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Tag: Finance

  • Warren Buffett to Host Berkshire Hathaway Shareholder Meeting with Succession in Focus

    Warren Buffett to Host Berkshire Hathaway Shareholder Meeting with Succession in Focus

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    Warren Buffett
    Shareholders shop for items at the Pampered Chef display at the Berkshire Hathaway annual shareholder’s meeting on April 30, 2022 in Omaha, Neb. Scott Olson/Getty Images

    Tomorrow (May 4), Warren Buffett’s Berkshire Hathaway (BRK.A) will kick off its annual shareholder meeting in the investing conglomerate’s home base in Omaha, Neb. This year, Buffett will host the meeting without his right-hand man, Charlie Munger, who passed away late last year at the age of 99. Thousands of Berkshire shareholders will look for updates on  Buffett’s succession plan as well as his next big bet, as the company is also set to report first-quarter earnings tomorrow morning.

    It will not be the first time Buffett leads the shareholder meeting by himself, though. He held Berkshire’s 2020 meeting—virtually due to Covid-19—without Munger and said, “It particularly doesn’t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here.”

    Munger’s passing in November put Berkshire’s energy business chief Greg Abel and insurance chief Ajit Jain in the spotlight. In 2021, Munger revealed at that year’s shareholder meeting that Abel would succeed Buffett as CEO if anything happened to the CEO. “The directors are in agreement that if something were to happen to me tonight, it would be Greg who’d take over tomorrow morning,” Buffett told CNBC subsequently. He added that, if for some reason Abel couldn’t do the job, Jain would step in as CEO.

    Abel, 59, and Jain, 70, were promoted to vice chairmen of Berkshire Hathaway’s board in 2018 and have taken on a larger role in recent years. “Ajit and Greg have rare talents, and Berkshire blood flows through their veins,” Buffett wrote in his 2018 letter to shareholders. 

    In April this year, Abel joined Buffett on his business trip to Japan, where he made large investments in the country’s top trading houses. Abel “does all the work, and I take the bows—it’s exactly what I wanted,” Buffett told CNBC at the time.

    Another item in focus at tomorrow’s meeting will be Buffett’s next big bet, especially given Berkshire’s giant cash pile. At the end of 2023, Berkshire had a record $168 billion in cash. Shareholders are eager to know how Buffett plans to invest that money.

    During the December quarter, Berkshire reduced its stake in Apple (its largest holding), Paramount Global and HP while increasing shares in Chevron, Occidental Petroleum and Sirius XM Holdings. Also late last year, Berkshire acquired a mystery stock that the company requested the SEC for permission to keep confidential. Shareholders may expect the company to share more details about that as well.

    Warren Buffett to Host Berkshire Hathaway Shareholder Meeting with Succession in Focus

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    Sissi Cao

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  • DraftKings Reports Impressive Q1 2024 Financials, Raises Guidance

    DraftKings Reports Impressive Q1 2024 Financials, Raises Guidance

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    DraftKings Inc. has announced its financial results for the first quarter of 2024, posting robust revenue growth and providing an optimistic outlook for the rest of the year. The company also shared updates on its business performance and strategic prospects as it hopes to further capitalize on the spread of regulated sports betting and iGaming across the USA.

    Customer Engagement and Retention Efforts Paid Off

    In the first quarter of 2024, DraftKings reported revenue of $1.175 billion, marking a significant increase of 53% compared to the same period in 2023, when revenue was $770 million. Factors such as healthy customer engagement, efficient customer acquisition, and expanding the Sportsbook product into new jurisdictions were instrumental in driving sustained growth.

    Jason Robins, DraftKings’ CEO and co-founder, expressed satisfaction with the company’s performance in the first quarter and emphasized the commitment to maximizing shareholder value through innovation, operational excellence, and disciplined capital allocation. DraftKings recently appeared on Energage’s Top Workplaces USA 2024 list, highlighting its people-centered culture and positive environment.

    DraftKings’ performance in the first quarter of 2024 was outstanding, reflecting healthy revenue growth and a scaled fixed cost structure that positions us to drive rapidly improving Adjusted EBITDA.

    Jason Robins, DraftKings CEO and co-founder

    Average monthly unique paying customers increased to 3.4 million in the first quarter of 2024, representing a 23% year-on-year growth. This increase reflects robust acquisition and retention across DraftKings’ Sportsbook and iGaming products. Additionally, average revenue per MUP reached $114 in the first quarter of 2024, a 25% year-on-year growth bolstered by higher structural sportsbook hold percentage and improved promotional reinvestment.

    Company Management Remains Highly Optimistic

    Alan Ellingson, DraftKings’ CFO, announced the company’s updated fiscal year 2024 revenue and Adjusted EBITDA guidance. The midpoint of the revenue guidance was raised to $4.9 billion from $4.775 billion, while the midpoint of the Adjusted EBITDA guidance rose to $500 million from $460 million. These revisions reflect the excellent first-quarter results and the improved customer acquisition and engagement expectations.

    Looking ahead, DraftKings is live with mobile sports betting in 25 states and with iGaming in 5 states. The company also offers its products in Ontario, Canada, and expects to launch in Puerto Rico pending regulatory approvals. Legislative developments in 2024 have seen several jurisdictions introduce legislation to legalize mobile sports betting and iGaming, representing future growth opportunities.

    DraftKings’ first-quarter financial results demonstrate robust momentum and growth prospects, driven by strategic initiatives and expansion efforts across its product offerings and geographic markets. The company remains focused on delivering value to shareholders while continuing to innovate and capitalize on emerging opportunities across the sports betting and iGaming industry.

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    Deyan Dimitrov

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  • Andover voters approve capital improvements, reject ballot questions

    Andover voters approve capital improvements, reject ballot questions

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    ANDOVER — After a turbulent first day of Town Meeting, a noticeably more subdued crowd approved millions of dollars in capital improvements while voting down ballot questions Tuesday night.

    Voters struck down two articles that sought to add similar nonbinding ballot questions for the next local election.

    The questions would have asked residents their opinion on the town meeting form of government.

    Members of a committee that recently studied whether the town should continue with Town Meeting spoke against the articles, saying a ballot vote could undermine the group’s work.

    “Town Meeting is where knowledge and perspectives are exchanged,” said Jon Stumpf, chair of the town governance study committee.

    Others residents were worried about what the town should do with the results of a survey.

    “It robs all of us of the benefits of deliberation and debate,” said committee Vice Chair Dara Obbard. “It could lead to something we won’t have a say in.”

    The articles were defeated 266-190 and 268-161.

    “Of the people, by the people, for the people,” said Keith Saxon, who advocated for studying if the town should continue to hold Town Meeting.

    “We have 26,000 registered voters in Andover,” Saxon said, pointing to the meeting’s low attendance.

    The proposal may have elicited a feeling of deja vu for some voters.

    At a Special Town Meeting in November, voters approved an article similar to what was rejected at this meeting.

    Due to a minor procedural rule, the article was not technically legal, according to town legal counsel Doug Heim, who said ballot questions need to be voted on at a regular Town Meeting, not a Special Town Meeting.

    That vote also saw a lot more participation. It was approved 1,181 to 692.

    Rather than use their authority to add the question for the election in March, the Select Board decided to throw the article back to voters at this Town Meeting.

    The petitioner for the original article proposed the similar article.

    This resulted in two articles that sought to achieve a similar aim to the one adopted in November but later found to be invalid.

    Some in town think that Andover has outgrown Town Meeting, a form of government where residents come together once or more in a year to vote on legislation, rules and appropriations.

    Many have argued the low attendance is evidence of this. Those in favor have said Town Meeting is unique in its ability to give every resident who wants it a direct voice in local government.

    Voters approved Article 23, which limits the town staff positions that the Select Board must approve. Before the change, the board had to approve every position, including part-time positions such as lifeguard.

    Voters also approved millions of dollars for capital projects, including sidewalk repairs and tree removal.

    Residents voted to spend more than $4 million from the town’s general fund for projects related to IT infrastructure and minor storm drainage improvements.

    More than $7 million for water and sewer expenses was appropriated with the majority, $6 million, destined for water main replacement and distribution improvement projects.

    The full list of articles voted on can be found at andoverma.gov/CivicAlerts.aspx?AID=945.

    The number of voters participating in the later votes that night were fewer than during the previous day or even earlier that night when MBTA zoning was debated.

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    By Teddy Tauscher | ttauscher@eagletribune.com

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  • Tarr details ‘new threat’ to Salisbury Beach

    Tarr details ‘new threat’ to Salisbury Beach

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    SALISBURY — Standing before a smattering of local officials at Blue Ocean Music Hall, state Sen. Bruce Tarr detailed what he called a “new threat” to Salisbury Beach.

    Joined by town environmental consultant Tom Hughes and Town Manager Neil Harrington on Monday, the Gloucester Republican said the northern part of the beach is in serious danger of massive overwash.

    Overwash is the flow of water and sediment over a coastal dune or beach crest during storms.

    “The damage will be exponentially worse than what we’ve seen so far. And importantly, it will make the cost of remediation substantially higher, if it’s even within reach. This area of the beach is extremely vulnerable and it compels our action,” Tarr said.

    The Senate minority leader’s speech was billed as the latest attempt to stave off severe, ongoing erosion at Salisbury Beach.

    After a few minutes, Hughes took the microphone and elaborated on the latest threat.

    “That overwash elevation is a little bit above 15 feet above sea level,” Hughes said.

    Until last fall, according to Hughes, all of the dunes exceeded that elevation. But now there is a 1,200-foot stretch of the northern beach that is in the 13- to 14-foot range.

    “This is what would happen if nothing is done is we would get a significant overwatch event, a sustained storm that essentially just flattens the barrier and exposes 1A and all of the homes behind it to risk,” Hughes said, referring to Route 1A (North End Boulevard).

    The fix Hughes has been working on with Tarr would come in two phases. Phase one would look to restore the dunes to an elevation of 17 feet above sea level. The estimated cost would be $1.75 million.

    “It’s a very small project. It would need to be maintained until we can do a phase two,” Hughes said.

    The phase two project would bring the elevation up to 19 feet and extend the volume out further towards the water.

    “That requires more significant permitting,” Hughes said.

    The total cost for both phases would be approximately $6 million.

    “For us to be able to act, we have to be concerned about the shorebirds that will soon be on the beach, or at least there’s the potential for them to be on the beach, which presents a significant constraint in our ability to do work,” Tarr said.

    Tarr said to secure Salsibury Beach it will take the cooperation of various parties, including the Merrimack River Beach Alliance, Department of Conservation and Recreation, Executive Office of Energy and Environmental Affairs, state legislators, town officials, federal legislators, local stakeholders, United States Army Corps of Engineers, Massachusetts Office of Coastal Zone Management, Department of Environmental Protection, Department of Transportation and other state regulatory agencies.

    “We cannot address this situation properly without everyone being at the table, and we think that we have set the stage with all the work that’s been done and all that you’ve heard today for us to have a productive path and one that will avoid significant damage,” Tarr said.

    Asked where the funding would come from, he said it would come from a number of sources, including the Salisbury Beach Preservation Trust Fund.

    The Salisbury Beach Preservation Trust Fund was the idea in 2008 of former state Sen. Steven Baddour, who worked with then-state Rep. Michael Costello, D-Newburyport, to make it a law. Baddour and Costello undertook that task after devastating storms ravaged Salisbury Beach three years in a row, including the Patriots Day storm of 2008, which scoured sand from the beach that is owned and maintained by the state Department of Conservation and Recreation.

    “That’s in the near term, and in the long term we hope to cobble together the resources to have a sustainable beach. And again, our federal partners have identified some very promising sources,” Tarr said.

    Tarr emphasized that one of the big reasons the beach is such an urgent issue is that it protects Route 1A.

    “One-A is the subject of a planned project for reconstruction that literally is going to cost millions of dollars, so there’s a transportation component here, and we’re exploring the synergy potentially between investment in the road and investment in the beach that protects it,” Tarr said.

    Route 1A is also an emergency route for the Seabrook Nuclear Power Station.

    Regarding a timeline for securing funding, Tarr did not provide specifics but stated that for this initial short-term solution they would need to have it done by mid-June.

    “That means getting dollars fast, that means executing emergency contracts, that means mobilizing equipment,” Tarr said.

    He said he has continued to have in-depth conversations with Gov. Maura Healey.

    “She has walked this beach. She was instrumental in getting three access points restored after they were damaged by a storm not all that long ago. She knows what we face, and we’re all trying to work together to find a path forward,” Tarr said.

    Harrington shared that he hoped Healey is paying attention.

    “We are here to plead with the governor to listen to the citizens of Salisbury, to follow the science about what’s going on here at the beach, and to work with our legislative delegation to get this critical, immediate funding for the beach,” Harrington said.

    Erosion at Salisbury Beach has been going on for some time, dating back to December 2022 when the initial damage from nor’easter Elliott occurred.

    Local leaders first learned during a Salisbury Beach Resiliency Subcommittee meeting May 4 that the Department of Conservation and Recreation had shut down Points 8, 9 and 10 for a year due to beach erosion caused by the nor’easter. Points 9 and 10 were reopened the Friday before Memorial Day, with point 8 restored just before the Fourth of July.

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    By Matt Petry | mpetry@northofboston.com

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  • Healey signs off on migrant funding, reforms

    Healey signs off on migrant funding, reforms

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    BOSTON — Gov. Maura Healey has approved a plan to pump hundreds of millions of dollars in additional funding into the state’s beleaguered emergency shelter system, which has been overwhelmed by a historic surge of asylum seekers.

    Healey signed a supplemental budget late Tuesday that will divert $251 million into the shelter system and to cover housing, food and other migrant costs. The plan would also authorize a transfer another $175 million from an escrow account set up to cover emergency housing costs, if needed.

    The spending bill also reforms the state’s emergency shelter system, limiting migrants to nine months beginning on June 1, with up to two, 90-day extensions for those who are employed or participating in a work-training program or are a veteran or pregnant woman, among other situations.

    Healey said the spending plan “dedicates resources to balance the budget and maintain critical services and programs” and sets limits on stays in shelters, “which is a responsible step to address our capacity and fiscal constraints as Congress has continued to fail to act on immigration reform.”

    “We will be finalizing details of this policy in the coming weeks and ensuring that families and providers are informed of the requirements and the services that we have available to help them secure work and stable housing,” the Democrat said in a statement.

    The spending bill was approved by the House and Senate in a largely party line vote, with Republicans opposed to the changes. It comes only months after Healey signed another bill that included $250 million for migrant costs. To date, the state has spent an estimated $700 million on migrant costs.

    Democrats who pushed the spending bills through both chambers on largely partisan votes argue that the additional funding and reforms are aimed at preventing a collapse of the state’s beleaguered shelter system.

    Republicans have argued that record spending on emergency shelter will crowd out education spending and other priorities in the upcoming budget, with the state’s revenue benchmarks coming in below projections for several months.

    Massachusetts is wrestling with a record influx of thousands of migrants over the past year amid a historic surge of immigration along the U.S.-Mexico border.

    Healey declared a state of emergency in August and deployed the National Guard to help deal with the influx. Her administration also set a 7,500-family cap on the number of people eligible for emergency housing last October. Hundreds of families are currently on a waiting list for housing.

    The governor has set new restrictions on migrants and other homeless families who are being housed at large-scale “overflow” sites that were set up in response to the shortage of beds in state-run shelters.

    Under the new rules, which went into effect on Wednesday, migrant families staying in those sites will be required to document every month that they are searching for work and permanent housing or risk being denied shelter.

    Healey has estimated the state will spend nearly $1 billion to support emergency shelter for homeless families and migrants over the next year.

    Despite requests from Healey and members of the state’s congressional delegation for federal funding, the Biden administration has only provided about $2 million to the state for emergency shelter and other migrant needs.

    In a letter to Homeland Security Secretary Alejandro Mayorkas, asked the federal agency to grant a waiver to the state for expedited work authorization for migrants “in the absence of significant financial or structural assistance” from Congress or the White House.

    Healey said the state has been able to secure work authorization for nearly 3,600 migrants to date but continues to see an “unabating influx” of new arrivals.

    “We need more federal assistance to support these families and connect them with job opportunities,” she wrote. “These immigrants are ready to joint the workforce and we need to support them in the process.”

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Andover voters approve MBTA zoning

    Andover voters approve MBTA zoning

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    ANDOVER — Voters approved a zoning district on Tuesday that allows for the potential construction of up to 2,121 multifamily housing units.

    Only a day after more than 900 voters turned out Monday for the first day of Town Meeting, the state-mandated district was approved 434-196.

    To combat the housing crisis, the state passed a law in 2021 mandating that communities with MBTA transit stations or station located nearby create a zoning district that promotes the construction of multifamily housing, with the added requirement that 50% of the housing capacity must fall within a half mile of a transit station.

    Creating zoning for the units does not necessarily mean they would be built. Developers would still need to meet regulations; the town would just have less discretion to deny projects, according to planning officials. The district, crafted over the last three years, spreads the density over three sections of town – downtown, Ballardvale and the area off River Road near Old River Road.

    The proposed district was debated Tuesday night on the Town Meeting floor at Andover High School, but few voters lined up to oppose the measure.

    “Andover is aging and we need good housing that makes it possible for young people to live in town,” she said.

    Other residents were concerned about how the new zoning might change the town.

    “I moved to Andover because it is not densely populated,” said Mike Tompkins. “Andover would not be the first town to vote against this overreach.”

    The new district could be formally created relatively soon. The plan will now be sent to the state Attorney General’s Office, which has 90 days to approve the new zoning.

    The section of the district off River Road has sparked some concern since there is little infrastructure there. The area is dominated by parking lots, corporate buildings, restaurants and a hotel.

    “The river district aims to transform the area into a vibrant village-like feel,” said Jennifer Lemmerman, who chairs the volunteer group that drew up the district proposal.

    The location is not within a half mile of a MBTA transit station for the commuter rail line, though it does have a bus stop.

    The downtown zone would allow for up to 1,234 units with 119 in Ballardvale and 768 off River Road. The zone would allow for a unit density of up to 23.2 units per acre, with 17 units per acre for Ballardvale and 39 units per acre for the River Road area.

    Select Board Chair Melissa Danisch said the district is a “measured and thoughtful response” to the state’s requirement.

    “Reflects that fellow residents were listening,” she said.

    Danisch also spoke of the millions of dollars in the grants the town could lose if it does not comply with the law.

    State Sen. Barry Finegold, who received the opportunity to vote on MBTA zoning for the second time, also voiced his support.

    “I did vote for this because it is the right thing to do,” he said. “It has become impossible to afford to come to this community.”

    The proposed district has been well-received by officials. It would boost growth in town and pave the way for more private investment in infrastructure, they said.

    Some residents have voiced concerns that having more people in town would put a greater strain on school services. School and planning officials have said that would not necessarily be the case with enrollment more heavily tied to turnover of current housing stock rather than the construction of new units.

    The district would allow for up to 2,121 housing units – 90 more than previously allowed. Officials have said the state recommends a small buffer.

    A map of the districts can be found at andoverma.gov/1069/Multifamily-Overlay-District.

    A commuter rail line snakes through town and has stations in Ballardvale and the downtown.

    The state law was met with a mixed response from community officials around the state. Not complying with the law could carry serious consequences.

    In addition to the potential loss of grants, municipalities could also face legal action. Milton is being sued by the state after its residents chose to vote against a proposed district.

    At Town Meeting, one resident advocated for only approving the district once the legality of the state requirement was settled through the lawsuit.

    Andover had until the end of this year to approve the district or face consequences from the state.

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    By Teddy Tauscher | ttauscher@eagletribune.com

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  • Andover voters OK an extra $1.8M to save school jobs

    Andover voters OK an extra $1.8M to save school jobs

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    ANDOVER — After almost three hours of debating town finances Monday night, voters approved an operating budget with an additional $1,875,000 to prevent cuts in school positions.

    The new operating budget totals $235.9 million with the amended increase allocated for the school budget. Voters at the annual Town Meeting increased the budget to save 34 positions the school district is looking at cutting to eliminate a $2.7 million shortfall. 

    More than 900 voters turned out at Andover High School for Town Meeting, which continues Tuesday. Andover needs to balance its budget before the new fiscal year begins July 1. 

    The proposed cuts of 34 school positions amount to about $2.5 million in annual salary. The previous operating budget was $234 million.

    During debate on the budget, which included three votes on amendments, school staff members, parents and other residents made cases for why the cuts should be prevented. Others, including community officials and some residents, stressed the importance of long-range financial planning.

    “The quality of education in Andover will be diminished,” said Mary Robb, a social studies teacher at Andover High School.

    As town officials work to balance the new budget, it is unclear if the extra funding would have the desired effect of preventing all or even some of the cuts. Since the extra money was appropriated for schools, the School Committee will need to decide how it will be spent.

    Committee Chair Lauren Conoscenti said immediately after the meeting that the committee did not yet have a plan for the additional money. 

    To balance the budget, the town will need to either reduce expenses or hold a Special Town Meeting to appropriate more money, according to Town Manager Andrew Flanagan.

    During the meeting, many in the community advocated for free cash to be used to save the jobs. Officials pushed back against the idea, stating it is against state Department of Revenue guidelines to use free cash for ongoing expenses.

    Flanagan argued for sticking with the town’s budget and spoke against the solutions proposed by residents.

    “These ideas are contrary to the guiding principles that have provided the town with financial stability,” he said. “I respectfully ask that you consider the option of adhering to our plan.”

    Residents voted 488-451 against an amendment to increase the school operating budget by $2.7 million. But they also voted for the amendment to increase the school operating budget by $1.8 million.

    Operating budgets tend to make up the majority of the town’s overall budget.

    Votes on the operating budget are also often straightforward and residents’ ability to vote down the budget or amend it is rarely utilized. With hundreds of millions of dollars allocated to various departments, amending the budget can be a tricky task for residents.

    Before the amendment, the school budget totaled $103,335,959, an increase of $3,735,035 or 3.75% in the current budget.

    Personnel make up about 80% of the school budget, according to the district.

    The budget deficit is mainly the result of a contract won by the teachers union during a strike, as well as an increase in costs for services such as transportation, according to the school district. 

    Conoscenti reinforced that fact during the meeting.

    “During the strike, this point was repeatedly made,” she said. “The educators acknowledged that was something we were wrestling with.”

    School budget shortfalls are not unique to Andover this year, with North Andover facing a deficit of $3.1 million.

    Cutting positions is expected to affect class sizes, however, the School Committee has said it will stick to the district’s goals.

    Ever since the Andover Education Association was awarded the new contract, the union has said the cuts were proposed in retaliation for a largely successful strike. 

    School officials have said the cuts are also in line with reductions in enrollment that total about 11% over the past decade.

    School instructional assistant Holly Currier said staff are asked to do more.

    “Students’ needs have grown in complexity every year,” she said. “The level of need demands more staff.”

    Officials have also said larger-than-usual increases in school spending would be unwise. For each of the last few years, Andover has increased its school budget by roughly 3.75%. The norm promotes the long-term financial health of the town and stops departments from having to fight for their budgets at Town Meeting, according to officials.

    Town Meeting concluded on Monday night with only a handful of the 34 articles being taken up. The meeting resumes Tuesday at 7 p.m. at Andover High School when a proposal for a state-mandated zoning district will be addressed.  

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    By Teddy Tauscher | ttauscher@eagletribune.com

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  • Switching Your Credit Card May Not Stop a Streaming Service’s Recurring Charges

    Switching Your Credit Card May Not Stop a Streaming Service’s Recurring Charges

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    Millions of Americans pay for streaming services, doling out anywhere from $5 to $75 a month. It’s a common belief that you can get out of recurring charges like this by switching your credit card. The streamers won’t be able to find you, and your account will just go away, right? You wouldn’t be crazy for believing it, but it’s a myth that switching a credit card will definitely stop your recurring charges.

    Nearly 46% of Americans opened a new credit card last year, according to Forbes, which means millions of Americans also canceled old ones. When you switch cards, these streaming services don’t just stop your service — they just start charging your new card. Granted, it might be easier to just cancel your subscription directly with a streamer like Netflix. There’s a largely hidden service that enables most subscription services to keep throwing charges at you indefinitely.

    “Banks may automatically update credit or debit card numbers when a new card is issued. This update allows your card to continue to be charged, even if it’s expired,” Netflix says in its help center, though it’s not alone in this feature.

    Most major card providers offer a feature that enables this, including Visa. In 2003, Visa U.S.A. started offering a new software product to merchants called Visa Account Updater (VAU), according to a 2003 American Banker article. The service works with a network of banks to create a virtual tracking service of Americans’ financial profiles. Whenever someone renews or switches a credit card within their bank, the institution automatically updates the VAU. This system lets Netflix and countless other corporations charge whatever card you have on file. It’s a seamless switch that allows the dollars to keep flowing toward corporate America, while you don’t have to lift a finger.

    “Visa understands the challenges faced by merchants when it comes to staying on top of account information changes,” Visa say in marketing materials to corporations. “VAU delivers updated cardholder account information in a timely, efficient, and cost-effective manner, benefiting all parties involved in the electronic payment process.”

    VAU was an instant success, quickly adopted by banks and corporations around the world. Visa’s service follows you whenever your issuer switches between any major credit card provider, whether it’s Discover, Mastercard, or American Express. However, if you close out an account entirely, or change to a different credit card provider yourself, the VAU will simply list your account as being closed.

    Some customers of Visa’s tracking service include Netflix, Amazon, Facebook, Google, and Disney, according to a 256-page list of the software’s adopters from 2022. VAU allows merchants to keep customers roped into their subscription services, but Visa also argues it helps customers.

    “Visa Account Updater (VAU) was built to help ease the burden on consumers of inputting a new account number and expiration date in recurring subscriptions,” said a Visa spokesperson in a statement to Gizmodo.

    Visa’s not entirely wrong about this. If your electricity or internet bill is tied to your credit card, you could be in a real bind if you forget to update your new card. However, practices like these can also keep people bound in endless cycles of payments that follow them everywhere.

    “The issuing bank determines whether to provide updated card information or to provide a closed account or contact cardholder advice through VAU,” said the spokesperson. “VAU only provides information to merchants at the direction of the issuing financial institution and only for merchants where the cardholder has already stored their payment credentials.”

    Origins of the Myth

    Before services like VAU popped up, switching your credit card was a pretty surefire way to get out of recurring charges, whether you wanted to or not. When Bank of America adopted VAU in 2003, it described the product as a solution for billing changes that had once left merchants with “unappealing choices.”

    “One would be that the merchant would shut off the customer’s service,” said a Bank of America executive in a 2003 press release. “Another would be that the merchant would continue the service but send the customer a nasty letter.”

    So VAU really came about with the onset of the internet. Practices like this have become increasingly popular in the Internet age. Subscription services have become easier to start, but increasingly difficult to stop. Recurring charges can truly follow you to the ends of the Earth unless you outright contact the company to stop them.

    Why It’s Pervasive

    Visa’s Account Updater is only really marketed to businesses, so most consumers have no idea it exists. I’d bet most people have no idea there’s a way to opt out of Visa’s credit card tracking service, and even fewer know they’re default opted in. It’s largely a hidden service to the average person, with no clear indicator from your bank or subscription service that you’re being tracked in this way.

    Credit cards are also widely regarded as a more anonymous way to move through the financial world. While they typically are more secure than using a debit card, make no mistake, banks are still tracking your every move. The VAU just allows them to coordinate with corporations to keep your financial information constantly up to date.

    The VAU undoubtedly offers some benefits to consumers. However, it’s important to understand why. The system reduces “churn” for corporations, and ensures you can keep paying them your dollars no matter what’s going on in your financial world. Banks make it effortless to keep paying these recurring charges. However, stopping them can be much harder. If you really want to stop a subscription, there’s still no substitute for calling up the company and canceling.

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    Maxwell Zeff

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  • California Public Employees Retirement System Decreases Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

    California Public Employees Retirement System Decreases Stock Holdings in Citizens Financial Group, Inc. (NYSE:CFG)

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    California Public Employees Retirement System decreased its holdings in Citizens Financial Group, Inc. (NYSE:CFGFree Report) by 6.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 868,454 shares of the bank’s stock after selling 63,082 shares during the quarter. California Public Employees Retirement System owned 0.19% of Citizens Financial Group worth $28,781,000 at the end of the most recent quarter.

    Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its stake in Citizens Financial Group by 40.4% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,640 shares of the bank’s stock worth $54,000 after purchasing an additional 472 shares during the period. Lindbrook Capital LLC increased its stake in Citizens Financial Group by 100.8% in the third quarter. Lindbrook Capital LLC now owns 988 shares of the bank’s stock worth $26,000 after purchasing an additional 496 shares during the period. Highlander Capital Management LLC increased its stake in Citizens Financial Group by 19.6% in the fourth quarter. Highlander Capital Management LLC now owns 3,056 shares of the bank’s stock worth $101,000 after purchasing an additional 500 shares during the period. Coldstream Capital Management Inc. increased its stake in shares of Citizens Financial Group by 4.5% during the third quarter. Coldstream Capital Management Inc. now owns 12,246 shares of the bank’s stock valued at $328,000 after buying an additional 523 shares during the period. Finally, FSC Wealth Advisors LLC increased its stake in shares of Citizens Financial Group by 22.0% during the third quarter. FSC Wealth Advisors LLC now owns 2,927 shares of the bank’s stock valued at $78,000 after buying an additional 527 shares during the period. Hedge funds and other institutional investors own 94.90% of the company’s stock.

    Insider Buying and Selling at Citizens Financial Group

    In other Citizens Financial Group news, insider Craig Jack Read sold 4,508 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $33.54, for a total transaction of $151,198.32. Following the sale, the insider now owns 43,885 shares in the company, valued at $1,471,902.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is currently owned by insiders.

    Analyst Upgrades and Downgrades

    A number of brokerages recently weighed in on CFG. Piper Sandler raised Citizens Financial Group from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $35.00 to $41.00 in a research report on Friday. Royal Bank of Canada raised their price objective on Citizens Financial Group from $33.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, January 18th. StockNews.com cut Citizens Financial Group from a “hold” rating to a “sell” rating in a research report on Saturday. Argus boosted their price objective on Citizens Financial Group from $36.00 to $39.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Morgan Stanley lifted their price target on Citizens Financial Group from $31.00 to $39.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.13.

    View Our Latest Report on CFG

    Citizens Financial Group Price Performance

    Shares of NYSE CFG opened at $35.15 on Friday. Citizens Financial Group, Inc. has a 1-year low of $22.77 and a 1-year high of $36.38. The business has a 50-day moving average of $33.68 and a 200-day moving average of $30.98. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $16.11 billion, a price-to-earnings ratio of 12.74 and a beta of 1.38.

    Citizens Financial Group (NYSE:CFGGet Free Report) last released its quarterly earnings results on Wednesday, April 17th. The bank reported $0.65 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.10). Citizens Financial Group had a return on equity of 6.62% and a net margin of 11.52%. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.96 billion. During the same quarter last year, the firm posted $1.00 EPS. The company’s revenue was down 7.9% compared to the same quarter last year. On average, equities analysts anticipate that Citizens Financial Group, Inc. will post 3.24 EPS for the current fiscal year.

    Citizens Financial Group Dividend Announcement

    The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.78%. The ex-dividend date of this dividend is Tuesday, April 30th. Citizens Financial Group’s dividend payout ratio (DPR) is 60.87%.

    Citizens Financial Group Profile

    (Free Report)

    Citizens Financial Group, Inc operates as the bank holding company that provides retail and commercial banking products and services to individuals, small businesses, middle-market companies, corporations, and institutions in the United States. The company operates in two segments, Consumer Banking and Commercial Banking.

    Featured Articles

    Want to see what other hedge funds are holding CFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Citizens Financial Group, Inc. (NYSE:CFGFree Report).

    Institutional Ownership by Quarter for Citizens Financial Group (NYSE:CFG)

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  • State grant money to pay for green projects

    State grant money to pay for green projects

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    BOSTON — Nearly 100 cities and towns are sharing more than $11.8 million in state funding aimed at helping them reduce their energy usage and greenhouse gas emissions that are contributing to climate change.

    The state Department of Energy Resources is distributing the money to local governments through its Green Communities program, which provides funds for energy efficiency and renewable energy projects aimed at helping the state meet its ambitious goal of reaching net-zero carbon emissions by 2050.

    Several communities north of Boston will be getting a piece of the latest round of grant funding disbursements, according to a new report to the Legislature.

    Gloucester is getting $144,311 in grant money; Ipswich is getting $167,500; and Wenham is slated to receive $50,000, according to the state agency.

    The grants will pay for myriad projects, including the acquisitions of hybrid police cruisers, battery-electric vehicles and electric vehicle charging stations.

    Other projects include ventilation system upgrades, weatherization, and de-carbonization of schools, municipal buildings and facilities.

    Combined, the projects are estimated to produce energy savings of more than 31,000 MMBTUs, or roughly the same amount of energy consumed by more than 240 households, according to the state agency.

    When completed, the projects are expected to reduce greenhouse gas emissions by 1,897 metric tons every year — equivalent to taking 383 cars off the road.

    The Merrimack Valley Planning Commission is getting a nearly $64,000 grant for work on reducing energy consumption and costs, pollution and the development of renewable energy and alternative energy.

    Meanwhile, Manchester-by-the-Sea, Ipswich, Andover, Haverhill and Methuen will each be getting $15,000 Municipal Energy Technical Assistance grants from the state to cover the cost of green projects ranging from decarbonization of buildings to energy storage.

    About 290 cities and towns, accounting for about 89% of the state’s population, have been awarded a “green community” designation by the state agency.

    Since 2010, the state agency has awarded more than $177 million in Green Communities grants, according to the Baker administration.

    To qualify for funding, cities and towns must commit to reducing their energy consumption by 86,875 MM BTUs over the next five years.

    That’s equivalent to the energy use of 673 homes, or taking 1,222 gas-powered cars off the road, according to the agency.

    Massachusetts is required under a state law to meet ambitious benchmarks to reduce greenhouse gas emissions to “net zero” over 1990s levels by 2050.

    A climate change bill signed by then-Gov. Charlie Baker in 2022 requires the state to meet incremental goals every five years to reach a 50% reduction in emissions by 2030 before meeting the 2050 goal.

    The plan calls for expanding the use of wind power, solar and hydropower, as well as continuing to reduce overall energy usage and reliance on fossil fuel sources to keep the lights turned on and heat and cool the state’s homes and buildings.

    The state is also working to improve energy efficiency through the Mass Save program, which is funded by a surcharge tacked onto energy bills and proceeds from the Regional Greenhouse Gas Initiative, a cap-and-trade system aimed at reducing emissions from power plants.

    The fees drum up about $2 billion a year, which helps pay for home efficiency audits and other programs to reduce energy consumption.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • State grant money to fund green projects

    State grant money to fund green projects

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    BOSTON — Nearly 100 cities and towns are sharing more than $11.8 million in state funding aimed at helping them reduce their energy usage and greenhouse gas emissions that are contributing to climate change.

    The state Department of Energy Resources is distributing the money to local governments through its Green Communities program, which provides funding for energy efficiency and renewable energy projects aimed at helping the state meet its ambitious goal of reaching net-zero carbon emissions by 2050.

    Several communities north of Boston will be getting a piece of the latest round of grant funding disbursements, according to a new report to the Legislature.

    Gloucester is receiving $144,311 in grant money; Ipswich is getting $167,500; and Wenham is slated to receive $50,000, according to the state agency.

    The grants will pay for myriad projects, including the acquisitions of hybrid police cruisers, battery-electric vehicles and electric vehicle charging stations.

    Other projects include ventilation system upgrades, weatherization, and decarbonization of schools, municipal buildings and facilities.

    Combined, the projects are estimated to produce energy savings of more than 31,000 MMBTUs, or roughly the same amount of energy consumed by more than 240 households, according to the state agency.

    When completed, the projects are expected to reduce greenhouse gas emissions by 1,897 metric tons every year – equivalent to taking 383 cars off the road.

    The Merrimack Valley Planning Commission is receiving a nearly $64,000 grant to reduce energy consumption and costs, pollution and the development of renewable energy and alternative energy.

    Meanwhile, Andover, Haverhill, Methuen, Manchester-by-the-Sea and Ipswich will each get $15,000 Municipal Energy Technical Assistance grants from the state to cover the cost of green projects ranging from decarbonization of buildings to energy storage.

    About 290 communities, accounting for about 89% of the state’s population, have been awarded a “green community” designation by the state agency.

    Since 2010, the state agency has awarded more than $177 million in Green Communities grants, according to the Baker administration.

    To qualify for funding, communities must commit to reducing their energy consumption by 86,875 MM BTUs over the next five years. That’s equivalent to the energy use of 673 homes, or taking 1,222 gas-powered cars off the road, according to the agency.

    Massachusetts is required under a state law to meet ambitious benchmarks to reduce greenhouse gas emissions to “net zero” over 1990s levels by 2050.

    A climate change bill signed by then-Gov. Charlie Baker in 2022 requires the state to meet incremental goals every five years to reach a 50% reduction in emissions by 2030 before meeting the 2050 goal.

    The plan calls for expanding the use of wind power, solar and hydropower, as well as continuing to reduce overall energy usage and reliance on fossil fuel sources to keep the lights turned on and heat and cool the state’s homes and buildings.

    The state is also working to improve energy efficiency through the Mass Save program, which is funded by a surcharge tacked onto energy bills and proceeds from the Regional Greenhouse Gas Initiative, a cap-and-trade system aimed at reducing emissions from power plants.

    The fees drum up about $2 billion a year, which helps pay for home efficiency audits and other programs to reduce energy consumption.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Enrollment rising for Medicare savings programs

    Enrollment rising for Medicare savings programs

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    BOSTON — The number of senior citizens enrolled in the state’s Medicare savings programs has increased since eligibility was expanded to help more beneficiaries pay for health care premiums and prescription drugs.

    There were 138,313 people enrolled in the state’s federally funded programs as of June, according to the latest data from the state Department of Public Health, which administers the programs.

    That includes 17,045 new seniors and disabled beneficiaries who enrolled in June under changes that expanded who qualifies for the programs.

    The state has several Medicare savings programs – Qualified Medicare Beneficiary, Specified Low-Income Medicare Beneficiary and Qualifying Individual program – that pay some or all of beneficiaries’ premiums and other health care costs, including prescriptions. To qualify, residents must be at least 65 years old and approved for the federally funded program.

    Even more people are likely to qualify for the benefits under changes to the state’s new Medicare savings programs, which began March 1, with a replacement for MassHealth’s Senior Buy-In and Buy-In programs.

    Under new eligibility requirements, for a person on Medicare with less than $2,824 per month in income – or less than $3,833 for a couple – the program will pay for monthly Part B premiums, Part A and D co-pays and deductibles, as well as extra help with prescription costs, according to the administration of Gov. Maura Healey.

    Until now, eligibility was determined through an asset test that required individuals to have no more than $18,180 in assets, $27,260 for couples. Those assets included money in bank accounts and retirement funds, which advocates say often excluded people who would otherwise qualify based on annual income.

    “MassHealth is committed to ensuring that older adults on fixed budgets have access to affordable coverage,” Mike Levine, MassHealth’s assistant secretary, said in a recent statement. “Our work expanding eligibility for the Medicare Saving Program and simplifying the application process is critical to meeting this goal.”

    The Boston-based nonprofit group Healthcare for All says the new Medicare saving program will save seniors an average of $500 per month they would have otherwise spent on health care costs. The group says seniors are often having to choose between paying for food and housing or “essential” health care services.

    Massachusetts is wrestling with skyrocketing health care costs that advocates say are jeopardizing medical treatment for patients.

    A report in March by the Massachusetts Health Policy Commission’s Center for Health Information and Analysis found health care expenditures per capita increased by 5.8% from 2021 to 2022, well above the national rate of 4.1% and nearly double the 3.1% benchmark set by the commission, based on previous years’ growth.

    The center attributed the increases to a combination of high prescription drug expenses, “unprecedented” patient cost sharing, and other factors that are forcing consumers to dig deeper into their pockets to pay for health care services.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Airlines Now Required To Refund Canceled Or Delayed Flights In Cash

    Airlines Now Required To Refund Canceled Or Delayed Flights In Cash

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    The Transportation Department issued a new rule requiring airlines provide customers with automatic cash refunds in the event of flight cancellations or significant delays, saving passengers a projected $500 million in the next year. What do you think?

    “And then what are we supposed to do with it?”

    André Acconcia, Plan Consultant

    “How much money do I get if my flight crashes?”

    Marge Nesbitt, Blackjack Dealer

    “Nice. I’ve had my eye on some stuff at Hudson News.”

    Lester Farooq, Door-To-Door Surgeon

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  • Teachers, others back suspended North Andover school superintendent

    Teachers, others back suspended North Andover school superintendent

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    NORTH ANDOVER — About 80 teachers and school advocates turned out at the School Committee meeting Thursday night with signs supporting School Superintendent Gregg Gilligan after he was placed on paid administrative leave Tuesday.

    The teachers read statements and cheered each other on in the North Andover High School auditorium. The signs ranged from “We support Dr. Gilligan, Dr. Mealey, and the administrative team” to “S.O.S. Save Our Superintendent.”

    “He has been a very good superintendent for us,” said Juliette Darmon, president of the North Andover Teachers Association. “He works collaboratively with the association.”

    Gilligan was placed on paid administrative leave following an announcement at a Select Board meeting Monday that the school district is facing a projected deficit of $3,122,565, or about 6% of the district’s budget for fiscal 2024.

    In explaining the deficit to the board Monday night, Gilligan said the district faced “some major hits” this year. They included increases in special education and homeless student transportation costs, a lack of elementary and secondary school emergency relief funding, and the need for 38 long-term teaching substitutes as of Monday.

    On Tuesday, School Committee Chair Dave Brown suspended the superintendent.

    “In my judgment, this was in the best interest of the district,” Brown said at the committee meeting Thursday. “This is me taking on the responsibility I was elected to do.”

    The committee decided unanimously Thursday night to keep Gilligan on paid administrative leave to allow for an investigation of the deficit. No timeline was discussed.

    Prior to the meeting Thursday, Brown asked Assistant Superintendent Pam Lathrop, an educator since 1989, to serve as acting superintendent. The committee approved.

    “I never expected to be saying yes to this,” said Lathrop, who joined the district in July. “I wanted to be part of Dr. Gilligan’s administrative team … . In my short time that I’ve been here, I’ve seen incredible leaders do incredible work.”

    Lathrop said she and the rest of the administration, including Gilligan, take full responsibility for the “mistake” that occurred. She told a story about how when Gilligan hired her, he told her that at any moment she may need to step up and that he trusted her to do so.

    Two residents said during the public comment session Thursday that they voted “no confidence” in Gilligan, saying he was not transparent in financial matters for years and “not cut out to lead the district.”

    Some teachers and staff members criticized the move, calling the administrative leave “reactionary and unnecessary” since Gilligan was unable to answer any questions prior to being put on administrative leave.

    Gilligan has worked for North Andover Public Schools since 1998, serving as a teaching assistant, high school history teacher, principal of Thomson Elementary School and assistant superintendent. He accepted his current position in 2018 and his contract runs through 2026.

    Three principals spoke on behalf of the district’s administration at the meeting Thursday, highlighting Gilligan’s impact on the community. They said Gilligan’s work has been “ignored or overlooked.”

    “We believe this was a profound lapse of judgment,” said Joseph Clarke, principal of Franklin Elementary School, calling the move “calculated and cruel.”

    “A School Committee couldn’t find a superintendent more invested in our community than Dr. Gilligan,” he said.

    Darmon presented a letter, signed by the four former association presidents as well, to the committee on Thursday night to show the union’s support.

    “We hope he gets reinstated as soon as possible,” Darmon said. “We feel this was completely uncalled for.”

    Multiple teachers also spoke up during the public comment session prior to the superintendent discussion They called the $3 million deficit “not unique nor an anomaly.”

    “It is evident from the information that Dr. Gilligan and Dr. Mealey presented to the (Select Board) that even the most careful planning could not have compensated for the unprecedented overtures this year,” according to a statement from the association read by many teachers.

    “Rather than blaming our school leaders let’s take a look at where the responsibility might fall,” the statement said.

    Kathleen Tanis, the association’s vice president, said the deficit was “bound to happen.”

    “This is not a unique situation to North Andover. The fact is this is occurring in neighboring towns across the state of Massachusetts and the nation,” Tanis said. “Right now, we should be focused on keeping our administration in place to help steer us through these difficult times.”

    Follow Monica on Twitter at @MonicaSager3

    Follow Monica on Twitter at @MonicaSager3

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    By Monica Sager | msager@eagletribune.com

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  • How Did Europe Get Left Behind?

    How Did Europe Get Left Behind?

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    The privileged ability to spend through the dollar’s global reserve status, though amounting to a national debt of unprecedented size, has allowed the U.S. to run circles around Europe in public spending and crisis-time stimulus while subverting debt crises. USGS via Unsplash

    If the United Kingdom or France joined the United States, they would become the poorest states in the country, with a GDP per capita lower than even Mississippi. Germany would be the second poorest. For most of the second half of the 20th century, Europe and the U.S. rivaled each other in GDP. In 2008, the EU and U.S. had GDPs of $14.2 trillion and $14.8 trillion, respectively. Closing 2023, the EU has seen little growth, with a GDP of around $15 trillion, while the U.S. has marched ahead to a GDP of $27 trillion.

    The EU GDP growth clocked in at 0.1 percent for 2023’s last quarter, a small fraction of the U.S.’s 3.4 percent during the same period. The UK fell into recession in the back half of last year, but the French economy looks to an optimistic forecast of 0.9 percent growth for 2024 to put six months of stagflation in the rearview mirror. While inflation has come down to just above 3 percent, similar to the U.S., the European Central Bank’s rate hikes have taken a larger toll on the nation-states.

    One reason Europe has fallen behind? A spending handicap.

    After the 2008 Global Financial Crisis (GFC), which originated in the U.S. real estate debt and loaning markets in 2007 and triggered a recession in Europe in the second quarter of 2008, the U.S. and Europe increased stimulus spending and access to liquidity. This increased the debt-to-GDP percent in the U.S. from 61.8 percent in 2007 to 82.0 percent in 2009 and from around 60 percent to 73 percent for the average EU government in the same time period. Because the U.S. benefits from the dollar’s reserve currency status, it can comfortably borrow large amounts at relatively low rates due to the high demand and liquidity of the U.S. treasury market. Europeans cannot take advantage of the same privilege, and thus saw a growing debt crisis in the years following the GFC in countries like Ireland, Greece, Portugal and Spain, which were having trouble paying back the debt their governments had borrowed. The crisis peaked in 2010 when Greece’s sovereign debt was downgraded to junk by rating agencies. Numerous European countries required bailouts from the IMF and EU and instituted new austerity policies that limited public spending.

    Such austerity policies became handicaps in dealing with future crises: during the COVID pandemic, the U.S. distributed $5 trillion in stimulus, while the U.K. and Germany spent $500 billion, France spent $235 billion, and Italy $216 billion, as per Moody’s. Though controversial then and a contributor to the steep inflation that followed, the cash cascade likely helped the U.S. spend itself out of a recession. Household savings were at dramatic highs following the pandemic, allowing consumer spending—contributing to 70 percent of the U.S. GDP—to be strong through the Federal Reserve rate hikes. Post-pandemic, the U.S. has continued its public investment streak with the Infrastructure Investment and Jobs Act, CHIPS Act and Inflation Reduction Act, contributing another $2 trillion to its manufacturing and construction sectors and far exceeding EU contributions.

    The privileged ability to spend through the dollar’s global reserve status, though amounting to a national debt of unprecedented size, has allowed the U.S. to run circles around Europe in public spending and crisis-time stimulus while subverting debt crises.

    A variety of other factors

    The explanation of why the U.S. economy has outpaced Europe cannot be reduced to just one reason. Broad structural differences are at play: the U.S. enjoys a large single free trade zone, where capital and labor can unquestionably cross state boundaries without additional tax, tariff or currency conversion costs. Brexit and many other hurdles have tested the EU’s free trade zone. The U.S. is also unusually entrepreneurial: more start-ups are founded in the U.S. than in the European Union, and the U.S. leads the world in VC fundingEight of the ten largest companies globally by market cap are American; none are European. The U.S. is also the globe’s most attractive place for investment, making the New York Stock Exchange larger than every European stock exchange combined (and that is just one of the U.S.’s equity exchanges). Recent events also serve as obstacles: energy embargos on Russia have been far more taxing on Europe, with the cost of electricity far higher than in the U.S. and not yet returning to pre-sanction levels.

    Recent events also serve as obstacles: energy embargos on Russia have been far more taxing on Europe, with the cost of electricity far higher than in the U.S. and not yet returning to pre-sanction levels.

    What’s next?

    European leaders are eager to act. “We’re in danger of falling out of touch. There is no time to waste. The gap between the European Union and the U.S. in terms of economic performances is becoming bigger and bigger,” former Italian Prime Minister Enrico Letta admitted in a recent report.

    Last week, European leaders gathered to discuss the “European Competitiveness Deal,” aimed at helping the continent catch up to the U.S. and China. The policy would upskill workers, make Europe more attractive for capital, reduce the cost of energy and strengthen trade, as per the European Commission. Among Europe’s long-term challenges is that its leaders ultimately need to make their markets an attractive place for Europeans to invest their savings; French President Emmanuel Macron noted that “Europe has more savings than the United States of America … and every year, around 300 billion euros of these savings go to finance the American economy.”

    The U.S. greatly benefits from a stronger Europe, giving it an ally to help curtail Chinese and Russian influence. However, the U.S. has recently levied tariffs against Europe while implementing trade and subsidy policies. European leaders have criticized it as protectionist, reducing Europe’s global competitiveness and growth potential.

    How Did Europe Get Left Behind?

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    Shreyas Sinha

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  • Manchester-by-the Sea Town Meeting backs senior center plan. lauinch service

    Manchester-by-the Sea Town Meeting backs senior center plan. lauinch service

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    MANCHESTER-BY-THE-SEA — Considering 21 articles on the warrant was no easy task but annual Town Meeting wrapped it up in about three hours.

    Town Moderator Alan Wilson banged the gavel to convene the meeting Wednesday at Manchester Memorial Elementary School precisely at 6:30 p.m. and adjourned it at 9:12 p.m. Midway through, Wilson reported a quorum of 317 voters present.

    The meeting approved financing for a new senior center, the operation of a launch service in Manchester Harbor, and a number of capital projects, including $7,550,000 to make capital improvements to the town’s water and wastewater systems.

    It also approved a fiscal year 2025 budget amounting to $42,336,058, with $16,818,112 for the town operating and enterprise budgets for water and sewer, and debts; $19,060,435 for town’s share of Manchester Essex Regional School District’s operating budget and debt service; $243,385 for the North Shore Agricultural & Technical School; and $2,642,740 for capital items.

    Each of the above articles passed by substantial margins with voters using electronic vote tallying devices.

    Finance Committee Chairperson Sarah Mellish said the budgets received much careful consideration.

    “The Finance Committee feels this budget is prudent and addresses the needs of the town,” she said. “This is a lean budget that meets the town’s needs.”

    Article 6 authorizing the Select Board to raise or borrow $1 million to buy the Masons’ 26,045 square foot parcel at 10 Church St. needed a two-thirds majority and was approved by a sizable margin, prompting a rousing cheer. Many applauding were senior citizens.

    Select Board member Brian Sollosy moved the measure, which was seconded by Select Board member John Round.

    Responding to a question about whether the building is the right place for a town-operated facility, being at the edge of Manchester Harbor, Town Administrator Gregory Federspiel said the elevation of the Masons’ building protects it from storm surge.

    “This building is in pretty good shape,” Federspiel said. An appraisal a few years ago estimated the building’s value to be about $800,000.

    “We do feel the price is appropriate,” he said.

    The town will start running a launch service in Manchester Harbor after Town Meeting voted 309-34 to purchase to two launch boats and fund operating expenses for this fiscal year and next.

    Select Board member Catherine Bilotta said town officials, including Harbormaster Bion Pike, put together a prudent business plan for the launch service.

    “All of these costs are going to be reimbursed by user fees,” she said. “The entire endeavor is to be funded entirely by user fees.”

    Mellish said the effort should eventually be self-sustaining.

    “If you want to use a launch, contact the harbormaster and he’ll gladly take your money,” she said.

    The meeting also approved paying the town’s share of the Manchester Essex Regional School District’s $16,339,528 gross operating and maintenance budget for fiscal 2025, $2,720,907 to cover its long-term debt, and $660,000 for a feasibility study for Essex Elementary School.

    Superintendent Pamela Beaudoin said the Manchester Essex Regional School Committee will eventually narrow its focus to considering possible renovation or new construction for the school, 12 Story St. in Essex.

    “We really lean heavily on community experts,” she said.

    Spending $481,670 of Community Preservation Fund money on restoration of the First Parish Church steeple and resurfacing of the Sweeney Park basketball court, among other things, was approved, but not before a motion was made to eliminate $200,000 to fund the Manchester Affordable Housing Trust. The motion was defeated 178-45.

    Here is a condensed version of the articles on the meeting’s warrant and votes:

    1 – Receive reports of the town’s boards and committees. APPROVED.

    2 – Fix the salaries of the town moderator and members of the Select Board at $0 per year. APPROVED.

    3 – Raise $243,385 as the town’s share of the budget for the Essex North Shore Agricultural and Technical School District. APPROVED.

    4 – Raise sums by taxation to pay town debts and charges — $42,336,058 — for the coming fiscal year, effective July 1. APPROVED.

    5 – Spend the following, all of which were APPROVED:

    — Road resurfacing — $550,000.

    — DPW facility siting, geotechnical analysis — $250,000.

    — Drainage and sidewalk improvements — $250,000.

    — Storm damage repair — $50,000. Not recommended.

    — General building upgrades — $50,000.

    — Backhoe replacement — $150,000.

    — IT and telephone upgrades at Town Hall — $30,000.

    — Planning and zoning studies — $20,000. Not recommended, in operating budget.

    — Library walkway repairs — $6,500.

    — Library building assessment — $43,500.

    — Fire engine replacement fund — $250,000. Not recommended.

    — Ambulance 2 replacement — $470,000.

    — Police tasers — $12,600.

    — Police administration vehicle replacement — $73,000.

    — Cardiac monitors and defibrillators — $54,000.

    — Fire Station repairs and upgrades — $30,000. Not recommended, in operating budget.

    — Dredging/engineering/permitting — $100,000.

    — No wake buoys — $9,500.

    — Plant upgrades/PFAS design — $2 million. $150,000 recommended.

    — Pipe replacement/improvements — $2 million. Not recommended.

    — Meter replacements (for “smart” meters) — $1.5 million. Not recommended.

    — Water truck replacement — $50,000.

    — Plant upgrades/Equipment replacement – $4.1 million. $550,000 recommended.

    6 – Raise or borrow $1 million and authorize the Select Board to use it to acquire, for a senior center and, or community center, all or a portion of the Masons’ 26,045 square foot parcel at 10 Church St. APPROVED.

    7 – Raise or transfer money to operate a town-sponsored launch service in Manchester Harbor including $9,500 for fiscal 2024 operating expenses, $125,000 for the purchase of two launch boats, and $41,000 for fiscal 2025 launch operating expenses. APPROVED.

    8 – Spend $7,550,000 — $4,100,000 on the town’s water system and $3,450,000 on the town’s wastewater system — for capital improvements. APPROVED, 290-33.

    9 – Spend Massachusetts Public Library Construction Program grant funds and re-appropriate $150,000 of the $200,000 previously appropriated for restroom renovations at Manchester-by-the-Sea Public Library. APPROVED, 200-19.

    10 – Create a Special Opioid Settlement Stabilization Fund and dedicate 100% of the opioid litigation settlement funds to the fund. APPROVED.

    11 – Raise or transfer money for the town’s assessment for the gross operating and maintenance budget of the Manchester Essex Regional School District. APPROVED.

    12 – Raise or transfer $660,000 for the town’s apportioned share of the Essex Elementary School feasibility study. APPROVED, 244-44 .

    13 – Raise or transfer $248,348 to fund the town’s share of the cost to refurbish the turf fields in town. APPROVED.

    14 – Hear and act on the report of the Community Preservation Committee on the fiscal 2025 Community Preservation budget and to appropriate $481,670 from the Community Preservation Fund money to meet the administrative and other expenses of the committee for fiscal 2025. APPROVED.

    Included in the $481,670 total amount is:

    – $200,000 for the Manchester Affordable Housing Trust Project funding.

    – $60,000 for restoration of the First Parish Church steeple.

    – $28,500 to resurface the Sweeney Park basketball court.

    – $25,000 for restoration of town cemeteries.

    – $24,400 for portico restoration at Hooper Trask House.

    – $20,000 for Power House Hill parking and access easement.

    15 – Authorize the Select Board to acquire an access and parking easement on property owned by the Manchester Housing Authority at Newport Park for access to Powder House Hill conservation lands.  APPROVED.

    16 – Raise or transfer $100,000 to supplement the fiscal 2024 Legal Expenses Account. APPROVED.

    17 – Raise or transfer $300,000 to be deposited into the town’s “Other Post Employment Benefits Trust Fund.” APPROVED.

    18 – Set fiscal 2025 imitations on expenditures by the town’s recreation programs at $400,000; and the town’s Board of Health Emergency Dispensing Sites and Clinics Programs at $50,000.  APPROVED.

    19 – Amend the Tobacco Products Regulations and Tobacco Use Regulations of the town’s General Bylaws as fines and enforcement are covered by other bylaws and state statutes/regulations.  APPROVED.

    20 – Amend Article X, Section 23 of the General Bylaw on non-accessory signs by adding the language: “The provisions of this section shall not apply to non-accessory signs located on town-owned property, subject to the approval by the Select Board, nor to non-accessory signs on town-owned property used for educational purposes, subject to approval by the Manchester Essex Regional School Committee.”  APPROVED.

    21 – Raise or transfer money to reduce the tax rate. NO ACTION TAKEN.

    Stephen Hagan can be reached at 978-675-2708 or at shagan@northofboston.com.

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    By Stephen Hagan | Staff Writer

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  • Lawmakers load up budget with earmarks

    Lawmakers load up budget with earmarks

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    BOSTON — Downtowns, youth sports programs, churches, food pantries and nonprofits are among the myriad interests angling for a piece of the state’s nearly $58 billion budget.

    State lawmakers loaded the spending package for next fiscal year with requests for money for local projects and programs, along with changes in public policy ahead of a debate on the bill in the House of Representatives this week.

    The fate of many of those requests will be decided upon in closed-door meetings with House Democratic leaders before the final budget comes up for a vote.

    Many of the local earmarks seek to divert more state money to local governments, schools, cash-strapped community groups and nonprofit organizations. Some restore unilateral budget cuts made by Gov. Maura Healey earlier this year in response to revenue shortfalls.

    That includes an amendment filed by Reps. Sally Kerans, D-Danvers, and Kristin Kassner, D-Hamilton, calling for $75,000 for the town of Topsfield to restore 9C budget cuts made by Healey and provide funding for the Downtown Economic Development plan.

    Kerans is also seeking $25,000 for the Topsfield Historical Society to build a parking lot, which was also cut by Healey.

    Rep. Frank Moran, D-Lawrence, is seeking $25,000 for the Dominican Carnival in the Merrimack Valley, $50,000 for a basketball club for low-income youth, $50,000 for Casa Dominicana to provide ESL classes, and $25,000 for the Andover Baptist Church for “structure repairs and maintenance costs,” among other funding requests.

    Other proposed earmarks, filed by Rep. Jerald Parisella, D-Beverly, seek $100,000 for Beverly’s 400th anniversary and $200,000 for Gillis Park renovations.

    House lawmakers filed nearly 1,500 amendments to the budget. Only a handful will likely make it into the final spending plan. Most will be withdrawn or consolidated by legislative leaders through the vetting process that largely happens behind closed doors.

    Overall, the House budget unveiled last week would increase state spending by about 3.3% next fiscal year, slightly less Gov. Maura Healey’s initial $56.1 billion package filed in January.

    State aid to cities and towns, used for everything from closing local budget gaps to fixing sidewalks, would come in at more than $1.25 billion. Education aid would increase to more than $6.86 billion under the spending plan.

    The House budget would divert $500 million to the state’s emergency shelter system, which is bursting at the seams amid a surge of migrants.

    The plan also calls for spending $1 billion in proceeds from the millionaires’ tax on a range of education and transportation programs, along with new initiatives. The new voter-approved law, which went into effect in January, set a 4% surtax on incomes above $1 million.

    But the final price tag for the budget is almost certain to be driven up by local earmarks during next week’s debate on the spending package.

    Critics of earmarks — including fiscal watchdogs — argue that they encourage patronage and government waste.

    Lawmakers defend the practice as a means to getting money for local projects, since the executive branch largely controls the budget for capital and one-time expenses.

    The requests for additional funding come as state budget writers urge fiscal responsibility following several months of lackluster tax collections and rising costs from a surge of asylum seekers.

    Healey wielded her executive powers in February to slash $375 million from the current fiscal year budget to close a gap between spending and revenue.

    Last year, Healey used her veto pen to slash a total of $272 million in spending in her first budget as governor. The Democrat also spiked an outside section of the $56 billion spending plan that called for another $205 million of one-time funding.

    Healey’s predecessor, Republican Charlie Baker, often feuded with lawmakers over earmarks in the budget, but his vetoes were usually overridden by the Democratic-controlled Legislature.

    Once the House wraps up its work on the budget, the spending package moves to the Senate for consideration.

    The new fiscal year begins July 1.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Northshoremen concert to benefit Samaritan Charitable Society of Salem

    Northshoremen concert to benefit Samaritan Charitable Society of Salem

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    SALEM — The award-winning Northshoremen Chorus will perform a benefit concert at 7 p.m. on Saturday, May 4, at the Tabernacle Congregational Church U.C.C., 50 Washington St., Salem, with all proceeds going to the Samaritan Charitable Society of Salem. Immediately following the concert, audience members are invited to a reception to sing with chorus members and enjoy some refreshments.

    Tickets are $20, with children 16 and under admitted for free. Tickets may be purchased prior to the concert through Eventbrite at https://tinyurl.com/SamaritansNSConcert. Tickets will also be available at the door. The church is handicapped-accessible.

    The Northshoremen Chorus was named the 2021 Patriot Division Small Chorus Champion, and twice in the past five years has won the Most Improved Chorus award in Northeastern District division competition. The chorus has been spreading the joy of four-part harmony to appreciative audiences locally and throughout New England for 75 years.

    The chorus also has several quartets who will perform, including past Patriot Division Senior Quartet Champions “Essex County 4,” and 2022 Patriot Division Novice Champions “Forte.”

    The Samaritans is one of Salem’s oldest charities and provides one-time assistance to Salem residents facing a financial crisis, often partnering with other local social service providers. In the course of the organization’s work, the Samaritans have seen new and different needs arise and become more widespread. Those who are struggling and require assistance are often working parents, or senior citizens living on social security.

    The Samaritan Charitable Society of Salem has provided funding for a multitude of needs, including “camperships” for children to attend the YMCA and Boys and Girls Clubs summer camps, helping stock the Salem Food Pantry, paying tuition for a 12-week job training program, and helping elderly residents moving into subsidized housing with the purchase of refrigerators and mattresses.

    To learn more about the organization, visit thesamaritansociety.org.

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  • Schools face loss of 41 positions due to $3.1M budget gap

    Schools face loss of 41 positions due to $3.1M budget gap

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    The inability of the city of Gloucester and its schools to fully close a $6.1 million shortfall between the cost of a level-service budget and increased funding provided by the city may mean the loss of 41 positions across the school district.

    Driven by skyrocketing out-of-district special education tuition and transportation costs, inflation, and the ending of federal COVID-19 relief funding, the schools administration says what costs $49.74 million to provide to Gloucester students this school year will cost $55.85 million next school year.

    The change represents an increase of nearly 12.3%, or $6.1 million, in the fiscal 2025 school operating budget.

    Superintendent Ben Lummis told the School Committee the city has indicated it can fund $3 million of the proposed $6.1 million increase.

    The city plans to do so through a combination of a $1.5 million supplemental appropriation and some one-time funding for the current fiscal year, which is money that can be used to offset prepaid tuition and special education costs for next year, and a $1.5 million increase in the schools’ operating budget for fiscal 2025 that begins July 1.

    However, the funding shift would still leave a $3.1 million gap to maintain level services.

    Facing a $2 million to $3 million shortfall, Lummis told the School Committee the effects could include:

    A loss of the house structure at O’Maley Innovation Middle School.

    Increased class sizes at O’Maley and Gloucester High coupled with reductions to areas of performing and visual arts, business, technology and physical education.

    Elementary art, music and physical education specialists and some social emotional learning supports.

    “So again, we don’t know if we are here yet,” Lummis said. “Yeah, well, we are here right now, OK, whether we end up here, we don’t know, we are still working on it.

    “It doesn’t mean all these areas are affected. We have to look at all of those and see where we can make changes.”

    He said the effect on social emotional learning programs will not mean all of those supports will go away “but some will.”

    With 83% of the schools’ operating costs tied up in personnel expenses, Lummis said cost reductions are found through staff cuts.

    For the first time, he outlined those cuts by school building, the number of positions and reduction in salary costs:

    Preschool, four positions, $225,000.

    Beeman, four positions, $200,000.

    East Veterans, five positions, $275,000.

    Plum Cove, three positions, $125,000.

    West Parish, four positions, $200,000.

    O’Maley, nine positions, $550,000.

    Gloucester High, eight positions, $550,000.

    District, four positions, $275,000.

    This adds up to cost savings of $2.3 million. Lummis said the reductions are made up of a broad range of positions, not just teachers. Some positions can be moved to grants and positions of staff who leave or retire will not be filled.

    More savings would come through savings from benefits of laid-off employees, moving services and supports to grants, and reductions in instructional supplies and materials.

    The process to finalize notifying staff was scheduled to wrap up last week.

    This week, the administration will meet with Gloucester Teachers Association leaders as dictated by contracts to go over expected cuts of teachers with professional status. Principals and supervisors would then inform staff and provide information on the process and next steps for each individual.

    The week of April 29, the administration would have to determine if further cuts would be necessary based on talks with the city administration. The schools have until May 7 to inform any additional teachers with professional teacher status whose positions are planned for elimination.

    Waiting to inform staff may keep everyone on edge, with the vast majority of the schools’ staff not at risk of losing their jobs, Lummis said.

    “So we are trying to balance speed with the best information we have, our obligation in terms of our contracts and at the same time treating folks with compassion as well,” he said.

    During the School Committee meeting, Lummis presented a slide showing areas of reductions including Tier 2 interventions, which support students in small groups, at all levels.

    At the preK-5 level, the reductions would affect social emotional learning and mental health supports; at the middle school, it would mean the loss of the house structure; and at Gloucester High the loss of preparation and support for post-secondary success.

    School Committee member Melissa Teixeira Prince asked what was meant by the inability to maintain the house structure, asking if this just meant larger class sizes. She said the loss of the house structure at the middle school was “scary.”

    “Parents don’t want to hear that,” she said.

    “It’s in jeopardy,” Lummis said. He said the house structure, while it adds to a sense of belonging with the same students sharing the same teachers, it constrains flexibility in terms of staffing.

    Breaking apart the house structure allows flexibility in terms of fully loading all the classes. He said while the house structure is crucial, it’s something the administration has to look at given the level of cuts.

    “It doesn’t mean at this point it’s definitely going to go away,” Lummis said.

    He also outlined cuts to programs at a $1 million to $2 million level that would not be as deep. This list included delaying the medical assisting exploratory launch as part of the high school’s Career/Vocational Technical Education program until September 2025, along with specialists and electives, reduced staff in one or more core academic areas in the middle and high schools, along with delays in IT infrastructure improvements, among other things.

    Prince said she was sensing the schools were facing at least $2 million in reductions.

    “I don’t want any of this conversation to sugarcoat, like, there’s going to be a happy ending here because I don’t believe there is going to be a happy ending,” she said. “There are going to be cuts. There are going to be cuts that are going to hurt and this is a place we haven’t been in many years.”

    Financial resources from the city “don’t appear to be there to make us whole at this day and time,” Prince said

    A School Committee vote on a public hearing for the budget is scheduled for Wednesday, with a public hearing on the budget scheduled for May 8. The School Committee would then vote May 22 to submit the school budget to the mayor and City Council. Lummis said those dates could change.

    Ethan Forman may be contacted at 978-675-2714, or at eforman@northofboston.com.

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    By Ethan Forman | Staff Writer

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  • Article would move library renovation plans ahead

    Article would move library renovation plans ahead

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    MANCHESTER-BY-THE-SEA — To residents Gretchen Wood and Lisa Bonneville, the town’s library is a dream.

    But Wood and Bonneville want that dream to be accessible for all who visit Manchester-by-the-Sea Public Library — including those who are disabled. Both are members of the town Americans with Disabilities Advisory Committee.

    Access for all to the library’s offerings is critical, but is a challenge because “the library is very small and it has very tight spaces,” Wood said Thursday. “We have some pretty deep concerns about the library’s accessibility.”

    Wood and Bonneville hope the town shows its support for the library, calling for the approval of a financing measure at annual Town Meeting on Wednesday that would lead to a potential library building project.

    Article 9 asks the town to apply for, accept and expend Massachusetts Public Library Construction Program grant funds and re-appropriate $150,000 of the $200,000 previously appropriated for restroom renovations at the library, 15 Union St.

    Library Director Cynthia Gemmell, who supports passage of Article 9, said she will be at Town Meeting to potentially answer questions about the measure.

    “I would very much like to see the town support the article,” she said. “This is a preliminary step to see if we could have a plan for the potential renovation and expansion of the library. This will allow us to address the space issues, accessibility issues, lack of programming space, lack of meeting space and lack of collection space.”

    Successful passage of Article 9 would enable the town to apply for a matching state grant that will help finance the planning and design of the library project, Wood said.

    “This will not fund it,” she said. “It will merely get us into this round of grant funding. We can’t go forward unless we are accepted. It’s a small ask.”

    Library Trustee Sarah Davis said Article 9 is supported by the Trustees, the Select Board, and the Americans with Disabilities Advisory Committee.

    “It’s a requirement for keeping us in the running for a potential grant from the Massachusetts Board of Library Commissioners,” she said. “It’s a requirement.”

    The town needs to apply for the grant by May 31, Davis said.

    “We’ve been working on the application for years,” she said.

    Access for everybody

    Wood, who served as town clerk in Manchester for 23 years before stepping down 13 years ago, will volunteer as a timekeeper during Town Meeting deliberations on Wednesday.

    The library, she said, needs attention, adding using the restroom in the building is impossible for some.

    “It’s a very tiny restroom,” Wood said. “That’s a problem.”

    Access to the young adult programs is limited since the programs are held on the library’s upper level – reached only by climbing a narrow full flight of metal stairs.

    “Imagine the feelings of a young person with physical challenges facing this obstacle,” reads the letter by Wood and Bonneville. “Searching for a book in the stacks would be impossible for anyone in a wheelchair. Then, there is the problem of the existing very small restroom tucked into a corner of the reading room, where it is hardly adequate for anyone, but certainly completely inaccessible to anyone in a wheelchair or walker, or a parent with a child in a stroller.”

    The library is a resource in Manchester that needs to be optimized, Wood said.

    “We have a beautiful building that is very valuable to the town,” she said. “It’s time to use it.”

    Ground was broken and construction began on the library in 1886. The building, designed by noted architect Charles P. McKim, was dedicated on Oct. 13, 1887, according to the library’s website.

    “It’s an architectural gem,” Davis said, who added the library’s limited accessibility, limited meeting space and the narrow staircase to the upstairs loft are among the problems faced by patrons and library staff.

    “We want to have more meeting space to support programs, hold meetings and make interactions possible,” she said. “It’s really important to act now.”

    Town Meeting is slated to begin at 6:30 p.m. at Memorial Elementary School at 43 Lincoln St. in Manchester.

    Stephen Hagan may be contacted at 978-675-2708, or shagan@gloucestertimes.com.

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    By Stephen Hagan | Staff Writer

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