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Bronxville trustees adopt fund-balance policy; recommend $2 million-plus in reserve assignments
Summary
The Board adopted a fund-balance policy setting a 25% restoration trigger and recommending assignments totaling $2,000,000 (including $1,000,000 for capital projects and $600,000 for the tax stabilization reserve) while reporting a current unassigned fund balance of 50%.
Trustees adopted a fund-balance policy on Dec. 9 that sets a floor and ceiling for the village’s unassigned reserves and recommends specific assignments from the current surplus. Staff reported the village’s unassigned fund balance is at 50% and recommended the board assign $1,000,000 for capital projects, $200,000 for pension liabilities, $200,000 for health insurance liabilities, and $600,000 for the tax stabilization reserve.
"Our unassigned fund balance is at 50%," the Staff member said while explaining the recommendation. The policy directs staff and the treasurer to prepare action plans should the unassigned fund balance fall to 25%, and proposes assigning excess funds if reserves exceed 40% to cover projected liabilities (pensions, health insurance) or capital needs.
Board members noted the village’s triple-A bond rating and that the policy will be reviewed annually when fiscal-year closing figures are available.
