Finance Committee to Discuss Use of $ 9 Million Fund Balance | Local news

QUINCY – A second meeting of the Quincy finance committee is scheduled for Monday to discuss possible uses of an unrestricted fund balance of approximately $ 9 million accumulated by the city in fiscal year 2022.

The meeting will take place at 6 p.m. in the council chamber of Quincy town hall and will be followed by the regular council meeting at 7 p.m.

The additional revenue comes from a combination of local tax revenues well in excess of forecast for fiscal 2022, repayment of transit loans and approximately $ 3 million in deferral funds.

This balance does not include the city’s approximately $ 5.4 million American Rescue Plan Act federal funding.

At the first finance committee last Monday, council members expressed a prioritization of infrastructure projects while funding police and firefighter pensions and bond debt.

One-time spending has also been suggested, including a $ 1-3 million investment in Quincy Town Hall.

However, some council members were skeptical about reinvesting in the town hall building and suggested looking for new locations for town offices.

A contribution of $ 500,000 to finance the improvement of the barge docks was also proposed.

An elevation of the barge dock has been estimated to be approximately $ 1.3 million. But further deterioration discovered by Klingner and Associates led to a revised estimate of around $ 2.2 million.

That leaves about $ 410,000 for the city to cover the engineer’s cost estimate.