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APPROPRIATION COMMITTEE SPECIAL TOWN MEETINGS 2017-2&3 OCTOBER 10,2017 2017-3.6 Establish and Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation $585,110 Developer payments Approve (9-0-0) The State statute authorizing towns to create and maintain a stabilization fund, G.L. c. 40, § 5B, was amended in 2003 to permit the creation of multiple, separate stabilization funds for specified purposes. Creating these funds, altering their specified purpose, or appropriating into or out of them requires a two- thirds vote of Town Meeting. Lexington's first specified stabilization funds were established at the 2007 Annual Town Meeting. Additional funds have been created from time to time since then, as needed. Each "specified stabilization fund" holds monies for one or more purposes that were specified when the fund was created.A placeholder article is now routinely included on the warrant for both annual and special town meetings to give Town Meeting the opportunity to establish new funds, and to appropriate monies into, or out of, existing funds. The action proposed at this STM,primarily a housekeeping measure,is to appropriate payments made since the close of the 2017 ATM, under the terms of various memoranda of agreement between the Town and property developers to mitigate traffic and other impacts,into the following specified stabilization funds: • Traffic Mitigation Stabilization Fund o King Street Properties, $200,000 • Transportation Management Overlay District(TMOD) Stabilization Fund o King Street Properties, $258,355 • Traffic Demand Management(TDM)Stabilization Fund o King Street Properties, $83,793 o Avalon Bay, $42,972 A request is being made under Article 3.5 above to appropriate funds from the TMOD Stabilization Fund; see the table in the report on that article.That is the only request being made at this time for an appropriation from any specified stabilization fund. There are no requests at this time to create a new specified stabiliza- tion fund. The Committee recommends approval of this request(9-0). Article 2017-3.7: Amend Revolving Fund Authorization Funds Requested Funding Source Committee Recommendation $50,000 Building Rental Revolving Approve (9-0-0) Fund DPW Compost Operations $142,000 Revolving Fund Revolving Funds are used to fund town operations that generate their own revenue and for which that revenue is the primary source of money to pay for those operations. These revenues are deposited into the revolving fund specific for the operation, and Town Meeting is required to make annual appropriations from the revolving fund to pay for the operations for that fiscal year. Any funds remaining in a revolving fund at the end of the fiscal year are carried forward to the next year. 17