(A) The Town Board of Trustees does hereby adopt an annual policy to lapse all unexpended appropriations at the close of business on the last day of the town’s fiscal year. All unexpended fund balances at the end of said fiscal year will carry forward into the immediately following fiscal year as income and revenue available to be provided for such new year.
(B) Any open encumbrances existing at fiscal year end are hereby cancelled and lapsed and such appropriations are also lapsed. Any such purchase orders or other contractual commitments outstanding at fiscal year end that are intended to be honored subsequent to year end will require re-approval in the immediately following fiscal year through the issuance of a new purchase order, or the re-approval or renewal of a contract.
(C) Supplemental appropriations will be presented to the Town Board of Trustees for approval in the amount of the new purchase orders and re-approved contract commitments that were carried forward from the prior year and honored in a subsequent fiscal year.
(Res. 2019-04, passed 6-24-2019)