HomeMy Public PortalAbout2016_03_08_R037 Assigning GF Unassigned Fund Balance for CARF and Debt Service Reserve The Town of
Leesburg,
Virginia PRESENTED March 8, 2016
RESOLUTION NO.: 2016-037 ADOPTED March 8, 2016
A RESOLUTION: ASSIGNING GENERAL FUND UNASSIGNED FUND BALANCE IN
THE AMOUNT OF $1,945,863 FOR CAPITAL ASSET REPLACEMENT
FUND AND ACCUMULATING FUNDS FOR DEBT SERVICE
RESERVE
WHEREAS, the Town Council passed Resolution 2010-072 establishing the Capital Asset
Replacement Reserve for the routine replacement, renovation, and repair of General Fund facilities
and equipment; and Resolution 2012-029 establishing the Debt Service Reserve to accumulate
funds to defray annual debt service payments beginning in Fiscal Year 2017; and
WHEREAS, the Town's Long Term Financial Sustainability Plan designates funding for
the Capital Asset Replacement Fund and the Debt Service Reserve with the finalization of the
Town's Fiscal Year 2015 Comprehensive Annual Financial Report(CAFR); and
WHEREAS, the unassigned General Fund balance in support of this action is $1,945,000.
THEREFORE, RESOLVED, by the Council of the Town of Leesburg in Virginia that
effective March 8, 2016 that General Fund unassigned fund balance of$972,500 is transferred to
the Capital Asset Replacement Fund and $972,500 is assigned to the Debt Service Reserve within
the General Fund.
PASSED this 8th day of March,2016.
David S. Butler, Mayor
Town of Leesburg
ATTE 'lr /71
Clerk of Cp
P:\Resolutions\2016\0308 Assigning FY 2015 General Fund Unassigned Fund Balsnce to CARF and Debt Service Reserve.docx