Politics & Government
Attleboro Adds to Stabilization Fund
The deposit made this month is part of an ongoing effort to build city savings, officials say.
Attleboro officials took another next step this week in their ongoing effort to build city savings.
The City Council unanimously approved a measure to move $282,000 to the city stabilization fund. Budget and Appropriations Chairman Brian Kirby said the installment was part of a "multi-year plan" to build the fund.
At a Budget and Appropriations Committee meeting earlier this month, Kirby explained that the $282,000 deposit will bring the sum of the fund close to $2.7 million.
He said city officials hope to eventually build the fund to 5 percent of the total city operating budget. In Fiscal Year 2014, Attleboro's operating budget is approximately $119 million. The goal, he conceded, would take many years to achieve.
However, Kirby said the stabilization fund has grown substantially in recent years due to continuous deposits like the one made this month. When he was first elected to the council in 2003, he said the stabilization fund had a less than $275,000 balance.
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