Finance Committee to discuss uses for $9 million fund balance

A second meeting of the Quincy Finance Committee has been scheduled on Monday to discuss possible uses for a roughly $9 million unrestricted fund balance accumulated by the city in the 2022 fiscal year.

The meeting will be at 6 p.m. in the council chambers of Quincy City Hall and will be followed by the council’s regular 7 p.m. meeting.

The supplemental revenue comes from a combination of local tax revenue streams that came in well above fiscal 2022 projections, the repayment of transit loans and about $3 million in carry over funds.

This balance does not include the roughly $5.4 million in federal funding from the American Rescue Plan Act awarded to the city.

During the first Finance Committee last Monday, council members expressed a prioritization of infrastructure projects while also funding police and fire pensions and bond debt.

Read more…..