[Adopted 3-24-2016 by L.L. No. 5-2016]
This article is enacted pursuant to General Municipal Law Article II and the Municipal Home Rule Law for the purpose of creating certain contingency reserve funds to finance future employee retirement and health care costs, as well as certain costs associated with tax certiorari cases seeking reduced assessments of properties within the Town.
The Town Board of the Town of Wallkill has determined that it
is in the best interests of the Town to create the contingency reserve
funds specified below for the specific purpose of accumulating moneys
to finance future costs to be financed from the reserve funds as follows:
|
Fund Type
|
Fund Source
|
Statutory Authority
| |
|---|---|---|---|
|
Retirement/Health Care
|
General Fund
|
General Municipal Law § 6-R
| |
|
Retirement/Health Care
|
Highway Fund
|
General Municipal Law § 6-R
| |
|
Tax Certiorari
|
General and Highway
|
General Municipal Law § 6-E
|
The Town Comptroller is hereby directed to deposit and secure
the moneys of this reserve fund in the manner provided by § 10
of the General Municipal Law and as allocated by the Town Board. The
Town Board may invest the moneys in the reserve fund in the manner
provided by § 11 of the General Municipal Law, and consistent
with the investment policy of the Town of Wallkill. Any interest earned
or capital gains realized on the moneys so deposited or invested shall
accrue to and become part of the reserve funds. The Town Comptroller
shall account for the reserve funds in a manner which maintains the
separate identity of the reserve funds and show the date and amount
of each sum paid into the fund, interest earned by the fund, capital
gains or losses resulting from the sale of investments of the funds,
the amount and date of each withdrawal from the fund and the total
assets of the fund, showing cash balance and a schedule of investments,
and shall, at the end of each fiscal year, render to the Town Board
a detailed report of the operation and condition of the reserve funds.
Except as otherwise provided by law, expenditures from these reserve funds shall be made only for the purpose for which the reserve funds are established. No expenditure shall be made from this reserve fund without the approval of the Town Board and such additional actions or proceedings as may be required by Article II of the General Municipal Law or any other law, including a permissive referendum if required by Subdivision 4 of § 6-c.
