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FOR IMMEDIATE RELEASE – March 21, 2023
Contact: Steve Smirti, Director of Communications (ssmirti@medford-ma.gov), 781-885-4296
Mayor Lungo-Koehn Urges City Council to Approve City’s First Stabilization Fund
After Nearly Doubling Free Cash Reserves over Three Years, Mayor Seeks to Add $5 Million to a Stabilization Fund to Protect City from Financial Uncertainty
(MEDFORD)—Mayor Breanna Lungo-Koehn is urging the City Council to approve establishing the City’s first General Stabilization Fund at its March 21st meeting. Approving this request would require a two-thirds vote.
Unlike roughly 250 other cities and towns in the Commonwealth, Medford, to date, has never prepared for future emergency issues by utilizing a stabilization fund. Since January 2020, the City has about doubled its cash reserves and now has over $25 million in certified free cash. With two-thirds vote of the council, $5 million will be deposited into this new stabilization fund with the specific purpose of protecting the city from unforeseen needs and emergencies.
“By establishing Medford’s first stabilization fund, we’ll be able to protect our residents, infrastructure and community from any unforeseen emergency issue that may arise,” Mayor Lungo-Koehn said. “This has been a priority since I took office and over the last three years, we’ve been able to build up our cash reserves which allows us to make a significant investment in this fund. I strongly urge the City Council to vote in favor and help us achieve this necessary goal.”
The City Council will convene on March 21 at 7 p.m. at the Howard Alden Memorial Chambers to take up agenda items. The meeting will be streamed live on Medford Community Media (Channel 22 Comcast, Channel 43 Verizon) and via zoom at this link.
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Steve Smirti
Director of Communications | Office of Mayor Breanna Lungo-Koehn
Medford City Hall
85 George P Hassett Dr, Medford, MA 02155
781-393-2529 (office)
781-885-4296 (mobile)
Please note: The Commonwealth of Massachusetts considers most electronic communications to and from public employees to be public records and disclosable under the Massachusetts Public Records Law and its regulations. *Please consider the environment before printing this email.*
Please note: The Commonwealth of Massachusetts considers most electronic communications to and from public employees to be public records and disclosable under the Massachusetts Public Records Law and its regulations. *Please consider the environment before printing this email.*
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