Word: cyr
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Pointing to figures released last week by City Manager Robert W. Healy and City Treasurer James Maloney that indicate the city will exceed its ability to tax by $300,000 in the next fiscal year, Cyr said that the city must act now to trim the upcoming expenses...
...Cyr sponsored an order saying that residents had not yet realized the gravity of Cambridge's financial state and called for a "city summit" to discuss creative ways to reduce expenditures...
...imploring all councillors to put aside little concerns with the profound sense of significance of this challenge," Cyr said during Monday night's meeting...
...Cyr's order also warned city officials and citizens that they may be forced to try to override Proposition 2 1/2, the state law that forbids towns from raising property taxes more than 2.5 percent over the town's levy limit. The levy limit is a sum based on the value of real estate within the municipality. In recent years Cambridge has had more flexibility in setting tax rates, because it has remained below this mark...
...However, Cyr said the city is threatened by the Weld Administration's proposal to cut local aid by 10 percent. Such a reduction would cost Cambridge $4 million at a time when declining revenues from property taxes brought on by the state's recession already put the city in the "perilous position" of losing its former levy flexibility...