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Cambridge finance staff propose $5 million stabilization fund to cover potential federal funding cuts
Summary
City finance staff recommended using $5 million in one-time free cash to create a stabilization fund to backfill expected federal grant losses, while urging the Council to prioritize a small number of initiatives for scoping given uncertain revenue projections.
Cambridge finance staff recommended that the City set aside $5 million in one-time free cash as a stabilization fund to cover expected federal funding gaps, and outlined a new council-driven process to prioritize and scope future initiatives.
Claire Spinner, assistant city manager for finance, told the Finance Committee that "given this uncertainty at this moment, we are recommending investing $5,000,000 towards a stabilization fund for expected federal funding gaps." Spinner said the money would come from certified free cash and would not be invested in a special account; it would be available if federal grants are cut.
The recommendation grew out of staff presentations that showed longer-term operating- and capital-budget pressures, including rising debt-service costs and an uncertain commercial tax base.…
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