City of Somerville, Massachusetts - File #: 201529

• File #: 201529
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 5/10/2016
• In control: City Council
• On agenda: 5/26/2016
• Final action: 6/23/2016
• Enactment date: 5/26/2016
• Enactment #: 201529
• Title: Requesting an appropriation of $40,000 from Unreserved Fund Balance ("Free Cash") to the Debt Service Interest on Notes-BAN Account to fully fund it for FY16.
• Code sections: Appropriation/Budget -

Date	Ver.	Action By	Action	Result
6/28/2016	7	BOA	Mayoral Approval
6/23/2016	6	City Council	Approved
5/26/2016	5	City Council	Referred for recommendation

  Agenda Text

title

Requesting an appropriation of $40,000 from Unreserved Fund Balance ("Free Cash") to the Debt Service Interest on Notes-BAN Account to fully fund it for FY16.

body

Official Text

To the Honorable Board:

I respectfully request an appropriation of $40,000.00 from Unreserved Fund Balance ("Free Cash") to the Debt Service, Interest on Notes-BAN account (592500) to fully fund the BAN Interest Budget Account for FY16.

The City had a very successful BAN sale in June which resulted in a higher than expected bond premium payment from the bond purchaser. At the end of the BAN term, premium must be paid back as BAN Interest, and we estimated $40,000 too little during the FY2016 Budget Hearings.

Respectfully,

Joseph A. Curtatone
Mayor