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APPROPRIATION COMMITTEE-2.020 ATM 25 March 2020 be allocated, such as additional bolstering of our Capital Stabilization Fund to help address significant upcoming capital investment challenges,it unanimously supports this year's proposed PEIL appropriation. The Committee recommends approval by a vote of(8-0). Article 18 Rescind Prior Borrowing Authorizations Funds Requested Funding Source Committee Recommendation None N/A IP State law requires that Town Meeting vote to rescind the unissued portions of borrowing authorizations (appropriations funded by debt)that are no longer required for the purpose stated in the authorization. Re- scinding these authorizations is the final bookkeeping task for all debt-based appropriations. As of press time, staff has presented no prior borrowing authorizations requiring rescission to the Commit- tee. If rescissions are requested at Town Meeting,the Committee will revise its recommendation. The Committee supports indefinite postponement of this article. Article 19 Establish, Dissolve and Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation See below See below 19(a,b,c)Approve(8-0) 19(d)Approve (6-2) State law authorizes towns to create and maintain stabilization funds for both general (the Stabilization Fund) and specified purposes (e.g., the Capital Stabilization Fund). Funds created for specified purposes may only be used to fund those purposes.The Town currently has eight such funds.Appendix E summarizes the laws governing specified stabilization funds and provides a brief history and description of each of the Town's funds, along with the most recent fund balances available. Town Meeting may create a specified stabilization fund, alter a fund's specified purpose, approve appro- priations into a fund, or appropriate money from a fund. Appropriations into specified stabilization funds do not authorize expenditures,but rather are transfers of funds into accounts for specified future uses. Ad- ditions or withdrawals not addressed by other specific warrant articles are appropriated in this general arti- cle. As this report went to press,the motion for this article listed four items (additional items may be added to the motion before Town Meeting considers this article): (a) That$1,773,062 be appropriated into the Capital Stabilization Fund, with $164,987 coming from the Tax Levy and$1,608,075 coming from the General Fund unreserved fund balance. (b) That $3,500,000 be withdrawn from the Capital Stabilization Fund to mitigate debt service for projects exempt from Proposition 2'/2. (c) That $111,922,the first payment received from Brookhaven under an MOU, be appropriated into the Affordable Housing Capital Stabilization Fund.Note that the Fund currently has a zero balance. 40