Page 14 THE EVERETT ADVOCATE–Friday, October 18, 2019 BOASTS | FROM PAGE 1 key investments in the city. “Standard and Poor’s has given us one of their highest ratings,” he said. “Our operating surpluses, our very strong liquidity, our low overall net debt and formal five-year long-term capital projections show that we can meet our infrastructure needs while also providing some relief to our taxpayers.” He also said Everett has one of the highest yearly appropriations in the state that is dedicated to funding the city’s retirement system, adding that full funding is expected within the next 11 years. In addition, DeMaria said funding for other post-employment benefits will increase once the retirement system is fully funded. However, this plan flies in the face of one of the recommendations made recently by the School Finance Task Force. It stated that “the distribution of the annual casino revenue for the city should be dedicated to ongoing critical needs of the city in its provision of operational and capital services. Going forward, these funds should not be applied to reducing property owners’ tax bills.” Yet, the DeMaria Administration is anticipating a “significant increase” in state education funding under Chapter 70. The Student Opportunity Act, which was recently passed by the State Senate, will infuse $1.5 billion into the Chapter 70 system. Within that figure, Everett is expected to receive at least $19 million incrementally over the next seven fiscal years. A graph showing how Everett’s single-family tax rate compares to those of 21 other communities in Greater Boston. (Courtesy Photo) For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net
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