HomeMy Public PortalAbout2008_04_22_r059 Continuing the Revenue Stabilization Reserve
The Town of
Leesburg,
Virginia
PRESENTED April 22. 2008
RESOLUTION NO. 2008-59
ADOPTED April 22. 2008
A RESOLUTION: CONTINUING THE REVENUE STABILIZATION RESERVE AT $1,400,000
FOR FISCAL YEAR 2009
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; and
WHEREAS, the Town Council increased the revenue stabilization reserve to $1,400,000 as part
of the FY 2008 budget because of the continued uncertainty of real estate values; and
WHEREAS, real estate values and revenue continue to be uncertain; and
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 maintained at $1,400,000 in FY 2009.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that the
Revenue Stabilization Reserve in the amount of $1,400,000 be continued in FY 2009.
PASSED this 22nd day of April 2008.
~r.~
. IS en C. mstatt, ayor
Town of Leesburg
ATTEST:
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R09 revstabilization