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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

↑Meetings/Resolutions/33-2019
One-time (complete)formal_resolutionone_timeAuthorizes Mayor Ed Blundell and the financial team to identify qualifying short-term asset repair and replacement expenses and execute transfer documents with M&T Bank to return incurred costs to the Water Fund.
First seen
2019-07-08
Latest event
2019-07-08
adopted
Expires
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Resolution text

RESOLVED

  1. 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.
Show preamble — 4 WHEREAS clauses
  • 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.
  • WHEREAS, 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
  • WHEREAS, 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.
  • WHEREAS, 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

Lifecycle (1 event)

2019-07-08adoptedvote: unanimous
Authorize transfer of short term water repair costs from USDA-RD Short Term Asset Reserve Fund to Water Budget for FY 2018-19.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. 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.
Whereas
  • 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.
  • WHEREAS, 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
  • WHEREAS, 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.
  • WHEREAS, 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
Subject key: water_sta_fund_transfer