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Somerville finance staff say commercial 'new growth' projection cut sharply, tightening FY26 budget
Summary
City finance officials told the Somerville Finance Committee on June 10 that the assessor now projects far less commercial new growth for FY26 than previously expected, shrinking property-tax revenue available to the FY26 budget and forcing departments to tighten spending.
Somerville finance officials told the City Council Finance Committee on June 10 that the assessor’s projection for taxable commercial “new growth” has fallen sharply, reducing the property-tax revenue base for the fiscal 2026 budget. Director of Finance Ed Bean and Chief Assessor Frank Golden said the city’s new-growth forecast has dropped from recent-year levels and from figures used earlier in the budget process.
At the meeting, Bean said the city recorded $14.1 million in new growth in fiscal 2025 but that the assessor’s preliminary projection for the next…
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