The city has created a snow trust fund to offset extraordinary costs in the event of heavy snowfall.
The council approved a resolution to create a snow trust fund at its March 20 meeting.
Each year, the city can now move unused department of public works overtime funds into the snow trust fund, city manager Terence Reidy said. The total amount dedicated to DPW overtime in this year’s budget was about $1,500, he said.
“The purpose is just to build up a little reserve so that when the city does get hit with a major snowstorm, we have some reserve to go into before we go into emergency funding,” Reidy said this week.
The fund does not create any additional expenditures, Reidy said. There is no limit to how much money can be kept in the fund, but additions to it will be “very incremental,” he said.
Acting chief municipal finance officer [CMFO] Richard Gartz suggested the measure, Reidy said.
“One of the things Ricky has been doing is establishing sound fiscal practices for the city — really pulling things together and saying, ‘Okay, we should have these types of practices in place,'” Reidy said. “We should be preparing for emergencies.”
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[Photo shows Asbury Park High School after snowfall last year.]
