Finance
- shirsh33
- Jun 10, 2024
- 1 min read
Updated: Nov 22, 2024
Borrowings in excess of 1 year and in excess of $1,500,000 must be approved by a vote of 2/3rds of the members of the Board and a majority of votes cast by the membership.
Our Reserve Funds are comprised of $5.7 million ($1 million working capital + $1.2 million for debt service + $1 million for storms and emergencies +$2.5 million replacement/repair) – the latter two tie to the $3.0 million goal of prior boards (2016 – 2019 and it was reached in 2020).
There is a current Board policy which requires a member vote (majority of votes cast) to approve spending on any new project in excess of $2,500,000, adjusted annually for inflation. In 2024 this limit will increase by the inflation percentage.
