Mayor Paul Coogan has released the City of Fall River’s FY 2025 city budget.
The balanced spending plan totals $434 million which is $22.9 million above FY 2024. Over $12 million of the increase is funding for city schools mandated by a hike in state aid. Pension obligations for retirees accounted for another $2.8 million in increased spending.
Taxpayers will see real estate taxes increase by the maximum rate of 2.5%. They will also be paying fully, at $5.1 million, for the cost of paying the debt on the construction of the new B.M.C. Durfee High School through a debt exclusion approved by voters in 2018. The mayor has indicated he will ask voters to approve another debt exclusion to pay for the construction of the new Diman Regional Vocational Technical High School costing the city approximately $6 million beginning as early as next year.
The city is receiving more aid from the state and is saving money through the elimination of commercial trash collection. $1.7 million in new growth is anticipated to be added to the city’s revenues.
The mayor says the city is undergoing a period of “financial volatility” but has a total of over $25 million in its stabilization and surplus revenue accounts to deal with any economic downturn.
The budget is being sent to the city council which has until June 30 to approve, reject or reduce the spending plan’s bottom line.
You can view the complete FY 2025 proposed budget here.
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