Commission Meeting Agenda Item
Agenda Item Title
Resolution No. 2023-102 – Amending Resolution 2014-101 to reduce the amount that may be dispersed from Reserves to a Restricted Property Purchase Fund based on 50% of the operating and personnel budgets in the General Fund rather than the total annual budget.
Agenda Item ID
In 2014, the Town Commission passed Resolution 2014-101 to establish a Restricted Fund that would pay for future land purchases, building and facility improvements/expansions and large capital equipment. That resolution specified that all or part of the reserve funds over 50% of the total annual budget could be utilized.
After careful review and research, it was determined that the amount available to disperse from Reserves to the Restricted Fund should be calculated using 50% of the Town’s operating and personnel budgets in the General Fund rather than the total annual budget.
The Town has six months of funds in Reserves totaling $9,553,348. If the recommended change is made, the Town’s Reserves will total $7,492,989 out of which $3,746.495 could be dispersed to the Restricted Fund.