Revere financial summit to focus on bad news

REVERE – Mayor Thomas Ambrosino will deliver a grim analysis of the city’s financial outlook this morning in the face of state spending reductions and the probability of future, more drastic cutbacks.Ambrosino on Friday said he anticipates state Rep. Robert DeLeo will also attend the 9 a.m. City Hall finance summit organized by City Council President George Colella and fellow councilors.Gov. Deval Patrick announced state spending cuts two weeks ago but pledged, for the time being, to hold off on cutting local aid. State aid and property tax revenue are the two money sources cities and towns rely on to pay for government services.Ambrosino said a 5 percent local aid cut, or $640,000, would “be hard to reach and would affect every city department across the board.”After Patrick announced state spending reductions, DeLeo met with economists and predicted the state would have to endure three years of sparse budgets.Ambrosino is already preparing for cutbacks, including aid reductions, by leaving six city jobs left vacant by retirements unfilled. He said three police patrol officers now in training will not be hired.He offered even grimmer predictions for the spending year starting July 1, saying municipal employee “layoffs are inevitable” unless the state’s and, by extension, the city’s financial health improves.”And,” Ambrosino added, “They will be significant.”School Superintendent Paul Dakin has warned repeatedly since the school year began that without an increase of $6.5 million next year, Revere may have to follow Lynn’s lead and close schools.