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Council approves $4.6 million transfer to new Diamond stabilization fund to smooth future debt payments
Summary
The City Council voted to transfer $4,600,000 from FY2024 surplus revenue into a newly created Diamond stabilization fund intended to cover near‑term debt assessments for the Diamond project. Councilors pressed administration for a written financial policy governing future deposits and use of the fund.
The Fall River City Council voted April 22 to create a dedicated Diamond stabilization fund and transfer $4,600,000 from fiscal year 2024 surplus revenue into it to pre‑fund expected debt payments tied to the Diamond project.
City officials said the account is intended to cover a large, known assessment expected to begin in the coming fiscal year and give the city time to create a longer‑term plan if revenues fall short. “The goal is to budget for it each year in the budget,” a city finance staff member said, “but we wanted to have at least a year’s payment in the stabilization fund to kind of cover that amount so that we…
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