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The budget, in partnership with federal ARPA funds, reflects the clear call for transformative action to support affordable housing, landmark investments in mental health, early education and childcare, arts, climate resiliency, and initiatives to close Boston’s racial wealth gap.
Mayor Michelle Wu today proposed her administration’s first budget, with coordinated resources to set a foundation for the future, connect Boston’s communities, and deliver on the details of City services across all neighborhoods. The recommended Fiscal Year 2023 Operating Budget is $3.99 billion, representing new growth of $216 million or 5.7% over Fiscal Year 2022, and the Fiscal Years 2023-2027 Capital Plan totals $3.6 billion of neighborhood infrastructure investments. Mayor Wu also unveiled her plan to connect $350 million in federal American Rescue Plan Act (ARPA) funds to accelerate a Green New Deal for Boston through major investments to leverage the operating and capital budgets, focusing on affordable housing, mental health, climate resiliency, early education and childcare, arts, and economic opportunity to bridge Boston’s racial wealth gap.
“In this moment of urgency and opportunity for Boston, our recommended budget ties together our shared resources to set a foundation for the future, connect our communities, and deliver on the details of City services across our neighborhoods,” said Mayor Michelle Wu. “As we emerge from the pandemic, this budget charts a course towards our brightest future for our children, for our communities, for Boston. I’m so excited to be building that future together.”
Mayor Wu’s first budget proposal comes in the first year of a new balance of budgetary power with the City Council. For the first time, Mayor Wu and the Office of Budget Management (OBM) hosted a series of listening sessions in partnership with the Boston City Council to engage residents on the budget process and solicit public feedback, ahead of the Mayor submitting each to the City Council. Through these listening sessions and a citywide survey in 12 languages, the City directly engaged with over a thousand residents over the last three months to guide budget drafting. The budget proposal reflects the clear call from residents for transformative action to support Boston’s people, neighborhoods, and City services.
The Recommended FY23 Operating Budget comes a month after Boston received AAA bond ratings from both rating agencies for the eighth year in a row. These ratings are a recognition of the City’s strong fiscal management before and during the pandemic, despite its significant impact on the City. The ratings will allow the City to secure the most favorable rates for infrastructure investments to support equity, affordability, and resiliency in every neighborhood.
“Mayor Wu’s FY23 Budget submission centers residents' voices in its investments while maintaining strong fiscal responsibility that has earned Boston high marks for financial management,” said Justin Sterritt, Chief Financial Officer for the City of Boston. “The strategic use of the Operating Budget, Capital Plan and Federal ARPA funding together will unlock transformational investments that will have deep impacts for communities in Boston.''
The budget, through the multiple funding sources, proposes targeted impact in key areas including:
The budget works in concert with $350 million in federal funding from the American Rescue Plan Act (ARPA) to accelerate a Green New Deal for Boston. Mayor Wu’s proposal for ARPA funds builds on the $95 million in federal funding for emergency relief for residents, financial support for small businesses, and the two-year fare-free bus pilot. The proposal includes:
The proposals for the spending of federal funds and revenue replacement was formally filed with the City Council on Monday with the annual submission of the operating budget and capital plan.