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BUDGET AND FUNDS AND RESERVES POLICYFor implementation from 1 July 20241Table of Contents1. Objective ..............................................................................................................
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01
Gather necessary financial documents including budgets and previous reserve fund accounts.
02
Determine the purpose of the reserve fund, such as for emergencies or specific projects.
03
Calculate the ideal amount needed for the reserve fund based on projected expenses.
04
Fill out the reserve fund application form provided by the NY State government.
05
Include detailed explanations for the amounts requested and their intended uses.
06
Submit the completed application before the deadline set by the NY State government.

Who needs reserve funds - nygov?

01
Local governments looking to maintain financial stability.
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Organizations requiring emergency funds for unforeseen circumstances.
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Non-profits needing funding for specific projects or to cover operational costs.
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Reserve funds refer to money set aside by government entities in New York for specific future expenses or emergencies. They are intended to ensure fiscal responsibility and stability.
Local governments, school districts, and certain public authorities in New York are required to file reports on their reserve funds to ensure transparency and compliance with state regulations.
To fill out the reserve funds report, entities must provide detailed information on the amount held in reserve, the purpose of each fund, and the projected uses of these funds. Specific forms are available on the New York State government website.
The purpose of reserve funds is to manage financial resources effectively, allowing governments to address unforeseen expenditures, stabilize finances during economic downturns, and plan for future capital projects.
The report on reserve funds must include the type of reserves, the total amount in each reserve fund, the purpose for which the reserve was established, and any changes in the amounts during the reporting period.
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