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Norwood has $29.8M in certified free cash; FinCom warns of structural gap and recommends $7.45M for FY26
Summary
Finance Commission told Town Meeting that an unusual $29.8 million ‘free cash’ windfall offers a chance to shore up reserves and fund one-time needs, but rising pension and health costs create a structural deficit that outpaces recurring revenue growth.
The Finance Commission told the Town of Norwood at its annual and special town meetings that $29.8 million in certified free cash gives the town an unusual opportunity to shore up reserves and fund one-time projects, but that recurring costs — chiefly pensions and health insurance — create a structural deficit that will outpace forecast revenue increases.
Finance Commission member Miss Bodenhofer presented the group’s financial dashboard and said the commission recommends using $7,450,000 of free cash to support the FY26 operating budget. “We would like to work with the other boards to develop a long term solution for our budget shortfalls,” Bodenhofer said.
The $29.8 million certified free cash is composed of…
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