March 30 2018,  Revere

Revere gets record $11.2 million in Free Cash

By Sara Brown

 

Mayor Brian Arrigo announced $11.2 million in Free Cash for both the General Fund and Water & Sewer Enterprise Fund. At the March 26 City Council meeting, councillors accepted the Free Cash and were delighted over the news.

“This amount certified is the highest Revere has ever seen,” said Arrigo. “This is a key indicator of the City’s sound fiscal management and health. My team will continue to operate in an efficient manner that assures the greatest value for our taxpaying citizens.”

Arrigo said the amount of money signifies the financial strength Revere has as a community and will help stabilize water and sewer rates. “Our residents have been carrying the burden because of the consent decree we are in,” he said. “This gives us flexibility to stabilize rates.”

The city’s Director of Finance, George Anzuoni, said more than $6.2 million will be going to the General Fund and more than $4.9 million will be going to the Water & Sewer Enterprise Fund. Mayor Brian Arrigo requested three transfers, which included Free Cash of $941,037 to the General Stabilization Fund; $741,023 from Water & Sewer to the Water & Sewer Enterprise Stabilization Fund; and $1,254,716 transferred from the Free Cash to the 2017 Capital Improvement Stabilization Fund. The Council approved all three transfers.

Ward 4 Councillor Patrick Keefe wondered if they could expect these amounts of free cash in the years to come. Anzuoni said he is conservative when it comes to his estimates and didn’t feel comfortable giving exact amounts of what they can expect but said if they keep to the budget, they should keep receiving a good amount. It’s a tax savings to the public, stated Anzuoni, saying it depends on the year and the revenue.

“Sounds like good news,” said Keefe. “It’s very good news,” Anzuoni said.

Councillor-at-Large Dan Rizzo asked in what year would the city be fully funding retirement, and Anzuoni said around 2033.

Other councillors were excited over the announcement. “Obviously this is good news,” Councillor-at-Large Anthony Zambuto said. “This is a good thing for the taxpayers of the city.”

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