City budget
Where the city's general fund money comes from and how it is spent, from the city's annual filings with the Massachusetts Division of Local Services (DLS).
Checked . The state adds each year's figures after the city files them. Years are fiscal years, which start July 1: fiscal year 2026 runs from July 2025 to June 2026.
Summary
- General fund spending $140.6M Fiscal year 2025
- Spending per resident $4,711 Fiscal year 2025 · State median $4,297
- Paid by property tax 71% Of revenue, fiscal year 2026
- Unused levy capacity $139K Fiscal year 2026 · 0.13% of the limit
Spending
General fund spending in fiscal year 2025, by what it paid for. The general fund covers most city services; water, sewer, and other self-funded services are budgeted separately.
Fixed costs include employee and retiree health insurance, pensions, and other insurance. School employees' benefits are counted there, not under education.
Total by year
| Fiscal year | Spending | Change |
|---|---|---|
| 2025 | $140.6M | +4.6% |
| 2024 | $134.4M | +5.7% |
| 2023 | $127.1M | +5.8% |
| 2022 | $120.1M | +3.3% |
| 2021 | $116.3M | +3.5% |
| 2020 | $112.5M | +2.2% |
| 2019 | $110.1M | +2.4% |
| 2018 | $107.5M | +2.6% |
| 2017 | $104.8M | +1.8% |
| 2016 | $102.9M | – |
Amounts are not adjusted for inflation. Source: DLS Schedule A, general fund (opens in new tab).
Revenue
Where general fund money came from in fiscal year 2026, as budgeted when the tax rate was set.
Local receipts include motor vehicle excise, fees, permits, and meals and room taxes.
| Fiscal year | Revenue | Property tax share |
|---|---|---|
| 2026 | $153.4M | 71.5% |
| 2025 | $147.0M | 71.9% |
| 2024 | $138.3M | 73.5% |
| 2023 | $133.9M | 73.2% |
| 2022 | $124.4M | 75.2% |
| 2021 | $121.2M | 74.3% |
| 2020 | $116.8M | 74.6% |
| 2019 | $112.5M | 74.8% |
| 2018 | $111.2M | 73.1% |
| 2017 | $110.0M | 71.4% |
Source: DLS Revenue by Source (opens in new tab).
Property tax limit
Under Proposition 2½, the amount a city raises from property tax (the levy) can grow by 2.5% a year plus new construction, unless voters approve more. The difference between the most the city could levy and what it did levy is its unused levy capacity.
| Fiscal year | Levy | Levy limit | Unused |
|---|---|---|---|
| 2026 | $109.7M | $109.8M | $139,295 |
| 2025 | $105.7M | $105.8M | $104,750 |
| 2024 | $101.6M | $101.7M | $48,681 |
| 2023 | $98.0M | $98.0M | $34,419 |
| 2022 | $93.5M | $93.6M | $75,207 |
| 2021 | $90.1M | $90.2M | $45,505 |
| 2020 | $87.1M | $87.1M | $27,736 |
| 2019 | $84.2M | $84.2M | $3,527 |
| 2018 | $81.3M | $81.3M | $2,077 |
| 2017 | $78.5M | $78.6M | $80,187 |
The levy limit here includes voter-approved debt exclusions. Source: DLS Excess Levy Capacity (opens in new tab).
Reserves and bond ratings
Free cash is money left from past years that the state certifies as available to spend. The stabilization fund is a savings account; spending from it takes a two-thirds vote of the City Council.
| Fiscal year | Free cash | Stabilization fund |
|---|---|---|
| 2026 | $4.1M | – |
| 2025 | $4.0M | $3.8M |
| 2024 | $4.3M | $4.7M |
| 2023 | $4.3M | $7.5M |
| 2022 | $5.6M | $7.0M |
| 2021 | $3.5M | $6.5M |
| 2020 | $2.6M | $6.3M |
| 2019 | $2.2M | $6.4M |
| 2018 | $3.7M | $2.2M |
| 2017 | $2.3M | $2.0M |
| 2016 | – | $2.2M |
Free cash as listed by DLS: certified as of July 1. – means not yet reported. Sources: DLS Certified Free Cash (opens in new tab), DLS Stabilization Fund (opens in new tab).
Bond ratings
Credit ratings affect how much the city pays to borrow.
- Moody's: Aa3 (latest rating, fiscal year 2026)
- S&P: AA (latest rating, fiscal year 2026)
Source: DLS Bond Ratings (opens in new tab).
Spending per resident
In fiscal year 2025, general fund spending was $4,711 per resident. The median across 349 Massachusetts cities and towns was $4,297.
Spending per resident depends on which services a community provides itself, such as its own school system, trash pickup, or a harbor, and on seasonal population. Population: 29,836. Source: DLS General Fund per Capita (opens in new tab).
City budget documents, including department detail, are on the city website (opens in new tab).