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Boston's Recurring Crises: Three Decades Of Fiscal Policy, Joseph S. Slavet, Raymond G. Torto
Boston's Recurring Crises: Three Decades Of Fiscal Policy, Joseph S. Slavet, Raymond G. Torto
John M. McCormack Graduate School of Policy and Global Studies Publications
The word "deficit" has dominated the most recent 35 years of Boston's fiscal history. This report probes the experience and lessons of this history in order to propose a more permanent resolution of Boston's financial difficulties.
Three deficit categories are identified and analyzed: appropriation deficits, revenue deficits and overlay deficits. Over the past 35 years, the City has had 12 years of appropriation deficits, 19 years of revenue deficits and 28 years of overlay deficits. In each year the City's budget was certified as in balance. Deficits became a way of life. Fortunately the overlay deficit problem, except for the …