Article 2-25 asks voters to approve establishing a revolving fund for the new Patton Park pool. Below is an explanation about the article from Town Manager Michael Lombardo.
ARTICLE 2015/11 2-25 – Pool Revolving Fund.
To see if the Town, pursuant to M.G.L. c. 44, § 53E ½, will authorize a revolving fund for the Patton Park pool for FY ’16, or take any action thereon, or relative thereto.
The purpose of the article is to authorize the creation of a revolving fund for pool operations and to set the account at the statutory limit of $223,739 – this number represents 1% of the property tax levy. The article does not ask Town Meeting to deposit funds into the account but merely to create the account.
The intent is to isolate receipts from membership sales and programs as well as expenditures in one account in order to demonstrate whether pool operations are self-funding as intended. While the annual budget is expected to be approximately $85,000, the higher cap is needed to allow any excess funds to accrue in the account for future repairs and maintenance so that taxpayers do not have to fund it.