The primary responsibility of the Budget Department is to prepare the annual operating and capital budgets for submission by the City Manager to the City Council as required by Chapter 44 of the Massachusetts General Laws. In order to produce a fiscally sound budget for an upcoming fiscal year, it is necessary to consistently monitor and analyze the activities of the current fiscal year as well as those of prior fiscal years to detect trends in both revenue and expenditure categories which may have an impact on future budgets.
The Budget Department is also involved in the preparation of official statements and other related documents for bond sales, calculation of the tax rate, grant reconciliations, CPA analyses, maintaining the computerized benchmark system, preparation of financial statements, which are the basis for the Comprehensive Annual Financial Report (CAFR), and the preparation of appropriation and transfer recommendations. The above-mentioned documents have a direct impact on the City's budget and it is essential that they be prepared in a timely and efficient manner. Office staff continually work with each department and members of the public providing financial information and advice.