Cambridge Council Refers $36 Million Loan Orders and FY25 Budget to Finance Committee

CAMBRIDGE — April 30, 2024 — Cambridge City Council unanimously referred its proposed FY25 budget and $36 million in capital loan orders to the Finance Committee at a continuation session on April 30. Finance Committee co-chairs Councillor Patricia Nolan and Vice Mayor Marc McGovern steered six capital authorization orders — CMA 2024-74 through 2024-79 — to a second reading, down sharply from a projected $100 million in the prior year's planning, with Deputy City Manager Yi-An Huang noting the reduction reflects tighter fiscal conditions. Budget hearings are scheduled to begin May 7 and run through at least May 16, covering a budget described as exceeding $800 million. The council voted 7-2, with Councillors Paul Toner and Marc Pickett dissenting, to support state House Bill 2963, which would allow cities to impose payments in lieu of taxes on nonprofits and institutions holding more than $15 million in property — potentially targeting Harvard and MIT, though Deputy City Assessor Andrew Johnson cautioned that university endowments and affordable housing properties would not be covered. A resolution supporting student encampment protesters at both universities was not voted on after City Manager Yan Wong distinguished protected free speech from civil disobedience, saying the city "cannot choose which actions of civil disobedience should be allowed and which should not."