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Fiscal Management, Reserves, and Debt

2025last touched · 12 source resolutions
↑Village/Rules/Policies/Adopted/fiscal_management
Governs the establishment and use of reserve funds, fund balance policy, general obligation bond resolutions, refunding bonds, lines of credit, and other debt instruments not specific to a single capital project.
Synthesis written as-of 2026-05-03. A time-bounded clause in this rule expires on 2027-01-25
In force, by year of last update
2025
Bond Counsel — Hawkins Delafield & Wood LLP
The Mayor is authorized to sign the Bond Counsel Agreement with Hawkins, Delafield, & Wood LLP for the Village's bond matters, including the wastewater project.[11][12]
2024
General Fund Fund Balance Policy — Minimum and Maximum
The Village has adopted a Fund Balance Policy for the General Fund establishing a minimum of 15% and a maximum of 25% of the subsequent year's budgeted expenditures as the unassigned fund balance target at fiscal year-end.[10]
2023
Sewer System Refunding Bond — Authorization and Appropriation
The Village authorized the refunding of its $3,673,000 Sewer System Improvement Serial Bond-2023 and appropriated an amount not to exceed $3,673,000 for that purpose, with refunding bonds issued in a principal amount not to exceed $3,673,000.[8]
Sewer System Refunding Bond — Faith and Credit Pledge
The Refunding Bonds are general obligations of the Village; the faith and credit of the Village are irrevocably pledged to the punctual payment of principal and interest, with annual provision made in the Village budget for amortization, redemption, and interest payments.[8]
Sewer System Refunding Bond — Delegation to Village Treasurer
The powers and duties relative to determining the amount of Bonds To Be Refunded, prescribing terms, form, and contents, and executing the sale and issuance of the Refunding Bonds are delegated to the Village Treasurer as chief fiscal officer.[8]
Sewer System Refunding Bond — Escrow and Investment of Proceeds
Proceeds from the sale of the Refunding Bonds may be placed in escrow with an Escrow Holder; if invested, proceeds shall be invested only in direct obligations of the United States of America, with the portion required for repayment of the Bonds To Be Refunded irrevocably committed to that purpose.[8]
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.[3][4][7]
Salisbury Bank Line of Credit — Interest Rate
The interest rate on the Salisbury Bank line of credit is prime less 0.25%, superseding the prior fixed rate of 1.88% (or up to 2%).[7]
Salisbury Bank Line of Credit — Bridge Loan Authorization
The specific purpose and amount utilized in any bridge loan draw on the line of credit shall be stated in separate, specific resolutions when the need arises.[4][7]
Salisbury Bank Line of Credit — Execution Authority
The Mayor is authorized to sign the continuance note and any ancillary documents; the Village Clerk is directed to attest and affix the corporate seal of the Village of Red Hook.[4][7]
Salisbury Bank Line of Credit — Faith and Credit Pledge
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.[4][7]
2019
Reserve Fund Transfer — USDA Reserve to Water Operating Account
The treasurer and comptroller shall identify short-term/lived asset expenses and transfer them from the USDA Reserve Fund 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.[6]
Reserve Fund Transfer — General Funds Transaction Code
General fund reserve transfers and money market operating fund transactions shall use special transaction code A915, subject to Board review.[6]
Tower Reserve and Snow Equipment Accounts — Account Type
The Tower Reserve and Snow Equipment reserve accounts have been converted from CDs to Money Market accounts at M&T Bank.[6]
2018
Sewer Checking Account
The Treasurer is authorized to maintain a sewer checking account, initially funded with $5.00 from the water fund, to manage sewer plant operating expenses.[5]
2015
Vehicle and Equipment Reserve Fund Name
The former Police Vehicle Reserve Fund has been renamed the Vehicle and Equipment Reserve.[1]
Vehicle and Equipment Reserve Annual Budget Allocation
The annual budget allocation for the Vehicle and Equipment Reserve is $2,000 (reduced from $3,500).[1]
Highway Reserve CD at M&T Bank
$8,000 was transferred from Highway capital fund account 5110.2 to an M&T Bank CD designated as the highway reserve account ending in 6473.[2]
Police Vehicle and Equipment Reserve CD
$8,000 from the Bard Police donation was transferred to a Police Vehicle and Equipment Reserve CD at M&T Bank.[2]
History · superseded or expired
2024
Garbage/Leaf Truck Refinancing — Funding Sources
Expired (2027-01-25 term end). The Village approved a $50,000 refinancing of the 2020 International Garbage/Leaf Truck for a 3-year term, funded in part by $17,400 from auction proceeds, $2,500 from the Highway Reserve Fund line item (A9621), and $80,100 from General Fund balance.[9]
2017
Salisbury Bank Line of Credit — Interest Rate (1.88% or up to 2%, 2017–2020)
Superseded by footnote 7 (2020). The 2017 renewal set the rate at 1.88% or up to 2%.[4]
2016
Salisbury Bank Line of Credit — Interest Rate (1.88%, 2016–2017)
Superseded by footnote 7 (2020). The interest rate was set at 1.88% for a two-year term per the amended Resolution 26-2016.[3]
Source resolutions
  1. [1]2015-04-22Rename Police Vehicle Reserve and Adjust Budget
  2. [2]2015-05-28Transfer of Highway Capital and Police Donation Funds to Reserve Accounts
  3. [3]2016-10-17Salisbury Bank Line of Credit Renewal - Amended
  4. [4]2017-11-13Salisbury Line of Credit renewal Resolution
  5. [5]2018-02-22Open sewer checking account with water fund
  6. [6]2019-11-21Authorization for Reserve Fund Transfers and CD Conversions
  7. [7]2020-10-13SALISBURY BANK LINE OF CREDIT RENEWAL – VILLAGE OF RED HOOK
  8. [8]2023-11-02REFUNDING BOND RESOLUTION OF THE VILLAGE OF RED HOOK, NEW YORK, ADOPTED NOVEMBER 2, 2023, AUTHORIZING THE REFUNDING OF CERTAIN OUTSTANDING BONDS OF SAID VILLAGE, STATING THE PLAN OF REFUNDING, APPROPRIATING AN AMOUNT NOT TO EXCEED $3,673,000 FOR SUCH PURPOSE, AUTHORIZING THE ISSUANCE OF REFUNDING BONDS IN THE PRINCIPAL AMOUNT OF NOT TO EXCEED $3,673,000 TO FINANCE SAID APPROPRIATION, AND MAKING CERTAIN OTHER DETERMINATIONS RELATIVE THERETO
  9. [9]2024-01-25RESOLUTION TO APPROVE REFINANCING FOR NEW GARBAGE/LEAF TRUCK USING FUND BALANCE IN ADDITION TO OTHER FUNDING
  10. [10]2024-02-12RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND
  11. [11]2024-11-21Authorize Hawkins Delafield & Wood LLP engagement letter signature
  12. [12]2025-11-24Bond Counsel Agreement with Hawkins, Delafield, & Wood LLP

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.