HomeMy WebLinkAboutR - 2024-06- Approve The Use of Reserve Fund Balance Revenues to Fund Capital Projects In the FY25 Budget R-2024-06
RESOLUTION
A RESOLUTION TO APPROVE THE USE OF RESERVE FUND BALANCE REVENUES TO
FUND CAPITAL PROJECTS IN THE FY25 BUDGET
WHEREAS, pursuant to the City's Charter, the South Burlington City Manager prepared and
submitted the FY 2025 annual budget to the South Burlington City Council with the stated
purpose of maintaining current service levels for municipal operations, ensuring a sustainable
fund balance for future councils, and to maintain investment in capital; and,
WHEREAS, included in the annual budget are certain capital improvement expenditures that are
proposed to be funded with the City's accumulated surplus that is in the City Reserve Fund
Balance; and,
WHEREAS, at its regularly warned meetings through December and January, the Council and
public reviewed the City budget through individual department budget presentations; and,
WHEREAS, in accordance with the City's Charter and applicable provisions of state law, a
properly warned public hearing on the FY 2025 budget was held on January 16, 2024 for further
public comment.
NOW, THEREFORE, BE IT RESOLVED, that if the voters approve the proposed FY25 budget,
the following eligible capital improvement expenditures for a total of$370,000 shall be funded
through the use of Reserve Fund Balance Revenues: Construction of Market Street and
Hinesburg Road Traffic Signal, Bicycle and Pedestrian Infrastructure Maintenance/Paving, Road
Striping; and all previous Council approved uses of Reserve Fund Balance Funds.
APPROVED this 5th day of February, 2024.
SOUTH BURLINGTON CITY COUNCIL
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Helen Riehle, Chair Meaghart, mery, Vice Chair 1
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Tim B ritt, rk Larry Kerman
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Andrew Chalnick