Red Hook WatchIndependent Community Resource

Authorization for Reserve Fund Transfers and CD Conversions

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ActiveoperationalongoingAuthorizes the treasurer and comptroller to identify and transfer short-term/lived asset expenses from the USDA Reserve Fund Money Market account to the Water Fund operating account using transaction code EW921.1, with general funds transfers using code A915, and to convert the Tower Reserve and Snow Equipment accounts from CDs to Money Market at M&T Bank.
First seen
2019-11-21
Latest event
2019-11-21
adopted
Expires
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Resolution text

RESOLVED

  1. the treasurer and comptroller shall identify short term/lived asset expenses and mark them for transfer from the money market account to the water operating account, using transaction code EW921.1, with expenses paid off normal expense lines and notation for any budget adjustments needed
  2. this same process shall be used for other reserves, transfers and money market operating funds subject to Board review, with general funds transactions using special transaction code A915
  3. the treasurer is authorized to convert the Tower Reserve and Snow Equipment accounts from CD to Money Market at M&T Bank

Lifecycle (1 event)

2019-11-21adoptedvote: unanimous
Authorize the treasurer and comptroller to transfer USDA reserve funds to the Water Fund using transaction code EW921.1 and convert Tower Reserve and Snow Equipment CDs to Money Market accounts.
moved by Blundell · seconded by Kovalchik
Show text snapshot for this event
Resolved
  1. the treasurer and comptroller shall identify short term/lived asset expenses and mark them for transfer from the money market account to the water operating account, using transaction code EW921.1, with expenses paid off normal expense lines and notation for any budget adjustments needed
  2. this same process shall be used for other reserves, transfers and money market operating funds subject to Board review, with general funds transactions using special transaction code A915
  3. the treasurer is authorized to convert the Tower Reserve and Snow Equipment accounts from CD to Money Market at M&T Bank
Subject key: reserve_fund_management