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Subcommittee recommends amendment to free cash allocations for stabilization funds
Summary
The Legislative Affairs Subcommittee recommended an ordinance amending the city's revenue and financial policies to change how free cash is distributed to stabilization accounts; City CFO spoke in favor during the subcommittee meeting.
The Legislative Affairs Subcommittee unanimously recommended sending to the full City Council an ordinance to amend the City of Revere's revenue and financial policies governing distributions of free cash to stabilization funds.
Richard Viscate, identified in the record as the city chief financial officer, told the subcommittee the city has adopted new stabilization accounts in recent years and he sought an amendment to the policies to reflect current budget practices as staff prepare the fiscal year 2026 budget.
On the roll call the clerk recorded five yes votes and the clerk announced the ordinance had received a favorable recommendation to the full City Council.
The ordinance text and dollar amounts for transfers were not included in the subcommittee discussion; the CFO offered to answer questions during the full council's consideration.
