A reported shortfall in revenues collected from the development district around Polar Park is causing some Worcester residents to become concerned about how the city may have to to make up the deficit for this and future years.
In a communication to the Worcester City Council, Chief Financial Officer Timothy McGourthy reported a shortfall of $792,000 in anticipated revenues for fiscal year 2024. McGourthy attributed the deficit to delays in developing certain projects citing factors, such as high interest rates, increased construction costs and difficulty financing.
