SomervilleMeetings

24-0822 Mayor's Request Approved

Requesting the appropriation of $2,584,976 from the Unreserved Fund Balance ("Free Cash") to the Rainy Day Stabilization Fund.

Introduced
May 26, 2024
Assigned to
City Council
Enactment #
217281
View on Legistar

History

  1. Jun 25, 2024
    City Council Mayoral Approval
  2. Jun 20, 2024
    City Council Approved · roll call: pass Meeting agenda, item 6.H.9.
  3. Jun 18, 2024
    Finance Recommended to be discharged with no recommendation Meeting agenda, item 29.
  4. May 30, 2024
    City Council Referred for recommendation Meeting agenda, item 7.8.

Official text

To the Honorable City Council: The Mayor respectfully requests that this Council appropriate $2,584,976 from 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