2016-180 2016-180
Resolution Accepting The Town Of Wappinger Fund Balance Policy
At a Regular Meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held
at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on August 8, 2016.
The meeting was called to order by Lori A. Jiava, Town Supervisor, and upon roll being called, the
following was recorded:
✓Vote Record-Resolution RES-2016-180
❑ Adopted Yes/Aye No/Nay Abstain Absent
❑ Adopted as Amended Lori A.Jiava Voter Q ❑ ❑ ❑
❑ Defeated William H.Beale Voter Q ❑ ❑ ❑
Q Tabled William Ciccarelli Seconder Q ❑ ❑ ❑
❑ Withdrawn John J.Fenton Voter Q ❑ ❑ ❑
Next:9/12/16 7:30 PM Michael Kuzmicz Mover Q ❑ ❑ ❑
The following Resolution was introduced by Councilman Kuzmicz and seconded by Councilman
Ciccarelli.
WHEREAS, the Town seeks to create a formal Fund Balance Policy establishing best management
practices to address year end surpluses and fund balances; and
WHEREAS, the Town recognizes that the formation of an unassigned fund balance will stabilize and
possibly enhance the current credit rating of the Town; and
WHEREAS, all major credit rating agencies (Moody's, Standard and Poor's and Fitz) site formal Fund
Balance Polices as best management practices commonly used by better rated communities; and
WHEREAS, municipalities that adhere to Fund Balance Polices are viewed as being more proactive
which in return results in higher credit ratings and lowering borrowing costs; and
WHEREAS, the Town, in consultation with the Town's Financial Advisor, finds the Fund Balance
Policy to be reasonable and in the best interest of the Town.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set forth and
adopted herein.
2. The Town Board Members acknowledge that they have reviewed the terms and conditions of the
Fund Balance Policy and find the same to be reasonable and acceptable.
3. The Town Board hereby authorizes and accepts the Fund Balance Policy in essentially the same
for as attached hereto.
4. The Town Board hereby authorizes the implementation of the Fund Balance Policy
immediately..
The foregoing was put to a vote which resulted as follows:
RESULT: TABLED [UNANIMOUS] Next: 9/12/2016 7:30 PM
MOVER: Michael Kuzmicz, Councilman
SECONDER: William Ciccarelli, Councilman
AYES: Jiava, Beale, Ciccarelli, Fenton, Kuzmicz
Dated: Wappingers Falls, New York
8/8/2016
The Resolution is hereby duly declared Tabled.
JOSS P P. PAOLONI, TOWN CLERK
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