Beverly City Council Approves $335,000 in CPA Funds, Passes Three Ordinances

BEVERLY — June 15, 2020 — Beverly City Council approves $335,000 in Community Preservation funds and two COVID-19 enterprise transfers. The council voted unanimously at its June 15 remote meeting to allocate $240,000 for an emergency rental and mortgage assistance fund for residents below 100 percent of the area median income, $70,000 to restore the Beverly Farms Cemetery perimeter fence, and $25,000 to preserve original solar panels at Beverly High School — all drawn from the CPA general reserve. Finance Director Brian Ells and Budget Analyst Jared Perry also secured 9-0 approval for a $205,000 transfer from the Golf and Tennis Enterprise Fund and a $125,000 Recreation Enterprise Fund transfer to prevent retained earnings deficits caused by pandemic-related spring revenue losses, warning that without action the city would have been required to draw on the general fund at tax-rate time. Mayor Michael P. Cahill told the council he planned to reserve $150,000 to $200,000 within the FY21 budget for a racial justice and equity initiative, citing a proposal from Human Rights Committee member Esther Tenuto for an Office of Equity, Diversity and Inclusion. The council also voted 9-0 to support the state Future Act on gas infrastructure and renewable energy, and confirmed the sale of $30,575,000 in bond anticipation notes to JPMorgan Securities LLC at a net rate of 0.2933 percent.