Detailed Finance Report Coming This Spring

QUINCY: Mayor Thomas Koch announced today that his administration will create a first-of-its-kind detailed financial report providing residents "the most precise picture possible," of City spending as part of ongoing transparency efforts.

The goal, Koch said, is to lay out public finances in easy-to-read detail that will go beyond the traditional budget process. The Mayor added that he is likely to hold a series of community meetings in the spring to discuss the City's finances.

"We started by opening the books and fully laying out our problems and costs. Providing a more detailed report is another step in making government more open to our residents," Koch said. "We face incredible challenges financially over the next several years, and we want the community involved."

The report will include break-outs for a wide range of items, for example, a more detailed breakdown of the City's total debt load. Debt is traditionally listed in the annual budget as one figure, and Koch said he plans to have the report show the specific projects that are being financed by the city's annual debt load.

"If anyone has any kind of question about the budget, it is our hope that this report will be able to answer those questions," Koch said.

The report will be available publicly, and will be posted on the City's website for residents to download.

Incoming Municipal Finance Director Nicholas Puleo said providing the report will be an important step to continue the administration's efforts to open the financial books and fully explain those issues to the public. As a former top staffer on Beacon Hill involved in the budget issues, Puleo said "communication and coordination" will be major focus of his job.

"The Mayor takes openness and accountability very seriously, and so do I," Puleo said. "People need to be confident that City money is being spent efficiently, and that means it is our responsibility to be open and very clear about that process."