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Budget office budgets $22.6M debt service for FY26 and signals slower borrowing amid revenue uncertainty
Summary
Budget Director Mike Mastroboni told the Finance Committee the city’s FY2026 debt service is budgeted at $22.6 million, described a strategy using about $4.7 million in stabilization or pre‑paid funds to reduce planned borrowing, and said capital planning will be adjusted in light of uncertain revenue and higher borrowing costs.
At the June 18 Finance Committee hearing Budget Director Mike Mastroboni presented non‑departmental items including debt service, PAYGO and sinking‑fund items, and described the city’s approach to managing capital borrowing in FY2026.
Mastroboni told the committee that Somerville has budgeted approximately $22,600,000 in debt service for FY2026. He said the city uses multiple tools to fund capital projects — including debt, PayGo, stabilization funds…
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