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Special meeting of the Village Board of Trustees was held on 4-28-77 <br />at 7:30 P.M. in the American Legion Hall. <br /> <br />Present: Mayor Synnett, Tr. Alfonso, Tr. La~rence~ Tr. Silvestri, <br />Tr. O'Rourke, Tr. Schinella and Treasurer Campilii. <br /> <br />Mayor Synnett reported purpose of the meeting was to take action on <br />the proposed 1977-78 Village Budget. <br /> <br /> Treasurer Campilil discussed minutes of a meeting held 3-4-75, when <br /> a resolution was adopted that monies received from the Town of <br /> Poughkeepsie be D~lacedin a Capital Reserve fund, but was never done. <br /> He stated Village would have to make a decision as these funds should <br /> not be included in the operating budget, due to a prior commitment. <br /> Mr. Campilii reported amount of money involved was $37,812.50. He <br /> stated $202,000. was in the Capital Reserve Fund as of now and ~same <br /> was accumulating interest. <br />Mr. Campilil reported Village adopted a resolution on ?-14-76.io . <br />reference to the Remsen Ave. Drainage project whereby iBO,O00, would <br />~be expended from 6urrent funds and $20,000. by the issuance of serial <br />bonds. He stated $5,000. would have to be added to debt service of <br />the new budget. <br /> Mr. Ca~pilii reported it would be ~ard to maintain same tax rate due <br /> to inflation. <br /> <br />Tr. Schinella inquired as to a surplus and Treasurer Campilli replied <br />we would have $70,000 as of 6-77 and after transactions .approximately <br />$30,000. <br /> <br />It was recommended resolution authorizing transfer of funds from <br />Town of Poughkeepsie be rescinded. <br /> <br />Treasurer Campilli reported wages and expenses in the proposed budget <br />were liveable. <br /> <br />Tr. Schinella reported Trustees had a tremendous foresight, in part, <br />as Tri Municipal was a thing of the future. He suggested r,escinding <br />resolution authorizing transfer of funds from Town of Poughkeepsie. <br />and refer same back to the Gener&l funds <br /> <br />Motion by Tr. Stlvestri, seconded by Tr. Schinella that the resolution <br />adopted on 7-14-76 authorizin~ transfer of $37,812.50 received <br />Town of Poughkeepsie into the Capital Reserve Fund be rescinded and <br />future monies received from the Town of Poughkeepsie be placed in %he <br />General Fund. <br />If at the endo of the fiscal year the Village should have a surplus, <br />then a transfer to the Capital Reserve Fund could be mede. <br /> <br />Tr. Alfonso reported Village has put funds aside for Tri-Municipal. <br /> <br /> <br />