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Village Financial Administration

2026last touched · 28 source resolutions
↑Village/Rules/Policies/Adopted/village_financial_administration
Resolutions designating official depositories and bank accounts, establishing fund balance and reserve fund policies, adopting procurement policies, setting voucher and claims approval procedures, and authorizing utility billing audit services.
Synthesis written as-of 2026-07-31. A time-bounded clause in this rule expires on 2027-01-25
In force, by year of last update
2025
Dutchess County Shared Services Procurement Assistance Program
The Mayor is authorized to sign and renew the Dutchess County Shared Services Procurement Assistance Program agreement on an ongoing basis.[17][24][27]
D&S Pump & Supply Credit Account — Highway Department
The Village Treasurer is authorized to maintain credit accounts with D&S Pump & Supply for use by the Highway Department. Authorized signers include Jerome "Jake" Smith, Chris Coons, Charles Devens, and Lori Urbin; all invoices are vouchered and approved by the Board prior to payment.[18][25]
NYCLASS Program Participation
The Village of Red Hook is authorized to register in the NYCLASS short-term municipal investment program under the Municipal Cooperation Agreement amended and restated as of August 1, 2023. Authorized signers are Mayor Karen Smythe, Treasurer Marybeth De Filippis, and Comptroller Michele Zagorski.[26]
NYCLASS Investment Policy Prerequisite
Prior to the initial NYCLASS investment, the Board of Trustees must review and adopt a NYCLASS Investment Policy.[26]
2024
General Fund Fund Balance Policy — Minimum
The Village's adopted Fund Balance Policy establishes a minimum unassigned fund balance of 15% of the subsequent year's budgeted General Fund expenditures at fiscal year-end.[22]
General Fund Fund Balance Policy — Maximum
The Village's adopted Fund Balance Policy establishes a maximum unassigned fund balance of 25% of the subsequent year's budgeted General Fund expenditures at fiscal year-end.[22]
2023
Harbor Freight Tools Credit Account — Highway Department
The Village Treasurer is authorized to maintain a credit account with Harbor Freight Tools for use by the Highway Department. Authorized signers include 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 — Highway Department
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. Authorized signers include Jerome "Jake" Smith, Chris Coons, Charles Devens, and Lori Urbin; all invoices are vouchered and approved by the Board prior to payment.[19]
2022
Salisbury Bank Account Authorized Representative
Mayor Karen Smythe is designated as the authorized representative on the Village's Salisbury Bank accounts, replacing Ed Blundell.[16]
2020
Village Credit Cards — M&T Bank
The Village maintains M&T Bank credit cards for the Mayor, Treasurer, and Clerk, each with a spending limit of $5,000, subject to all internal procurement policy requirements. The former American Express card has been closed.[15]
2019
Official Village Depository Bank
Key Bank is designated as the primary official depository bank for all Village monies received by the Treasurer, Clerk, and receiver of taxes. M&T Bank is designated for certificate of deposit and money market reserve accounts.[6][10][12]
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 New York State 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]
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][14]
Reserve Fund Transfer Transaction Codes
The Treasurer and Comptroller shall identify short-term/lived asset expenses and transfer them from the money market account to the water operating account using transaction code EW921.1; general fund reserve transfers use special transaction code A915.[14]
Tower Reserve and Snow Equipment Accounts
The Tower Reserve and Snow Equipment reserve accounts have been converted from CDs to money market accounts at M&T Bank.[14]
2018
Sewer Fund 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.[8]
Advance Approval of Claims and Vouchers
The Village Board authorizes advance approval of claims and vouchers for Village operations.[9]
2015
Vehicle and Equipment Reserve Fund Name
The former Police Vehicle Reserve Fund has been renamed the Vehicle and Equipment Reserve fund.[4]
Highway Reserve CD at M&T Bank
$8,000 from Highway capital fund (account 5110.2) was transferred to an M&T Bank CD designated as the highway reserve account ending in 6473.[5]
Police Vehicle and Equipment Reserve CD at M&T Bank
The Bard Police donation of $8,000 was transferred to a Police Vehicle and Equipment Reserve CD at M&T Bank.[5]
2011
Compute! Consultants Utility Bill Review Authorization
Compute! Consultants is authorized to review Village telephone, cable, and electric bills for savings opportunities at no cost to the Village. Compute! Consultants retains 40% of any realized savings as compensation.[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 workers' compensation certificate on file with the Village.[1]
Voucher Signature Timeline
All vouchers shall be prepared and ready for trustee signature one week prior to each board meeting.[2]
History · superseded or expired
2026
General Fund Advance to Sewer Fund Conversion
A resolution to convert the $205,430 General Fund advance to the Sewer Fund (authorized by Resolution 7–2026) into a permanent transfer was withdrawn at the April 27, 2026 meeting and did not take effect.[28]
2024
Garbage/Leaf Truck Refinancing — Fund Sources
The Board approved funding the new Garbage/Leaf Truck (2020 International) with $17,400 from auction proceeds of the old truck, $2,500 from Highway Reserve Fund line item A9621, and $80,100 from General Fund balance, with $50,000 refinanced for a 3-year term. The 3-year refinancing term expires approximately January 2027; this was a one-time financing action.[21]
U-Audit Utility and Telecommunications Billing Audit Agreement
The Mayor was authorized to execute an agreement with U-Audit for utility and telecommunications billing, cable franchise, and gross receipts tax auditing services for a duration of no more than one year from October 7, 2024. Expired approximately October 7, 2025.[23]
2023
Dutchess County Shared Services Agreement — Term 11/1/2023–10/31/2024
The Mayor was authorized to sign the Dutchess County Shared Services Procurement Assistance Program agreement for the term November 1, 2023 through October 31, 2024. Expired October 31, 2024; superseded by renewal authorizations.[20]
2019
M&T Bank CDs for Reserve Funds
M&T Bank CDs previously held for Highway, Police, Water, and Fire Department reserves were superseded when money market accounts were opened to replace them in 2019.[5][11]
Procurement Policy — Pre-2019 Version
The Village's prior procurement policy (including the 2017 amendments adding §50-4.1 and §50-6.2) was superseded in its entirety by the updated procurement policy adopted April 8, 2019.[7][13]
2015
Vehicle and Equipment Reserve — FY Budget Allocation
The fiscal year budget allocation for the Vehicle and Equipment Reserve was reduced to $2,000 from $3,500 for that fiscal year only. Superseded by subsequent annual budget cycles.[4]
Source resolutions
  1. [1]2009-06-18Contractor insurance and workers' comp requirements
  2. [2]2009-10-05Voucher signature timeline requirement
  3. [3]2011-11-07Authorization for Compute! Consultants Utility Bill Review
  4. [4]2015-04-22Rename Police Vehicle Reserve and Adjust Budget
  5. [5]2015-05-28Transfer of Highway Capital and Police Donation Funds to Reserve Accounts
  6. [6]2016-04-21Authorize Key Bank as Official Village Bank
  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]2020-11-09Village Credit Card – Village of Red Hook and M&T Bank
  16. [16]2022-01-10Salisbury Bank Account Authorization
  17. [17]2023-04-10Dutchess County Shared Services Procurement Assistance agreement
  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]2023-11-02Dutchess County Shared Services Procurement Assistance Program
  21. [21]2024-01-25RESOLUTION TO APPROVE REFINANCING FOR NEW GARBAGE/LEAF TRUCK USING FUND BALANCE IN ADDITION TO OTHER FUNDING
  22. [22]2024-02-12RESOLUTION TO ESTABLISH A FUND BALANCE POLICY FOR THE VILLAGE GENERAL FUND
  23. [23]2024-10-07Agreement with U-Audit for utility and telecommunications billing and cable franchise auditing
  24. [24]2024-11-21Authorize renewal of Dutchess County shared services contract
  25. [25]2025-01-23Establish purchasing account with D&S Pump & Supply
  26. [26]2025-06-09RESOLUTION TO PARTICIPATE IN THE NYCLASS MUNICIPAL COOPERATION AGREEMENT
  27. [27]2025-11-17Dutchess County Shared Services Procurement Assistance Program Renewal
  28. [28]2026-04-27Resolution to Resolve the General Fund Advance to the Sewer Fund

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.