$$ in the Reserve Fund?

HOW MANY $$ ARE SET ASIDE IN “RESERVE” FUNDS?

Once again, I direct your attention to the latest edition of the UCO Reporter.

Let us begin on Page A2 – Minutes of the Delegate Meeting – December 5, 2014, “Treasurer’s Report . . . . balance sheet showing assets . . . includes funded reserves of $1,448,000. . . “

Now we move on to Page A7 – Treasurers Column – 3rd paragraph right hand side “. . . and a $700,000 Infrastructure Reserve . . .”

One figure is half of the whole. Or perhaps the whole is twice as much as the actual. So, which is it? How are the residents to know? Where is this money? In sweeps accounts, in CD’s, where? Is this real money or anticipated funds? The figure somehow or another relates to the 2015 budget so perhaps it is not yet money in the bank (so to speak).

We can look also at Page A3 – State of the Village by David Israel – 3rd paragraph left hand side

“. . . our Reserves are steadily accruing . . .”

Again, OK, accruing where? From where? And once again, where is this money? Or perhaps I should say “show me the money”.

“Assuming” that the 2014 reserves are fully funded and adding to that figure all money collected for Wi-Fi as well as the balance that had accrued to December 31, 2013, the total (according to my calculations) should be $1,109,350 plus a very small additional amount for interest earned.

So there you have it. Three different numbers for the same line item. So, Mr. O’Brien, perhaps you would be good enough to provide a detailed listing advising all details of the reserves as mentioned above.

I think we all know by now just what Mr. Lincoln would say, so I don’t think it is necessary to repeat it.

Dorothy Tetro