Mayor Michael McGlynn said fiscal year 2008’s budget was one of the toughest budgets he’s ever handled due to rising costs and shrinking revenue from the state. 

When sitting down to plan the budget at the beginning of the summer, Medford faced a $4.8 million shortfall.  Here’s a look at how the city managed to plug that gap, narrowly avoiding a budget disaster:

Retirements.  Mayor McGlynn said nearly thirty teachers retired, which saved the city $800,000 since new teachers make just about half as much as veterans.

Health insurance.  Ever-increasing health insurance costs eat up a large portion of municipal budgets.  Medford managed to hold fiscal year 2008’s increase to just 2%.

Economic development.  From Station Landing to River’s Edge and other projects, over $1 million is anticipated in property taxes and building permit fees. 

Re-negotiation of Waste Management’s trash contract.  Waste Management has been hauling Medford’s trash for eighteen years.  A new contract with the company will save the city $2.1 million in the first five years of a ten-year agreement.

$800,000 from the state.  Medford convinced the state to pay the rest of the money it’s owed for repairs made to the high school’s roof in the late ’90’s.  To discourage communities from relying on this kind of deal, the city will have to pay the sum back over four years so the state can continue its regularly scheduled reimbursements.  The Mayor is reportedly trying to rely on this money “as little as possible.”