Excise growth is increasingly important as Boston relies more on its own-source revenues. At $179.9M and 11% of total revenues, excise receipts represent a small but important source of recurring revenue for Boston. The growth in excise revenue helped mitigate a 9% decline in state aid, the City’s second largest revenue source. Full Report>
Yearly budget gaps in the BPS are the norm and are caused by several recurring issues. With a budget passing the $1B mark, it is time to deal head on with these issues. Read our Special Report to get the inside story on escalating personnel costs, the most expensive school transportation model in the country, 4,100 empty seats that still drain resources, declining grant funds that put added pressure on the system and a BPS budget that outpaces growth in other city departments. Full Report>
BUDGET WATCH ‘16: Boston’s FY16 budget relies on own-source revenues for 97.6% of revenue growth – state aid contributes 2.4% Read more>
Boston’s retirement system is 70.7% funded with an outstanding unfunded liability of $1.5 billion. Overall, Boston’s pension system is comparatively healthy and the City and Retirement Board have taken prudent steps to strengthen the integrity of its financial position. Read more on how the City will sustain this position. Full Report>