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Grand Island board creates capital reserve fund for water‑meter replacement with $9 million cap
Summary
The Town Board approved a permissive‑referendum capital reserve fund intended to finance future water‑meter replacements, setting a maximum cap of $9,000,000.
The Grand Island Town Board on a unanimous roll‑call vote adopted a resolution to create a capital reserve fund for planned water‑meter replacement, setting the fund’s maximum allowable balance at $9,000,000 and making the resolution subject to a permissive referendum.
Town Attorney Peter C. Godfrey explained the proposal and the blank in the draft resolution that required a dollar maximum. "It's my understanding the number, which is the maximum amount that could be set aside in that capital reserve fund is $9,000,000," Godfrey told the board, and the board then moved and approved the resolution with that cap.
Why it matters: A capital reserve fund allows the town to set aside money over time to replace infrastructure without issuing debt or waiting to appropriate funds at time of need. The permissive‑referendum designation means residents may petition to force a public vote on the fund before funds can be expended.
The motion passed by roll call with the board recorded as voting unanimously in favor. The town indicated the fund would be used to finance meter replacement as those assets reach end of useful life; the resolution text and cap as adopted were entered into the record.
Ending: The board concluded the vote and moved on to other business; staff and the attorney will proceed with the referendum notice steps required under state law, if applicable.
