REVERE – Standard and Poor’s rating services has given the city of Revere a rating of AA-. Another association has given the city an award for its distinguished budget presentation and the state Department of Revenue has certified the city has over $6 million in free cash.
“The city of Revere is going in a positive direction,” said Councillor Arthur Guinasso. “We need to spend money to keep the city alive and well. It’s great news and a tribute to City Hall.
Mayor Dan Rizzo agreed, adding that residents should be happy that residents live in a city where the budget is under control because of the work at city hall and the city council.
For the first time in history the city has received the “Distinguished Budget Presentation” award from the Government Finance Officers Association. Since Rizzo took office in 2012 the budget has become more user friendly and accountable to the community. The city is one of a handful that have this distinction. The budget presentation is assessed as a policy document, a financial plan, operations guide and communications device.
Councillor Anthony Zambuto said he is excited. “This is the best ever done in the city,” he said. “Revere is a city on the move. Congratulations to the Mayor and George (Anzuoni, director of finance).”
The Massachusetts Water Resources Authority a is also providing no interest loans for repairs and upgrades to the city’s aging water system.