Boston has received five bond ratings upgrades in the past seven years, more than any other major city. The upgrades, due in large measure to improvements in the financial management of the city, have saved taxpayers millions of dollars in interest costs.
Sound fiscal management has generated five consecutive balanced city budgets, enabling Boston to avoid costly borrowing to finance deficits. This is not the case at all levels of government. In fiscal 1992, the federal government will spend over $ 227 billion topay interest on the national debt. Massachusetts will spend about $ 278 million in fiscal 1992 to pay interest on deficit borrowing.