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Delegates debate tapping revenue-stabilization fund and propose review of all stabilization funds
Summary
Deputy Speaker Freisel questioned whether the draft should allow use of the revenue-stabilization fund for capital debt-service and recommended a future finance meeting to review the county's multiple stabilization funds and consider consolidation or transfers.
Deputy Speaker Freisel raised questions about a draft provision that referenced using stabilization funds to cover capital debt service. He explained that the revenue stabilization fund was created "for the purpose of having a sum of money ready and available" to cover temporary revenue shortfalls — for example, a drop in excise-tax receipts — and questioned whether it should be used for capital debt-service payments.
Freisel recommended scheduling a finance meeting in September or October to review the various stabilization funds, the reasons they were created, and whether some should be consolidated or tapped differently. "I recommend sometime in September or October that we schedule a meeting of finance to discuss all these stabilization funds," he said. Committee members agreed that a broader review would be useful and that the assembly could debate the level of detail at a later date.
