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Finance chair reports fund balances, opioid-stabilization payment approved
Summary
The finance chair reported city fund balances: capital stabilization $2,609,298, opioid stabilization starting balance $512,044 and, after a $76,768 clinician payment, a current opioid-stabilization balance of $435,276. The broader stabilization fund balance is $25,696,845.
Chair of Finance delivered the council’s financial report for the start of the fiscal year on July 1 and detailed balances in several restricted funds. He said the capital stabilization fund began the fiscal year with $2,609,298 and that the opioid stabilization fund began the year with $512,044; the council approved a payment of $76,768 for a clinician, leaving a current opioid-stabilization balance of $435,276. The broader stabilization fund balance was reported at $25,696,845 with no activity yet this fiscal year.
Councilors discussed concerns raised at the state level about retaining opioid-stabilization money rather than spending it; the finance chair said he would inquire with the mayor’s office about plans to appropriate more of the funds. The chair characterized Leominster’s balances as not among the highest in the state but noted the city still has spending needs tied to opioid-related services.
