City of Somerville header
File #: 211467    Version: 1
Type: Mayor's Request Status: Approved
File created: 3/19/2021 In control: City Council
On agenda: 3/25/2021 Final action: 4/8/2021
Enactment date: 3/25/2021 Enactment #: 211467
Title: Requesting approval to create the Energy Stabilization Fund for the purpose of funding energy efficiency and decarbonization projects in City buildings.
Code sections: Stabilization Fund -
Attachments: 1. Energy Stabilization Fund Memo 3-19-2021 v3

  Agenda Text

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Requesting approval to create the Energy Stabilization Fund for the purpose of funding energy efficiency and decarbonization projects in City buildings.

 

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Official Text

To the Honorable City Council:

 

I respectfully request that your Honorable City Council vote to create the Energy Stabilization Fund under the provisions of MGL 40, Section 5B. This Fund will be used for projects that reduce carbon emissions and energy costs for City operations.  The attached memorandum explains the need, funding structure, and expected outcomes of this ambitious new climate change fund.

 

Sources of funding for the Energy Stabilization Fund will include city appropriations, reserve fund appropriations, grants, and revenue from solar net metering credits and demand-response program incentive payments.

 

My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.

 

Respectfully Submitted,

Joseph A. Curtatone, Mayor