HomeMy WebLinkAbout156-94RESOLUTION NO. 156-94
ADJUSTING THE FUND BAI/kNCE IN THE GENERAL FUND TO COMPENSATE
FOR REALIZED INVESTMENT LOSSES AND RESCINDING RESOLUTION NO.S
122-94 AND 123-94
WHEREAS, The Town of Danville has realized investment losses through the sale of 13
securities whose maturities exceeded five years in duration and were inappropriately
matched against the need for the invested funds; and
WHEREAS, all 13 of the securities were purchased during the 1993-94 fiscal year; and
WHEREAS, the current gross realized loss incurred by the Town through the sale of all
13 securities is $1,160,779; and
WHERF~S, the Town Council previously acted to approve Resolution No.'s 122-94 and
123-94 on October 4, 1994, allocating investment losses against 8 eligible funds and
approving fund transfers to avoid the need to eliminate or defer capital projects; and
WHEREAS, the current gross realized loss has been reduced through the partial recovery
of investment losses which occurred subsequent to October 4, 1994; and
WHEREAS, Town staff has reviewed and evaluated all general purpose and special
revenue funds accounted for by the Town and has made recommendations for allocation
of realized investment losses; and
WHEREAS, the Town Council has considered options available for allocation of the
investment losses and the resultant impact of such allocation upon the respective funds;
now, therefore be it
RESOLVED by the Town Council of the Town of Danville that the fund balance in the
General Fund shall be reduced by $1,160,779; and be it
FURTHER RESOLVED that Resolution No.'s 122-94 and 123-94, approved by the Town
Council on October 4, 1994, are hereby rescinded.
APPROVED by the Danville Town Council at a regular meeting held on December 6,
1994 by the following vote:
AYES: Greenberg, Doyle, Ritchey,
NOES: None
ABSTAIN: None
ABSENT: None
Shimansky, Waldo
MAYOR
APPROVED AS TO FORM:
ATTEST:
CITY CLERK