By Adam Swift
Council Approves Transfer of Free Cash to High School Building Fund
The Department of Revenue recently certified just over $3.6 million in free cash for the city in Fiscal Year 2023.
For the first time, a portion of that free cash will be earmarked for the new Revere High School Stabilization Fund.
Monday night, the city council approved transferring $366,597, or 10 percent of the certified free cash, into that fund.
“Last year, we did vote to establish a high school construction stabilization account … but we did not deposit any money into it,” said Richard Viscay, the city’s CFO.
With the recent certification of the city’s free cash, Viscay said the city now has funds to seed that account. He said the goal is to build up a sufficient balance to use that will offset debt payments as the city lets new growth and new revenue catch up to the debt service.
“This is a tool that we are implementing here to try to help facilitate building this high school,” said Viscay.
In addition, the city also approved the previous city ordinances when it comes to dispersing the certified free cash.
“Free cash is a revenue source that results from the calculation, as of July 1, of a community’s remaining, unrestricted funds from its operations of the previous fiscal year based on the balance sheet as of June 30,” stated Viscay. “It typically includes actual receipts in excess of revenue estimates and unspent amounts in departmental budget line items for the year just ending, plus unexpended free cash from the previous year.”
The council approved transfers from the free cash to the general fund stabilization fund, capital improvement stabilization fund, Other Post Employment Benefit (OPEB) trust fund, the affordable housing trust fund, and the water and sewer stabilization fund.
“These transfers will continue to increase the city’s stabilization funds and OPEB trust fund balances,” stated Viscay. “Specifically, the city will have in excess of $9.8 million in the General Stabilization Fund, $5.1 million in the Water and Sewer Stabilization Fund, $1 million in the Capital Improvement Trust Fund, $1.1 million in the Affordable Housing Trust Fund, and over $1.9 million in the OPEB Trust Fund.”\
Women Making History Event on March 8
On March 8, 2024 the Revere Chamber of Commerce will officially hold its very first Women’s History Month Luncheon event at Sheraton Four Points- Logan Airport (407 Squire Rd Revere) from 12pm – 3pm.
Event Hosts: Amanda Bonasoro (Board Secretary) & Erica Porzio (Executive Director)
Keynote Speakers: (12:45-1:30pm)
* Jennifer Keefe
* Dr. Dianne Kelly
* State Rep. Jessica Giannino
• Buffet style lunch catered by Bono Appetit Meal Prep Co.
• Desserts by Jennifer Keefe
• Raffles
Tickets can be purchased, in advance, on the Chamber website: www.reverechamberofcommerce.org
reverechamberofcommerce.org/events
