Village Creates Capital Reserves

Scott Strauss
Scott Strauss

The Mineola Village Board recently approved two capital reserve funds to finance park and fire department improvements, totaling $2 million and $1.5 million respectively, as part of a long-term capital financial plan. The funds are made up of allocated monies from various projects in Mineola, namely development incentive bonus funds, unanticipated revenues, unspent or under-spent budget lines or carry-over of the unreserved fund balance.

“As a result of several projects in the village, we have received several million dollars for use by the village for the provision of public amenities,” Mayor Scott Strauss said. “These funds come into the treasurer’s office but the treasurer does not have a proper vehicle to direct them. They are not unanticipated revenues or expenditure savings from the budget. They are not part of the unreserved fund balance. “We propose to set up a fund to properly position these monies.”

Park improvements have been rampant around Mineola, starting with the new playground equipment in Wilson Park in 2010, the construction of an Emory Road pocket park in 2012 and the ongoing revamp in Memorial Park. Mineola is focusing on ballfield and playground playing surfaces, park lighting, park paving, a park bandstand, a park gazebo, tennis courts and snack stand renovations with the park capital reserve.

“We earmarked monies for certain projects and are looking to budget now for future purposes,” Strauss said.

With the fire department reserve, the village board is planning for an aerial fire truck, transport bus and possibly mandated escape systems. The Mineola Fire Department recently announced that it’s looking to replace its Company Two engine, Truck 168. A new truck would cost upwards of $1 million, fire reps said.

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