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Town creates sinking funds, earmarks $2 million for public-safety capital projects
Summary
Resolution 2025-025 amends the fund balance policy to create a fire-rescue sinking fund and a public-safety capital project sinking fund, assigning $2 million from unassigned reserves to planned projects.
On Sept. 18 the Town Commission adopted Resolution 2025-025 to amend the town’s fund-balance policy and create two sinking funds: one for fire-rescue and one for public-safety capital projects.
Town staff explained the change formalizes earlier conversations about assigning unassigned fund balance to anticipated capital projects rather than leaving a large unassigned balance. Managers said roughly $2,000,000 of previously unassigned funds will be committed for public-safety projects, including the marine facility and a fire annex; the fire-rescue sinking fund was discussed with a target balance tied to replacement costs for emergency vehicles.
Staff described the approach as an earmarking rather than a legally restricted fund: funds remain assignable by resolution if circumstances change, including emergency needs. Commissioners asked about the remaining unassigned balance after the earmark; staff said about $2.3 million would remain unassigned after the allocations. Commissioners also discussed that interest earnings on the reserves will be allocated according to existing policies that feed budget stabilization and disaster-relief earmarks.
The commission opened the hearing, heard no public comment, and approved the resolution by roll call. Affirmative votes were recorded from Commissioner Goldberg, Vice Mayor Stern, Commissioner Chaunoski and Mayor Moore; motion carried.
