HomeMy WebLinkAboutResolution_29-19_7/11/2019RESOLUTION NO. 29-19
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, PALM BEACH COUNTY, FLORIDA, ESTABLISHING THE
COMMITED FUND BALANCE IN THE GENERAL FUND FOR THE
DISASTER RESERVE PURSUANT TO THE VILLAGE COUNCIL'S
FUND BALANCE POLICY ADOPTED THROUGH RESOLUTION 13-11;
SETTING THE AMOUNT OF SAID DISASTER RESERVE AT
$500,000.00; PROVIDING AN EFFECTIVE DATE, AND FOR OTHER
PURPOSES.
WHEREAS, the Village Council has previously adopted a "Fund Balance Policy" which
provides for a "disaster reserve" committed fund balance, the amount of which is to be
established by the Village Council; and
WHEREAS, the Village currently designates $1,000,000.00 for a disaster reserve as an
assigned fund balance; and
WHEREAS, the Village Council desires to re-classify the aforementioned assigned fund
balance disaster reserve by classifying $500,000.00 as disaster reserve committed fund
balance in the general fund, and by placing the remaining $500,000.00 in the water utility
fund as a committed disaster reserve; and
WHEREAS, these designations and classifications will be in compliance with the
Village's Fund Balance Policy and will be in the best interest of the Village and its
residents.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1: The above recitals are true and correct and are hereby incorporated into
this resolution.
Section 2: The Village Council hereby directs that the currently established
$1,000,000.00 designated as disaster reserve assigned fund balance be re-classified by
designating $500,000.00 as disaster reserve committed fund balance in the general fund
and by placing the remaining $500,000.00 in the water utility fund as a committed
disaster reserve.
Section 3: This Resolution shall become effective immediately upon adoption.
RESOLUTION
29-19
Date
07/11/2019
Motion
Vice -Mayor Kristi Johnson
Second
Council Member Kyle Stone
VOTE
FOR ADOPTION AGAINST ADOPTION
ABSENT
Mayor Abigail Brennan
❑
Vice -Mayor Kristi Johnson
0✓
❑
Council Member Vince Arena
F✓
Council Member Laurie Brandon
W
Council Member Kyle Stone
✓❑
❑
0
The Mayor thereupon declared the Resolution duly passed and adopted
MAYOR OF TEQUESTA
big Ben an
ATTEST:
F
SEAL
INCORPORATED
Lori McWilliams, MMC
Village Clerk