Page 8 THE EVERETT ADVOCATE – FRiDAy, July 31, 2020 City CFO urges financial accountability during pandemic By Christopher Roberson A lthough it took nearly fi ve years to recover from the economic turmoil of the Great Recession, the economy never closed. However, the same cannot be said for the fi nancial calamity triggered by the COVID-19 pandemic. Gerry D’Ambrosio Attorney-at-Law Is Your Estate in Order? Do you have an update Will, Health Care Proxy or Power of Attorney? If Not, Please Call for a Free Consultation. 14 Proctor Avenue, Revere (781) 284-5657 dine drink gather enjo y Two Amazing Nights One Legendary Band! FORTUNE Thursday, July 30 & Friday, July 31 Saturday, August 1 at 9PM MOJO SLIM LIVE MUSIC ON THE PATIO EVERY THURSDAY NIGHT! AUGUST 6 - Freddie G's Happy Hour Band Father Ernest Egbedike, SMA receives a Citation from Councillor-at-Large Peter Napolitano for serving the Immaculate Conception parish as Parochial Vicar for the past two years. He is leaving to teach young Seminarians. Everett has been blessed for his involvement in the community. We wish him the best as he moves to his next assignment. (Courtesy photo) It's a WILDFIRE WEEKEND! Friday, August 7 & Saturday, August 8 WILDFIRE Friday, August 14 at 9PM Ultimate Kenny Chesney Show NO SHOES NATION Pizza “2 for Tuesday” Indulge in our Pizza "2 for Tuesday" every Tuesdays at Breakaway. A deal that you can't resist! You have the option to dine in or pick up! To learn more, call us at 978-774-7270. 221 Newbury Street, Danvers For Tickets call (978) 774-7270 or www.breakawaydanvers.com “What we are facing now is much diff erent as our economy came to a grinding halt and is struggling to redefi ne itself,” said Everett’s Chief Financial Officer, Eric Demas. “Many businesses that were once fl ourishing may unfortunately fi nd these current economic pressures too great to overcome.” He said current estimated figures from the state show a $6 billion shortfall for fi scal year 2021. “While I am optimistic that we will come together as a country and get ahead of this issue from a health perspective, I fear that the economic impact will be felt for at least the next three to fi ve years,” said Demas. He also said there has been little to no guidance from the federal government, which has had a detrimental eff ect on the state’s budget process. “The state has been forced to move forward with 1/12th spending plans and has yet to provide cities and towns with estimated state aid, which is a signifi cant portion of how the city balances our budget,” said Demas. local governments are balancing their budgets through increased taxation; however, this is a path that the mayor is seeking to avoid at all costs.” Demas said the task of meaEric Demas Chief Financial Offi cer Despite the vast degree of uncertainty, Demas said Mayor Carlo DeMaria’s vision for the new fi scal year has not faltered. “The mayor recognizes that fi scal responsibility, while always a top priority, is even more important during this uncertain time that we find ourselves in,” he said. “Across the country, many state and suring the fi nancial impact of the virus is challenging. “Understanding the local economic impact on our city is a critical piece to building this year’s budget,” he said. “We all face a lack of fi nancial information right now.” Therefore, Demas said, DeMaria has implemented a tool which allows for three appropriations to be made every month to the City Council. “This process allows the city to examine the local economic impact, potential revenue assistance from the federal government as well as how our state aid will be adjusted,” he said.
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