History

  • Town of Holden established the IIF in 1993 with special legislation
  • Not many towns have it, this fund unique to Holden
  • 3 years ago due to new IRS rulings, we were not able to use the IIF like we were using it
  • for 3 years (1,344,766) has been sitting in the IIF
  • no monies have gone in and no monies have gone out

The current plan

  • spend 2,500 on a study to determine the interest rate that has been returned
  • so the IIF members (7) can determine what they can do with the money

Alternative plan

  • do not spend the 2,500 on the study
  • eliminate eliminate the IIF
  • return the monies (1,344,766) to the General Stabilization Fund
  • do not tax the taxpayer 750,000 as the current budget proposes
  • between the current General Fund Account Fund, Free Cash and the monies from the IIF
  • we would have 6,188,184 in cash
  • equating to 12% of the current period budgeted expenses in the cash
  • this cash in the IIF would now be back under the control of the taxpayers not the 7 members in the IIF