The Conway City Council approved setting aside $500,000 a year for a general fund reserve, which was one of the items listed during the tax rededication push earlier this year. The council voted to move the money generated from the sales tax into the fund once a year.
The money would not be touched and would be available if an emergency situation arose. This would be the first of four consecutive years that the reserve would be added to, bringing a total of $2 million by the end of 2015.
When asked about the guidelines for using the money in those emergency situations, Conway Mayor Tab Townsell proposed a “super majority” of votes from the council.
When asked about placing the money in a revenue generating account, Chief Financial Officer Tyler Winningham said the money in its current place is making as much interest as if it were in a three-year CD.
In other business, the council:
• Approved a resolution requesting the Faulkner County Tax Collector place a certified lien against property located at 1618 Sarah Circle for incurred expenses by the City of Conway.
• Approved an ordinance accepting and appropriating grant funds for the Conway Tree Board to help pay for expenses associated with the 2012 Arbor Day Celebration.
• Approved an ordinance accepting and appropriating grant funds received for Conway EcoFest 2012 events.
• Approved an ordinance to rezone property located west of the termination of Collins Drive from R-1 to PUD.
• Approved a bid of $167,478 for purchase of a trackhoe excavator for the Conway Sanitation Department.