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Three Key Financial Policies Adopted by Village - Positive Impact for Taxpayers
Three key financial policies were recently adopted by the Village of Somers Board of Trustees that will have a positive impact on the Village budget. David Geersten, Village Trustee stated, “these policies will provide consistency, stability, and continuity in the financial operations of the Village of Somers. Written policies provide a framework to guide and educate Trustees in carrying out their fiduciary responsibilities, while at the same time guide staff in executing their financial duties. Adopting these policies is just a good, sound business practice.”
The taxpayers will benefit by the implementation of these policies as follows:
• The goal of earning an A rating at major bond rating agencies means the Village may borrow at a preferred interest rate, resulting in reducing interest expense.
• Maintain the General Fund balance at levels sufficient to address unforeseeable emergencies and, at the same time, protect the Village of Somers’ credit worthiness.
• Formalize a plan for the replacement of aging assets: buildings, equipment such as computers, public works and fire and rescue vehicles and equipment, and very costly infrastructure projects for roads and sanitary sewer and water systems. This reduces budget stress by reacting on a year-to-year basis, assuring the taxpayers that good roads, working sanitation systems, and modern equipment is top working condition on a schedule basis.
• Create a program for repayment of short and long-term debt, keeping it under control and in compliance with policy objectives, ensuring the Village of Somers’ credit worthiness and enhancing the Village reputation for managing debt in a prudent manner.
(Resolution 2015-017 Adopting a Capitalization Policy by the Village Board on September 8, 2015)
Debt Management Policy
(Resolution 2015-016 Adopting a Debt Management Policy by the Village Board on August 11, 2015)
Fund Balance Reserve Policy
(Resolution 2015-013 Adopting a Fund Balance Reserve Policy by the Village Board on July 28, 2015)