Five years ago, Saugerties village officials realized the fiscal picture didn’t look good. The need to save money eventually claimed the village police department, but before that officials hoped to use some reserve funds to stay in the black without borrowing. That’s when they were told by the state that over $160,000 in reserve couldn’t be accessed because it wasn’t put away in proper fashion— with a resolution expressly stating the purpose of each account.
Earlier this month, the village again appealed to the state to let it withdraw the money. Finally, the state agreed.
The board transferred $21,315.13 to the village’s wastewater fund, where it will be used to help pay for some improvements to the system. The remaining $140,697.86 was transferred into the village’s general fund.
“It was a nice little find,” said board member Vincent Buono.