173.2023 Authorizing Transfer of Funds from Undesignated General Fund to Replenish Capital Reserve No 64 RESOLUTION AUTHORIZING TRANSFER OF FUNDS
FROM UNDESIGNATED GENERAL FUND BALANCE
TO REPLENISH CAPITAL RESERVE NO. 64
RESOLUTION NO.: 173, 2023
INTRODUCED BY: Mr. George Ferone
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Harrison Freer
WHEREAS, by Resolution No.: 400, 2015, in order to comply with the requirements of
Governmental Accounting Standards Board Statement No. 54, Fund Balance Reporting and
Governmental Fund Definitions (GASB54), the Queensbury Town Board adopted a Fund
Balance Policy, and
WHEREAS, in accordance with such Fund Balance Policy, the Town Budget Officer has
recommended that the Town Board transfer $1,500,000 from the Town's undesignated, unassigned
General Fund's Fund Balance to Capital Reserve No. 64 in order to fund future capital projects, and
WHEREAS, the Town Board therefore wishes to authorize the Town Budget Officer to
replenish Capital Reserve No. 64 by appropriating $1,500,000 of undesignated, unassigned Fund
Balance from the General Fund and transfer such amount to the Capital Reserve No. 64,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board authorizes and directs the Town Budget
Officer to transfer $1,500,000 from the Town's General Fund undesignated, unassigned Fund
Balance to the Capital Reserve No. 64 and make any adjustments, budget amendments, transfers
or prepare any documentation necessary to establish appropriations and estimated revenues and
take all other actions necessary to effectuate the terms of this Resolution.
Duly adopted this 1st day of May, 2023, by the following vote:
AYES Mr. Ferone, Mr. McNulty, Mr. Strough, Mr. Metivier, Mr. Freer
NOES None
ABSENT: None
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