Fall River Mayor Paul Coogan late last week submitted a $408 million dollar city budget to the city council for the fiscal year that begins this July.
The spending play for FY 2024 is $29 million or 8.9% more than Fy 2023. $17 million of the increase is scheduled to come from the state budget and allocated to the school department. The budget breaks down as follows:
- General Fund Budget of $354 million, over $220 million of which is earmarked for local schools;
- Water Budget of $15 million;
- Sewer Budget of $27.6 million;
- EMS Budget of $11.6 million.
The mayor is looking to utilize $4.5 million in American Rescue Plan Act (ARPA) funds to cover capital expenses in the budget.
For the second year in a row, taxpayers will only be assessed half of the yearly debt exclusion to pay for the new BMC Durfee High School.
For the first time this coming year, the city is being assessed for the construction of the new Diman Regional Vocational Technical High School. The $840,000 price tag for FY 2024 will be covered by available free cash and not be passed on to taxpayers.
The city is anticipating a $2.9 million decrease in revenue from local Cannabis Host Agreements. New growth revenue for FY 2024 is expected to increase by approximately $2 million.
The mayor pointed out that the spending plan is impacted by increased inflation combined with weaker local revenue collections. Mandated spending increases are forecast for employee healthcare, pension obligations and the city’s contribution to local education.
“Through this Budget we reaffirm our continued commitment to education, public safety and serving the needs of the citizens of Fall River. This Budget represents a collaboration between all City Departments and our Finance Team to review budgetary requests and maintain an increase to the Tax Levy of not more than 2.5% as allowed under Proposition 2 ½,” the mayor wrote in his letter to councilors.
The city council will soon begin hearings and deliberations on the budget with proposed cuts and approvals due by the end of June.
The mayor’s budget proposal can be viewed here.
Comments are closed.