Agenda Text
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Requesting an appropriation of $470,434 from Unreserved Fund Balance ("Free Cash") to the Reserve for Authorized Snow and Ice Amortization Account to fund the FY2017 portion of the deficit.
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Official Text
To the Honorable Board:
Special state legislation (St.2015,c 10,Section 58) authorizes cities and towns to amortize the FY2015 snow and ice removal account deficit over a three fiscal year period, in equal installments or more rapidly. In FY2016, your Honorable Board approved an amortization schedule. The deficit net of projected FEMA reimbursement was $1,411,302 at June 30, 2015. The amortization schedule calls for three appropriations each of $470,434. An appropriation of $470,434 was approved for FY2016.
The appropriation of $470,434 for your consideration constitutes the second of three payments.
Approval is required as a condition of DOR Approval of the FY2017 Tax Recapitulation Sheet and Tax Rate.
Respectfully,
Joseph A. Curtatone, Mayor