The Boston Retirement System’s unfunded actuarial accrued liability decreased to $1.48B, down from $1.69B. The funded portion of the BRS actuarial liability increased from 70.2% to 74.9%. Continuing with an aggressive funding schedule will keep Boston on the path to reach full funding by 2025. (read more . . .)
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 . . .)