Agenda Text
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Requesting the rescission of the prior appropriation of $5,253,206 from Unreserved Fund Balance ("Free Cash") to reduce the FY21 Tax Levy, as approved on July 14 in #210317.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable Council rescind the prior appropriation of $5,253,206 from Unreserved Fund Balance ("Free Cash") to reduce the FY2021 Tax Levy (Council Agenda Item #219317) approved on July 14, 2020. This appropriation is no longer necessary to support the FY2021 Budget due to the decision by the Governor and State Legislature to level fund Unrestricted General Government Aid (UGGA) at FY2020 levels. The FY2021 City of Somerville Operating Budget was approved by your Honorable Council prior to this State Government decision in late July
Remaining amounts of "Free Cash" from the July 1, 2019 Free Cash Certification will be needed as resources to fight the COVID-19 Pandemic. It is my intent to seek an appropriation of remaining free cash to the COVID-19 Stabilization Fund. Federal funding under the CARES Act expires on December 30, 2020 and the amount apportioned to Somerville is insufficient to meet all projected expenditures.
[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