City of Somerville header
File #: 25-1034    Version: 1
Type: Mayor's Request Status: Approved
File created: 5/27/2025 In control: City Council
On agenda: 5/29/2025 Final action: 6/27/2025
Enactment date: 6/26/2025 Enactment #: 219228
Title: Requesting approval to appropriate $2,055,000 from the Facility Construction and Renovation Stabilization Fund to the Assembly Square Fire Station Capital Fund to reduce debt service costs for the project.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury
Code sections: Stabilization Fund -

Agenda Summary

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Requesting approval to appropriate $2,055,000 from the Facility Construction and Renovation Stabilization Fund to the Assembly Square Fire Station Capital Fund to reduce debt service costs for the project.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $2,055,000 from the Facility Construction & Renovation Stabilization Fund to the Assembly Square Fire Station Capital Account (Fund 5183) to reduce borrowing costs for the project. The appropriation will reduce debt service costs on the FY2026 Budget as well as for subsequent fiscal years.

 

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

 

Respectfully Submitted,

Katjana Ballantyne, Mayor