Title
Be it ordained by the Malden City Council that the Code of the City of Malden (MCC) Title 3 REVENUE AND FINANCE is hereby amended by adding 3.10 RESERVE AND STABILIZATION FUND FRAMEWORK
Body
3.10 RESERVE AND STABILIZATION FUND FRAMEWORK
3.10.01 Purpose
The purpose of this Section is to establish a consistent framework for the establishment, administration, funding, review, and use of the City of Malden's stabilization funds and other designated reserves.
The framework is intended to promote long-term fiscal stability, provide appropriate resources for unforeseen or extraordinary financial needs, support prudent pay-as-you-go funding of eligible capital needs, and establish a regular process for reviewing the City's reserve position and making annual funding recommendations.
3.10.02 Authority
This Section is established pursuant to applicable provisions of Massachusetts General Laws, including M.G.L. Chapter 40, Section 5B, and other applicable law governing municipal stabilization funds, appropriations, and financial administration.
Ordained by a vote of the Malden City Council on October XX, 2026 with Paper #___ adopting the local option of M.G.L. c. 40, s. 5b to establish the city’s General Purpose Stabilization Fund and Paper #___ adopting the same to establish the city’s Short-Term Capital Needs Special Purpose Stabilization Fund
Nothing in this Section shall be construed to limit or supersede the statutory or charter authority of the Mayor or City Council, including the City Council's authority to appropriate funds as provided by law.
3.10.03 Applicability
This Section shall govern the City's General Purpose Stabilization Fund and Short-Term Capital Needs Special Purpose Stabilization Fund established by the City Council pursuant to M.G.L. Chapter 40, Section 5B, and such other reserve funds as may subsequently be established by the City in accordance with applicable law.
The detailed financial standards, target balances, funding methodologies, eligi...
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