Tewksbury Exceeded Revenue Projections In Fiscal Year 2020

TEWKSBURY, MA — Tewksbury's revenue exceeded projections in Fiscal Year 2020, Town Manager Richard Montuori told the Board of Selectmen Wednesday — but major shortfalls are likely in Fiscal Year 2021.

The new fiscal year began July 1. The books on the prior fiscal year will be closed over the next few weeks.

Hotel/motel tax revenue missed projections by over $50,000, but even meal tax receipts exceeded their projections, Montuori said.

But Fiscal Year 2021 will be different. Both meal and hotel taxes are likely to miss projections by about half, costing over $900,000 in revenue. New growth (for property tax revenue) and state aid remain unknown, and state aid in particular could fall dramatically.

The town has a spending freeze in place already, limiting expenditures to essentials. But town officials are preparing to eliminate planned capital outlay budget items, if necessary. This could save over $2 million, he told the selectmen.

The town could also draw on the stabilization fund.

The full meeting is available here from Tewksbury TV.

Christopher Huffaker can be reached at 412-265-8353 or chris.huffaker@patch.com.