B8989-2102 Expense LM Cable-MiscEquip Increase 1,059.60 B8989-4267 Expense LM Cable-Legal fees Decrease (1,059.60) HIGHWAY (FUND DB) 2 DB5142-1015 Expense Snow Removal-Overtime Increase 95,100.67 DB5142-1021 Expense Snow Removal-Part time Increase 1,478.97 DB5142-2102 Expense Snow Removal-Misc Equip Decrease (2,502.00) DB5142-4002 Expense Snow Removal-Svc Contracts Decrease (3,000.00) DB5142-4010 Expense Snow Removal-Op Supplies Increase 3,337.88 DB5142-4250 Expense Snow Removal-Rock Salt Increase 5,500.00 DB9999-5995 Revenue Highway Fund Balance Increase 99,915.52 Page 581 of 610 0 ul 1 rrl Town of Mamaroneck in # x Town Center FOUNDED 1661 i 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: 2026 Capital Budget Amendments Date: March 18, 2026 Attached please find a memo from Tracy Yogman, Town Comptroller, regarding Capital Budget amendments. Action Requested: Resolved that the Town Board hereby authorizes the Comptroller to make the necessary budget amendments, as presented. Page 582 of 610 u_r "v t; rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2026 Capital Budget Amendments General: In compliance with the Budget Policy, the following 2026 Capital Budget amendments are recommended for approval: 1. Electric Vehicle Charging Stations (H1408) The Town has received funding from Westchester County and Con Edison to install four electric charging stations to be placed in Parking Lots A and B at no cost to the Town. A budget amendment to reflect this project and the associated funding is recommended below. 2. Rye Lake Filtration Plant(H1364) Funding adjustments are needed to reduce borrowing costs on the bonds and the loan as we will be utilizing water funds to reduce some of the borrowing needed. A budget amendment to reflect the reduction in costs is recommended below. 3. Highway Garage Alarm System (H5139) The fire alarm system has been installed in the Highway Garage and the project is complete. A budget amendment is recommended below to return the balance to the Highway fund. 4. Kenilworth Booster Station Modification (H1403) This project involved minor piping and valve work and has been completed slightly under budget. A budget amendment is recommended below to return the balance to the Water Fund. Attachment/s: 2026 CAPITAL BUDGET AMENDMENTS - March 18, 2026 Page 583 of 610 2026 CAPITAL BUDGET AMENDMENTS Increase/ Item# Type Budget Account Description (Decrease) Amount Capital Rind(H Fund) 1 Expense H1408-0400 H ectri c Vehi cl e Chargers Increase $ 143,331.57 Ievenue H1408-2706 County Funding Increase 71,331.57 Ievenue H1408-2770 Misc Funding-Con Ed Incentives Increase 72,000.00 2 Expense H1364-4022 Bond Expense Decrease (8,524.00) Expense H1364-0400 (educe Cbnti ngency Decrease (607,973.00) (avenue H1364-5790 tl-C Loa n- (educe Borrowing Costs Decrease (181,842.00) (avenue H1364-5710 Bond (avenue Decrease (434,656.00) 3 Expense H5139-0400 H ghway( rage AJ a rm Decrease (8,046.49) Expense H5139-9940 Transfer to DB Increase 8,046.49 4 Expense H1403-0400 Kenilworth Booster Pump Station Decrease (2,952.52) Expense H1403-9904 Transfer to 9N Increase 2,952.52 Highway Fund(DB Fund) 3 (avenue DB9000-5040 Transfer from H5139 Increase 8,046.49 (avenue DB9999-5995 Appropriated Fund Balance Decrease (8,046.49) Water Fund(SW Fund) 4 (avenue 91v9900-5040 Transfer from H1403 Increase 2,952.52 (avenue S 9999-5995 Appropriated Fund Balance Decrease (2,952.52) Page 584 of 610 Page 585 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Tracy Yogman, Town Comptroller Re: 2026 Town & County Tax Warrant Date: March 18, 2026 Attached please find the 2026 Town & County Tax Warrant prepared by Town Comptroller, Tracy Yogman. Action Requested: Resolved that the Town Board hereby approves the 2026 Town & County Tax Warrant and authorizes the Town Supervisor to execute the warrant. Page 586 of 610 73 u_rt1;' 'rn Town of Mamaroneck Comptroller, Town Center oINDED 1661 740 West Boston Post Road,Mamaroneck,NY 10543-3353 INTERDEPARTMENT MEMORANDUM TEL: (914) 381-7810 FAX: (914) 381-7809 tyogman@townofmamaroneckNY.org Date: March 18, 2026 To: Meredith Robson, Town Administrator From: Tracy Yogman, Town Comptroller Subject: 2026 Town & County Tax Warrant General: Attached is the 2026 Tax Warrant for the collection of Town and County taxes. The tax warrant is equal to the tax levy approved by the Town Board included in the 2026 Budget plus water arrears provided by the Westchester Joint Water Works. The 2026 Tax Warrant includes $43,801.59 of water arrears. The warrant includes a small rounding adjustment. Attachment/s: 2026 TOWN& COUNTY TAX WARRANT Page 587 of 610 STATE OF NEW YORK COUNTY OF WESTCHESTER ] SS: TOWN OF MAMARONECK THE PEOPLE OF THE STATE OF NEW YORK To Tracy Yogman, Receiver of Taxes of the Town of Mamaroneck in said County: You are hereby commanded pursuant to the provision of the Westchester County Tax Law, Article 16, Chapter 852, Laws of 1948, as amended, and also pursuant to resolution of the Town Board of the Town of Mamaroneck adopted March 18, 2026, by authority of Chapter 313 of Laws of 1934, to receive and collect from the several persons named in the Assessment/Tax Roll hereunto annexed by the Westchester County Tax Law, Article 16, Chapter 852 of the Laws of 1948, as amended, for the neglect to pay the Judicial, County, Town and Town District Taxes, relevies, charges for services, exemptions removed, water arrears and system rounding adjustment after the levy thereof as follows: Judicial and County Taxes - $43,213,787.00 Town and Town District Taxes - 35,615,300.00 Town Relevy - -0- Charges for Services - -0- Exemptions removed - -0- Water arrears - 43,801.59 System Rounding Adjustment - 17.65 $78,872,906.24 And you are hereby directed to deposit to the credit of the Town of Mamaroneck into the JP Morgan Chase Bank, all of such monies so collected by you by virtue of this warrant. And you are further commanded to make and file with the undersigned, the Supervisor of the Town of Mamaroneck, as required by the Westchester County Tax Law, Article 16, Chapter 852, Laws of 1948, as amended, the reports provided for therein. And you are further directed and commanded to proceed as directed and authorized by said Westchester County Tax Law, Article 16, Chapter 852, Laws of 1948, as amended. And in case any person named in said Assessment Roll shall neglect or refuse to pay his taxes or penalties (after giving the notices and waiting the time as specified in said Act) you are hereby authorized to collect the said taxes and penalties with the costs and charges of such collections in the manner provided by the Westchester County Tax Law, Article 16, Chapter 852 of the Laws of 1948, as amended, and for so doing this shall be your sufficient warrant. Given under my hand and seal at the Town of Mamaroneck, Westchester County, New York, on the 18th day of March 2026. Jaine Elkind Eney, Supervisor Page 588 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: Housing Action Council Recertification Agreement Date: March 18, 2026 Attached please find a renewal agreement from Chance Mullen, Executive Director of the Housing Action Council (HAC), for services related to qualifying and certifying applicants for affordable housing at the Cambium complex. Fees for these services have increased approximately 3.5% since 2025. The term of this agreement would be January 1, 2026 through December 31, 2026. Action Requested: Resolved that the Town Board approves the 2026 agreement with Housing Action Council Inc. to provide qualifying and certification services for affordable housing units for the Cambium Condominiums based on the proposal dated March 6, 2026 as presented, and hereby authorizes the Town Administrator to execute the agreement and any related documents necessary to carry out its implementation. Attachment/s: Town of Mamaroneck Recertifications Agreement- Cambium 2026 Page 589 of 610 Housing Action Council Inc. 55 South Broadway, 2nd Fl • Tarrytown • NY 10591 (914) 332-4144 • Fax (914) 332-4147 • chancem©affordablehomes.orq March 6,2026 TO: Meredith S. Robson Town Administrator Town of Mamaroneck FROM: Chance Mullen Executive Director RE: Qualifying/Certifying of Households for Cambium(2025) Dear Administrator Robson, Thank you for requesting a proposal from Housing Action Council("HAC")to continue providing services to the Town of Mamaroneck to qualify and certify individuals for affordable housing units. It is our understanding that the Cambium includes 10 affordable units,that current occupants must be recertified on an annual basis and that when vacancies occur,prospective occupants must be qualified. The Housing Action Council has extensive experience in qualifying prospective applicants and recertifying tenants in affordable units including The Danforth in Dobbs Ferry, Saw Mill Lofts in Hastings-on-Hudson, and the City of New Rochelle Affordable Housing Program.Below is a description of our services: When supporting the lease-up of new or vacant units,the Housing Action Council qualifies applicants in the order of their lottery(and/or waitlist)number and household size.Applicants are assessed to determine the completeness of their applications and income qualification,in accordance with the relevant selection criteria.HAC follows HUD's Part V Determination of Income requirements. Qualified applicants will be offered a unit subject to the owner/manager's screening criteria in the case of tenancy or support securing a responsible mortgage in the case of for-sale units.The Housing Action Council is available to assist a purchaser through the mortgage approval process. For annual recertifications,the Housing Action Council will conduct a similar analysis for household income qualification and household composition.HAC will certify that the tenant's income does not exceed the applicable income threshold established for the unit, and if the income exceeds the relevant income threshold,HAC will advise the Town, and/or its designee,in accordance with the Policies and Procedures established for the unit. When applications are rejected from consideration due to the applicant not meeting the relevant income requirements(or if the household size exceeds the occupancy standard for the units available), applicants are notified in writing of the grounds for the rejection and are given 14 days from the date of the letter to request a meeting with a representative from HAC to discuss and/or review the rejection. If the applicant requests such a meeting,HAC will schedule a meeting with the applicant within five (5)days of such request.The applicant may bring additional data to support their appeal or present a verbal explanation of why they should not be denied occupancy.Factors taken into consideration include but are not limited to: evidence of rehabilitation or repair of the disqualifying act; length of time since the occurrence of the disqualifying act; evidence of additional income, savings or the availability of gift funds; or the likelihood of the reoccurrence Page 590 of 610 of the disqualifying act.A written decision regarding the appeal will be provided to the applicant within five (5)days of the meeting. In addition,the Housing Action Council will: • Set up a database to determine timing of annual recertifications • Provide timely notices to tenants re: recertification • Collect and analyze income documents and follow-up with tenants as needed • Notify tenants of determination • Provide semi-annual and annual report to the Town of Mamaroneck,or its designee,regarding the status of current lease-ups,sales and/or recertifications Our current fee schedule is as follows: o Recertification of Existing Tenants in Affordable Rental Units--$435/unit o Screening& Qualifying New Applicants for Affordable Rental Units-- $1,060/leased unit o Screening& Qualifying Applicants for For-Sale Affordable Units-- $2,700/closed unit Thanks again for the opportunity to continue our partnership. If the Town Board approves this arrangement, it shall be in effect for all 2026 recertifications and lease-ups (January 1,2026 through December 31,2026. If you have any questions or would like to further discuss this proposal,please do not hesitate to call or email me at chancem@affordablehomes.org. Sincere , CL— /12/L Chance Mullen Executive Director Page 591 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: Robert P. Wasp, Town Engineer Tracy Yogman, Town Comptroller Re: Bid - TA-26-02 Reflectorized Pavement Markings & Striping - Years 2026 & 2027 Date: March 18, 2026 Attached please find a memo from Robert Wasp, Town Engineer, recommending that the Town Board reject the bid for the road pavement markings and striping contract so the bid documents can be revised and re-posted to obtain more competitive pricing. Action Requested: Resolved that the Town Board hereby rejects Bid TA-26-02 - Reflectorized Pavement Markings & Striping -Years 2026 & 2027. Attachment/s: TB Memo Reflectorized Pavement Markings Striping_03122026 3 Bid Tabulation TA-26-02 Page 592 of 610 o� 2j9 Robert P. Wasp, P.E., C.D.T. 32 Engineering Department TEL:914/381-7835 9 Z Town of Mamaroneck FAX:914/381-8473 740 West Boston Post Road rwasp@townofmamaroneckNY.gov •FOUNDED 1661• Mamaroneck, NY 10543 INTERDEPARTMENT MEMORANDUM DATE: March 12, 2026 TO: Meredith Robson, Town Administrator CC: Tracy Yogman, Town Comptroller FROM: Robert Wasp, P.E., Town Engineer SUBJECT: Recommendation of Contract Authorization TA-26-02—Reflectorized Pavement Markings & Striping GENERAL: Bid procurement was recently completed for the Town's 2026 & 2027 Reflectorized Pavement Markings and Striping contract. The project scope consists of placing permanent pavement markings along Town of Mamaroneck roadways, parking lots, properties and other areas of right-of-ways in accordance with Town of Mamaroneck specifications. On February 19th, 2026, one (1)hard copy bid proposal were received as summarized on the attached bid tabulation table. The low bidder is "Safety Marking LLC" at the submitted bid price of$20,745 and $20,745 for the base contract scope for years 2026 and 2027, respectively. Please refer to the attached tabulation summary of the contractor's proposal. Funding for line painting and pavement marking work is budgeted as part of operating line B3310-4202. The Engineering Department recommends that the Town Board reject the bid received to allow changes to the bid quantities to better align with the Town's budget. Bid documents with be updated and subsequently reposted to allow the Town to obtain the best value for the contract work. Please feel free to contact me with any questions. Page 593 of 610 Town of Mamaroneck (§( .y Engineering Department, Town Center TENTATIVE BID RESULTS o� N qo 740 W. Boston Post Road, Mamaroneck, NY 10543-3353 414..- 't Contract#TA-26-02 REFLECTORIZED PAVEMENT MARKINGS AND STRIPING FOUNDED1661 Bid Opening Results, February 19th 2026 at 11:00 a.m. E.S.T. Safety Marking,LLC Bid Item Bridgeport, CT 06605 Bid Bond: Yes 2026 2027 Item No. 1: 49,500 Lineal Feet of 4-inch Double Yellow Reflectorized Pavement Striping&Labor, Equipment to $12,375.00 $12,375.00 Install Item No. 2: 62,000 Feet of 4-inch White Reflectorized $8,370.00 $8,370.00 Pavement Striping& Labor,Equipment to Install Total Base Bid Amount $20,745.00 ,$20,745.00 Supplemental Unit Bid Items 2026 2027 Item No. Si: White Reflectorized Stop Bars (Per Each) $14.25 $14.25 Item No. S2: White Reflectorized Crosswalks(Per Each) $100.00 $100.00 Item No. S3: White Reflectorized Stenciled Lettering(Per Each) $45.00 $45.00 Item No. S4: White Reflectorized Directional Arrows (Per Each) $40.00 $40.00 Item No. S5:Paint Removal and Asphalt Grinding(Per LF) $1.15 $1.15 Item No. S6:Bike Lane Sharrow (each) $72.00 $72.00 Item No. S7: Travel Lane Layout(Per LF) $0.08 $0.08 Item No. S8:Reflectorized Thermoplastic Directional Arrows(Per Each) $110.00 $110.00 Item No. S9:Reflectorized Thermoplastic Stenciled Lettering(Per Each) $100.00 $100.00 Item No. S10 White Reflectorized Thermoplastic Stenciled Lettering(Per Each) $450.00 $450.00 Item No. S1 1 White Reflectorized Thermoplastic Crosswalks(Per Each) $60.00 $60.00 Item No. S12 Bike Lane Sharrow Reflectorized Thermoplastic (Per Each) $425.00 $425.00 Page 594 of 610 61' 47, m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Richard Polcari, Building Inspector Re: Proposed Local Law "Adoption of the Updated NYStretch Energy Code" Date: March 18, 2026 Please see attached memo submitted by Town Attorney, William Maker and Building Inspector, Richard Polcari,regarding updating to the Town's NYStretch Code. The Town Board set the public hearing for this proposed local law for the March 18, 2026 meeting. However, it will need to be re-scheduled for the April 8, 2026 Town Board meeting. Therefore, I offer the following resolution. Action Requested: Resolved that the Town Board hereby sets a public hearing for proposed local law "Adoption of the Updated NYStretch Energy Code" for the April 8, 2026 Town Board meeting. Attachment/s: 2026-02-13-mx TB w proposed LL Page 595 of 610 o "Pz Town of Mamaroneck n County of Westchester ~FOUNDED 1E61 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914 1381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board ccs: Meredith S. Robson,Town Administrator Allison May,Town Clerk Richard Polcari,Building Inspector From: William Maker,Jr., Attorney for the Town Subject: Energy Code Date: February 13,2026 New York State has upgraded the standards for energy efficient construction. To keep pace, the Town must amend its Code to incorporate the changes made by the State. In collaboration with the Building Inspector,I prepared the attached proposed local law. If the Town Board considers this proposed law worthy of public discussion, it may set a public hearing and after the hearing is closed, decide whether to enact it. (11 p!., Page 596 of 610 Local Law No. -2026 This local law shall be known as the "Adoption of the Updated NYStretch Energy Code" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1 -Purpose: To protect and promote the public health, safety, and welfare of its residents by requiring compliance with energy efficient building standards, in 2021, the Town Board adopted the NYStretch Energy Code 2020, published by the New York State Energy Research and Development Authority. On December 31 2025, the State of New York adopted the 2025 Energy Conservation Code of New York State (2025 ECCCNYS). The Town Board recognizes that parts of the NYStretch Energy Code 2020 are more restrictive than parts of the 2025 ECCCNYS but other parts are not. The Town Board wishes to make the more stringent requirements for energy efficient construction in both the NYStretch Energy Code 2020 and the 2025 ECCCNYS applicable to construction in the unincorporated area of the Town of Mamaroneck. Acting pursuant to New York Energy Law§11-109(1), the Town Board updates the Town Code by incorporating into it the most energy efficient building standards of both the NYStretch Energy Code 2020 and the 2025 ECCCNYS. Section 2-Amendment of a current section of the Mamaroneck Code: Section 106-40.1 of the Code of the Town of Mamaroneck is repealed and the following is substituted in its place: §106-40.1 Adoption of NY Stretch Energy Code 2020 A. The NYStretch Energy Code 2020 shall apply to all new construction, substantial renovations, alterations and additions in the unincorporated area of the Town of Mamaroneck with respect to properties for which a building permit was issued prior to December 31, 2025. B. All new construction, substantial renovations, alterations and additions in the unincorporated area of the Town of Mamaroneck with respect to properties for which a building permit was applied on or after December 31, 2025 shall comply with both the NYStretch Energy Code 2020 and the 2025 ECCCNYS. In those areas where the NYStretch Energy Code 2020 imposes more stringent requirements for energy efficient construction than the 2025 ECCCNYS does, the NYStretch Energy Code 2020 shall apply. In those areas where the 2025 ECCCNYS imposes more stringent requirements for energy efficient construction than the NYStretch Energy Code 2020 does, the 2025 ECCCNYS shall apply. Page 597 of 610 C. Notwithstanding the foregoing, the more stringent requirements for energy efficient construction imposed by 2025 ECCCNYS shall not apply to persons who either have or will have obtained building permits or have or will have submitted complete applications for building permits prior to the effective date of this law. Section 3—Severability: Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 4—Effective Date: This Local Law shall become effective upon filing with the Secretary of State. February 13,2026(RP edits) Page 598 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Richard Polcari, Building Inspector Re: Proposed Local Law "Sport Court as an Accessory Use" Date: March 18, 2026 Please see the attached proposed local law "Sport Court as an Accessory Use" from the Town Attorney, William Maker. It contains provisions that define the permissible time periods for the operation of outdoor lighting. The proposed law will be referred to the Planning Board, which has 45 days to complete its review. If the Planning Board deems it acceptable and the Town Board deems it acceptable, the Town Board will be required to schedule a public hearing to consider its adoption. Action Requested: RESOLVED, that the Town Board hereby refers the proposed local law "Sport Court as an Accessory Use" to the Planning Board for its review and recommendation, and upon receipt of such recommendation, shall proceed to set a public hearing to consider its adoption. Attachment/s: 2026-3-13-REVISED Mx and LL Page 599 of 610 4 47 y 4'o Town of Mamaroneck z 71) County of Westchester • OUNOED i65t 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914/381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board cc: Meredith S. Robson, Town Administrator Allison May,Town Clerk Richard Polcari, Building Inspector From: William Maker,Jr.,Attorney for the Town Subject: Revision in recreational accessory uses Date: March 13,2026 Modern on-site recreational uses for single family homes include more than tennis courts. Yet the zoning ordinance limits such uses to tennis courts (see paragraph 7 in the accompanying page from the zoning ordinance). In the continuing effort to update the Town's zoning ordinance to reflect modern times, the Building Inspector suggests that the term "Tennis courts" in paragraph 7 be changed to"Sport courts". He and I have developed a flexible definition for sport courts to be added to the Definition section of the zoning ordinance. I attach a proposed local law that, if adopted, will amend section 240-21 C. of the Code. Although section 240-21 refers specifically to most but not all of the Town's residential districts, the zoning ordinance is constructed so that the accessory uses expressed in section 240-21 C. are incorporated by reference as permitted accessory uses for those other zoning districts. For example, section 240-22 which governs the R-6 zoning district provides in paragraph C.: "Accessory uses. The same as § 240-21C above." Except for paragraph 7 (d), the balance of paragraph 7 remains the same. However, the proposed amendment adds language and time restrictions to paragraph 7 (d) that the Town Board may consider appropriate. If the Town Board considers this revised law worthy of public discussion,it should set the hours when outdoor lighting must be extinguished and as revised,refer it to the Planning Board. for a report as required by Mamaroneck Town Code§240-92B. h Page 600 of 610 Article IV Residence Districts: Permitted Uses ❑ § 240-21 One-Family Residence Districts: R-50, R-30, R-20, R-15, R-10 and R-7.5 [Amended 1-5-1960; 4-17-1963; 7-16-1986 by L.L. No. 9-1986; 7-17-1996 by L.L. No. 14-1996; 4-2- 2025 by L.L. No. 2-2025] A. Principal uses. (1) One-family dwellings. (2) Churches and other places of worship. (3) Public elementary and high schools. (4) Water supply facilities. B. Special uses (subject to conformance with additional standards as provided in Article IX). (1) Parochial and private elementary and high schools which meet the same site standards of the State Education Department as a public school. (2) Nursery schools. (3) Nonprofit membership clubs. (4) Public utility substations serving the local area only and where it can be shown that it cannot be located in a nonresidential district. (5) Playground, park, parkway, library, firehouse, police station or other municipal use, not including incinerators or dumps. C. Accessory uses (when located on the same lot with the principal uses to which they are accessory). (1) Professional office of a physician, dentist, chiropractor, architect, engineer or similar professional person, when conducted in a dwelling by the inhabitant thereof, with not more than one nonresident employee or associate in any dwelling. (2) Keeping of not more than two nontransient persons as roomers or boarders in any dwelling, provided that no sign is displayed and no separate cooking facilities shall be maintained in connection with such accessory use. (3) Private garden house, garage, toolhouse, playhouse, family swimming pool (as permitted by Chapter 106, Fire Prevention and Building Construction), tennis courts, greenhouse or similar private accessory use not used for commercial or public purposes. (4) Off-street parking in accordance with §§240-75 through 240-78. (5) Parish house, rectory, Sunday-school rooms. (6) Signs as provided in Chapter 175, Signs. (7) Tennis courts are permitted when constructed in conformity with the following: (a) Tennis courts must be in the rear one-third (1/3) of the property. (b) No court may be erected closer than i5 feet to the property line. (c) Drainage of the court surface must be performed to the satisfaction of the Building and Engineering Department. Page 601 of 610 (d) No exterior lighting will be permitted which directs or allows light to bleed onto adjacent residential properties. (e) No fencing shall be higher than eight feet without approval of the Board of Zoning Appeals. (8) Within an enclosed garage, one commercial vehicle may be stored. Said vehicle may not exceed 220 inches in length nor have a gross vehicle weight in excess of 5,00o pounds. Motor homes, RV's or trailers or boats and their trailers may not be stored in a front yard area or within io feet of any structure other than a garage. (9) Tier .' solar energy systems subject to Chapter 181, Solar Energy. (10) Tier 2 solar energy systems subject to Chapter 181, Solar Energy. (11) In R-3o and R-5o Zoning Districts only, Tier 3 solar energy systems subject to Chapter 181, Solar Energy. 0 §240-21.1 Recreation District: R. [Adde.' -20-1994 by L.L. No. 6-1994; amended 2-15-1995 by L.L. No. 3-1995; 9-20-2023.;_.y L.L. No. 8- 2023; 4-__-_..25 by L.L. No. 2-2025] A. Principal uses. (1) Private recreation facilities, including golf, tennis and/or swimming clubs, along with clubhouses with accessory restaurants and catering facilities, used in conjunction with a recreational facility. (2) Other uses similar to those listed in the preceding subsectiion, provided that the Planning Board makes specific findings that the use is in full conformity with the purposes and intent of this zone district and all general and special re irements of the district and that the use has no greater impact upon open space, tr is and drainage than any of the specifically enumerated uses. B. Special permit uses; requirements. (1) Special permit uses. (a) Public playground or park, including golf, tennis and/or swimming clubs. This provision shall apply to the Town in addition to any other municipal government or authority. (2) Special permit requirements. / (a) Special permits shall be issu:erd by the Planning Board, provided that there is a finding that all general and specI'conditions are met. (b) The Planning Board Ilill require that no special permit be issued until a traffic study is conducted whit demonstrates to the satisfaction of the Planning Board that the proposed use sP6II not adversely impact upon traffic in the surrounding area to a greater degr than any other principal use permitted in the zone. (3) Wireless tellee' mmunications facilities. ` �, C. Accessory user' (when located on the same lot with th . principal uses to which they are accessory). (1) O street parking in accordance with §§240-75 through 2 ;78. .t, (2) abanas, lockers, snack bars and/or pro shops. \, (3/Maintenance sheds and/or garages. Page 602 of 610 Local Law No. -2026 This local law shall be known as the "Sport Court as an Accessory Use" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1 -Purpose: Today there are more types of outdoor recreation in people's yards than just tennis and basketball courts. However, the Towri s Code specifically allows only tennis courts as an accessory, recreational use. The purpose of this local law is to modernize the Code by adding a definition of "Sport Court" and substituting that term for tennis courts where appropriate so that residents also may enjoy other types of outdoor activities at home. Section 2-Amendment of a current section of the Mamaroneck Code: Section 240-4 of the Code of the Town of Mamaroneck hereby is amended by adding the following new Definition to be included within that section so that proper alphabetical order is maintained: SPORT COURT Any horizontal playing area that is paved or otherwise covered with a non-vegetative surface and is intended for use in multi-player sports activities. Section 3-Amendment of a current section of the Mamaroneck Code: Section 240-21 C. of the Code of the Town of Mamaroneck hereby is amended by repealing paragraph (7) thereof and replacing it with the following: (C) Accessory uses (when located on the same lot with the principal uses to which they are accessory). (7) Sport courts are permitted when constructed in conformity with the following: (a) Sport courts must be in the rear one-third (1/3) of the property. (b) No court may be erected closer than 15 feet to a property line. (c)Drainage of the court's surface must be performed to the satisfaction of the Building and Engineering Departments. (d) Exterior lighting must be directed away from adjacent residential properties and installed in a way that minimizes reflection of light onto adjacent residential properties. Exterior lighting may be illuminated only between the hours of 4:00 pm and 9:00 pm (prevailing time). (e) No fencing shall be higher than eight feet without approval of the Board of Appeals. Page 603 of 610 Section 4-Severabilit : Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 5-Effective Date: This Local Law shall become effective upon its filing with the Secretary of State. March 13,2026 2 Page 604 of 610 c m Town of Mamaroneck Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck,NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator CC: William Maker Jr., Town Attorney Re: Proposed Local Law"Change in the Hours when Parks are Open" Date: March 18, 2026 Please see the attached proposed local law "Change in the Hours when Parks are Open" from Town Attorney, William Maker. If the Board is satisfied with the current revisions tonight, Bill recommends setting a public hearing at a special meeting to be held on or after March 30th and after the hearing is closed, the Board may decide whether to enact it. Action Requested: Resolved that the Town Board hereby sets a special meeting on March , 2026 at which a public hearing will be held on the proposed law entitled "Change in the Hours when Parks are Open." Attachment/s: 2026-3-13-Mx TB tr proposed LL 4 Page 605 of 610 o0 Town of Mamaroneck xCounty of Westchester F011k6E©1 FG i • 740 West Boston Post Road, Mamaroneck,NY 10543-3353 COUNSEL TEL: 914 1 381-7815 FAX: 914/381-7809 WMakerJr@TownofMamaroneckNY.gov MEMORANDUM To: Members of the Town Board cc: Meredith S. Robson,Town Administrator Allison May, Town Clerk From: William Maker,Jr.,Attorney for the Town Subject: Change in hours when parks are open Date: March 13,2026 Here is a proposed local law that,if adopted,will open the fields for active use at 8:00 am on Saturdays for a limited period of time, instead of 9:00 am as is currently the case. The only change wrought by this amendment is the time change and the addition of the phrase"prevailing time". If the Town Board considers this proposed law worthy of public discussion,at its meeting on March 18th, it may call for a special meeting to be held on or after March 30th and set a public hearing on this law to be conducted at that special meeting. After the hearing is closed,the Board may decide whether to enact it. ftveN. Page 606 of 610 Local Law No. -2026 This local law shall be known as the "Change in the Hours when Parks are Open" law. BE IT ENACTED by the Town Board of the Town of Mamaroneck Section 1-Purpose: The Town Board finds that parks should be available for use starting at 8:00 am instead of 9:00 am as is the current rule. Section 2-Amendment of a current section of the Mamaroneck Code: Section 148-5 B. of the Code of the Town of Mamaroneck hereby is amended by repealing the current section and replacing it with the following: § 148-5 Hours. B. The fields can be used only by those persons to whom permits have been issued and can be used only for the reason specified in the permit. The fields shall be open for use by the persons to whom a permit has been issued on Saturdays from 8:00 am (prevailing time) to dusk from April 4, 2026 through and including June 27, 2026 and on all other days from 9:00 am (prevailing time) to dusk. except when an event sponsored by the Town or an organized activity or a one-day event is being conducted in which case the field where the event is held shall close at the later of dusk or 1/2 hour after such event is concluded. Section 3-Severability: Should any provision of this Local Law be declared invalid or unconstitutional by any court of competent jurisdiction, such declaration of unconstitutionality or invalidity shall not affect any other provisions of this Local Law, which may be implemented without the invalid or unconstitutional provisions. Section 4-Effective Date: This Local Law shall become effective upon its filing with the Secretary of State. March 13,2026 Page 607 of 610 0 ul 1 rrl Town of Mamaroneck in # x Town Center FOUNDED 1661 i 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: Resolution in Support of Countywide Action on Gasoline-Powered Leaf Blowers Date: March 18, 2026 Action Requested: Resolved that the Town Board adopts the "Resolution in Support of Countywide Action on Gasoline-Powered Leaf Blowers", as presented. Attachment/s: Resolution in Support of Countywide Action on Gasoline Powered Leaf Blowers March 2026 Page 608 of 610 Resolution in Support of Countywide Action on Gasoline-Powered Leaf Blowers WHEREAS, gasoline-powered leaf blowers contribute to air pollution, noise pollution, and public-health impacts affecting residents and landscaping workers; and WHEREAS, thirty-three of the forty-seven municipalities in Westchester County currently restrict the use of gasoline-powered leaf blowers during the summer months; and WHEREAS, enforcement of municipal restrictions has proven challenging, and the existing patchwork of local regulations creates confusion for residents and landscaping companies operating across multiple jurisdictions; and WHEREAS, effective countywide action on this issue requires clear and explicit municipal support due to New York State's home-rule framework; and WHEREAS, a coordinated countywide approach would strengthen enforcement, simplify compliance for landscapers, reduce environmental and public-health impacts, and improve quality of life for Westchester residents; NOW,THEREFORE, BE IT RESOLVED, that the Town Board of the Town of Mamaroneck expresses its support for Westchester County to adopt a countywide summer ban on gasoline- powered leaf blowers as a minimum standard; and BE IT FURTHER RESOLVED, that such a countywide standard should explicitly preserve the authority of municipalities to enact and enforce stricter local regulations if they choose; and BE IT FURTHER RESOLVED, that the Town Supervisor is authorized to transmit this resolution, or a letter reflecting this position, to Westchester County officials and any relevant county departments. Adopted this 18th day of March, 2026 by the Town of Mamaroneck Page 609 of 610 o u `" m Town of Mamaroneck if X Town Center FOUNDED 1661 740 West Boston Post Road, Mamaroneck, NY 10543-3353 OFFICE OF THE TOWN ADMINISTRATOR TEL: (914) 381-7810 FAX: (914) 381-7809 mrobson@townofmamaroneckNY.org To: Supervisor and Town Board From: Meredith S. Robson, Town Administrator Re: Consideration - Appointment to Recreation Commission Date: March 18, 2026 Action Requested: BE IT RESOLVED that Joyce Callahan be reappointed as Member F of the Recreation Commission, said term shall expire December 31, 2032. Page 610 of 610