Mass. Dept. of Revenue certifies $5.9M in free cash; Council holds off transfer to HS Stabilization fund

  Every year around this time, cities and towns get a financial boost when certified free cash makes it onto the agendas of city councils, boards of selectmen and aldermen. This year, the state Dept. of Revenue’s Division of Local Services certified $5,924,275 in free cash for a 2022 budget surplus for Revere. This week, city councillors voted to squirrel much of that money away in the city’s stabilization accounts and to channel needed funding to city operations.

  Councillors voted unanimously to transfer $888,641 from free cash to the city’s general stabilization fund, a rainy day account for deficits and emergencies. They also voted unanimously to move $592,428 from free cash to the Affordable Housing Trust Fund. The Capital Improvement Stabilization Fund received a $1,184,855 cut of free cash. With unanimous votes, councillors moved $250,000 from free cash to the Post-Employment Benefits Trust Fund and $355,470 from Water and Sewer free cash to the Water and Sewer Stabilization Fund. Councillors also voted to transfer $175,000 to the city’s Sand Sculpting Festival and to use free cash to cover the police patrolmen’s contract.

  Councillors put off transferring money to the High School Stabilization Fund. “It’s something we’ll utilize to fund some sort of high school,” said City Council President Patrick Keefe.

  But city CFO Richard Viscay advised the council to hold off. “It seems like we’re back to the drawing board,” said Viscay about the high school project.