The municipal budget is the means by which local officials decide how and where available municipal funds shall be spent. In Massachusetts, the elements of a budget include several different sources of revenues and expenditures. Municipalities rely heavily on state aid and taxation to help balance the budget.
The City also faces major costs that have a multi-year impact on the City’s finances. These costs are commonly known as capital projects. A capital item is something that has a high acquisition cost but also has an economic life of several years. Street improvements, building construction and repair as well as the purchase of fire engines and snow plows are common examples of capital items. Because of their expense and longer life, the City must plan carefully and schedule such acquisitions accordingly.
The City’s budget process is a continuous cycle. It generally begins in the winter of the preceding fiscal year for which the budget is being prepared and is not complete until the tax rate is set which generally occurs about one year later. At that time, the next year’s budgetary planning is ready to begin.
FY2018 City Budget
FY2017 City Budget
FY2016 City Budget
FY2015 City Budget
FY2014 City Budget Presentation