Municipal Buildings Stabilization Fund

At the 2018 Annual Town Meeting, the Town approved the creation of a Municipal Buildings Stabilization Fund to provide funding for facilities repair and improvement projects. The stabilization fund was funded with $1 million override on property taxes, that may increase by 2.5% per year upon approval of the Board of Selectmen. The transfer of funds out of the Municipal Buildings Stabilization Fund must be approved by Town Meeting by a 2/3 vote. Additional background information about Stabilization Funds is available on the state website. 

The Municipal Buildings Stabilization Fund was created to begin addressing a number of facilities maintenance and improvement projects that were identified in a 20 year Municipal Facilities Evaluation and Capital Plan that was released in October 2017. The 20-year plan was funded in part by a grant received by the Commonwealth of Massachusetts through the Community Compact Best Practices program. 

The first year of the Municipal Buildings Stabilization Fund (FY2019) was used to fund the $1 million Feasibility Study / Schematic Design for the Dale Street School project. In subsequent years, funds have been appropriated for various projects at Town and School facilities.  

The list of projects anticipated to be funded from the Municipal Buildings Stabilization Fund in Fiscal Years 2023 to 2026 can be found here. The FY2023 approved projects include an appropriation of $50,000 to update the Town's 20-year facilities plan to continue the Town's long-term facilities and financial planning efforts.