Thursday, Town Council approved a resolution and policy that would force Town Council to review and add money to a rainy day fund as part of the yearly budget process. The rainy-day/stabilization fund is planned to cover certain shortfalls in the budget. The proposed resolution states how the rainy-day fund will be utilized, and “It lays out that each year during the process of creating the next year fiscal budget, council must adopt the resolution and appropriate an amount to the fund. There are also stipulations in the resolution on how the funds may be utilized and this must pass by a super-majority vote.”
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