After nearly three months and an extensive series of hearings, on Wednesday June 23rd the City Council approved the $2.86 billion fiscal 2016 budget. Read More>
* Proposed Five-Year Capital Plan Totals $1.8 Billion Full Article>
Boston’s fiscal 2015 taxable value has surpassed $100 billion for the first time in Boston’s history. Business property, especially commercial property, cross-subsidizes low residential tax rates. New growth at $44.5 million represents 50% of the total tax levy increase, demonstrating the importance of development to continued revenue growth for Boston. Full Report>
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>