345.2016 Transfer Funds From General Fund to Replenish Capital Reserve #64 RESOLUTION AUTHORIZING TRANSFER OF FUNDS
FROM UNDESIGNATED GENERAL FUND BALANCE
TO REPLENISH CAPITAL RESERVE #64
RESOLUTION NO.: 345,2016
INTRODUCED BY: Mr. Brian Clements
WHO MOVED ITS ADOPTION
SECONDED BY: Mr.William VanNess
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 $1,900,000 from the Town's undesignated, unassigned
General Fund's Fund Balance to Capital Reserve 464 in order to fund future capital projects, and
WHEREAS, the Town Board therefore wishes to authorize the Town Budget Officer to
replenish Capital Reserve 464 by appropriating $1,900,000 of undesignated, unassigned Fund
Balance from the General Fund and transfer such amount to the Capital Reserve 464,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board authorizes and directs the Town Budget
Officer to transfer $1,900,000 from the Town's General Fund undesignated, unassigned Fund
Balance to the Capital Reserve 464 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 17th day of October, 2016, by the following vote:
AYES Mr. Metivier, Mr. Clements, Mr. Irish, Mr. VanNess, Mr. Strough
NOES None
ABSENT : None
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