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Pensions, health insurance and vehicle costs squeeze Norwood's FY26 outlook; committee weighs preserving reserves
Summary
Town finance staff told the committee that rising pension and health costs will absorb most projected local revenue growth for FY26, while capital costs (vehicles, building repairs) are rising and staff recommended a cautious approach to tapping one‑time funds.
Finance staff and committee members spent much of the Feb. 26 session reviewing shared costs and capital pressures that limit flexibility in the FY26 draft budget.
Staff reported that retirement and pension contributions rose from a little over $6,000,000 in the current year to a projection of just over $7,000,000 in FY26. Health insurance increases and pension adjustments together were described as roughly a $3,000,000 headwind that will consume much of the town's projected property‑tax revenue growth for the year.
The committee also reviewed other forced costs: Medicare and…
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