COLONIE — Colonie Town Supervisor Peter G. Crummey announced that the Town Board has unanimously adopted a resolution instituting the Town’s first-ever Fund Balance Policy on Friday, Feb. 17.
A fund balance policy establishes an unreserved and unappropriated fund in order to steady Town government in the event of unanticipated expenses. Such a Fund Balance Policy is recommended by the New York State Comptroller as a best practice.
“I believe sound fiscal management is the cornerstone of effective and responsible government. In order to solidify a sound financial foundation for the future of our Town, it is imperative that we set aside monies to meet the unforeseen challenges in order to protect the Town from loss of services,” Crummey said.
The town supervisor noted that subsequent to his recent meeting with S&P Global, which annually rates the Town’s fiscal health, the Town’s bond rating was increased, returning the Town to “High Grade” status after nearly two decades. The rating increase was due to the steady hand of Town management coupled with the Town Board’s unanimous adoption of the well-conceived 2023 Town budget in the face of high inflation and energy costs, together with the Supervisor’s pledge to introduce the Town’s first-ever Fund Balance Policy.