HomeMy Public PortalAboutApproval of Revolving Fund TOWN OF WATERTOWN
163o Office of the Town Manager
r % Administration Building
149 Main Street
Watertown, MA 02472
` Phone: 617-972-6465
Fax: 617-972-6404
www.watertown-ma.gov
Michael J.Driscoll townmgr@watertown-ma.gov
Town Manager
To: Honorable Town Council
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From: Michael J. Driscoll, Town Manage u
Date: June 3, 2010
RE: Agenda Item—Approval of Revolving Fund
Beginning in Fiscal Year 2000, the Honorable Town Council has approved a
revolving fund to account for the Commander's Mansion activity. The utilization of a
revolving account is in compliance with the Acquisition Agreement with the United
States Army, which requires that all monies generated from the operation of the Mansion
remain with the facility.
Pursuant to Massachusetts General Laws Chapter 44, Section 53E 'lz, a City or
Town may annually authorize the establishment of a revolving fund by vote of the Town
Council, upon recommendation of the Town Manager.
Therefore, I respectfully request the approval of a revolving fund for the
Commander's Mansion activity during Fiscal Year 2011 be placed on the June 8, 2010
Town Council Agenda.
Thank you for your anticipated cooperation in this matter.
cc: Steven Magoon, Director of Community Development and Planning
Phyllis L. Marshall, Town Treasurer/Collector
Thomas J. Tracy, Town Auditor
Resolution R-2010
WHEREAS: The City known as the Town of Watertown acquired a seven acre parcel,
within the former United States Army Materials Laboratory property,that includes the
Commander's Mansion on August 24, 1998 from the United States Army at no cost; and
WHEREAS: The stated intent of this acquisition is to restore the above referenced
facility, to both ensure that the standards of the Americans with Disability Act are met
while preserving the historic character of this structure; and
WHEREAS: This stately mansion will serve a two fold purpose—as a museum
chronicling Watertown's rich history, and as a community center serving the social and
business needs of its community; and
WHEREAS: The terms of the acquisition agreement with the Federal Government
specified that the revenues generated from the operations of the Commander's Mansion
be expended for the maintenance of the facility; and
WHEREAS: The General Laws, Chapter 44, 53E '/z authorizes the creation of a
revolving fund as a mechanism for the dedication of funds derived from a specific
municipal operation to the future support of such operation; and
WHEREAS: The Town Council of the City known as the Town of Watertown
authorizes the establishment of a revolving fund pursuant to G.L. C. 44, 53E '/2 to be
known as the Commander's Mansion Revolving Fund.
NOW THEREFORE BE IT RESOLVED,that there shall be deposited into said
Revolving Fund all revenues received from any source in connection with the operation
of the Commander's Mansion, including any grant funds received from time to time
during the fiscal year; and from said Revolving Fund expenditures may be made for the
operation and maintenance of the Commander's Mansion property with the approval of
the Town Manager, in an amount not to exceed$230,000 during Fiscal Year 2011,
provided that expenditures in excess of said $230,000 may be authorized by vote of the
Town Council.
Council Member
I hereby certify that at a regular meeting of the nine member Town Council for which a
quorum was present, the above resolution was adopted by a vote of for,
against and_present on June 8, 2010.
Valerie Papas Mark S. Sideris
Clerk of the Council Council President
COMMANDER'S MANSION 6/3/2010
REVOLVING FUND
FY'2010 ACTIVITY
through 6/3/2010
REVENUES
Beginning Balance 7/1/2009 $ 82,534.95
Rental Fees'" $ 161,422.00
Sub-total $ 243,956.95
EXPENSES
Personnel" $ 73,072.83
Repairs & Maintenance $ 85,566.70
Sub-total $ 158,639.53
Balance $ 85,317.42
Includes Function Facility Coordinator, Assistant Function Facility Coordinator,
Maintenance and Temporary Help
Includes deposits for FY'2010 & 2011 & 2012