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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 2