"…The new round of anticipated cuts
in local aid means that we have to find a way to close an additional $3
million gap in the current fiscal year," stated Mayor Curtatone. The
fiscal year of 2009 closes on June 30th, making it an all out sprint to
find ways of saving the City of Somerville's budget to lessen the blow
to local government and thereby the various companies and organizations
take on.

According to a press release from Mayor Curtatone's
office, The Financial Advisory Committee will consist of five members:
Samuel Tyler, President of the Boston Municipal Research Bureau;
Jonathan G. Sloane, President and Co-CEO of Century Bancorp; Geoffrey
Hargadon, Sr. Vice President for Investments, UBS Financial Services;
Ronald Bonney, Jr., President of Bonney Automotive and Executive
Committee Member of the Somerville Chamber of Commerce; and Professor
Daniel Richards of the Tufts University Economics Department.

Samuel
Tyler stated "Somerville is a regional leader in adopting municipal
best practices to improve service efficiency, however, the size of the
state aid cuts this year and next will require creative but hard
choices and I am happy to join the Advisory Committee members in
bringing outside thinking to address this challenge."

Thus far,
the most creative decision made by Mayor Curtatone and his
administration has been to bring in this committee of financial
advisors. Although these seasoned financial advisors have a hard task
on their plate, it appears as though Somerville is in good hands.

Mayor
Curtatone states that "Somerville may be in better fiscal shape than
many other cities and towns in Massachusetts, but we're still faced
with some painful choices – and we don't expect much, if any,
improvement in 2010. We could complete this process internally, but why
shouldn't we draw on the wisdom and expertise that's available all
around us? We've never been shy about turning to outside experts for
advice about municipal best practices, and I welcome the fresh
perspective this distinguished outside group will bring."

Mayor
Curtatone also added that the options that Governor Deval Patrick and
the State Government are giving to local cities and towns like
Somerville are not substantial enough to make any large difference.
These include the local meals and hotel taxes, as well as the ousting
of the Telecommunications tax loopholes. "We won't see any new revenue
from these changes until next year," Mayor Curtatone stated, "We need
to act now to make up for these cuts – and we will."

Maryann
Heuston, an Alderman who is also the chair of the Board's Finance
Committee, cited how this Financial Advisory Committee won't be able to
make the decisions for the city, but more so act as an outside source
of guidance for the City of Somerville. "I also think that having an
outside group involved adds an extra measure of transparency to what is
going to be a challenging process," she states, "and that's important
if the public is going to have confidence in the final plan that the
Mayor and the Aldermen develop." Mayor Curtatone expects the Financial
Advisory Committee, who will be convening later this week, to come back
with recommendations by mid-March at the latest.

In addition,
Mayor Curtatone will be in close contact with the leaders of the
various Unions represented in City Government on every level. He stated
that, "We want to partner with organized labor on developing realistic
approaches to keeping costs under control, while maintaining core
services. I anticipate their willing cooperation."

Since the end
of the fiscal year is right on the horizon, this new committee, as well
as city government, must make haste to secure the financial stability
of Somerville. The people of Somerville, as well as the people across
the Commonwealth, must also realize that the responsibility of this
plight doesn't only rest on the shoulders of the elected officials they
voted for, but firmly on themselves as well.