RESOLUTION NO. 468
ADOPTING A GENERAL FUND BALANCE POLICY FOR ALBANY COUNTY
Introduced: 12/7/20
By Audit and Finance Committee and Messrs. Peter and Burgdorf, Reinhardt and Miller:
WHEREAS, The Governmental Accounting Standards Board (GASB) and the New York State Comptroller recommend that municipal corporations establish general fund balance policies in order to provide clear fund balance classifications and establish parameters by which to account for fiscal resources, and
WHEREAS, The Commissioner of the Albany County Department of Management and Budget has requested that this Honorable Body adopt a general fund balance policy, now, therefore be it
RESOLVED, By the Albany County Legislature that the General Fund Balance Policy, annexed hereto, is hereby adopted, and, be it further
RESOLVED, That the Clerk of the County Legislature is directed to forward certified copies of the resolution the appropriate County Officials.
ALBANY COUNTY GENERAL FUND BALANCE POLICY
Purpose
Albany County proposes to enact the following policy in an effort to ensure financial stability through the maintenance of a reserve fund that guides the use of resources for financial security.
County reserve funds must be properly established and maintained in order to facilitate an open and transparent use of public funds. The primary objective is to maintain a prudent level of financial resources to provide necessary services while minimizing the need to raise taxes and fees due to unanticipated one-time expenditures or temporary revenue shortfalls. Proper management of a healthy fund balance will also ensure that the County is able to maintain the highest possible credit ratings, further improving the County's fiscal situation in both the near and long term.
Background
Statement No. 54 from the Governmental Accounting Standards Board (GASB), titled "Fund Balance Reporting and Governmental Fund Type Definitions" is intended to provide clear fund bala...
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