ARTICLE 1 - Town of Natick
ARTICLE 1 - Town of Natick
ARTICLE 1 - Town of Natick
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<strong>ARTICLE</strong> 2<br />
Stabilization Fund<br />
(<strong>Town</strong> Administrator)<br />
To see if the <strong>Town</strong> will vote to appropriate a sum <strong>of</strong> money from available funds for the<br />
purpose <strong>of</strong> supplementing the stabilization fund under Article 22 <strong>of</strong> the warrant for<br />
Annual <strong>Town</strong> Meeting <strong>of</strong> 1961, as authorized by Chapter 40, Section 5B <strong>of</strong> the General<br />
Laws, as amended, or otherwise act thereon.<br />
RECOMMENDATION: By a vote <strong>of</strong> 8-0-0 on September 24, 2009, The Finance<br />
Committee recommends FAVORABLE ACTION with regard to the subject matter<br />
<strong>of</strong> Article 2 and that the sum <strong>of</strong> $150,000 be transferred from Article 5, Section G:<br />
Shared Expenses, Line-Item Fringe Benefits, <strong>of</strong> the 2009 Spring Annual <strong>Town</strong><br />
Meeting to the Stabilization Fund.<br />
During the review <strong>of</strong> this article it was noted:<br />
As the FY 2010 budget was being built, staff made every effort to ensure that the<br />
<strong>Town</strong>’s obligations under unemployment laws would be properly funded should<br />
lay<strong>of</strong>fs be necessary to close the budget gap.<br />
The final FY 2010 appropriation for Unemployment Insurance approved by <strong>Town</strong><br />
Meeting was $372,348, a substantial increase from previous years and more than<br />
sufficient to handle anticipated claim levels in FY 2010.<br />
Transferring $150,000 out <strong>of</strong> the Unemployment Insurance line-item and into the<br />
Stabilization Fund is a prudent measure which allows <strong>Town</strong> Meeting to utilize those<br />
funds immediately as a funding source for other pressing needs.<br />
The balance <strong>of</strong> the Stabilization Fund (as <strong>of</strong> September 2009) is approximately<br />
$2,288,392. With this transfer <strong>of</strong> $150,000, the balance in the Stabilization Fund will<br />
grow to approximately $2,438,392.<br />
The Board <strong>of</strong> Selectmen voted 5-0-0 to recommend the transfer <strong>of</strong> $150,000 from Article<br />
5, Section G: Shared Expenses, Line-Item Fringe Benefits to the Stabilization Fund .<br />
MOTION: (Requires 2/3 vote)<br />
Move that the <strong>Town</strong> vote to transfer the sum <strong>of</strong> $150,000 from the appropriation<br />
under Article 5, Section G: Shared Expenses, Line-Item Fringe Benefits <strong>of</strong> the 2009<br />
Spring Annual <strong>Town</strong> Meeting to the Stabilization Fund.<br />
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