Report shows deficit in theoretical cost of Harvard’s Devens takeover
Nashoba Publishing, Posted: 05/12/2014 02:32:58 PM EDT
By: Amelia Pak-Harvey
HARVARD — Taking over Harvard’s portion of Devens would mean a financial loss for Harvard, according to the latest report from the Devens Economic Analysis Team.
Presented to selectmen last Tuesday, the report finds an annual deficit of over $800,000 that is similar to previous estimates. A loss of business and the impacts of the past recession caused low tax assessments and revenues.
“Based on our projections, the revenue from Devens at this point in time is not adequate to cover all of the projected operating costs,” said Victor Normand, a member of the DEAT.