As I reflect on my first nine months of serving this incredible City, I am humbled by the opportunity to collaborate with the City Council, our dedicated City leaders, and the passionate residents who continually strive to make our City an even better place for all.
On May 1, I submitted my first budget to the City Council and community, a document that summarizes our collective efforts, aspirations, and commitment to continued excellence.
The budget process has been guided by four key values: alignment with the Council’s priorities, financial stability, transparency, and innovation. The FY24 Budget for our City was carefully crafted with our resident’s needs, values, and priorities in mind.
First, I believe deeply in our governance structure which drives decisions based on consensus across our elected representative body. Weekly City Council meetings, policy orders, and regular conversations with Councilors provide direction on key priorities and feedback on existing initiatives and department operations. This budget reflects those collective discussions across the City,
Council, and community.
Second, this budget maintains the City’s financial stability and strength. As we continue to deliver high-quality services, invest in essential infrastructure, and support key community initiatives, we are committed to the responsible management of our resources.
Transparency is our third guiding value. How we spend our money reflects our priorities and values as a community. An important part of this budget process is transparency to the Council and our community. As such, our annual budget includes comprehensive details on spending, performance data, and long-term capital plans.
Lastly, the City of Cambridge thrives on innovation, activism, and energy. This budget represents our dedication to embracing change, investing in City leaders, and fostering a more inclusive process with the Council.
The FY24 Operating Budget, which lays out how the City will fund programs between July 2023 and June 2024, amounts to $883.8 million, representing an $82.3 million increase from the previous year. However, $24.6 million of this increase is due to an accounting shift related to Affordable Housing Trust funding. Excluding this change, the budget has increased by $57.7 million, or 7.2%, from
the FY23 Adopted Budget.
To establish greater transparency and engagement, this year we modified the budget process in consultation with the City Council Finance Committee Co-Chairs. This included additional public hearings and Finance Committee meetings to review specific budget components and incorporate feedback. Our commitment to refining this process ensures increased Council and community input.
Finally, I want to emphasize that this budget is a testament to our collective efforts and aspirations for the City of Cambridge. I am deeply grateful to the City Council for their leadership and collaboration, and to City leadership and staff who put so many hours of work into the budget process. I look forward to working together to create a stronger, more equitable, and thriving city for all.
