The town of Belmont retained an independent consultant the “Collins Center for Public Management” at UMass Boston to conduct a study of Belmont’s financial structure and provide recommendations. The following are excerpts from the report:

• Page 6: When housing costs and property tax levels are considered in conjunction with Belmont’s per capita incomes, it becomes clearer that the Town is asking far more of its residential taxpayers than its comparable peers.
• Page 20: The Audit Committee lacks an appropriate level of independence, while the Capital Committees have too much autonomy.
• Page 23: The town lacks a comprehensive strategy for reducing overall expenses.
• Page 23: Given it reliance on property taxes to finance the vast majority of operations, the Town should be actively exploring and implementing ways to diversify sources of revenue in order to relieve tax payers and increase the size of the “revenue pie”.

Full findings from the Collins Report here: https://www.belmont-ma.gov/sites/g/files/vyhlif6831/f/uploads/belmont_transmittal_letter_and_financial_organization_review_report_-_6.14.22.pdf