TM Voters Triple Size of Stabilization Fund
Montuori says transfer of $2,792,826 into the Stabilization Fund will help improve credit rating.
Voters at the Oct. 2 Special Town Meeting at Tewksbury High approved the transfer of $2,792,826 into the town's Stabilization Fund, boosting the fund's total just over $4.1 million.
Town Manager Richard Montuori explained that even with the transfer, the fund is only at about half of the recommended total for a town with the budget the size of Tewksbury. He also reminded voters that a strong Stabilization Fund will likely result in a better credit rating for the town. A strong credit rating equates to lower interest rates on borrowing.
"When we went for our bond rating, one of the things (Standard & Poor's) looks at closely is the Stabilization Fund," said Montuori.
Montuori said the Stabilization Fund is, in essence, the town's savings account and would be used for emergencies and one-time purchases.
Of the total transferred by voters, $2,557,534 came from certified free cash.
Here is a list of the articles acted on at the Oct. 2 Special Town Meeting. Attached is a copy of the Town Meeting Warrant, as well as a breakdown of the articles.
12. Adopted, 204-36
19. Withdrawn by its sponsors.