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Peabody council adopts 170% CIP factor; sets residential factor that shifts levy toward commercial properties
Summary
The Peabody City Council on Dec. 9 adopted a 170% commercial/industrial/property (CIP) factor (residential factor 0.8542) for FY2026, saying the move preserves $2 million in reserves while shifting about $17.1 million in levy burden from residents to commercial taxpayers; vote was 10–1.
The Peabody City Council voted on Dec. 9 to adopt a residential factor of 0.8542 (a 170% CIP factor) for fiscal year 2026, a move the mayor and finance staff said will preserve approximately $2 million in reserves and provide flexibility to manage large, projected increases in health insurance and pension costs.
Mayor (unnamed) framed the decision as a fiscal safeguard, saying the city faces “a 15 to 20% health insurance increase” that could make current projections unsustainable and stressing he did not want to tap $2,000,000 of free cash this year. Finance Director Mike Gingras presented supporting numbers showing total FY25 revenues of about $205.79 million, a certified free-cash balance near $9.88 million and stabilization at about $3.8…
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