Shall the Town vote to discontinue and close the Department of Public Works Equipment Capital Reserve Fund created under Article 23 of the 2008 Annual Town Meeting with a balance of $3,490.52 as of December 31, 2018, plus accrued interest, to be transferred to the Town’s General Fund to be used to reduce property taxes? (Majority vote required)
What it means: The DPW Equipment Capital Reserve Fund was established by Warrant Article 23 of the 2008 Town Meeting. The sum of $340,000 was voted, and deposited with the Trustees for this new DPW Fund. In 2008 and 2009, the majority of the funds were utilized for DPW equipment. There were no additional funding deposits to the account in the subsequent years. Since then, a small balance has lingered in the account, and this Article seeks to return the balance to the taxpayers and close the Fund.
Those in favor say: The existing balance has not been used in several years and should be returned to the general fund.
Fiscal impact: No tax impact.