Put municipal promises on the public balance sheet.

Start with what the published record establishes

A balanced annual operating budget does not eliminate accumulated retirement and debt obligations. Municipal transparency requires a record that connects those obligations to the resources available to meet them, while preserving differences in measurement dates and methods.

The Massachusetts Public Employee Retirement Administration Commission’s May 2026 OPEB summary covers information received by April 1, 2026. For approximately 300 reporting cities and towns, it identifies $30.9 billion in total OPEB liabilities, $3.0 billion in fiduciary net position and $27.9 billion in net liabilities, with a reported aggregate funded ratio of 9.8%. These rounded figures exclude the separately reported Commonwealth obligation. They are not a complete census, and underlying measurement dates vary.

The Division of Local Services reports $777 million of additional property taxes for debt service in FY2026 from debt exclusions. That is an annual levy measure, not outstanding bond principal. These aggregate figures are not findings about Whitman’s finances.

Reconcile the OPEB liability before ranking communities

For each reporting entity, retain the audited financial statement, actuarial valuation and relevant supplementary schedules. Record total OPEB liability, fiduciary net position, net liability, discount rate, healthcare trend assumption and measurement date. OPEB usually concerns retiree benefits such as healthcare; keep pension liabilities in a separate schedule.

Do not rank a community with an old valuation against one with a recent valuation without explaining the difference. A higher discount rate can lower a reported liability without adding assets. Preserve the assumptions instead of treating a smaller number as proof of better funding.

Distinguish an override from a debt exclusion

Under Proposition 2½ guidance, a general override increases the levy-limit base, while a debt exclusion permits additional levy capacity for specified debt service during the debt’s life. They have different long-term effects. The rules govern the municipal levy, not a fixed cap on each individual property’s tax bill.

Archive the ballot wording, election result, borrowing authorization, debt-service schedule and applicable levy calculation together. Show principal, interest, reimbursements and the annual excluded amount. A headline project cost alone cannot explain the timing of taxpayer exposure.

Publish a bond-rating stress test that can be reproduced

A transparency stress test is an analytical screen, not a credit rating. Start with audited recurring revenue, unrestricted reserves, scheduled debt service, pension contributions and OPEB funding. Document which funds and activities are included, then change one assumption at a time before combining shocks.

Also test higher refinancing costs on debt actually exposed to repricing, slower state aid and a larger required retirement contribution. Fixed-rate outstanding debt does not automatically reprice when market yields rise. Compare the resulting cash need with legally available reserves and specify any proposed spending or revenue response.

A rating agency considers additional qualitative and quantitative factors. This exercise does not predict a downgrade or claim an agency endorsement.

Keep an archive, not just a dashboard

Each source entry should identify the issuing body, report title, reporting period, measurement date, page or schedule, retrieval date and any revision. Reconcile extracted values to the report, retain units and record missing data explicitly. Include exclusions and coverage limits alongside every comparison.

This briefing summarizes the public sources linked above and sets out the audit method. It does not claim a completed independent audit of individual towns. Corrections and additional public reports can be sent to the Forum’s research desk.