Mayor Christenson Submits Fiscal Year 2014 Proposed Budget
Dear Members of the City Council,
The Fiscal Year 2014 budget has been prepared for your review and consideration. The total amount proposed is $160,601,673 and the overall increase amounts to 5% with most of that being attributed to debt service, state mandated net school spending requirements, and almost $1M in costs associated with this past winter’s snow removal which must be paid in Fiscal Year 2014.
The major challenge in funding this budget was to do so with Local Aid being virtually level funded and the annual property tax levy increase going to pay additional debt and interest costs. These negative factors contributed toward a roughly $8M deficit at the outset of our budgetary process. However, through a combination of cuts, restructuring, one-time revenue sources, and a new revenue source in the form of a Payment in Lieu of Taxes (PILOT) agreement with the Malden Redevelopment Authority (MRA) on parking garage income, we were able to address this major shortfall without sacrificing Malden’s future. It should also be noted that we were able to tackle this difficult budget process without tapping into the City’s recently enacted policy requiring us to maintain 7.5% of our annual operating budget in reserve...Read More
To view the proposed budget click here.