Accounting Policies and Procedures, Appropriations, Proposition 21/2, Special Funds
multiple stabilization funds majority vote to appropriate monies into fund stabilization fund override Proposition 2 1/2 revenue dedication earmarking receipts for stabilization fund
This Informational Guideline Release (IGR) informs local officials about changes made by the Municipal Modernization Act to the stabilization fund under G.L. c. 40, § 5B. The changes eliminate caps on stabilization fund balances and the amount of annual appropriations into stabilization funds, change the quantum of vote for appropriations into stabilization funds, allow the dedication of certain revenue streams into stabilization funds and expand the depositories and investment options for stabilization fund reserves. Supersedes IGR 2004-201 and Inconsistent Prior Written Statements.
In effect. Supersedes IGR 2004-201 and Inconsistent Prior Written Statements.