Politics & Government

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.

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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.

Find out what's happening in Tewksburywith free, real-time updates from Patch.

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.

1. Adopted

2. Adopted

3. Adopted

4. Adopted

5. Adopted

6. Adopted

7. Adopted

8. Adopted

9. Adopted

10. Adopted

11. Adopted

12. Adopted, 204-36

13. Adopted

14. Adopted

15. Adopted

16. Adopted

17. Adopted

18. Adopted

19. Withdrawn by its sponsors.


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