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2019-03-25-AC-ATM-rpt
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2019-03-25-AC-ATM-rpt
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2019
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Minutes - AC - Appropriation Committee
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APPROPRIATION COMMITTEE-2019 ATM <br /> Article 23 <br /> Appropriate to General Stabilization Fund <br /> Funds Requested Funding Source Committee Recommendation <br /> None N/A IP <br /> This article is routinely placed on the Warrant to provide an opportunity to request an appropriation from <br /> the General Stabilization Fund. No such appropriation is needed. <br /> The Committee supports indefinite postponement for this article. <br /> Article 24 <br /> Appropriate from Debt Service Stabilization Fund <br /> Funds Requested Funding Source Committee Recommendation <br /> $124,057 DSSF Approve(9-0) <br /> In August 2006, the Town received a lump-sum reimbursement of approximately $14 million from the <br /> Massachusetts School Building Authority (MSBA) to cover its remaining obligation for construction pro- <br /> jects previously completed at Clarke and Diamond Middle Schools and Lexington High School. The Mas- <br /> sachusetts Department of Revenue (DOR) required the Town to set aside the excess funds from this up- <br /> front reimbursement for these school construction projects, and to apportion those funds over the life of the <br /> bonds related to the projects to help fund the debt service. <br /> The 2009 Annual Town Meeting voted to establish a specified stabilization fund under G.L. c. 40 Section <br /> 513 called the Debt Service Stabilization Fund (DSSF). The $1,739,894 remaining from the FY2007 set- <br /> aside was then appropriated into the DSSF. This fund allows the Town to invest the set-aside funds beyond <br /> the one-year arbitrage limit that would otherwise apply. The current balance in the DSSF is $548,390. The <br /> bonds for the subject school construction projects mature in 2023,which will also be the final year for the <br /> required annual appropriations from the DSSF. <br /> The Committee recommends approval of this request(9-0) <br /> Article 25 <br /> Appropriate for Prior Years' Unpaid Bills <br /> Funds Requested Funding Source Committee Recommendation <br /> None N/A IP <br /> As of publication,no action is anticipated under this article. <br /> The Committee supports indefinite postponement for this article. <br /> 44 <br />
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