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2. Everett is a city in Middlesex County, Massachusetts, United States, near Boston. The population was 41,667 at the 2010 census. Everett is the only remaining city in the United States with a bicameral legislature, which is composed of a seven-member Board of Aldermen and an 18-member Common Council.

Encore Boston Harbor has notmade its quarterly Host Community Agreement (HCA) payment on March 31 to theCity, but it has assured City leaders it would make two quarterly payments of$12.5 million by at least June 30.

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Mayor Carlo DeMaria andChief Financial Officer Eric Demas said they continue to meet with Encore everyTuesday remotely – as they have done for years now – and have agreed to allowthe company leeway as they focus on paying their employees a full salary whilethey bring in no revenue due to the COVID-19 casino closures (in Boston and LasVegas).

“They did not make the paymenton March 31,” said Demas. “They are in transition right now. I think they areone of the first companies to say they would pay their employees, and thatincludes tipped employees…They said they will be making payments soon and theytold the City not to worry and would be fulfilling all of their obligations.They always have done what they said, so we support that…We understand theirfocus is on their employees right now and are 100 percent committed they willmake good by June 30.”

Payments are due on the lastday of each quarter, with the first payment in the current fiscal year cominglast September. That payment was also late, but the Dec. 31 payment came early.Because of the COVID-19 situation, they will miss the March 31 payment, buthave promised to make up the final two payments before the end of the fiscalyear on June 30.

Quarterly payments come intwo separate sums, one of $5 million and another of $1.25 million, for a totalof $6.25 million per quarter.

“They’ve been an excellentbusiness partner in the city,” said Demas. “Our liquidity remains strong so aslong as their payment comes in by June 30, we’ll be fine.”

The payment, also, issubject to the Mayor’s extension on excise and property tax payments – as theHCA payment is technically both of those. So, like other taxpayers, Encore wasofficially granted the extension to June 30.

Rethinking the Budget

Right now, City finances allover the region are at a standstill, and with Fiscal Year 2021 looking to bevery difficult, Everett is no exception though its financial position isstronger than some neighboring communities, Demas said.

“Fiscal Year 2021 is goingto be tough,” he said. “Unfortunately, there not a lot that is known. It’s awaiting game. Right now the states are waiting to see what the federalgovernment will do with Stimulus 4. They already will get 75 percentreimbursement for COVID-related expenses, so we know that. Until the federalgovernment takes action, the states can’t take action. Once that happens,cities and towns across the country will know what to expect and what resourceswill be available.”

Everett is in a goodposition, however, because the City isn’t as dependent on revenue streams likemeals taxes and hotel excise taxes. For year, Everett got little to no revenuefrom those sources. With the opening of Encore, that was going to be a new, andlucrative, stream of revenue. However, this being the first year of thoserevenues, Demas said the City was very conservative in its expectations.

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The City budgeted to collect$3.2 million for both revenue streams this year, and as of March 31, theycollected $3.7 million with one more quarter – albeit a very light quarter – togo.

That said, there are a lotof questions about real estate taxes and personal property taxes and thiscoming year’s budget.

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“We had our budget togetherand nearly complete five or six weeks ago,” he said. “we were ready to startpolishing it when this broke out…We are in the process of completelyre-starting our budget process again…What I’m hoping is the state can gettogether as a group and put out one budget and streamline that state process socities and towns will know what to expect.”

He said, for the City, theywon’t have full numbers until two or three weeks from now, especially withdeadlines being extended on most bills.

He said that despite theextension and the complications from the pandemic, Everett residents are doinga great job of paying online and dropping payments in the City Hall drop box.

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“With the uncertain timeswe’re in, it’s important to realize all the positive things we have here inEverett,” he said. “We’re fortunate compared to a lot of other places.”