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RESOLUTION CANCELLING A GRANT RECEIVABLE OF BOND ORDINANCE
2017-01 IN THE GENERAL CAPITAL FUND
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WHEREAS the County of Passaic (the “County”) is a government body incorporated pursuant to N.J.S.A. 40:18-1, et seq. and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1 the Board of Chosen Freeholders for the County of Passaic (hereinafter the “Board”) is vested with decision making powers on behalf of the County; and
WHEREAS, the Chief Financial Officer has reviewed General Capital Fund Grants Receivable, as set forth herein, and is recommending to the Board that same be cancelled as the amount will not be collected; and
WHEREAS this Receivable was created related to a Department of Environmental Protection Grant related to Dundee Island Park that will not be realized and said receivable and shall be cancelled to General Capital Fund Balance; and
WHEREAS, this matter was discussed at the November 6, 2024, meeting of the Administration and Finance Committee and is being recommended to the Board for approval; and
NOW, THEREFORE, LET IT BE RESOLVED, that the Board of Chosen Freeholders of the County of Passaic authorizes the Chief Financial Officer to cancel the following General Capital Fund Receivable to General Capital Fund Balance as follows:
Account # Ordinance Amount
4-04-117-03-000-123 2017-01 $112,886.63
LET IT BE FURTHER RESOLVED that the Chief Financial Officer and County Treasurer are authorized to take any action necessary to carry out the purpose of this resolution.
November 18, 2024