Quincy News: Boston ends fiscal year with budget surplus

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– News covered and commentary from Quincy Quarry News.

Boston ends fiscal year with budget surplus.

The City of Boston finished Fiscal Year 2018 with a $21 million surplus according to a new report from the Boston Municipal Research Bureau.

Such works out to 0.6% of what the City of Boston spent during FY 2018.

In turn, per the best readily available financial data, the City Boston would appear to have enjoyed a 50% greater net Fiscal Year 2018 budget surplus than did the City of Quincy per a proper percentage-based comparison.

Also better for Boston taxpayers, the City of Boston only had to budget a $12 million payment to its pension fund whereas from a budget roughly a tenth the size of Boston’s, the City of Quincy had to pay out $28.4 million towards funding its woefully underfunded employee pension obligations.

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Even worse for Quincy, Boston is on track to fully fund employee pension obligations by 2025 whereas Quincy taxpayers are facing roughly $2 million annual increases in its pension shortfall budget payments until they hit $75 million in 2036.

Additionally, the City of Quincy’s employee pensions obligations are (currently, ed.) not expected to be fully funded until a final $10 million payment is made in 2037.

Further disconcerting, Quincy has over $80 million variable interest long term debt and at least as much more is likely to follow in the next few years.

Boston, on the other hand, has no outstanding long term variable rate debt.

Source: Boston ends fiscal year with surplus revenue