Notice of Adoption subject to Permissive Referendum – Reserve Funds

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NOTICE OF ADOPTION OF RESOLUTION

SUBJECT TO PERMISSIVE REFERENDUM

VILLAGE OF DERING HARBOR

NOTICE IS HEREBY GIVEN, that the Board of Trustees of the Village of Dering Harbor, at a meeting thereof held on April 13, 2019, duly adopted a resolution, subject to a Permissive referendum, an abstract of which is as follows:

The purposes of the resolution (full text of which is set forth below) is to establish a Contingency and Tax Stabilization Reserve Fund for the Village of Dering Harbor.

RESOLUTION ESTABLISHING A CONTINGENCY AND TAX STABILIZATION RESERVE FUND FOR THE VILLAGE OF DERING HARBOR

WHEREAS, the Board of Trustees of the Village of Dering Harbor has determined it to be prudent and responsible to establish a Contingency and Tax Stabilization Reserve Fund to facilitate future financial planning of the Village for the unanticipated revenue losses or unanticipated expenditures chargeable to the General Fund portion of the annual budget, and to lessen or prevent project increases in excess of 2.5% of the amount of the real property tax levy needed to finance the General Fund portion of the annual budget.

NOW, THEREFORE, BE IT RESOLVED, that pursuant to §6-e of the New York General Municipal Law, as amended, there is hereby established a reserve fund for the Village of Dering Harbor to be known as the “Contingency and Tax Stabilization Reserve Fund” (hereinafter “Reserve Fund”), the purposes of the Reserve Fund established by this resolution shall be as follows:

  1. As per the requirements of §6-e of the New York General Municipal Law, to accumulate moneys to finance the cost of unanticipated revenue losses or unanticipated expenditures chargeable to the General Fund portion of the annual budget, and to lessen or prevent project increases in excess of 2.5% of the amount of the real property tax levy needed to finance the General Fund portion of the annual budget.
  2. The duly appointed treasurer or chief fiscal officer of the Village of Dering Harbor is hereby directed to deposit and secure the moneys of this Reserve Fund in the manner provided by §10 of the General Municipal Law.  The Board of Trustees of the Village of Dering Harbor may invest the moneys in the Reserve Fund in the manner provided by §11 of the General Municipal Law, and consistent with the investment policy of the Village of Dering Harbor.  Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become part of the Reserve Fund.  The treasurer or chief fiscal officer of the Village of Dering Harbor shall account for the Reserve Fund in a manner which maintains the separate identity of the Reserve Fund and shows the date and amount of each sum paid into the fund, interest earned by the fund, capital gains or losses resulting from the sale of investments of the fund, the amount and date of each withdrawal from the fund and the total assets of the fund, showing cash balance and a schedule of investments, and shall, at the end of each fiscal year, render to the Board of Trustees a detailed report of the operation and condition of the Reserve Fund.
  3. Except as otherwise provided by law, expenditures from this Reserve Fund shall be made only for the purpose for which the Reserve Fund is established.  No expenditure shall be made from this Reserve Fund without the approval of the Board of Trustees by a vote of two-thirds of the majority (4 votes) and such additional actions or proceedings as may be required by §6-e of the New York General Municipal Law, or any other law, including a permissive referendum if required.
  4. The Reserve Fund established by this resolution shall be initially funded in the amount of $39,500.00 to be appropriated from the Village’s General Fund balance.  Additional funds may be deposited in the Reserve Fund from time to time by budgetary appropriation or from revenues as are not required by law to be paid into any other fund or account.  In no case shall an appropriation to the Reserve Fund exceed ten (10%) percent of the General Fund portion of the annual budget for the fiscal year for which the appropriation would be made.
  5. This resolution shall be subject to a permissive referendum.  The Village Clerk is directed to publish a notice of adoption of this resolution pursuant to §9-900 of the Village Law.
  6. This resolution shall take effect immediately.

BY ORDER OF THE BOARD OF TRUSTEES

VILLAGE OF DERING HARBOR, NEW YORK

 

Category: Notices