HomeMy WebLinkAbout 17-52 Working & Capital Reserve PolicyRESOLUTION N0.17-52
A RESOLUTION APPROVING A WORKING RESERVE POLICY AND
CAPITAL RESERVE POLICY FOR THE TOWN OF FIRESTONE
WHEREAS, the Board of Trustees finds it to be prudent financial practice to maintain
adequate levels of working reserve in the Town's General Fund, and that maintaining adequate
working reserve levels are a critical consideration to the Town's long-term financial planning; and
WHEREAS, the Board of Trustees finds that accumulating and maintaining a capital
reserve as part of the Town's annual budgeting process helps ensure the Town maintains a level
of cash fund balances to help offset costs of future capital replacement and capital outlay needs,$
and
WHEREAS, to further such financial interests of the Town, the Board of Trustees desires to
adopt a Working Reserve Policy and a Capital Reserve Policy for the Town.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF
THE TOWN OF FIRESTONE, COLORADO*
Section 1. The Board of Trustees hereby approves and adopts the Worl�ing Reserve
Policy and Capital Reserve Policy attached to this Resolution.
Section 2. The Working Reserve Policy and Capital Reserve Policy approved and
adopted by this resolution shall take effect November 8, 2017 and apply beginning with the fiscal
year 2017 amended budget, and shall replace and supersede any prior inconsistent policies.
INTRODUCED, ADOPTED AND RESOLVED THIS �� DAY OF
to oyln , 2017.
TOWN OF FIRESTONE, COLORADO
�I ONe
t; ..,,r \IOA ® Paul Sorensen, Mayor
ATTEST:
(�Fptti`
Leah Vanarsdall, Town Clerk