By all accounts, it appears the city is broke. Inconceivable! Unbelievable! Impossible! Regrettably it appears to be true.
Even with the giant casino going up down the street – supposedly the city’s ticket to untold riches and security – the city’s cash coffers are almost dry and taxes are headed up by a good 11%.
Last week, the city borrowed $9 million without fanfare, proving again, the city didn’t have the money on hand to pay its upcoming bills.
The casino was supposed to set the city on a course of financial freedom and plenty.
This is how the mayor advertised it when he hooked top with Steven Wynn and fell in love with the man and his legend.
Well, the man and his legend turned out not to be what was advertised. We doubt the mayor would ever have his photograph taken with Steve Wynn again.
If the mayor allows the $2.5 million in the city’s account to be transferred into the school department account, he apparently has $400,000 remaining in cash to run the city.
This, after receiving already $30 million from the casino!
How is this possible?
How can this be true?
How is the city broke after going into business with one of the biggest cash cows in the history of modern gaming?
We are certain the mayor will send out his Hessian hired gun CFO Eric Demas to present a tutorial on how the city is really rich with money, the bond rating is safe, and the schools must be punished for needing so much money.
We know better and residents are coming to understand as well how the game works in Everett.
Bottom line, voters need to know, voters should demand to know from the mayor where all the money has gone.
‘These are difficult times,” the mayor said last week in an interview with the Independent.
That one line says it all about the city’s present fortunes.
We all need to ask ourselves: how can Everett be in such precarious financial shape?
What is wrong?
How much is being overspent by the city to run itself?
This is what we need to know.