Twin Lakes Village Board considering changing policy on reserve fund

The Twin Lakes Village Board is considering changing its policy on how much cash reserves to retain as well as a number of other policies.

The reserve policy change is one of several being proposed for the board’s consideration by village administrator Jennifer Pollitt. The issues came to her attention during recent budgeting and bonding processes.

The board enacted in 2004 a policy calling for a 25 percent reserve fund, but has not been able to ever meet that standard. Pollitt is proposing a new policy that says the board will budget no less than $75,000 yearly for contingency with the intent that all funds budgeted and any other surplus be dedicated to increasing the fund balance. To avoid using cash reserves, the village will pass a balanced budget until the 10 percent threshold is met. The goal will be to make the 10 percent reserve by 2020.

Other changes proposed Monday included:

  • Eliminating a $1,200 yearly alternate insurance benefit for employees. No employee is currently using this benefit.
  • Eliminating the personal umbrella insurance policy incentive for board members and employees. Currently two people take advantage of this benefit, which Pollitt explained is no longer necessary for board members due to changes in village coverage.
  • Adopting the current draft employee handbook as a final handbook.
No board members expressed objections to Pollitt’s proposals. The changes will be voted on at a future regular board meeting.

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