01/27/2020 BOARD OF SELECTMEN Agenda Packet

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Article PROPOSED ARTICLE to create a Municipal Water Infrastructure Investment Fund (WIIF) (2% surcharge) To see if the Town will vote to accept General Laws Chapter 40, Section 39M for the purpose of establishing a separate account to be known as the Municipal Water Infrastructure Investment Fund, revenues from which shall be expended exclusively for maintenance, improvements and investments to municipal drinking, wastewater and stormwater infrastructure assets, and,further, to authorize the imposition of a water infrastructure surcharge on real property in the Town at the rate of two per cent (2%) of the real estate tax levy against said real property, as determined annually by the' Board of Assessors, which will be deposited into the Fund; said surcharge to commence in Fiscal Year 2021, effective July 1, 2020; or take any other action relating thereto. Submitted by the Board of Selectmen Explanation:This article establishes special.fund for infrastructure for wastewater,stormwater and municipal drinking water. The funding source is a surcharge of two percent (2%) on the annual property tax assessed on real property starting in Fiscal Year 2021, which begins on July 11 2020. Real estate properties that are fully exempt from property taxes are not subject to the surcharge, In 'addition, taxpayers who receive partial exemptions of the, real estate taxes assessed on their domiciles, including certain seniors, veterans, blind persons and surviving spouses, are fully exempt from the surcharge. Taxpayers that receive other exemptions, or abatements of their real estate taxes will receive a pro rats reduction in their surcharges. Pro osed Ballot Question for Water Infrastructure Investment Fund and surcharge o 2%: Shall the Town of Mashpee accept the provisions of Section 39M of Chapter 40 of the General Laws, and impose a water infrastructure surcharge on real property in the Town at the rate of two, per-cent (2%) of the real estate tax levy against said real property, a fair and concise summary of which appears below? Yes No Summary:Section 39M of Chapter 40 of the General Laws of Massachusetts establishes a special "Municipal Water Infrastructure Investment Fund"with a dedicated funding source that may be spent on maintenance, improvements.and investments to municipal drinking, wastewater and stormwater infrastructure assets. Town Meeting must approve all spending from the fund. The source of funding for said Fund is a surcharge of two percent (2%) on the annual property tax assessed on non-exempt real property starting in Fiscal Year.2021, which begins on July 1, 20200