HomeMy Public PortalAbout2006_02_14_r020The Town of
Leesburg,
Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February_ 14, 2006
2006-20 ADOPTED February 14, 2006
AMENDING THE FISCAL POLICY OF THE TOWN OF LEESBURG,
VIRGINIA
PASSED this 14th day of February 2006.
l/erk of Council
~ C. Urnlstattd, Mayor ~
Town of Leesburg
R06:defease old bonds
WHEREAS, the Town Council of the Town of Leesburg, Virginia (the "Town") adopted a fiscal
policy for the Town on January 11, 2005; and
WHEREAS, Section VI(b) of the adopted fiscal policy states that the utilities undesignated fund
balance at the close of each fiscal year should be equal to no less than 300% of operating revenues; and
WHEREAS, the Town Council approved new rates for water and sewer services based upon a
recent comprehensive study of water and sewer rates; and
WHEREAS, the new rates for water and sewer services were predicated on the utilities
undesignated fund balance at the close of each fiscal year being equal to no less than 200%; and
WHEREAS, the Town Council and Town Manager will review an adopted fiscal policy
periodically and Town Council will approve any significant changes.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that Section
VI(b) of the adopted fiscal policy is hereby amended to read as follows: The utilities fund undesignated
balance at the close of each fiscal year should be equal to no less than 200% of operating revenues.