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.
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