Last year, the Town of Wheatland established a Parks Reserve Fund via Resolution.
Resolution No. 168: ESTABLISHMENT OF A CAPITAL RESERVE FUND FOR PARK IMPROVEMENTS OR REPAIRS WITHIN THE TOWN OF WHEATLAND
WHEREAS, the Town Board of the Town of Wheatland has identified the need to establish a Capital Reserve Fund for the purposes of park improvements or repairs.
NOW THEREFORE BE IT RESOLVED, that pursuant to Section 6-c of the General Municipal Law, as amended, there is hereby established a capital reserve fund to be known as the “Parks Reserve Fund” (hereinafter “Reserve Fund”).
BE IT FURTHER RESOLVED, the purpose of this Reserve Fund is to accumulate moneys to finance the cost of a type of capital improvement. The type of capital improvement to be financed from the Reserve Fund is the costs of capital improvements, any physical improvements, construction, reconstruction, preliminary studies, surveys, engineering, land acquisition, or land rights; pertaining and relating to Town parks within the Town of Wheatland.
BE IT FURTHER RESOLVED, the chief fiscal officer is hereby directed to deposit and secure the moneys of this Reserve Fund in the manner provided by Section 10 of the General Municipal Law. The chief fiscal officer may invest the moneys in the Reserve Fund in the manner provided by Section 11 of the General Municipal Law, and consistent with the investment policy of the Town of Wheatland. Any interest earned or capital gains realized on the moneys so deposited or invested shall accrue to and become part of the Reserve Fund. The chief fiscal officer shall account for the Reserve Fund in a manner which maintains the separate identity of the Reserve Fund and shows the date and amount of each sum paid into the fund, interest earned by the fund, capital gains or losses resulting from the sale of investments of the fund, the amount and date of each withdrawal from the fund and the total assets of the fund, showing cash balance and a schedule of investments, and shall, at the end of each fiscal year, render to the Board a detailed report of the operation and condition of the Reserve Fund. Except as otherwise provided by law, expenditures from this Reserve Fund shall be made only for the purpose for which the Reserve Fund is established. No expenditure shall be made from this Reserve Fund without the approval of this governing board and such additional actions or proceedings as may be required by Section 6-c of the General Municipal Law or any other law, including a permissive referendum if required by subdivision 4 of Section 6-c.
The ‘Parks Reserve Fund’ is intended for Town parks within the Town of Wheatland. Any proposed future spending from this fund will come in front of the community and the board and will be subject to a Permissive Referendum.
At the March 2025 Town Board meeting, the board approved a motion to spend $24,000 on a Design Services proposal from Labella Associates for Freeman Park (see detailed proposal), pending a Permissive Referendum.