Revere Development News

Revere City Council Recommends FY27 Budget Following Review and Discussion

The Revere City Council Committee of the Whole convened on June 22nd, 2026, to discuss the fiscal year 2027 operating budget. The Ways and Means Subcommittee had previously met on June 9th and 10th. CFO Richard Biscay presented the budget and answered questions from councilors regarding revenues, specifically investment income from the $75 million bond, and its projection over the next few years. Discussions also touched upon creative options for steering funds into the RHS stabilization fund, including percentages of free cash and energy credits from geothermal wells. The projected gap years of 2028, 2029, and 2030 were discussed, with updated numbers showing a reduction from the initial $8 million gap in 2029. The upcoming bond sale in July and its impact on interest rates and projections were noted. The city's bond rating was also discussed, with the expectation of maintaining a double A rating with a stable outlook. Councilor Kelly inquired about the Community Preservation Act (CPA) as a potential creative alternative for budget gaps, and Biscay explained that CPA allows communities to vote to raise the levy up to 3% for historical preservation, open space, recreation, and affordable housing, with state matching funds. It was clarified that adopting CPA requires a council vote to put it on the ballot, followed by a citizen vote. The committee ultimately voted to send a favorable recommendation to the City Council for the adoption of the FY27 budget, totaling $297,566,962.