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Fund Balance, Reserve Funds, and Procurement Policy

2025last touched · 8 source resolutions
↑Village/Rules/Policies/Adopted/fund_balance_reserve_and_procurement_policy
Resolutions establishing or amending fund balance policies, creating and funding reserve accounts, and adopting or amending the village purchasing and procurement policy including bidding thresholds.
In force, by year of last update
2025
D&S Pump & Supply Purchasing Account
A purchasing account has been established with D&S Pump & Supply for Village operations.[8]
2024
General Fund Unassigned Fund Balance Policy — Minimum
The Village Fund Balance Policy establishes a minimum unassigned fund balance of 15% of the subsequent year's budgeted General Fund expenditures at fiscal year-end.[7]
General Fund Unassigned Fund Balance Policy — Maximum
The Village Fund Balance Policy establishes a maximum unassigned fund balance of 25% of the subsequent year's budgeted General Fund expenditures at fiscal year-end.[7]
2019
Procurement Policy — Piggybacking Authorization
Chapter 50 of the Village Code (§50-4.1) authorizes the Village to purchase through bids solicited by the U.S. Government, New York State, and other political subdivisions, subject to specific qualification criteria, in accordance with NYS General Municipal Law §103.[4][5]
Procurement Policy — Best Value Purchasing
Chapter 50 of the 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.[4][5]
Procurement Policy Adoption Date
The Village adopted an updated procurement policy effective April 8, 2019, replacing the prior procurement policy and reflecting current NYS limits and modernized internal purchasing thresholds and procedures.[5]
USDA Reserve Fund Transfer Procedure
The treasurer and comptroller are authorized to identify short-term/lived asset expenses and transfer them from the USDA Reserve Fund Money Market account to the Water Fund operating account using transaction code EW921.1, with expenses paid off normal expense lines and notation for any budget adjustments needed.[6]
General Fund Reserve Transfer Transaction Code
For general fund reserve transfers and money market operating fund transactions subject to Board review, the special transaction code A915 shall be used.[6]
Tower Reserve and Snow Equipment Account Conversion
The treasurer is authorized to convert the Tower Reserve and Snow Equipment accounts from CDs to Money Market accounts at M&T Bank.[6]
2015
Vehicle and Equipment Reserve Fund Name
The former Police Vehicle Reserve Fund has been renamed the Vehicle and Equipment Reserve.[2]
Vehicle and Equipment Reserve Annual Budget Allocation
The annual budget allocation for the Vehicle and Equipment Reserve is $2,000, reduced from the prior allocation of $3,500.[2]
Highway Reserve CD Transfer
$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.[3]
Police Vehicle and Equipment Reserve CD Transfer
The Bard Police donation of $8,000 was transferred to a Police Vehicle and Equipment Reserve CD at M&T Bank.[3]
2009
Contractor Liability Insurance Minimum
All contractors must maintain a minimum of $2,000,000 in liability insurance with the Village named as additional insured.[1]
Contractor Workers' Compensation Requirement
All contractors must have a current (updated) workers' compensation certificate on file with the Village.[1]
Source resolutions
  1. [1]2009-06-18Contractor insurance and workers' comp requirements
  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]2017-12-11Proposed Revision to Procurement Policy
  5. [5]2019-04-08Adopt Updated Procurement Policy
  6. [6]2019-11-21Authorization for Reserve Fund Transfers and CD Conversions
  7. [7]2024-02-12RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND
  8. [8]2025-01-23Establish purchasing account with D&S Pump & Supply

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.