City of Somerville header
File #: 24-0824    Version: 1
Type: Mayor's Request Status: Approved
File created: 5/26/2024 In control: City Council
On agenda: 5/30/2024 Final action: 6/25/2024
Enactment date: 6/20/2024 Enactment #: 217283
Title: Requesting the appropriation of $500,000 from the Unreserved Fund Balance ("Free Cash") to the Compensated Absence Liability Fund.
Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury
Code sections: Appropriation/Budget -

Agenda Summary

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Requesting the appropriation of $500,000 from the Unreserved Fund Balance ("Free Cash") to the Compensated Absence Liability Fund.

 

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Official Text

To the Honorable City Council:

 

The Mayor respectfully requests that this Council appropriate $500,000 from the Unreserved Fund Balance ("Free Cash") to the Compensated Absence Liability Fund  for the purpose of a reserve for long-term vacation and sick leave buyback purposes.

 

Appropriate staff will be available to address any questions you may have. Thank you for your consideration of this item.

 

Respectfully Submitted,

Katjana Ballantyne, Mayor