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City’s Free Cash Certified

The Massachusetts Dept. of Revenue has certified the City of Revere’s free cash figure for 2015 and 2016.

In a communication to Mayor Brian Arrigo, as of June 30, 2016, the amount of free cash in the city’s General Fund totaled $4,524,556 and, in the Water and Sewer Enterprise Fund, the total amount is $2,335,715 which represents the combined Free Cash for FY2016 and FY2016, according to the city’s Director of Finance George Anzuoni requesting a transfer of funds to Stabilization Funds.

The City Council approved Free Cash to the Stabilization Account of $678,683; and Free Cash to the Water and Sewer Enterprise Stabilization Fund totaling $350,357.

According to the Mass. Dept. of Revenue, Free Cash is a revenue source that results from the calculation, as of July 1, of a community’s remaining, unrestricted funds from its operations of the previous fiscal year based on the balance sheet as of June 30. It typically includes actual receipts in excess of revenue estimates and unspent amounts in departmental budget line items for the year just ended, plus unexpended free cash from the previous year. Free cash is offset by property tax receivables and certain deficits, and as a result, can be a negative number.

Cities and towns generally use free cash to support current-year operations or to provide a revenue source for the ensuing year’s budget. However, free cash is not available for use until after the accountant, auditor, or comptroller submits a prior-year balance sheet to the Division of Local Services (DLS) and the Director of Accounts certifies the free cash. The DLS certification protects communities from relying on free cash that might not materialize due to inaccurate local estimates.

Any free cash use requires an appropriation approved by the city council on the mayor’s recommendation but only after DLS has certified the free cash total.

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