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RESOLUTION INTRODUCED BY GEORGE E. CONKLIN, CHAIRMAN OF THE MANAGEMENT AND BUDGET COMMITTEE CREATING A NEW ASSIGNED FUND BALANCE WITHIN THE GENERAL FUND TO ALLOW THE COUNTY OF SULLIVAN TO COMPLY WITH BEST PRACTICES IN HAVING TWO MONTHS OF EXPENDITURES AVAILABLE FOR POTENTIAL FUTURE FINANCIAL DOWNTURNS
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 2023 General Fund budget appropriates approximately $189 million which requires the County to have $31.5 million, representing 2 months of expenditures, set aside in a fund,
WHEREAS, the County Manager and County Treasurer recommend that the County place $31.5 million into a newly created Assigned Fund Balance entitled Fund Balance Policy.
NOW, THEREFORE, BE IT RESOLVED, that Sullivan County Legislature hereby creates and funds a new Assigned Fund Balance within the General Fund in the amount of $31.5 million, effective December 31, 2022:
Assigned Fund Balance - Fund Balance Policy $31,500,000
BE IT FURTHER RESOLVED, that the Sullivan County Legislature authorizes the County Manager and County Treasurer to adjust the “Fund Balance Policy” Fund Balance to reflect two months of General Fund Appropriations.
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