City of Somerville, Massachusetts - File #: 23-0927

• File #: 23-0927
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 5/30/2023
• In control: City Council
• On agenda: 6/8/2023
• Final action: 6/27/2023
• Enactment date: 6/22/2023
• Enactment #: 215669
• Title: Requesting the appropriation of $2,383,367 from the Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.
• Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury
• Code sections: Appropriation/Budget - , Stabilization Fund -

Date	Ver.	Action By	Action	Result
6/27/2023	1	City Council	Mayoral Approval
6/22/2023	1	City Council	Approved	Pass
6/21/2023	1	Finance Committee	Recommended to be discharged with no recommendation
6/8/2023	1	City Council	Referred for recommendation

Agenda Summary

title

Requesting the appropriation of $2,383,367 from the Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.

body

Official Text

To the Honorable City Council:

The Mayor respectfully requests that this Council appropriate $2,383,367from Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund. to achieve a reserve ratio of 15% of General Fund Revenue.

The City's policy is to maintain a reserve ratio of Unassigned Fund Balance plus Rainy Day Stabilization Fund at no less than 15% of General Fund Revenue. This metric is important in maintaining our bond rating.

This measure is in accordance with the City's Free Cash policy.

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

Respectfully Submitted,

Katjana Ballantyne, Mayor