THE EVERETT ADVOCATE – FRiDAy, NOVEmbER 3, 2023 Page 5 Dept. of Revenue certifi es City of Everett’s free cash M Special to Th e Advocate ayor Carlo DeMaria is pleased to report that the Department of Revenue (DOR) recently certified the City’s free cash in the amount of $25,105,861. Free cash is a revenue source which results from the calculation, as of July 1, of a community’s remaining, unrestricted funds from operation of the previous fiscal year. It includes actual receipts in excess of revenue estimates and unspent amounts in department budget line items, plus unexpended free cash from the previous year. For the last several years, the City has retained well over $15 million in free cash, showing that the City is proactive in its fiscal management, something that bond rating agencies, bond buyers and the DOR all look fa“I am pleased to report that Carlo DeMaria Mayor vorably upon. The city strives to follow Massachusetts Division of Local Services (DLS) best practices, which recommends a city’s reserves total 5-10% of the operating budget. This year’s free cash of $25,105,861 represents 9% of the Fiscal Year 2024 (FY24) general fund operating budget of $288,621,894. free cash is over the $25 million mark,” said Mayor DeMaria. “Our diligent and conservative approach to revenue forecasting, our sound fi scal management of expenditures, and our fi nancial reserve policies have served us well and have allowed us to retain our secure fi nancial position and a AA bond rating with Standard and Poor.” This year the impressive amount of certifi ed free cash was a result of conservative budgeting by Mayor DeMaria and his administration as well as appropriation “turn backs” by City departments. Diligent collection of tax titles also helped to boost the amount of certifi ed free cash. One aspect of free cash comes from higher than anticipated revenue collections in such accounts as motor vehicle excise taxes, license and permit fees and meals taxes. In addition to contributing to free cash, these increased revenue streams are also a 8 Norwood St. Everett (617) 387-9810 Open Daily 4:00 PM Closed Sunday Starting Monday, September 11... We’re back to serving our Full Menu featuring all your favorite Italian Specialties and American Classics! Catch ALL The Live Sports Action On Our Large Screen TV’s www.eight10barandgrille.com SABATINO INSURANCE AGENCY 519 BROADWAY EVERETT, MA 02149 Auto * Home * Boat * Renter * Condo * Life * Multi-Policy Discounts * Commercial 10% Discounts * Registry Service Also Available Sabatino Insurance is proud to welcome the loyal customers of PHONE: (617) 387-7466 FAX: (617) 381-9186 Visit us online at: WWW.SABATINO-INS.COM good indication that the City is moving forward with new DEMARIA | SEE PAGE 7
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