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2018-11-13-AC-STM-rpt
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2018-11-13-AC-STM-rpt
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Last modified
12/14/2022 4:22:59 PM
Creation date
12/3/2019 10:54:23 AM
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Year
2018
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Appropriation Committee
Department
Town Clerk
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Town Meeting APPROPRIATION COMITTEE REPORT TO THE NOVEMBER 2018 SPECIAL TOWN MEETING #1
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APPROPRIATION COMMITTEE-STM 2018-1 <br /> Article 2018-1.8: Establish and Appropriate To and From Specified Stabilization <br /> Funds <br /> Funds Requested Funding Source Committee Recommendation <br /> $ 94,070 GF <br /> Deposit $4,766 GF Approve(9-0) <br /> p $ 45,004 <br /> pp <br /> $ 143,840 <br /> Tax Levy <br /> The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § 5B) was <br /> amended in 2003 to permit the creation of stabilization funds for specified purposes. Multiple funds may <br /> be created for different purposes. They are separate and independent accounting entities. Each specified <br /> stabilization fund holds monies that may later be appropriated only for the stated purposes. Lexington's <br /> first specified stabilization funds were established at the 2007 Annual Town Meeting. A history and de- <br /> scription of these funds can be found in Appendix E of the Appropriation Committee's Report to the 2018 <br /> Annual Town Meeting. <br /> An article similar to this one is now routinely included in annual and special town meeting warrants to give <br /> Town Meeting the opportunity to act in relation to specified stabilization funds. Town Meeting may create <br /> a specified stabilization fund, alter a fund's specified purpose, or make an appropriation into or out of a <br /> fund. As a result of the 2016 Municipal Modernization Act, appropriations into a fund are now approved <br /> by a simple majority, but appropriations out of a fund still require a two-thirds majority. Appropriations <br /> into specified stabilization funds do not authorize expenditures, but rather are transfers of funds into ac- <br /> counts for specified future uses. <br /> Creation of Ambulance Stabilization Fund <br /> This article proposes to create one new fund, an Ambulance Stabilization Fund. The Memorandum of Un- <br /> derstanding (MOU) which the Town has negotiated with National Development in connection with the <br /> proposed Watertown Street rezoning under Article 10 would require a$150,000 payment towards a future <br /> ambulance purchase. This fund is being created to hold National Development's payment (should Article <br /> 2018-1.10 pass), as well as similar payments under future MOD's. This fund would be used solely for the <br /> purchase of ambulances for the Town. <br /> Status of Funds and Appropriation Requests <br /> The balance of each existing fund,the amount recommended for appropriation into each fund(if any), and <br /> the amounts proposed to be withdrawn from each fund(if any), are as follows: <br /> Balance Amount Amount <br /> Specified Stabilization Fund as of 6/30/2018 to be to be <br /> Deposited Withdrawn <br /> Center Improvement District S.F. $ 61,628 - - <br /> Debt Service Stabilization Fund $ 664,828 - - <br /> Section 135 Zoning Stabilization Fund - - - <br /> Special Education Stabilization Fund $ 1,105,262 - - <br /> Traffic Mitigation Stabilization Fund $ 321,751 - - <br /> Transportation Demand Management S.F. $226,906 $ 94,070 - <br /> Transportation Management Overlay District S.F. $ 333,310 $4,766 - <br /> Capital Stabilization Fund $ 28,597,934 $ 45,004 - <br /> Visitor's Center Capital Stabilization Fund $ 242 - - <br /> Water System Capital Stabilization Fund - - - <br /> Affordable Housing Capital Stabilization Fund - - - <br /> 7 <br />
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