$268.6 million proposed budget
By Josh Resnek
The city’s finances appear to be in good order and the 2024 budget at $268.6 million covers a great deal of positive territory as Everett enters a key period in its modern development.
City officials informed a joint meeting of the city council and the school committee last week that the city’s finances have been buoyed by a $27.6 million host payment from Encore Casino and Hotel.
That host agreement is right now being renegotiated, according to city officials.
Standard and Poor’s has assigned the city a Double A-Plus rating which implies a stable outlook regarding the city’s financial future, according to city officials.
An official disclosed the city has $7.7 million in its stabilization fund and $7.4 million in its capital improvement fund.
The city is also holding tens of millions of dollars in ARPA funding it received as compensation for COVID-19 losses and added expenses.
That funding remains largely unused.
On the school department side, $128.6 million represents the 2024 budget total.
That total is $19.9 million more than 2023.
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