2013 JUNE STM AC Rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE REPORT TO THE JUNE 2013 STM Article 3: Technical Correction to Funds Funding Committee Article 2 of the March 18, 2013 Requested Source Recommendation Special Town Meeting — Land $7,390,000 CPA Debt $262,500 CPA Cash Purchase off Marrett Road $1,085,778 Tax Levy Approve (9-0) $2,474,222 Free Cash $11,212,500 This Article asks Town Meeting to make a technical correction to the motion which authorized the Board of Selectmen to purchase the property commonly referred to as 33 Marrett Road. The motion under Article 2 of the March 2013 Special Town Meeting specified three sources of funds: CPA Cash ($262,500), CPA Debt ($7,390,000), and Tax Levy ($3,560,000). The $3,560,000 originally assigned to the Tax Levy should have been subdivided between the Tax Levy and Free Cash. This motion will reduce the amount raised from the Tax Levy to $1,085,778 and authorize the use of $2,474,222 from Free Cash(General Fund unreserved fund balance), as originally intended.Note that this does not change the total amount of the original appropriation, only the breakdown of the funding sources. If this action is not corrected the Town's FY2014 budget will technically be out of balance, and the Town may be unable to set a tax rate, and thus unable to issue tax bills,until it is corrected. The Committee recommends approval of this request(9-0). 4