News

City Council Passes Mayor Morse’s FY2014 Budget Text Size

Mayor Alex B. Morse is pleased to announce that the City Council has passed his proposed budget last night to run the city in the fiscal year that begins July 1, 2013 with a 10-5 vote. The $123.6 million spending plan is $740,427 less than the previous year’s proposed budget of $124.3 million.

The proposed budget is lean and conservative, as many departments will see no increases over FY13, and many will see decreases. In this budget, there are no new positions being funded, and department heads have been instructed to control spending until the end of the fiscal year in the hope of having a positive impact on next year’s free cash.

Additional savings are noticed in reduced health care costs, long-term debt service payments and grant monies received by the Fire Department to supplement salaries.

In addition, Mayor Morse says the City is in great financial shape; tax collections are up 35.26%, the bond rating has also received great marks from Moody’s. The city’s stabilization, or rainy day, fund is $11.9 million and the free-cash account is about $700,000.

 


Posted on June 19, 2013 by