< Back to front page Text size +

Saugus to borrow $10-million to cover its bills

Posted by Your Town  December 17, 2007 06:58 PM

E-mail this article

Invalid E-mail address
Invalid E-mail address

Sending your article

For the second time since June, Saugus will have to borrow money to pay its bills, including payroll and utilities, until winter property tax revenues are collected. Officials expect to have to borrow $10 million in January to cover expenses. The state Department of Revenue won't let the town set a new tax rate, after Town Meeting last week rejected a $330,000 budget transfer to fund a new teacher contract. Read more about Saugus' financial woes here.

Voters overwhelmingly rejected a Prop 2 1/2 override in the Spring.


  • E-mail
  • E-mail this article

    Invalid E-mail address
    Invalid E-mail address

    Sending your article

    Your article has been sent.

add your comment
Required
Required (will not be published)

This blogger might want to review your comment before posting it.

About override central Coverage of Prop 21/2 override campaigns in more than 30 communities in Greater Boston.
Christine Wallgren is a correspondent in the Globe South bureau.
David Dahl is the Globe's regional editor.
archives

browse this blog

by category