By way of background this is my 42nd year as an elected official in the City of Newton.  The first eight years I was a member of the School Committee and for the three of those years I was elected Chairman of the School Committee. 

CouncilorFor the past 34 years I have been an Alderman/City Councilor and for the last 22 years I have been a member of the Finance Committee including a 10-year period when I was the Chairman of the Committee. 

I have supported Overrides in the past however because I have never seen the City in a stronger financial position than it is now I am voting NO on all 3 overrides questions. 

I say this for three major reasons: 

1. Free Cash -At the end of every fiscal year the state Department of Revenue certifies the amount of free cash cities and towns have which they are allowed to spend to support programs and infrastructure in the city. 

For the 10-year period FY 2013 – FY 2022 the city averaged 9.2 million annually.  This current year FY 2023 the state certified Newtons free cash at 28.5 million.  More than 3 times the previous 10-year average. 

2. COVID 19 Federal Aid 

Over the past two years the city has received an additional $88,750,000 in direct Federal Aid. While much of that money has been spent there is still approximately 25 million. 

3. Property Tax Overlay Account 

This is a separate revenue account established to cover both residential and commercial property tax appeals. The amount of money needed to cover all appeals, a worst-case scenario, is 13 million. The current balance in this account has grown to 32 million meaning there is 18 million that could be declared surplus to help support our operating and capital needs.    The last time any surplus was declared was over five years ago which is why it has grown to have the largest balance, by far, that I have seen in my 42 years. 

Going forward the financial picture is even brighter. We are in an era of unprecedented growth, with the City Council and ZBA having approved approximately 2400 new housing units with over another 1,000 additional units moving through the permitting process. The city will be receiving millions of new dollars in building permit fees along with millions of new annual recurring property tax revenue, as these projects are built.