City of Somerville, Massachusetts - File #: 191652

• File #: 191652
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 6/11/2011
• In control: City Council
• On agenda: 6/13/2011
• Final action: 6/23/2011
• Enactment date: 6/23/2011
• Enactment #: 191652
• Title: Requesting an appropriation of $800,000 from Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.
• Code sections: Stabilization Fund -

Date	Ver.	Action By	Action	Result
6/28/2011	7	BOA	Mayoral Approval
6/23/2011	6	City Council	Approved
6/22/2011	5	Finance	Approved
6/13/2011	4	City Council	Referred for recommendation

  Agenda Text

title

Requesting an appropriation of $800,000 from Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.

body

Official Text

To the Honorable Board:

I hereby request, subject to the approval of your Honorable Board, an appropriation of eight hundred thousand dollars ($800,000.00) from Unreserved Fund Balance (Free Cash) to the “Rainy-Day Stabilization Fund”.

The purpose of the “Rainy Day” Stabilization Fund is to stabilize the City’s budget during periods of economic downturn. The “Rainy Day” Stabilization Fund may be used to provide for extraordinary or unforeseen expenditures and the maintenance of essential services during periods of economic stress.

Thank you for your consideration.

Respectfully submitted,

Joseph A. Curtatone

Mayor