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Requesting an appropriation of $470,434 from Unreserved Fund Balance ("Free Cash") to the Reserve for authorized snow and ice amortization account to fund the FY2016 portion of a deficit.
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Official Text
To the Honorable Board:
Special state legislation (St.2015,c 10,Section 58) authorizes cities and towns to amortize their FY2015 snow and ice removal account deficits over the next three fiscal years, in equal installments or more rapidly. The local appropriating authority must vote to setup the amortization schedule prior to setting the FY16 Tax Rate. In FY16, a community must provide for/raise at least one-third of the Net Deficit as of 6-30-15 on the FY16 Tax Recap. The deficit net of projected FEMA reimbursement is $1,411,302 at June 30, 2015.
The appropriation of $470,434 constitutes one-third of the net snow and ice removal deficit.
Respectfully,
Joseph A. Curtatone, Mayor