The City of Boston sold $150M of GO bonds on March 7th. The GO bonds sold competitively at a True Interest Cost of 2.66%, up from 2.26% in 2016. For the $150M in principal issued, the City will pay $52.5M in interest costs over 20 years. (read more . . .)
Strong growth in existing property value and even greater new growth from building construction and change in property tax status have combined to increase Boston’s total taxable value to $143.9B. New growth is expected to add $75M in tax revenue for Boston. (read more . . .)
In early January, Mayor Walsh announced that for FY17 the City had adopted the newly state authorized 35% residential exemption, an increase of 5% over the previous 30% exemption. The residential exemption does not reduce the residential share of the tax levy for the fiscal year. (read more . . .)
The Walsh Administration continues to be in negotiations with 38 of its 40 bargaining units with expired contracts. The final outcome of negotiations will have a direct impact on Boston’s future financial status. The Walsh Administration will need to negotiate contracts that are financially sustainable and include management provisions to improve service delivery in return. (read more . . .)