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Financial Management and Fiscal Policy

2025last touched · 22 source resolutions
↑Village/Rules/Policies/Adopted/financial_management_policy
Resolutions designating official village depositories and banking arrangements, establishing or amending fund balance and reserve fund policies, authorizing lines of credit, establishing voucher and claims approval procedures, and adopting procurement policies.
In force, by year of last update
2025
D&S Pump & Supply Credit Account — Authorization
The Village Treasurer is authorized to maintain credit accounts with D&S Pump & Supply for use by the Highway Department in support of sewer system operation and maintenance.[18][21]
NYCLASS Program Participation
The Village of Red Hook is authorized to register in and invest through the NYCLASS program under the NYCLASS Municipal Cooperation Agreement amended and restated as of August 1, 2023, pursuant to NYS General Municipal Law Article 5-G §119-o.[22]
NYCLASS Program — Authorized Signers
Authorized signers for the Village's NYCLASS program account are Mayor Karen Smythe, Treasurer Marybeth De Filippis, and Comptroller Michele Zagorski.[22]
NYCLASS Program — Investment Policy Prerequisite
Prior to the initial investment through NYCLASS, the Board of Trustees shall review and adopt a NYCLASS Investment Policy.[22]
2024
General Fund Unassigned Fund Balance — Minimum
The Village Fund Balance Policy establishes a minimum unassigned fund balance of 15% of the subsequent year's budgeted expenditures at fiscal year-end for the General Fund.[20]
General Fund Unassigned Fund Balance — Maximum
The Village Fund Balance Policy establishes a maximum unassigned fund balance of 25% of the subsequent year's budgeted expenditures at fiscal year-end for the General Fund.[20]
2023
D&S Pump & Supply Credit Account — Authorized Signers
Authorized signers on the D&S Pump & Supply account are Jerome "Jake" Smith, Chris Coons, Charles Devens, and Lori Urbin. All invoices are vouchered and approved by the Board prior to payment.[18]
Harbor Freight Tools Credit Account — Authorization
The Village Treasurer is authorized to maintain a credit account with Harbor Freight Tools for use by the Highway Department in support of sewer system operation and maintenance.[18]
Harbor Freight Tools Credit Account — Authorized Signers
Authorized signers on the Harbor Freight Tools account are Jerome "Jake" Smith, Chris Coons, Charles Devens, and Lori Urbin. All invoices are vouchered and approved by the Board prior to payment.[18]
Ruge's Ford Credit Account — Authorization
The Village Treasurer is authorized to maintain a credit account with Ruge's Ford for use by the Highway Department for vehicle and equipment parts.[19]
Ruge's Ford Credit Account — Authorized Signers
Authorized signers on the Ruge's Ford account are Jerome "Jake" Smith, Chris Coons, Charles Devens, and Lori Urbin. All purchases follow Procurement Policy guidelines and invoices are vouchered and Board-approved prior to payment.[19]
2022
Salisbury Bank Line of Credit — Authorized Signatory
Mayor Karen Smythe is the authorized representative on the Village's Salisbury Bank accounts and is authorized to sign the line of credit note and any ancillary documents. The Village Clerk is directed to attest and affix the corporate seal.[15][17]
2020
Salisbury Bank Line of Credit — Amount
The Village maintains a commercial line of credit with Salisbury Bank in the amount of $200,000 for interim funding of public improvements, purchases, and grant reimbursements.[5][6][15]
Salisbury Bank Line of Credit — Interest Rate
The interest rate on the Salisbury Bank line of credit is set at prime less 0.25%.[15]
Salisbury Bank Line of Credit — Purpose and Draw Process
The line of credit serves as a bridge loan between Village expenditure and grantor or internal budget reimbursement. The specific purpose and amount of each draw shall be stated in separate, specific resolutions when the need arises.[6][15]
Salisbury Bank Line of Credit — Pledge of Faith and Credit
The faith and credit of the Village of Red Hook are pledged for the payment of principal and interest on the Salisbury Bank line of credit note.[6][15]
M&T Bank Village Credit Cards — Cardholders
The Village holds M&T Bank credit cards issued to the Mayor, Treasurer, and Clerk, replacing the former American Express card.[16]
M&T Bank Village Credit Cards — Spending Limits
Each M&T Bank Village credit card carries an individual spending limit of $5,000, and all purchases are subject to Village procurement policy requirements.[16]
M&T Bank Village Credit Cards — Pledge of Faith and Credit
The faith and credit of the Village of Red Hook are pledged for the payment of credit card transactions in accordance with monthly processes.[16]
2019
Official Village Depository Bank
Key Bank is designated as the official primary depository bank for all Village monies received by the Village Treasurer, Clerk, and Receiver of Taxes.[4][10][12]
Reserve Fund Money Market Accounts
Money market accounts at M&T Bank are maintained to replace CDs for Highway, Police, Water, and Fire Department reserve funds, providing greater flexibility and improved interest rates.[11]
Tower Reserve and Snow Equipment Account Type
The Tower Reserve and Snow Equipment reserve accounts are held as Money Market accounts at M&T Bank, converted from CDs.[14]
Reserve Fund Transfer Transaction Codes
Short-term/lived asset expenses shall be transferred from the USDA Reserve Fund Money Market account to the Water Fund operating account using transaction code EW921.1; general fund reserve transfers use transaction code A915.[14]
Procurement Policy — Piggybacking Purchases
Village Code §50-4.1 authorizes the Village to piggyback purchases through bids solicited by the U.S. Government, New York State, and other political subdivisions, subject to specific qualification criteria under NYS General Municipal Law §103.[7][13]
Procurement Policy — Best Value Award
Village Code §50-6.2 authorizes the Village to award purchase contracts (excluding capital purchases and public works) on the basis of best value using measurable evaluation criteria, subject to Board determination and documented procurement records.[7][13]
Procurement Policy — Effective Date of Current Policy
The current Village procurement policy was adopted effective April 8, 2019, updating NYS statutory limits and internal purchasing thresholds and replacing all prior procurement policy text.[13]
2018
M&T Bank Certificate of Deposit Accounts
M&T Bank is designated as the depository for Village certificate of deposit accounts.[10]
Advance Approval of Claims and Vouchers
The Board of Trustees has authorized advance approval of claims and vouchers for Village operations.[9]
Sewer Fund Checking Account
The Village Treasurer is authorized to maintain a dedicated sewer checking account, initially funded with $5.00 from the water fund, to manage sewer plant operating expenses.[8]
2015
Vehicle and Equipment Reserve Fund Name
The Police Vehicle Reserve Fund has been renamed the Vehicle and Equipment Reserve fund.[2]
2009
Voucher Signature Timeline Requirement
All vouchers shall be prepared and ready for trustee signature one week prior to each board meeting.[1]
History · superseded or expired
2022
Salisbury Bank Authorized Representative — Ed Blundell
Ed Blundell was previously the authorized representative on Salisbury Bank accounts. Superseded by footnote 17 (2022), which designated Mayor Karen Smythe.[17]
2020
American Express Village Credit Card
The Village previously held an American Express credit card. Closed and superseded by footnote 16 (2020), which established M&T Bank credit cards.[16]
2019
M&T Bank CD Accounts for Reserve Funds
M&T Bank CDs were previously used for Highway, Police, Water, and Fire Department reserve funds. Superseded by footnote 11 (2019), which replaced them with money market accounts.[10][11]
Procurement Policy — Pre-2019 Version
The prior procurement policy, including original Chapter 50 provisions, was replaced in its entirety effective April 8, 2019 by footnote 13.[7][13]
2017
Salisbury Bank Line of Credit — Interest Rate (1.88%)
The interest rate on the Salisbury Bank $200,000 line of credit was set at 1.88% for a two-year term beginning 2016. Superseded by footnote 15 (2020), which changed the rate to prime less 0.25%.[5][6]
2015
Police Vehicle Reserve Fund Name
Superseded by footnote 2 (2015), which renamed the fund to Vehicle and Equipment Reserve.[2]
Vehicle and Equipment Reserve — FY Budget Allocation
The fiscal year budget allocation for the Vehicle and Equipment Reserve was reduced from $3,500 to $2,000 for fiscal year 2015. This was a one-time fiscal-year adjustment and is no longer operative.[2]
Highway Reserve CD Transfer
In 2015, $8,000 was transferred from Highway capital fund account 5110.2 to an M&T Bank CD designated highway reserve account ending in 6473. Superseded by footnote 11 (2019), which replaced M&T CDs with money market accounts.[3]
Police Vehicle and Equipment Reserve CD Transfer
In 2015, the Bard Police donation of $8,000 was transferred to a Police Vehicle and Equipment Reserve CD at M&T Bank. Superseded by footnote 11 (2019), which replaced M&T CDs with money market accounts.[3]
Source resolutions
  1. [1]2009-10-05Voucher signature timeline requirement
  2. [2]2015-04-22Rename Police Vehicle Reserve and Adjust Budget
  3. [3]2015-05-28Transfer of Highway Capital and Police Donation Funds to Reserve Accounts
  4. [4]2016-04-21Authorize Key Bank as Official Village Bank
  5. [5]2016-10-17Salisbury Bank Line of Credit Renewal - Amended
  6. [6]2017-11-13Salisbury Line of Credit renewal Resolution
  7. [7]2017-12-11Proposed Revision to Procurement Policy
  8. [8]2018-02-22Open sewer checking account with water fund
  9. [9]2018-04-09Advanced approval of claims
  10. [10]2018-04-09Depository Bank for deposit of Village monies
  11. [11]2019-03-21Open money market accounts replacing M&T CDs
  12. [12]2019-04-08Designating Depositories
  13. [13]2019-04-08Adopt Updated Procurement Policy
  14. [14]2019-11-21Authorization for Reserve Fund Transfers and CD Conversions
  15. [15]2020-10-13SALISBURY BANK LINE OF CREDIT RENEWAL – VILLAGE OF RED HOOK
  16. [16]2020-11-09Village Credit Card – Village of Red Hook and M&T Bank
  17. [17]2022-01-10Salisbury Bank Account Authorization
  18. [18]2023-05-25Resolution Establishing a Credit Accounts at D&S Pump & Supply and Harbor Freight Tools
  19. [19]2023-07-27RESOLUTION ESTABLISHING A CREDIT ACCOUNT AT RUGE'S FORD
  20. [20]2024-02-12RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND
  21. [21]2025-01-23Establish purchasing account with D&S Pump & Supply
  22. [22]2025-06-09RESOLUTION TO PARTICIPATE IN THE NYCLASS MUNICIPAL COOPERATION AGREEMENT

Synthesized from the chronological history of these resolutions. Each clause shows the year it was last established or amended. The text is a reading aid — for legal force, consult the source resolutions and the Village Code.