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APPROPRIATION COMMITTEE - STM 2018-1 Article 2018-1.8: Establish and Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation $ 94,070 GF - Deposit $ 4,766 $45,004 GF Approve (9-0) $ 143,840 Tax Levy - The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § SB) was amended in 2003 to permit the creation of stabilization funds for specified purposes. Multiple funds may be created for different purposes. They are separate and independent accounting entities. Each specified stabilization fund holds monies that may later be appropriated only for the stated purposes. Lexington's first specified stabilization funds were established at the 2007 Annual Town Meeting. A history and de- scription of these funds can be found in Appendix E of the Appropriation Committee's Report to the 2018 Annual Town Meeting. An article similar to this one is now routinely included in annual and special town meeting warrants to give Town Meeting the opportunity to act in relation to specified stabilization funds. Town Meeting may create a specified stabilization fund, alter a fund's specified purpose, or make an appropriation into or out of a fund. As a result of the 2016 Municipal Modernization Act, appropriations into a fund are now approved by a simple majority, but appropriations out of a fund still require a two-thirds majority. Appropriations into specified stabilization funds do not authorize expenditures, but rather are transfers of funds into ac- counts for specified future uses. Creation of Ambulance Stabilization Fund This article proposes to create one new fund, an Ambulance Stabilization Fund. The Memorandum of Un- derstanding (MOU) which the Town has negotiated with National Development in connection with the proposed Watertown Street rezoning under Article 10 would require a $150,000 payment towards a future ambulance purchase. This fund is being created to hold National Development's payment (should Article 2018-1.10 pass), as well as similar payments under future MOD's. This fund would be used solely for the purchase of ambulances for the Town. Status of Funds and Appropriation Requests The balance of each existing fund, the amount recommended for appropriation into each fund (if any), and the amounts proposed to be withdrawn from each fund (if any), are as follows: Specified Stabilization Fund Balance as of 6/30/2018 Amount to be Deposited Amount to be Withdrawn Center Improvement District S.F. $ 61,628 - - Debt Service Stabilization Fund $ 664,828 - - Section 135 Zoning Stabilization Fund - - - Special Education Stabilization Fund $ 1,105,262 - - Traffic Mitigation Stabilization Fund $ 321,751 - - Transportation Demand Management S.F. $ 226,906 $ 94,070 - Transportation Management Overlay District S.F. $ 333,310 $ 4,766 - Capital Stabilization Fund $ 2815971934 $ 4504 - Visitor's Center Capital Stabilization Fund $ 242 - - Water System Capital Stabilization Fund - - - Affordable Housing Capital Stabilization Fund - - -