Sedota pushes for Fredonia reserve funds
Fredonia Treasurer James Sedota advanced his proposals for village capital reserve funds at Monday’s Board of Trustees meeting.
Sedota gave board members documents outlining his plans for water and sewer capital reserve funds, but he offered no dollar figures Monday. “Everything will be dictated by the Board of Trustees, how much you want to put in it,” he said.
The treasurer did say he would offer ideas on how much to put in each fund at the next board meeting, scheduled for Oct. 21.
Sedota also offered an idea for a third reserve fund. “You might want to consider setting up a reserve fund for the reservoir,” he said.
There’s apparently many details to be worked out on the funds. “I think we need to have some discussion about this,” Sedota said. ‘I just wanted to get this on the table.”
Mayor Athanasia Landis sounded receptive to the reservoir fund idea. “It’s like an insurance fund for the reservoir,” she said. “We need to dredge the reservoir, we need to fix the reservoir. This is the beginning.”
Sedota said that with the village in good financial shape and able to fill capital reserves, it should use the opportunity to get better interest rates on its investments.
“The thing about a reserve fund is, that money will sit there for a while,” he said. “You don’t have to invest in short term financing.
“It’s a good opportunity, because of the amount of money we have available, to earn $60,000 or $70,000 a year in interest,” he added.
Monday’s Board of Trustees meeting lacked the politically charged disputes of recent sessions. Former Village Attorney Sam Drayo, who attacked the Landis administration on multiple fronts at the last few board meetings, was not at Monday’s session.