Boston’s FY17 budget has been set at $2.975B, an increase of $118.0M or 4.1%. Spending for employees is budgeted at $2.010B or 68% of the budget and represents 78% of the total operational budget increase. Since the Mayor’s original submission in April, $4.68 million more has been added to the BPS budget. Grant funds total $322.7M and the City’s five-year capital plan totals $1.91B, with borrowing expected to increase by 11%. Full Report>
The Walsh Administration is studying the issue of wage disparity in Boston starting with a March report on the topic by the Boston Redevelopment Authority (BRA). Mayor Walsh appointed a Minimum Wage Task Force in April to study the feasibility of increasing the Minimum Wage in Boston to $15.00. The Mayor has already endorsed $15.00 at the state level. (continued . . .)
In 2015 the BRS earned investment return of -1.13% ranked 99th out of the 105 ranked systems according to a2015 Investment Report. Sub-par returns in 2015 and also 2014 raise concerns as the BRS’s funding schedule presumes an assumed rate of return of 7.75%. (continued . . .)
The five-year capital plan submitted as part of Mayor Walsh’s FY17 recommended budget, totals $1.91B, an increase of $126.6M or 7.1%. The proposed plan includes 324 new and continuing projects and proposes $212.4M in new project authorization. Click here to read more about the capital budget