City Hall Insider: Bob Eckstrom CFO

In this City Hall Insider session, Bob Eckstrom, CFO of the City of New Bedford, provided an in-depth overview of the city's budget process and fiscal management. He explained that the budget is a complex, living document designed to balance essential services with fiscal constraints, involving a bottom-up approach where departments submit detailed requests for baseline funding and enhancements. The city faces significant fixed costs, including education, pensions, transportation, and mandated public services, which limit discretionary spending. Eckstrom highlighted challenges such as rising health care and technology costs, including cybersecurity investments following a ransomware attack. The city strives for transparency through digital budget tools and maintains a relatively low reliance on property taxes compared to other municipalities. The budget process involves collaboration between departments, the mayor's office, and the city council, with ongoing adjustments throughout the fiscal year to manage appropriations and tax rates effectively.