City of Somerville, Massachusetts - File #: 23-0980

• File #: 23-0980
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 6/5/2023
• In control: City Council
• On agenda: 6/8/2023
• Final action: 6/27/2023
• Enactment date: 6/22/2023
• Enactment #: 215696
• Title: Requesting approval of a transfer of $1,750,036 from the Salary Contingency Account-Salaries to the Salary & Wage Stabilization Fund.
• Indexes: Finance-Assessing, Finance-Auditing, Finance-Budget, Finance-Grants Development, Finance-Procurement & Contracting Services, Finance-Treasury
• Code sections: Stabilization Fund - , Transfer of Funds -

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 approval of a transfer of $1,750,036 from the Salary Contingency Account-Salaries to the Salary & Wage Stabilization Fund.

body

Official Text

To the Honorable City Council:

The Mayor respectfully requests that this Council transfer $1,750,036 from the Salary Contingency Account-Salaries to the Salary and Wage Stabilization Fund.

 The amount of $1,750,036 is the estimated balance in the General Fund Salary Contingency Account as of June 30, 2023 This transfer preserves these funds in the Stabilization Fund for future collective bargaining settlements and various other salary adjustments.

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