Page 2 THE EVERETT ADVOCATE – FRiDAy, MAy 12, 2023 ANGELO’S A FULL SERVICE 1978-2023 Celebrating 45 Years in Business! Regular Unleaded $3.159 Mid Unleaded $3.739 Super $3.899 Diesel Fuel $3.799 Heating Oil at the Pump $4.759 $3.039 DEF HEATING OI 24-Hour Burner Service Call for Current Price! (125—gallon minimum) DEF Available by Pump! Open an account and order online at: www.angelosoil.com (781) 231-3500 (781) 231-3003 367 LINCOLN AVE • SAUGUS Hours. Mon.-Wed. 6AM - 6PM / Thurs. & Fri. 6AM - 7PM / Sat. 7AM / Sun. 9AM-5PM Pictured from left to right: Ward 3 Councillor Darren Costa, Ward 6 Councillor Alfred Lattanzi, Ward 1 Councillor Wayne Matewsky, Ward 1 School Committee member Millie Cardello, City Council President/Councillor-at-Large Michael Marchese, Councillor-at-Large Irene Cardillo, Ward 3 School Committee member Jeanne Cristiano, Ward 2 Councillor Stephanie Martins, Ward 4 School Committee Chair Michael Mangan and Ward 2 School Committee member Jason Marcus during Wednesday’s joint City Council and School Committee meeting at City Hall. By Tara Vocino E verett’s Chief Financial Offi cer, Eric Demas, presented a fi ve-year fi nancial forecast during Wednesday’s joint meeting between the City Council and School Committee at City Hall. Standard & Poor’s, which had assigned an AA+ rating, has given the city a stable outlook on its fi nancial future. “There is prudent management with the well-embedded financial management policies, despite recent turnover,” Demas said. Available stabilization funds are $7,700,361 and the Capital Improvement Stabilization Fund is $7,406,984, according to Demas. He advised everyone to follow best practices for budgeted documents, as every city is diff erent in terms of its formal structure. The city received the CertifAdvocate Online: www.advocatenews.net icate of Annual Comprehensive Financial Reports for the eighth year in a row, which is the highest form of recogniFive-year fi nancial forecast presented to City Council, School Committee Pictured from left to right: Academic Superintendent Kevin Shaw, Finance Superintendent Anu Jayanth and Superintendent of Schools Priya Tahiliani. (Advocate photos by Tara Vocino) tion in governmental accounting and fi nancial reporting. The total tax levy is estimated to be $169,522,500. A tax levy is the amount that a community raises through property tax. The amount of taxes estimated to be levied to balance the fi scal 2024 budget is $119,545,788, which is approximately a 9.7 percent increase from fi scal 2024, leaving an excess levy capacity of $49,976,762. Revenues are $194,410,589, and expenses are $76,417,637, according to Demas. The School Department’s budget is $128,612,364, which is an 18 percent increase over fi scal 2023. City and school expenses are $63,618,685, which is a 4 percent increase over fi scal 2023. “The fi scal 2024 budget is balanced with over $49 million of excess capacity available,” Demas said. “The administration will seek to receive the Distinguished Budget Award as part of its fi scal 2024 mayor’s recommended budget.” School Committee Chairman Michael Mangan invited Mayor Carlo DeMaria to answer questions. Mangan asked DeMaria his financial forecast in terms of tax revenues and redevelopment. The mayor stated that between the proposed use of the power plant site, phase two of Encore and the continuing redevelopment of lower Broadway, its success will largely depend upon the city getting transit access. “The next 10-20 years I see a huge amount of revenue coming in, but that doesn’t help FIVE-YEAR | SEE PAGE 10 Prices subject to change DIESEL TRUCK STOP FLEET
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