City of Somerville header
File #: 25-1035    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 #: 219229
Title: Requesting approval to appropriate $2,715,270 from the Street Reconstruction & Resurfacing Stabilization Fund to various capital project funds to reduce debt service costs for these projects.
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 $2,715,270 from the Street Reconstruction & Resurfacing Stabilization Fund to various capital project funds to reduce debt service costs for these projects.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $2,715,270 from the Street Reconstruction and Resurfacing Stabilization Fund to the following capital projects funds:

 

Fund 5146  Somerville Ave. Streetscape                                           $1,429,235

Fund 5150  Paving & Sidewalk Improvements                                      $ 61,000

Fund 5177  FY23 Street Resurfacing, Sidewalk, ADA Ramps           $1,225,035

 

This appropriation will reduce debt service costs in the FY2026 Budget and positively affect debt service in subsequent 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