Mayor Arrigo says $6 million in general fund;
$8.2 million in ‘rainy day fund’
Mayor Brian Arrigo reported to the City Council that the City of Revere is in “spectacular financial shape” during his update on Free Cash Transfers to the Stabilization Fund, Water and Sewer Stabilization Fund, and the Capital Improvement Stabilization Fund.
“We have just over $6 million that will be certified in our General Fund and $2.8 million that is certified in our Water and Sewer Enterprise Fund,” Arrigo told the Council at Monday’s meeting. “Of that amount that has been certified in Free Cash, we are going to be depositing $900,000 in to our General Fund Rainy Day Account. All told, the city is in spectacular financial shape – the fact we have reserves on the general side up over $8 million now is a great sign.”
Arrigo attributed the city’s financial strength to the hard work of the Council, his administration, and the city’s financial officials.