2016-02-08-AC-STM1-STM2-rpt - Laserfiche WebLink

Browse Search

AC–STM2016-1&2016-2 PPROPRIATIONOMMITTEE Article 2016-1.4: Establish, Rename and Appropriate To and From Specified Stabilization Funds Funds RequestedFunding SourceCommittee Recommendation $80,289.02 SF Revenue Approve (9-0) Background The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § 5B), which effectively is a vehicle to set aside present funds for future needs, was amended in 2003 to permit the cre- ation of multiple, separate stabilization funds for specified purposes. Lexington’s first specified stabilization funds were established at the 2007 Annual Town Meeting, and additional specified funds have been created from time to time since then as the need has arisen. Each “specified stabilization fund” holds monies for one or more purposes that were identified when the fund was created. These funds have proved to be particularly useful for managing ongoing mitigation pay- ments to which developers have committed as a condition of commercial rezoning approvals. These pay- ments are earmarked for specific uses to mitigate the impact of commercial development projects. Creating specified stabilization funds, altering their specified purpose, or appropriating monies into or out of them requires a two-thirds vote of Town Meeting. Because mitigation payments and other payments are received by the Town throughout the year, an article essentially the same as the present one is now routinely included on the Warrant to give Town Meeting the opportunity to appropriate monies into, or out of, the funds. Proposed Transfers This article proposes to appropriate the following amounts into the noted funds. In each case, the Town received the money after the fall 2015 Special Town Meeting under the terms of a memorandum of agreement between the Town and a property developer: $40,644.52 into the Transportation Demand Management Stabilization Fund; Sources: $39,644.52 from Cubist Pharmaceuticals (now part of Merck). o $1,000.00 from The Inn at Hastings Park. o $39,644.50 into the Traffic Mitigation Stabilization Fund; Sources: $39,644.50 from Cubist Pharmaceuticals (now part of Merck). o There is no proposal at this Special Town Meeting to create any new specified stabilization funds, to re- name any existing funds, or to approve any transfers out of the existing funds. The Committee recommends approval of this request (9-0). 6