THE MALDEN ADVOCATE–Friday, July 3, 2020 Page 3 Councillors request an overview of MRA finances By Barbara Taormina A lthough the City Council wrapped up business and headed into their summer break this week, councillors still managed to include one surprising item on their agenda. Councillors Ryan O’Malley, David Camell, Stephen Winslow, Craig Spadafora and City Council President Jadeane Sica cosponsored a resolution calling for Malden Redevelopment Authority (MRA) Executive Director Debbie Burke to appear before the Finance Committee and provide a comprehensive overview of MRA fi - nances, including revenue, expenses, assets and liabilities. “We get this information every year in an annual report, but I think it’s important that we get a higher level of detail,” said Ward 4 Councillor O’Malley. “I think that as a city we have to be aware of how the MRA is operating financially because if something were to ever happen with the MRA, all of the authority’s liabilities would fl ow back to the City of Malden.” Councillor-at-Large Debbie DeMaria said she thought a presentation on MRA fi nances would be fascinating stuff . “My only ask is to have my name added as a cosponsor,” she said. Ward 2 Councillor Paul Condon also asked to be added as a cosponsor of the resolution. “It’s good to be updated on any liabilities and any programs and how they are going,” he said. Councillor-at-Large Spadafora said it’s a good exercise to check in with the MRA and fi nd out how they are doing fi - nancially. “We know there have been some changes over there with regard to their parking contract, and we know there have been some challenges,” said Spadafora, who added that the MRA was also working on some capital improvements. As O’Malley said, the MRA provides a yearly overview of its fi nances as part of its annual report. And again, as O’Malley said, it’s worth the city’s time to dig a little deeper for the details behind the barebones lists of assets, liabilities, revenues and expenses and their corresponding dollar amounts. This week Prisco Tammaro posted the MRA’s 2019 annual report on the Malden MA Politics Facebook page. Tammaro focused in on the off -street parking program in downtown Malden and Maplewood Square, which is administered by the MRA. The annual report lists seven parking garages and seven surface lots. But according to the report, the parking program is managed by private parking consultant SP Plus, which provides more than 2,100 parking spaces in fi ve downtown garages and eight surface lots. Although it’s not clear where the eighth surface lot is, that’s not the big question about MRA parking. According to the 2019 report, parking program revenues were $2,119,123. But parking program expenses were $1,656,904, which leaves $462,219 in actual revenue. “So they make $2M from parking garages and lots but spent $1.5 million in expenses running the garages and lots in 2019,” said Tammaro. “So that would mean 2020 expenses of running garages would be more than revenue? If true, the giving free parking in 2020 would actually save the city money.” Tammaro also pointed out that in the city budget, city departments list positions, salaries and operating expenses. The MRA report doesn’t include that information, and other fi nancial data is vague. For example, the 2019 report lists $20,187,215 in assets, but some of those assets are divided into categories, such as “due from other government,” “Other Receivables” and “Cash and cash equivalents.” O’Malley said the request for a fi nancial overview of the MRA is just for informational purposes. “The hope is the MRA will appear before the Finance Committee in September,” he said. “They will have all summer to produce this, and we can then have an indepth discussion about MRA fi nances.” 505 Broadway Everett, MA 02149 Tel: 617-387-1120 www.gkdental.com • Family Dentistry • Crowns • Bridges • Veneers/Lumineers • Dental Implants • All on 4 Dental Implants • Emergency Dentist • Kid Friendly Dentist • Root Canals • Dentures • Invisalign Braces • Snap On Smile • Teeth Whitening We are the smile care experts for your entire family AUTOTECH 1989 SINCE Is your vehicle ready for the Summer Season?!! Recharge your vehicle's AC for the warm weather! Includes up to 1 LB. of Refrigerant* (*Most Vehicles/Some Restrictions May Apply) AC SPECIAL Only $69.95 DRIVE IT - PUSH IT - TOW IT! CASH FOR YOUR CAR, TRUCK OR SUV! 2012 FORD FUSION SEL 2015 NISSAN ALTIMA 6 Cylinder, Auto., 1 Previous Owner, Most Pwr., Options incl. Keyless Entry, & Pwr. Sunroof. Only 110K Miles! ALL TRADES WELCOME! $5,995 Easy Financing Available! Only 104K Miles, One Owner, Most Power Options, in Excellent Condition. QUALITY & PRICE $7,250 781-321-8841 1236 EasternAve • Malden EddiesAutotech.com We Pay Cash For Your Vehicle! In House Dental Plan for $399 (Cleanings, X-Rays, Exams twice a year and 20% OFF Dental work) Schedule your FREE Consultations today
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