File #: 255-23    Version: 1 Name:
Type: Resolution Status: Passed
File created: 6/14/2023 In control: City Council
On agenda: 6/20/2023 Final action: 6/20/2023
Title: Resolve: That it is the sense of the Malden City Council that the city must develop a plan to increase local revenue in the next 3-5 years to match projected future expenses. In addition to the regular annual inflation of city salaries and costs, currently projected expenses for the city include: capital investments for schools and city facilities; road and sidewalk construction and maintenance; priority projects such as the Malden River Works project and the Cultural Arts Center; pension and pension benefits costs for city staff and retirees; and Malden's required contribution to the Northeast Metro Tech High School construction project. Additionally, increased required local contributions to education remain a significant liability under Massachusetts Chapter 70. Malden should evaluate all possible local income sources to develop clear targets and a plan to meet these needs. This plan should include a strategic approach for using zoning and other tools to promote a sustainable ra...
Sponsors: Carey McDonald, Karen Colon Hayes, Paul Condon, Peg Crowe, Amanda Linehan, Barbara Murphy, Ryan O'Malley, Jadeane Sica, Chris Simonelli, Craig Spadafora, Stephen Winslow
Attachments: 1. Final Paper: 255-23

Title

Resolve:  That it is the sense of the Malden City Council that the city must develop a plan to increase local revenue in the next 3-5 years to match projected future expenses. In addition to the regular annual inflation of city salaries and costs, currently projected expenses for the city include: capital investments for schools and city facilities; road and sidewalk construction and maintenance; priority projects such as the Malden River Works project and the Cultural Arts Center; pension and pension benefits costs for city staff and retirees; and Malden’s required contribution to the Northeast Metro Tech High School construction project.  Additionally, increased required local contributions to education remain a significant liability under Massachusetts Chapter 70. 

Malden should evaluate all possible local income sources to develop clear targets and a plan to meet these needs. This plan should include a strategic approach for using zoning and other tools to promote a sustainable rate of mixed-use development for growth in the commercial and residential tax base. It should also include investigation into new income sources at the local, state, and federal levels. 

The FY 2024 city budget is balanced with the use of one-time federal stimulus funds from the American Rescue Plan (ARPA) and cash reserves. To be fiscally responsible stewards of our city, we must act now to develop a sustainable approach which avoids painful cuts to city staff and services in the future.