Agenda Text
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Requesting an appropriation of $2,200,000 from Unreserved Fund Balance ("Free Cash") to the Water and Sewer Stabilization Fund.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable City Council appropriate $2,200,000 from Unreserved Fund Balance ("Free Cash") to the Water/Sewer Stabilization Fund.
The Water/Sewer Capital Projects Stabilization Fund is a capital reserve account. The purpose of the fund is to finance water and sewer infrastructure capital projects for which debt would ordinarily be incurred under M.G.L. Chapter 44, Sections 7 and 8. The City has appropriated monies from both Retained Earnings and Free Cash in the past to seed this fund.
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