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2010-3612010-361 Resolution Authorizing the Transfer of Funds from the General (B) Fund to the General (A) Fund 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 November 18, 2010. The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being called, the following were present: PRESENT: Supervisor Councilmembers ABSENT: Christopher J. Colsey William H. Beale Vincent F. Bettina Ismay Czarniecki Joseph P. Paoloni The following Resolution was introduced by Supervisor Colsey and seconded by Councilwoman Czarniecki. WHEREAS, the Town of Wappinger Town Accountant has identified a shortfall of readily available funds in the General (A) Fund partly due to pending revenue receipts in the amount of Two Hundred Fifty Thousand Dollars ($250,000); and WHEREAS, the pending 2010 revenues are identified as follows: Category Amount Receipt Date Fines & Fees $48,000 December 31, 2010 Property Rental $18,000 December 31, 2010 Mortgage Tax $288,000 December 31, 2010 Total $354,000 WHEREAS, other minor revenues are expected, but not projected above, for fiscal year 2010; and WHEREAS, the Town Accountant has identified the General (B) Fund as the temporary source of funding; and WHEREAS, revenues collected shall be immediately reimbursed to the General (B) Fund upon receipt NOW, THEREFORE, BE IT RESOLVED, that the Town Board hereby authorizes the Town Accountant to transfer funds in the amount of Two Hundred Fifty Thousand Dollars ($250,000) from the General (B) Fund to the General (A) Fund in accordance with this resolution. The foregoing was put to a vote which resulted as follows: CHRISTOPHER COLSEY, SUPERVISOR Voting: AYE WILLIAM H. BEALE, COUNCILMAN Voting: AYE VINCENT F. BETTINA, COUNCILMAN Voting: AYE ISMAY CZARNIECKI, COUNCILWOMAN Voting: AYE JOSEPH P. PAOLONI, COUNCILMAN Voting: AYE Dated: Wappingers Falls, New York 11/18/2010 The Resolution is hereby duly declared adopted. a rm�� PHN MASTERSON, TOWN CLERK TOWN ACCOUNTANT Fredrick Awino TOWN OF WAPPINGER To: Town Board ACCOUNTING OFFICE 20 MIDDLEBUSH ROAD WAPPINGERS FALLS, NY 12590 W W W. TO WNOF WAPPINGER. US PHONE: (845) 297- 0060 FAX: (845) 297-7214 MEMORANDUM From: Fredrick Awino, Town Accountant Date: November 12, 2010 TOWN SUPERVISOR Christopher J. Colsey TOWN BOARD William H. Beale Vincent Bettina Ismay Czamiecki Joseph P. Paoloni TOWN CLERK Chris Masterson HIGHWAY SUPERINTENDENT Graham Foster Re: Request for Transfer of funds to the General Fund "A" ($250,000) The Town is running low on General Fund cash. The cash balance in A Fund is $52,000 as of today November 12, 2010. (see attached cash balance summary) Based on the spending in 2009, A Fund will need approximately $655,000.00 for expenses between Nov and Dec 2010, the main expense being annual retirement bill at $270,000.00 due on Dec 15th, 2010. The main sources of revenue for the remainder of the year are $48,000.00 from fines and fees, $18,000.00 from rental of property and $432,000.00 from mortgage tax (totaling $498,000.00). However, only approximately $288,000.00 of the mortgage tax will be received in Dec 2010, with the rest of approximately $144,000 coming in June 2011. My projected cash shortfall is approximately $250,000.00 to the close of 2010. I hereby ask the Town Board to approve a transfer of $250,000 from United Wappinger Water District to A fund. The cash balance in United Wappinger Water district currently is approximately $830,000. Sincerely, Fredrick Awino Accountant Account Transfer Account Transfer Summary Deposit Accounts Page 1 of 1 Account Indicator Account Number; Bank ID Account Name Balance (USD) FROM/TO 2931643411;021000021 AMBULANCE FUND 99,089.73 FROM/TO 2931643429;021000021 LIGHTING DISTRICT 18,084.29 FROM/TO 2931643437; 021000021 BUILDING DEPT ESCROWS 48,769.52 FROM/TO 2931643650;021000021 ROAD INSPECTION FEE ESCROW 40,122.56 FROM/TO 837149962; 021000021 GENERAL DISBURSEMENT FUND 44,430.79 FROM/TO 837149970; 021000021 CAPITAL FUND 172,861.42 FROM/TO 837149988; 021000021 A FUND 52,203.30 FROM/TO 837149996; 021000021 HIGHWAY FUND 324,324.63 FROM/TO 837150002; 021000021 WATER FUND 857,335.67 FROM/TO 837150010; 021000021 SEWER FUND 176,527.25 FROM/TO 837150028; 021000021 PAYROLL ACCOUNT 16,934.89 FROM/TO 837150333; 021000021 B -FUND 574,413.30 FROM/TO 837150341; 021000021 PLANNING ZONING ESCROWS 550,961.36 © 2005 JPMorgan Chase & Co. https://tssportal.jpmorgan.comlpp/pp/GCA/servletlactxfr/at_printAccountSummary 11/12/2010