RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND

Resolution #4-2024 — 2024-02-12

WHEREAS

for increased financial stability for the Village that will ensure a prudent level of financial resources to protect against reduced service levels or raising taxes and fees because of temporary revenue shortfalls, unexpected one-time expenditures, emergencies, and disasters
the Office of the New York State Comptroller (OSC) recommends that municipalities establish fund balance policies based on the Board's determination of the needs of their municipality
the Village of Red Hook has established a healthy fund balance and agrees it is time to establish a fund balance policy for the future

that the attached Fund Balance policy be adopted for the Village of Red Hook. This policy establishes a minimum of 15% to a maximum of 25% for the unassigned fund balance at fiscal year-end of the subsequent year's budgeted expenditures