Mayor is optimistic but cautious about city finances

Mayor Scott D. Galvin, in his recent State of the City address, said Woburn is in sound financial shape but that he remains cautious. Galvin cited the doubling of the city's free cash over the past three years to $8.8 million, the decline in average tax bills two of the last three years, and the city's continuing strong bond rating as signs of the city's financial health. But he said the “potential effect of political gridlock in Washington, D.C.,’’ recent cuts in state aid, and upward cost pressures will require the city and schools to formulate a conservative spending plan for fiscal 2014. Galvin highlighted cost-saving initiatives he said had helped the city strengthen its financial position, including debt refinancing and energy upgrades to city facilities. His speech also touched on planned initiatives, including exploring the adoption of a state tax incentive program for new businesses and the preparation of a five-year capital plan for the water system.