It took less than 45 minutes for voters at Annual Town Meeting to pass the first 11 articles on the warrant (see related article). Articles 6 to 11, which included a $19,843,850 budget, passed with no questions or discussion.
Article 6 transferred free cash in the sum of $422,845 to the General Stabilization Fund but recommended that in future years free cash be routinely transferred to the Capital Stabilization and Investment Fund, as specified in Article 11.
In Article 7, the voters approved the $19.8 million Omnibus Budget for fiscal 2011.
Article 8 established the Reserve Fund with the same amounts as in recent years: $350,00, which included $175,000 for traditional emergency needs and $175,000 to cover potential unforeseen Special Education costs.
In passing Articles 9 and 10, voters established the Capital Stabilization and Investment Fund and, as startup funding, allocated $400,000 to that fund from General Stabilization. The new fund is earmarked for proposed capital projects presented in the Capital Plan for fiscal years 2011 to 2015.
Passage of Article 11 established an ongoing source of funding for the Capital Stabilization and Investment Fund by setting a policy of transferring certified free cash to that fund at the end of each fiscal year, barring extenuating circumstances in the current budget year, and as long as the invested balance in the General Stabilization Fund remains above 5 percent of the Omnibus Budget as of the preceding July 1. Such circumstances would include situations unforeseen when the budget was voted, such as a decrease in state aid that would affect service levels.
