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(A) This section authorizes the creation and use of a road improvement reserve for the sole purpose for collecting sufficient funds for the current and future costs associated with the improvement and major maintenance of town roads.
(B) This reserve is classified as a committed reserve.
(1) Objective. Set aside sufficient funds to improvement or to perform major repairs of town roads.
(2) Source of funds.
(a) Town Council by resolution or ordinance may deposit additional funds into this reserve.
(b) All earnings from investments of this reserve shall be redeposited back into this reserve.
(3) Authorized uses. Funds shall be used solely for the current and future costs associated with the improvement and major maintenance of town roads.
(4) Administration. This section authorizes the Town Clerk to deposit, withdraw and pay obligations that are in full compliance with this chapter.
(Prior Code, § 3.A06.033) (Ord. 2018-14, passed 10-24-2018)
(A) This section authorizes the creation and use of a Capital Equipment Reserve as a depository to accumulate funds for future acquisitions of public works equipment.
(B) This reserve is classified as an assigned reserve.
(1) Objective. Provide the town a mechanism to allocate and accumulate funds in one or more fiscal budget years for planned equipment acquisitions in future years, thus avoiding financing charges for time payments, while spreading the costs across multiple fiscal years.
(2) Source of funds.
(a) Town Council by resolution or ordinance may deposit additional funds into this reserve.
(b) Funds budgeted from the annual revenues.
(3) Authorized uses.
(a) Funds are for exclusive use to meet the town’s anticipated acquisition of equipment as planned and designated in previous and current capital budgets.
(b) This reserve may be used to accumulate an end-of-lease purchase option.
(c) Based on the needs of the Public Works Department, the Town Council may reprioritize by resolution, the designated equipment to a more critical piece of equipment.
(d) Any excess funds as deemed by a Town Council resolution may be transferred back to the General Fund’s “unencumbered funds - cash” account.
(4) Administration. This section authorizes the Town Clerk to deposit, withdraw and pay obligations that are in full compliance with this chapter.
(Prior Code, § 3.A06.036) (Ord. 2018-14, passed 10-24-2018)
(A) This section authorizes the creation and use of a Natural Resources Donations Reserve as a depository to accumulate funds for costs associated with specific projects of the Natural Resources Board (NRB).
(B) This reserve is classified as an assigned reserve.
(1) Objective. Provide the town’s NRB a mechanism to account for donation funds in one or more fiscal budget years for costs associated with specific projects of the NRB.
(2) Source of funds.
(a) Donated and grant funds from various sources.
(b) All earnings from investments of this reserve shall be redeposited back into this reserve.
(3) Authorized uses. Those costs associated with specific projects recommended by the NRB and approved through the town’s standard expenditure approval process.
(4) Administration. This section authorizes the Town Clerk to deposit, withdraw and pay obligations that are in full compliance with this chapter.
(Prior Code, § 3.A06.039) (Ord. 2018-14, passed 10-24-2018)
INVESTMENT POLICY
The intent of the investment policy of the town is to define the parameters within which funds are to be managed. In methods, procedures and practices, the policy formalizes the framework for the town’s investment activities that must be exercised to ensure effective and judicious fiscal and investment management of the town’s funds. The guidelines are intended to be broad enough to allow the Investment Board to function properly within the parameters of responsibility and authority, yet specific enough to adequately safeguard the investment assets.
(Prior Code, § 3.A08.010) (Ord. 2018-22, passed 12-12-2018)
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