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Date: 3/1/2023
AGAWAM — At its Feb. 21 meeting the Agawam City Council approved the creation and the initial funding of a Capital Stabilization Fund, a new funding device the city can use in the place of bonding for some purchases.
The council allocated $2 million from free cash — unspent money left over from previous budget years — to fund the account.
Councilor Rosemary Sandlin, chair of the council’s Finance Committee, said the committee unanimously recommended the creation of the new fund.
“It’s important we have that flexibility,” she said. Sandlin explained that funding in this account accrues interest. “It’s like a savings account that builds interest,” she added.
Council President Christopher Johnson explained that bonding agencies such as Moody’s Investor Services and Standard & Poor’s look favorably upon communities with this kind of fund.
Council Vice President Dino Mercadante said the establishment of the fund was a way to avoid borrowing.
Sandlin referenced the Fire Department’s needs to buy a new vehicle, and that this fund may be used for that purchase.
The council also approved the acceptance of two new grants from the Massachusetts State 911 Department in the sums of $116,290 and $8,199.16 that will used by the Agawam Police Department. Councilor Anthony Russo thanked both the police chief and the fire chief for their efforts to bring grant money into the city.
Johnson noted the Hartspring Foundation awarded Agawam with a $500 prize for the donation of used clothing in a contest with West Springfield. Johnson expressed his satisfaction for the win in the friendly competition.