HomeMy Public PortalAbout2007_04_10_r059
The Town of
Leesburg,
Virginia
PRESENTED April 10, 2007
RESOLUTION NO. 2007-59
ADOPTED April 10, 2007
A RESOLUTION: INCREASING THE REVENUE STABILIZATION RESERVE TO $1,400,000
AND DIRECTING THE TOWN FISCAL POLICY BE AMENDED TO INCLUDE
A SECTION ON THE REVENUE STABILIZATION RESERVE
WHEREAS, the Town Council established a revenue stabilization reserve in the amount of
$700,000 as a separate part of the General Fund balance as part of the FY 2007 budget because of the
uncertainty of real estate values and revenues that support the Town;
WHEREAS, real estate values and revenue continue to be uncertain;
WHEREAS, it is in the best interest of the Town and prudent fiscal management to reserve funds
above the Town's undesignated fund balance for uncertain economic times; and
WHEREAS, the Town Manager recommends the amount of the Revenue Stabilization Reserve
be increased to $1,400,000 in FY 2008; and
WHEREAS, the Town Manager recommends that a fiscal policy be developed for the Revenue
Stabilization Reserve.
THEREFORE, RESOLVED that the Council ofthe Town of Leesburg in Virginia:
SECTION I. Increases the Revenue Stabilization Reserve to $1,400,000 in FY 2008.
SECTION II. Directs the Town Manager to submit to the Town Council an amendment to the
Town fiscal policy to include a section on the Revenue Stabilization Reserve and its use.
PASSED this 10th day of April 2007.
R07 revstabilization