Beverly Council Approves $3.28 Million in Free Cash Transfers for Ladder Truck, Police Station

BEVERLY -- March 1, 2021, Beverly City Council unanimously approved more than $3.28 million in free cash transfers at its March 1 meeting, covering a new fire department ladder truck, police station funding, and reserve contributions. Finance Director Brian Ayles presented a historical overview of the city's certified free cash balance, held at a target of three to eight percent of the operating budget, before the council voted to transfer $1.3 million for a ladder truck expected in October, $2 million to the police station capital project, bringing total cash contributions to that project to $5 million against a $24 million borrowing target, and $983,418 to the stabilization fund alongside $198,684 to the city's other post-employment benefit trust fund, which addresses a $330 million long-term retiree health care liability. Budget Analyst Jerry Perry called the multi-year police station strategy "unique" and said he was "tickled to death" watching Ayles assemble it. The council also unanimously approved a two-year delay to the start date of a special tax assessment agreement with Beverly Restaurant Associates LLC for the One Water Street waterfront restaurant site, with developer Marty Bloom telling councilors he had "gotten deals done after 9/11" and remained confident financing would come through.