North Andover Town Meeting Warrant Article Of The Day – Articles 23

North Andover MA

08 May, 2022

12:53 AM

Description

Press release from the Town of North Andover: May 6, 2022 As we ready for Town Meeting, the Town will be presenting information every day on different warrant articles. 2022 Town Meeting Warrant Article 23: Transfer to Stabilization The Town is requesting to transfer $221,200 to the Stabilization Account. The Stabilization Account is the Town's savings account. The Town saves money there to be used in emergency. Some like to refer to the account as the rainy day fund. The Town has financial policies in place that advise the town to maintain 5% of General Fund revenues in the Stabilization Account. After this year's transfer, the Town will have over $5,000,000 in the fund. To appropriate from the Town's Stabilization account requires a 2/3rd vote of Town Meeting. To learn more about Stabilization Funds visit: https://www.mass.gov/files/documents/2017/09/11/igr17-20.pdf This press release was produced by the Town of North Andover. The views expressed here are the author's own.