BOSTON, Mass. /Massachusetts Newswire/ — On Monday (June 1), Mass. Governor Charlie Baker, House Speaker Robert DeLeo and Senate President Stan Rosenberg announced that The Brattle Group, a global consulting firm based in Cambridge, has been selected to complete an independent analysis of the potential impacts of the 2024 Summer Olympic and Paralympic Games being hosted in Boston. The Brattle Group’s review will analyze and evaluate aspects of financing, infrastructure, economic impacts and Commonwealth and taxpayer responsibilities relative to Boston 2024’s bid preparation.
“Hosting the Olympic Games is an opportunity to showcase to the world what makes Massachusetts great and as the process continues, having a robust analysis of this massive undertaking will be extremely helpful in ensuring transparency and protections for taxpayers,” said Governor Charlie Baker. “We look forward to this work and the ability of the Massachusetts public to review Boston 2024’s plans when they become available in the coming weeks.”
“This incredible chance for Massachusetts must include deliberative and thoughtful discussions about the potential impacts and the Commonwealth and taxpayers’ role as an Olympic host,” said Lieutenant Governor Karyn Polito. “The opportunity for a transparent evaluation of the Boston 2024 bid is an important and necessary part of this process to inform and protect the taxpayers, public and communities who would be most directly affected.”
“As Massachusetts pursues this historic opportunity, we must do everything we can do to protect the taxpayer and exercise fiscal prudence,” said Speaker DeLeo. “By conducting a thorough and independent review of the 2024 Olympic proposal, we are better positioned to protect taxpayers, hear from the Commonwealth’s citizens and understand the various impacts associated with hosting the Olympics.”
“While traveling across the state the past few months I have heard from many people who believe that hosting the Olympics is an exciting opportunity for the Commonwealth, as long as the Games are privately funded. Bringing the Olympics to Massachusetts is an extremely complicated endeavor and we must remain vigilant to protect the taxpayers,” said Senate President Stan Rosenberg (D-Amherst). “The Brattle Group brings third party expertise to help analyze Boston 2024’s plans when they become available. I look forward to working with them to provide additional transparency and accountability during this process.”
The Brattle Group’s analysis, to be completed by mid-August, will target a review of the following areas: financial evaluation; economic impacts; funding mechanisms; insurance requirements and protection of taxpayers; infrastructure investments; and responsibilities of the Commonwealth. The Brattle Group will be assisted by financial reporting and accounting experts from Floyd Advisory LLC. Four proposals were submitted and reviewed by a selection committee consisting of representatives of the administration, the President of the Senate and Speaker of the House. The contract for a review is capped at $250,000 with support from the Office of the Governor and the Executive Office of Housing and Economic Development.
The selection of Brattle follows a collaborative effort initiated in March by Governor Baker, President Rosenberg and Speaker DeLeo to publish a request for response (RFR) seeking an independent analysis of Boston 2024’s plans with regards to potential costs, responsibilities and risks borne by state and local government.
About The Brattle Group:
The Brattle Group is a global consulting firm specializing in economics, finance and regulation. The firm’s consultants and advisors are internationally recognized experts from both the public and private sectors who have assisted corporations, law firms and governments in answering complex economic questions and making critical business decisions. Brattle is headquartered in Cambridge, with offices in New York, San Francisco, Washington, London, Madrid and Rome.