08/06/2025
City of Taunton Achieves Record-High Investment Earnings,
Ranks Fourth in Massachusetts
Taunton, MA — Mayor Shaunna O'Connell proudly announces the City of Taunton has achieved a new milestone in financial performance, earning $12.2 million in investment earnings in FY2025, the highest amount in Taunton's history.
Under O'Connell's Administration, Taunton has become a city of record-breaking achievements, including attaining the City's first AA+ bond rating, creating the first Capital Improvement Program, and receiving the Government Finance Officers Association (GFOA) Award in Finance Excellence.
At a press conference held at Taunton City Hall this week, Mayor O'Connell was joined by State Senator Kelly Dooner, City Councilors David Pottier and Phillip Duarte, Chief Financial Officer Patrick Dello Russo, Treasurer/Collector Christine DeMoranville and financial partners to celebrate this financial achievement and recognize the collaboration that made it possible.
"This accomplishment is a direct result of our commitment to responsible fiscal management and proactive investment strategies," said O'Connell. "Our Finance Team has worked tirelessly to maximize returns on taxpayer dollars while minimizing risk. Every dollar we earn through investments helps us keep Taunton affordable and allows us to reinvest in critical city services and infrastructure."
Under the leadership of CFO Patrick Dello Russo and Treasurer/Collector Christine DeMoranville, the City has significantly expanded and diversified its investment portfolio, earning millions of dollars in additional income for Taunton residents.
"Our strategy has always focused on preserving capital, maintaining liquidity, and generating yield. By increasing this revenue, we can keep the tax burden off of homeowners," said CFO Patrick Dello Russo. "We are proud that our approach has yielded record-breaking results. This would not have been possible without the strong leadership, direction, and vision of Mayor O'Connell."
Senator Kelly Dooner also praised the City's achievement, saying: "This is a clear demonstration of what effective partnership and teamwork can achieve when guided by strong local leadership and responsible financial stewardship. Taunton is proving that smart investments strengthen municipal services. I commend Mayor O'Connell and her team for their outstanding work."
"As Chair of the Finance & Salaries Committee, I have been proud to work alongside Mayor O'Connell and the Finance Team to ensure sound, transparent financial management for the City of Taunton. The continued growth in our investment earnings is a testament to that partnership and to the Mayor's initiative in opening the door for more competitive banking relationships. These results not only provide financial stability today but strategically prepare us for the future by helping to fund our Capital Improvement Program and offsetting long-term liabilities like OPEB—without placing additional burden on taxpayers. This is a smart, forward-thinking approach that brings real value to our residents," said City Councilor Phillip Duarte.
The City's investment success has helped fund essential services while keeping taxes stable and maintaining strong reserves. This achievement affirms Taunton's status as a leader in financial stewardship among Massachusetts municipalities.
"While many Massachusetts communities are contemplating service cuts, overrides, and layoffs in response to these uncertain economic times, the O'Connell Administration continues to establish Taunton as a leading city in the Commonwealth due to their successful fiscal practices and our nearly best-in-State investment results are but the latest example. Due to the Administration's leadership, Taunton is well positioned to meet these statewide challenges, to the great benefit of our nearly 60,000 residents," said City Councilor David Pottier.
TOP PHOTO:
Left to right: CFO Patrick Dello Russo, City Councilor Phillip Duarte, Treasurer/Collector Christine DeMoranville, Mayor Shaunna O'Connell, Senator Kelly Dooner, City Councilor David Pottier.
BOTTON PHOTO:
Mayor O'Connell pictured with representatives from Bristol County Savings Bank, Rockland Trust, Eastern Bank, Leader Bank, and Bartholomew & Company.
