Narrative of Resolution:
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To amend the Fund Balance Policy Assigned Fund Balance and the Construction Building Repair Assigned Fund Balance within the General Fund.
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RESOLUTION INTRODUCED BY MANAGEMENT AND BUDGET COMMITTEE AMENDING THE “FUND BALANCE POLICY” ASSIGNED FUND BALANCE AND THE “CONSTRUCTION BUILDING REPAIR” ASSIGNED FUND BALANCE WITHIN THE GENERAL FUND
WHEREAS, the Sullivan County Fund Balance Policy requires that the County have two months of General Fund expenditures set aside to mitigate any potential future financial shock, and
WHEREAS, the 2024 General Fund budget appropriates approximately $205 million which requires the County to have approximately $34.2 million, representing 2 months of expenditures, set aside in a fund; and
WHEREAS, the County Manager and County Treasurer recommend that the County place a total of $34.2 million into the “Fund Balance Policy “Assigned Fund Balance; and
WHEREAS, the county is faced with various building renovation and construction projects in the near future;
WHEREAS, it is prudent to designate funding to being the design, engineering, construction and renovation of various county buildings;
WHEREAS, the County Manager and County Treasurer recommend that the County place $5 million into the “Construction Building Repair” Assigned Fund Balance.
NOW, THEREFORE, BE IT RESOLVED, that Sullivan County Legislature hereby amends two Assigned Fund Balances within the General Fund as follows, effective immediately:
Assigned Fund Balance - Fund Balance Policy $34,200,000
Assigned Fund Balance - Construction Building Repair $5,000,000
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