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Requesting approval to create the Sewer Capital Stabilization Fund.
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Official Text
To the Honorable City Council:
I hereby request, subject to the approval of your Honorable Council, the establishment of a Sewer Capital Stabilization Fund under the provisions of Chapter 40, Section 5B of the Massachusetts General Laws, effective July 1, 2021.
The Sewer Capital Projects Stabilization Fund is a capital reserve account. The purpose of the fund is to finance water infrastructure capital projects for which debt would ordinarily be incurred under M,G.L. Chapter 44, Sections 7 and 8.
The City's External Auditing Firm, Powers & Sullivan, CPAs, recommends that the existing Water/Sewer Capital Stabilization Fund be separated into two distinct funds. The Powers & Sullivan Management Comment is attached.
The Balance of the Water/Sewer Capital Stabilization will be apportioned between the new Water Capital
Stabilization Fund and the new Sewer Capital Stabilization Fund. Transfer requests will be presented to your Honorable Council.
Thank you for your consideration.
Joseph A. Curtatone
Mayor