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Revere treasurer: recent property-tax bills will shave about $3.5 million from district revenues through FY2030
Summary
At a Jan. 15 special meeting, Revere’s treasurer outlined how recently signed state bills change levy calculations and growth caps, projecting roughly $3.5 million in lost property-tax revenue through fiscal 2030 and urging the board to weigh transfers and priorities to offset the gap.
Revere’s treasurer told the school board on Jan. 15 that several bills signed by the governor will reduce the district’s property-tax revenue, forecasting a cumulative loss of about $3,500,000 through fiscal year 2030.
The treasurer said one measure, House Bill 129, removes an exemption that previously kept certain emergency or substitute levies from counting toward the 24 calculation, meaning those levies “now count toward the 24,” and the district is no longer treated as at the “20 mil 4” status. He described that bill as the single largest, most-certain near-term revenue hit.
He walked the board through two other measures: House Bill 186, which applies a growth cap to the 20-mill portion that will be based on a three-year inflation-type average, and House Bill 335, which applies similar caps to the district’s inside millage. “They’re going to use [a] gross domestic product index…so in general, 3% a year, I think, is a fair enough number,” he said.
On timing, the treasurer said the impacts begin in fiscal 2027 as a half‑tax year and escalate annually — roughly $200,000 in the first year, rising toward $1.2 million, $2.2 million and about $3.5 million in later years — producing the $3.5 million estimate through FY2030. He cautioned that other state funding shifts (foundation funding, transportation, preschool, special education) continue to move and will be reflected in updated forecasts.
To limit the budget gap, the treasurer recommended examining longstanding transfers from the PI fund — including previously approved amounts for roofs and technology — and noted that upcoming debt retirements (a $7 million note and other obligations) should free PI fund capacity in about four years. “We may take that out because that covers a half million of our million,” he said of a possible pause to transfers.
The treasurer emphasized communication and transparency, saying he files forecasts twice a year and will present updated projections at public meetings and on the district website. He also urged the board to prioritize spending choices: “Is there something we can cut to offset the increased cost of whatever we choose to add?” he asked.
What’s next: the treasurer said he plans to finalize and present an updated forecast in February or March, depending on when additional state and settlement information becomes available.
