SomervilleMeetings

23-0927 Mayor's Request Approved

Requesting the appropriation of $2,383,367 from the Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.

Introduced
May 30, 2023
Assigned to
City Council
Enactment #
215669
View on Legistar

History

  1. Jun 27, 2023
    City Council Mayoral Approval
  2. Jun 22, 2023
    City Council Approved · roll call: pass Meeting agenda, item 6.J20.
  3. Jun 21, 2023
    Finance Recommended to be discharged with no recommendation Meeting agenda, item 11.
  4. Jun 8, 2023
    City Council Referred for recommendation Meeting agenda, item 7.13.

Official text

To the Honorable City Council: The Mayor respectfully requests that this Council appropriate $2,383,367from Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund. to achieve a reserve ratio of 15% of General Fund Revenue. The City's policy is to maintain a reserve ratio of Unassigned Fund Balance plus Rainy Day Stabilization Fund at no less than 15% of General Fund Revenue. This metric is important in maintaining our bond rating. This measure is in accordance with the City's Free Cash policy. Appropriate staff will be available to answer any questions you may have. Thank you for your consideration of this matter. Respectfully Submitted, Katjana Ballantyne, Mayor