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Authority to Transfer Short Term Water Repair Costs from USDA-RD Short Term Asset Reserve Fund to Water Budget – FY 2018-19

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Inline resolution2019-07-08#33-2019
Original file not available onlineView version history →Meeting on 2019-07-08 →

Authority to Transfer Short Term Water Repair Costs from USDA-RD Short Term Asset Reserve Fund to Water Budget – FY 2018-19

Resolution #33-2019 — 2019-07-08

WHEREAS

  • the Village of Red Hook maintains a Short Term Asset fund (STA) in line with requirements of the USDA-RD loan to ensure there are funds on hand for short term asset repair or replacement.
  • this fund is maintained as a separate account, funded from the Water Budget at $25,000 per year; is a money market fund at M&T Bank; and has approximately $82,500 as a balance; and
  • the 2018-19 fiscal year has ended and a June 27 Profit and Loss detail run shows a recap of costs that includes short term asset repair and replacement; and such costs were borne already by the Water Budget.
  • the Mayor, Treasurer and Controller intend to review the expenses and identify costs that should be incurred in the STA in order to set up the transfer from the M&T Bank back to the Water Fund

RESOLVED

  • Mayor Ed Blundell and the financial team are fully authorized to establish qualifying expenses, complete and sign requisite transfer documents at M&T Bank in order to claim back the incurred costs and deposit them in the Water Fund account at Key Bank.