The Erie Board of Trustees voted to dissolve a $7.5 million stabilization account but the town still plans to maintain a healthy reserve balance of 25% of the town budget.
The board voted four to two to get rid of the general fund stabilization account during the regular meeting Tuesday. Trustees Brandon Bell and Andrew Sawusch voted against the move, and instead voted to postpone voting on dissolution of the account until a reserve policy was made.
In 2010, trustees established a $7.5 million general fund stabilization account that could be used to help the town during less prosperous times to maintain service levels.
Town Administrator Malcom Fleming said at Tuesday’s meeting that instead of having the $7.5 million in a separate fund, the money can be used to cover other costs while the town can still maintain a healthy reserve account to cover emergencies.
Fleming…
