North Andover Town Meeting Warrant Article Of The Day – Article 24

North Andover MA

13 May, 2022

7:50 AM

Description

Press release from the Town of North Andover: May 11, 2022 As we ready for Town Meeting, the Town will be presenting information every day on different warrant articles. Article 24: Transfer to Capital Stabilization The Town is requesting to transfer $3,200,000 into the Town's Capital Stabilization Account. The Capital Stabilization account is the town's savings account to purchase capital items. The purpose of this stabilization fund is to accumulate money in order to purchase larger capital items without relying on debt. To appropriate from the Town's Stabilization account requires a 2/3rd vote of Town Meeting. This year the Town is asking to transfer much more than usual to the capital stabilization fund. We are doing that because we have some extraordinary new growth due to one project that may not be available next year. We are using that money as a one time revenue source to save for the future design of the Kittredge School. To learn more about Stabilization funds visit: https://www.mass.gov/files/documents/2017/09/11/igr17-20.pdf Town Meeting Documents 2022 Town Meeting Warrant https://www.northandoverma.gov/town-meeting This press release was produced by the Town of North Andover. The views expressed here are the author's own.