The Simsbury Board of Finance approved the establishment of two new special revenue funds for two successful town programs during a meeting Tuesday night.
The town typically allocates funds for programs like Simsbury Celebrates and Police Community Services from the town's general fund. Approximately four years ago the town eliminated several idle special funds accounts, but is now considering adding new accounts when necessary.
"Simsbury Celebrates is a very successful program. It's been in existence for over ten years," Finance Director Mary Ann Harris said.
Simsbury Celebrates is a self-funding event and does not require any funding from the town's general fund. Fundraising for the event has been handled by the Simsbury Parks and Recreation department.
In 2011, Simsbury Celebrates had a fund balance of approximately $29,000 and spent approximately $22,000 for the event. The board approved the transfer of the remaining $7,000 to a new special fund account which was set up by the board of selectmen.
"They've been collecting donations and the donations will build up until November," Harris said.
This year the fund has already reached approximately $24,000.
Harris said the event should have its own fund because it is completely self-sustaining.
Police Community Services provides special programs and services for the community and is also a self-sustaining fund.
PCS has a current fund balance of approximately $5,000.
The board voted unanimously to establish the special revenue funds and approved the transfers of the existing fund balances from the town's general revenue fund.