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Learn about Boston Investor Relations, including Featured News, Projects, and The Team.
This is the official investor relations page for the City of Boston. Managed by the city’s Chief Financial Officer and Senior Deputy Treasurer, the City’s Treasury division is responsible for the issuance of all bonds and the City’s investor communications efforts.
The City, incorporated as a town in 1630 and as a city in 1822, exists under Chapter 486 of the Acts of 1909 and Chapter 452 of the Acts of 1948 of The Commonwealth of Massachusetts (the “Commonwealth”) which, as amended, constitute the City’s Charter.
The Mayor is the chief executive officer of the City. Mayor Martin J. Walsh was elected to serve his first term beginning in January 2014 and was re-elected to a second term which began in January 2018. The Mayor has general supervision of and control over the City’s boards, commissions, officers, and departments. The portion of the City budget covering appropriations for all departments and operations of the City, except the School Department and the Boston Public Health Commission, is prepared under the direction of the Mayor.
The legislative body of the City is the thirteen-member City Council. The City Council enacts ordinances and adopts orders, which the Mayor may either approve or veto. Ordinances and orders, except orders for the borrowing or appropriation of money and the reorganization of City departments, may be enacted by the City Council over the Mayor’s veto by a two-thirds vote. The City Council may reject or reduce a budget submitted to it by the Mayor, but the City Council may not increase a budget.
Building on a continued effort to promote sustainable and responsible investment, Mayor Martin J. Walsh today announced a commitment of an additional $50 million towards the City of Boston's Environmental, Social and Governance (ESG) Investment Initiative. This commitment brings the City's total investment in the ESG Initiative to $200 million, which will be invested in the short-term fixed income securities (i.e. short-term bonds and notes) of companies that maintain strong corporate ESG practices. Mayor Walsh launched the ESG Investment Initiative last year with an initial commitment of $150 million to encourage sustainable investment policies in Boston.
The City also provided an update on last week's bond sale, in which Boston issued its first ever series of Green Bonds, which will fund energy efficiency projects, and Social Bonds, which will fund affordable housing projects. Based on the results of the sale, in which the City successfully issued green bonds with lower interest costs than their non-green counterparts, Boston believes it has shown the largest and most definitive pricing benefit to date for bonds carrying the green label. The City believes this is an important first step in demonstrating that there is more than a marketing advantage in selling green bonds.
Mayor Martin J. Walsh today announced the launch of three new funds totaling $6.3 million that will support small businesses within the City of Boston that have been affected by COVID-19, focusing on commercial rent relief, supporting certified women, minority, and veteran owned small businesses, and restaurant payroll and rental relief. Since the beginning of the COVID-19 pandemic, the City of Boston has allocated more than $15 million toward direct grants to small businesses.
As the City of Boston continues to lead nationally on urgent climate action, Climate Mayors today announced that Mayor Martin J. Walsh has been named Chair of the coalition of 468 U.S. mayors committed to bold environmental action and upholding the Paris Climate Agreement. In this role, Mayor Walsh will help catalyze efforts to combat climate change at the local level, provide an example of climate action for leaders at all levels of government, and advocate for an economic recovery founded in equity and environmental stewardship. Mayor Walsh succeeds Los Angeles Mayor Eric Garcetti, who founded Climate Mayors, and has also served as the network's Chair since its launch in 2014.
This is a larger, multi-year park renovation project that will make enhancements and improvements to the various recreational spaces in the park as well as lighting, drainage, and plantings. Spending attributed to the 2020 Series B (Green) Bonds will focus specifically on protecting this beloved open space, heavily used by the community, from the effects of storm surges and sea level rise through raised athletic fields a harborwalk elevated four feet, and a strengthened sea wall. Spending allocation will be applied through an estimation of the green spending against the entire project. Additional information may be found at https://www.boston.gov/departments/parks-and-recreation/improvements-langone-park-and-puopolo-playground.
The Boston Center for Youth and Families' Curley Community Center is owned by the City of Boston and operated by the Boston Center for Youth and Families. The Curley is undergoing a $30 million renovation with Green Bonds spending supporting a number of efforts including those related to mitigating the effects of sea-level rise by waterproofing the floor slab and walls and reinstalling the doors with removable flood barriers. Building systems upgrades include new energy efficient lighting throughout the facility and HVAC upgrades. Additional energy conservation measures include new windows and improved insulation of the building envelope.
The Renew Boston Trust Program ("Renew Boston") finances water and energy-saving renovation projects in municipal buildings and uses financial savings from the projects to finance additional conservation projects. Green Bond spending will focus on Phases 1 and 2. Phase 1 is complete and focuses on installing energy-saving upgrades at 14 municipal buildings. Examples of current spending include the installation of demand control ventilation at the Central Library in Copley Square which optimizes the amount of fresh air introduced into the ventilation system to ensure comfort while minimizing energy used in conditioning it. At the A-15 Police Station, Phase 1 supports the installation of highly efficient LED light bulbs and occupancy sensors ensuring that lights are only on when needed. A complete list of the Phase 1 projects can be found at https://www.boston.gov/environment-and-energy/renew-boston-trust.
Phase 2 is underway, with the planning phase having been completed. With a budget of approximately $20 million, Phase 2 includes over 30 buildings located throughout the City. Construction and project implementation is expected to be underway in 2021.
A new Boston Arts Academy building is currently under construction near historic Fenway Park. Spending supported by the 2020 Series B (Green) Bonds will include energy efficiency measures, improving indoor environmental quality and building it to at least LEED Silver standard. The City expects to apply for LEED certification.