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Peabody faces budget pressure from rising insurance costs; candidates discuss revenue options
Summary
Peabody’s proposed FY2026 budget, described at the candidates forum as about $208 million, is under pressure from rising health insurance costs and depleted ARPA funds, prompting discussion of revenue alternatives.
Peabody’s proposed FY2026 spending plan — cited at the forum as about $208,000,000 — is facing upward pressure from rising insurance and personnel costs and the exhaustion of pandemic relief funds, panelists and candidates said. The budget picture prompted audience questions about how the city would maintain services without large tax increases.
"We have a $208,000,000 budget, and this year, in particular, was a very difficult year, for health insurance," Mayor Ted Bettencourt said at the forum, adding that health insurance increases were a major driver behind this year’s tax change.
Why it matters: operating budget drivers such as insurance and staffing affect the property…
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