Resolution No. 238

Adopting Revised Ulster County Fund Balance Policy

Resolution Information

Status: 
Pending

RESOLUTION TEXT +-

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WHEREAS, pursuant to Resolution No. 36 dated February 19, 2013, Ulster County adopted a Fund Balance Policy in accordance with the Governmental Accounting Standards Board to provide for required financial reporting for County Legislators, County Officers, financial managers, bond rating agencies and others; and

 

WHEREAS, these financial reports are useful tools in evaluating, managing and maintaining stable financial resources while providing ongoing affordable services to local taxpayers; and

 

WHEREAS, the Fund Balance Policy provides for management of financial resources to stabilize tax rates, user fees, protect the County’s bond rating, maintain adequate cash flows, and protect against current and future financial risks such as revenue shortfalls and unanticipated expenditures; and

 

WHEREAS, the GFOA (Government Finance Officers Association) recommends, at a minimum, that general-purpose governments, regardless of size, maintain unrestricted budgetary fund balance in their general fund of no less than two months of regular general fund operating revenues or regular general fund operating expenditures; and

 

WHEREAS, the current Ulster County Fund Balance Policy requires the policy be reviewed and updated as deemed necessary by the County Legislature; and

 

WHEREAS, revision of the current Ulster County Fund Balance Policy is necessary to align with the recommended GFOA best practices; now, therefore be it

 

RESOLVED, that the Ulster County Legislature hereby adopts the County of Ulster Fund Balance Policy as amended, and attached, entitled “Exhibit A”,

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Updated: April 30, 2021

Supporting Documents

Votes on this Resolution

yes no abstained no vote
Tue, May 11, 2021 Ways and Means Committee
Committee Vote to Postpone Resolution No. 238 For One Week
-+
No
Abstained

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