Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the County Finance topic
No spam. Unsubscribe anytime.
Gilpin County formalizes 3-month operating reserve and creates $2 million water-acquisition fund
Summary
At a special Dec. 15 meeting, Gilpin County commissioners adopted Resolution 25-149 establishing a minimum three-month operating reserve (with an objective of six months) and approved Resolution 25-147 creating a $2,000,000 water-rights acquisition reserve; both passed 3-0.
Gilpin County commissioners on Dec. 15 adopted two fiscal resolutions to formalize long-standing practices: Resolution 25-149 establishes a minimum assigned operating-reserve equal to three months of annual operating expenses (excluding capital and one-time expenditures) and Resolution 25-147 creates a dedicated, assigned reserve of $2,000,000 for strategic water-rights acquisition and development.
County staff reported that the county currently holds more than five months of assigned reserves (reported as 5.33 months) and that the county's objective is to eventually reach six months. Staff provided operating-expenditure figures used in the calculation: total operating expenditures cited in the presentation were $29,577,990, which staff said translates to an estimated minimal monthly operating expense of $2,464,833.
On the water fund, staff said the $2,000,000 is already included in the signed reserves for the year and that creating the assigned reserve ties those funds to strategic water projects. Staff noted the fund does not require annual spending and can be replenished: "We budget $2,000,000 each year. So if we spend it, we replenish. But if we don't spend it, then it rolls over," staff said.
Commissioners discussed the county's reserve history and its debt-free status. The motion to adopt the minimum operating-reserve resolution was moved and seconded on the record and passed by a unanimous 3-0 vote; the water-acquisition reserve resolution passed by the same margin. Staff said both resolutions will be added to the county's master policy book for public access.
