RESOLUTION NO. 384
AMENDING THE GENERAL FUND BALANCE POLICY FOR ALBANY COUNTY
Introduced: 9/11/23
By Audit and Finance Committee and Peter:
WHEREAS, The Governmental Accounting Standards Board 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, By Resolution No. 468 for 2020, this Honorable Body adopted a General Fund Balance Policy for Albany County, and
WHEREAS, The Commissioner of the Albany County Department of Management and Budget has reviewed the policy, and in consultation with the Albany County Comptroller, has requested amendments be adopted to more fully reflect the needs of Albany County, now, therefore, be it
RESOLVED, By the Albany County Legislature that the Albany County General Fund Balance Policy, as amended and 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 ...
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