Aside from the election as being the major event of today, the FinCom meeting tonight will get to decide on the possible creation of another stabilization account. We already have several accounts in this space. Per the FinCom agenda these are the accounts and current amounts held:
General stabilization: $4,806,571
Public Works: $275,494
Senior Center: $150,579
Recreation fields: $150,579
Fire Truck: $75,290
Free cash : $3,580,481
The General Stabilization is supposed to be around 5% of the Town budget as a good fiscal practice as well as Town Council policy.
The OPEB, Senior Center, Recreation Fields, and Fire Truck accounts are all holding money being put aside to accumulate for the time when we will need it. OPEB for the outstanding funding required. The Senior Center for the build out of the 2nd floor. The Recreation fields to re-do the artificial turf fields in a couple of years. The fire truck to purchase a replacement in a few years.
With some extra money over and above what was budgeted for FY 2013, there is now a proposal for an "Operating Budget Stabilization Fund".
The Town Council will vote on Wednesday these two items (among other actions on the agenda)
1. Resolution 12-72: Establishment of an Operating Budget Stabilization Fund
2. Resolution 12-73: Appropriation: Operating Budget Stabilization Fund
Money put aside in this new account would help to offset a future need for an operational override. Yet money from the general stabilization fund had been previously used for this purpose. Why create a separate account? Why not use the one that has been used?
The full FinCom agenda can be found here
The full Town Council agenda for Wednesday's meeting can be found here