2016-09-21-AC-STM5-rpt - Laserfiche WebLink

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SEPTEMBER 14, 2016 SPECIAL TOWN MEETING 2016 -5 APPROPRIATION COMMITTEE FY2017 capital and operating budgets under Articles 5 and 6. The sources of the additional revenue are detailed at the start of this report. In view of the immediate and significant capital spending challenges the Town will be facing over the coming years for school and public safety projects, the Committee believes that further strengthening the Capital Stabilization Fund, which can be used to reduce future borrowing needs or mitigate the impact on taxpayers of future debt service, is a prudent action. This article also proposes to appropriate to the Transportation Demand Management Stabilization Fund the following payments, totaling $48,621.58, which have been made, under the terms of memoranda of agreement between the Town and property developers, since the close of the 2016 ATM: • Avalon Bay $42,421.38 • Watertown Savings Bank $3,999.00 • Lexington Place Condominiums $2,201.20 • The Inn at Hastings Park $1,000.00 This article does not request the creation of any new specified stabilization funds. The Committee recommends approval of this request (7 -0). 11