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Board approves reserve account, rolls CDs and closes grant; insurance review planned
Summary
The board authorized a supervised bank account to segregate a $500,000 facility reserve per NY State OSC requirements, approved rolling matured CDs into a 12-month CD at Community Bank, and voted to close out a Zamboni grant (recorded as $100,000). Members were asked to review an insurance policy uploaded to Chromebooks ahead of future discussion.
The board approved several financial housekeeping actions during the meeting. Members voted to establish a supervised account to segregate the facility reserve, fulfilling a New York State Office of the State Comptroller requirement for a separately labeled account and acknowledging $500,000 as the reserve balance.
The board also discussed several matured certificates of deposit and by motion directed staff to roll eligible funds into a 12-month certificate at Community Bank to balance liquidity and anticipated Sportsplex project timing. "We're probably fine with 12 months," one member said during the discussion of expected construction timing.
Separately, the board moved to close out a Zamboni grant the record describes as a $100,000 award from Patty Ritchie; members voted to accept the funds when they arrive and to record the closeout in town accounts. Chair noted an insurance policy document has been loaded to members' Chromebooks for review and would be discussed in the next week or two.
The board instructed staff to coordinate CD maturities with anticipated capital needs and to document the facility-reserve account per OSC guidance.
