RESOLUTION NO. 492
APPROVING THE ESTABLISHMENT AND CREATION OF A CAPITAL RESERVE FUND IN THE ALBANY COUNTY BUDGET
Introduced: 12/6/21
By Audit and Finance Committee and Mr. Miller:
WHEREAS, Pursuant to Article 2, Section 6-c of the New York State General Municipal Law, local municipalities are authorized to establish and create Capital Reserve Funds within their municipal budgets as a part of planning for their future financial obligations related to certain expenditures that are contemplated by the municipality, and
WHEREAS, The Albany County Executive and the Commissioner of Management and Budget have recommended that the Albany County Legislature establish and create a Capital Reserve Fund which will be funded through budgetary appropriations approved by this Honorable Body, as well as by other permissible modes of funding as recognized by New York State law, and
WHEREAS, The Commissioner of Management and Budget has indicated that the Capital Reserve Fund shall be utilized to accumulate monies necessary to finance costs related to furnishing, rehabilitating, renovating, and/or maintaining various municipal buildings owned and operated by Albany County, and
WHEREAS, The Commissioner has further indicated that the Capital Reserve Fund, once established, will allow the County of Albany to incrementally set aside monies sufficient to satisfy its obligations related to these recurring expenditures in the annual operating budget in a fiscally prudent manner, now, therefore, be it
RESOLVED, That this Honorable Body hereby approves of and establishes a Capital Reserve Fund within the Albany County Budget which shall be utilized for the purpose of accumulating monies necessary to finance costs related to furnishing, rehabilitating, renovating, and/or maintaining various municipal buildings owned and operated by Albany County, and, be it further
RESOLVED, That the initial amount budgeted for the Capital Reserve Fund for the fiscal year 2022 Budget sh...
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