City of Somerville header
File #: 211079    Version: 1
Type: Mayor's Request Status: Approved
File created: 12/15/2020 In control: City Council
On agenda: 12/17/2020 Final action: 12/17/2020
Enactment date: 12/17/2020 Enactment #: 211079
Title: Requesting the repurpose and transfer of $1 million from the Capital Stabilization Fund to the COVID-19 Small Business Emergency Relief Fund.
Code sections: Stabilization Fund -

  Agenda Text

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Requesting the repurpose and transfer of $1 million from the Capital Stabilization Fund to the COVID-19 Small Business Emergency Relief Fund.

 

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Official Text

To the Honorable City Council:

 

I respectfully request that you repurpose and transfer $1,000,000 from the Capital Stabilization Fund to the COVID-19 Small Business Emergency Relief Fund.

 

The Capital Projects Stabilization Fund is a capital reserve account. The Capital Projects Stabilization Fund may be used for small ticket capital asset purchases and for capital purposes for which debt would ordinarily be incurred.

 

The unexpended balance of the Capital Stabilization Fund is $3,408,108.  It is the intent of the Administration to replenish the balance of the Capital Stabilization Fund upon certification of a new "Free Cash" allocation from the Department of Revenue.

 

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

 

Respectfully Submitted,

Joseph A. Curtatone, Mayor