Red Hook WatchIndependent Community Resource

NYCLASS Investment Policy

↑Meetings/Documents/wd::doc_2722
Working document2025-07-14
Original file not available online (local: data/sources/village_docs/doc_2722.pdf)View version history →Meeting on 2025-07-14 →

Village of Red Hook NYCLASS Investment Policy Adopted 7-14-25

By Resolution #21-2025, the Village Board of Trustees approved participating in the NYCLASS Municipal Cooperative Agreement.

This policy addresses the procedures by which the Village Treasurer may invest Village funds in NYCLASS.

  1. A minimum balance will be kept in our accounts as follows:

    • a. General Fund: $50,000

    • b. Water Fund: $20,000

    • c. Sewer Fund: $20,000

  2. The Treasurer will be responsible for ensuring that there are always adequate funds in Village accounts.

  3. A funds transfer can be initiated by any one of the following three people:

    • a. Village Treasurer – Marybeth DeFilippis

    • b. Village Mayor – Karen Smythe

    • c. Comptroller – Michele Zagorski

  4. Before the transfer can take place, a second person must approve the transfer

    • a. NYCLASS has a dual approval process in which the Village will participate.

    • b. The three people listed in #3 are the ones authorized to approve a transfer

  5. This policy will be reviewed annually by the Village Board.