HomeMy Public PortalAbout2010_06_22_R072 CARPThe Town o f
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PRESENTED:June 22, 2010
RESOLUTION NO. 2010-072 ADOPTED: June 22, 2010
A RESOLUTION: ESTABLISHING A CAPITAL ASSET REPLACEMENT RESERVE
WHEREAS, it is in the Town's best interest and is good fiscal management to set aside
funds above the Town's General Fund unassigned fund balance for the routine replacement,
renovation, and repair of its capital assets; and
WHEREAS, the existence of such a reserve will protect the Town from the deleterious
effects of extreme fluctuations in its operating budgets year-over-year; and
WHEREAS, ongoing funding of the Capital Asset Replacement Reserve will be
recommended annually by the Town Manager in an amount not to exceed 1.5% of the capital
asset value of the general fund facilities; and
WHEREAS, the Town Manager recommends that the Council set aside $1,500,000
from available carryover funds.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia that
the Council directs the Town Manager to establish an assigned reserve in the amount of
$1,500,000 in the General Fund to be used for the routine replacement, renovation, and repair of
capital assets as determined by the Town Manager and Council.
PASSED this 22"d day of June, 2010.
ms ttd, Mayor ~
Town of Leesburg
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Clerk of Cou ci
P:\Resolutions\Resolutions 2010\0622 Capital Asset Replacement Program.doc