368.2013 Transfer Fund Undesignated General Fund Balance Replenish Capital Reserve Fund #64 RESOLUTION AUTHORIZING TRANSFER OF FUNDS FROM
UNDESIGNATED GENERAL FUND BALANCE TO REPLENISH
CAPITAL RESERVE FUND #64
RESOLUTION NO.: 368,2013
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, by Resolution No.: 322 of 2001, the Queensbury Town Board established a
Capital Reserve Fund for the purpose of capitalization of the Town's Capital Improvement Plan
Policy or for future Town project developments, known as Capital Reserve Fund #64 (Fund #64)
which Fund established fund expenditures associated with the CIP, and
WHEREAS, by Resolution No.: 390.2012, the Town Board authorized the transfer of
$250,000 in funds from undesignated, unappropriated Fund Balance to Fund #64, and
WHEREAS, the Town Budget Officer has advised the Town Board that the balance in Fund
#64 has been depleted as a result of major expected and unexpected capital costs during the past 12
years, and
WHEREAS, the Town's independent auditors have confirmed undesignated, unappropriated
General Fund Balance of $5,844,852 as of December 31St, 2012 and the Town Board wishes to
maintain a reasonable unreserved Fund Balance of$4,544,852 and move the balance of$1,300,000
to Fund#64 in order to replenish Fund#64 for upcoming projects, and
WHEREAS, the Town Board therefore wishes to authorize the Town Budget Officer to
replenish Fund #64 by appropriating $1.3 million of undesignated, unassigned Fund Balance and
increase appropriations in Fund#64 by the same amount,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board authorizes and directs the Town Budget
Officer to transfer $1.3 million from the Town's undesignated, unassigned Fund Balance to the
Capital Improvement Plan Reserve Fund #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 9th day of September, 2013, by the following vote:
AYES Mr. Strough, Mr. Brewer, Mr. Montesi, Mr. Clements
NOES None
ABSENT : Mr. Metivier
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