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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.

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 Withdrawn by its sponsors.

Jane Dough October 06, 2012 at 06:33 PM
Glad 19 was withdrawn - wasn't able to attend so what is is what is. Thanks to those who were able to go out and vote. We may not agree, but at least you made the effort

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