Red Hook WatchIndependent Community Resource

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

↑Meetings/Resolutions/4-2024
Activeformal_resolutionongoingThe Village adopts a fund balance policy for the General Fund establishing a minimum unassigned fund balance of 15% to a maximum of 25% of the subsequent year's budgeted expenditures.
First seen
2024-02-12
Latest event
2024-02-12
adopted
Expires
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Resolution text

RESOLVED

  1. 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
Show preamble — 3 WHEREAS clauses
  • 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
  • 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
  • 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

Document references

Cites or incorporates

Lifecycle (1 event)

2024-02-12adoptedvote: 5-0
Adopt a Fund Balance Policy for the Village General Fund establishing a minimum of 15% to a maximum of 25% unassigned fund balance.
moved by Laing · seconded by Kjarval
Show text snapshot for this event
Resolved
  1. 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
Whereas
  • 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
  • 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
  • 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
Subject key: fund_balance_policy