The Boston Public Schools ended FY20 on target, with a surplus of $1,835. Triggered by a spending freeze on all non-essential items, BPS was able to shift non-salary resources to cover increased salary costs.
Bond sale 2020, City issues $272.0M in General Obligation bonds.
Reflecting a long history of conservative budgeting, FY20 marks the 35th consecutive year that Boston has produced a surplus. Strong reserves and conservative budgeting practices puts Boston in a stronger position than most other major metropolitan areas as the City faces financial uncertainties in the current fiscal year.
The Research Bureau opposed an amendment to the City Charter that would change the process for creating and approving the operating and capital budgets in the City of Boston.