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Resolution to Establish a Fund Balance Policy for the Village General Fund

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2 versions2024-02-12inline resolution

Versions

  1. 12024-02-12
    Resolution to Establish a Fund Balance Policy for the Village General Fund
    inline resolutionmeeting · 2024-02-12 · resolution 4-2024 · passed
  2. 22024-02-12
    Resolution to Establish a Fund Balance Policy for the Village General Fund
    working document

Latest version

Original file not available online (local: data/sources/village_docs/dc_1165_resolution_for_fund_balance_policy_for_g.pdf)View version history →Meeting on 2024-02-12 →

VILLAGE OF RED HOOK RESOLUTION #___ of 2024 DATED February 12, 2024

A meeting of the Village of Red Hook Board of Trustees was convened in public session at the Village Hall, 7467 South Broadway, Red Hook, NY on February 12, 2024. The meeting was called to order by Mayor Karen Smythe and, upon roll being called, the following were present:

PRESENT: Mayor Karen Smythe, Deputy Mayor Melkorka Kjarval, Trustee Charlie Laing, Trustee Steven Appenzeller, Trustee Kym Bradley-Rickard, and Village Clerk Jen Cavanaugh

ABSENT: None

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

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, and

WHEREAS, 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, and

WHEREAS, 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.

NOW THEREFORE BE IT RESOLVED, 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.

Motion by: Seconded by:

Vote:

Mayor Smythe☐Aye☐Nay☐Abstain☐Recuse☐Absent/Excused
DeputyMayor Kjarval☐Aye☐Nay☐Abstain☐Recuse☐Absent/Excused
Trustee Laing☐Aye☐Nay☐Abstain☐Recuse☐Absent/Excused
Trustee Appenzeller☐Aye☐Nay☐Abstain☐Recuse☐Absent/Excused
TrusteeBradley-Rickard☐Aye☐Nay☐Abstain☐Recuse☐Absent/Excused
Vote Total
ResultMotion:

I hereby attest that the above Resolution was approved by the Board of Trustees at its February 12, 2024 meeting, and that I have been authorized to sign this Resolution by decision of the Board of Trustees

______________________ ____________________ Jennifer Cavanaugh, Clerk Date

Changes between versions

2024-02-12→2024-02-12
adopted+33 −6

The document transitioned from a draft resolution to a formal, executed resolution including meeting attendance and voting records.

  • Document transitioned from a summary of clauses to a formal 'VILLAGE OF RED HOOK RESOLUTION' with meeting details
  • Added list of present officials: 'Mayor Karen Smythe, Deputy Mayor Melkorka Kjarval, Trustee Charlie Laing, Trustee Steven Appenzeller, Trustee Kym Bradley-Rickard, and Village Clerk Jen Cavanaugh'
  • Added formal voting table and attestation section for Village Clerk Jennifer Cavanaugh
Show red-line diff
**VILLAGE OF RED HOOK RESOLUTION #___ of 2024 DATED February 12, 2024** A meeting of the Village of Red Hook Board of Trustees was convened in public session at the Village Hall, 7467 South Broadway, Red Hook, NY on February 12, 2024. The meeting was called to order by Mayor Karen Smythe and, upon roll being called, the following were present: PRESENT: Mayor Karen Smythe, Deputy Mayor Melkorka Kjarval, Trustee Charlie Laing, Trustee Steven Appenzeller, Trustee Kym Bradley-Rickard, and Village Clerk Jen Cavanaugh ABSENT: None ## **RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND** WHEREAS clauses: -, 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 -, and WHEREAS, 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 -, and WHEREAS, 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 . NOW THEREFORE BE IT RESOLVED clauses: -, 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. Motion by: Seconded by: Vote: |Mayor Smythe|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |---|---|---|---|---|---| |DeputyMayor Kjarval|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Trustee Laing|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Trustee Appenzeller|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |TrusteeBradley-Rickard|☐Aye|☐Nay|☐Abstain|☐Recuse|☐Absent/Excused| |Vote Total|||||| |Result|Motion:||||| I hereby attest that the above Resolution was approved by the Board of Trustees at its February 12, 2024 meeting, and that I have been authorized to sign this Resolution by decision of the Board of Trustees ______________________ ____________________ Jennifer Cavanaugh, Clerk Date

References

This document cites or incorporates the following separate documents: