Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Reserve Fund topic
No spam. Unsubscribe anytime.
Board creates facilities reserve fund capped at $500,000
Summary
The board adopted Resolution No. 207 establishing a facilities reserve fund under General Municipal Law Section 6-c for capital improvements to town facilities, with an estimated maximum cost of $500,000 and roll-call adoption recorded.
The Town Board adopted Resolution No. 207 to establish a facilities reserve fund to finance capital improvements to town facilities including the town office, highway garage, Bolton Ave. and the recreation center. The resolution cites Section 6-c of the General Municipal Law and directs the chief fiscal officer to deposit and account for funds in accordance with statutory requirements.
During the resolution reading, the council member reading the text summarized the reserve fund's purpose and the board recorded a roll-call vote with unanimous approval. The resolution sets the estimated maximum cost at $500,000 and requires accounting that maintains the separate identity of the fund and reports to the board on its condition at the end of each fiscal year.
