HomeMy Public PortalAbout2009_04_14_R042 - Revenue Stabilization Reserve
The Town of
Leesburg,
Virginia
PRESENTED April 14. 2009
RESOLUTION NO. 2009-042
ADOPTED April 14, 2009
A RESOLUTION: CONTINUING THE REVENUE STABILIZATION RESERVE AT
$1,400,000 FOR FISCAL YEAR 2010
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 have declined and are uncertain for the future;
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 $1,400,000 in FY 2010.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that the
Revenue Stabilization Reserve in the amount of$I,400,000 be continued in FY 2010.
PASSED this 14th day of April 2009.
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Town of Leesburg