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Maynard finance panel backs FY27 budget despite rising benefits and debt costs
Summary
Maynard's Finance Committee recommended the town's FY27 general fund budget, which increases 5.8% over last year and flags a $942,440 hike in employee benefits and rising debt tied to a school project. Committee members said water-system engineering and deferred capital will be priorities.
Maynard's Finance Committee voted to recommend the town's FY27 general fund budget, which the committee said would increase town spending by about 5.8% from the prior year amid rising employee benefit and debt costs.
The committee's chair, Jillian Prenagghast, said the budget includes a $942,440 increase in employee benefits, a near-9% rise that now represents roughly one-fifth of the total budget. She also said debt service has grown substantially, citing figures discussed during the meeting that the town's debt service rose from about $3.4 million to roughly $5.26 million "due to the school project," a change the committee warned will have a notable impact on property taxes.
The budget document presented to the committee shows a decline in the stabilization fund balance from $2,578,335 to $2,332,796 before this year's addition (roughly $45,000). Despite these pressures, Prenagghast said the committee voted to recommend the balanced budget because it reflects revenues available under Proposition 2' 1/2 and anticipated new growth.
Committee members emphasized that the FY27 plan defers some large future capital items but funds near-term priorities. Prenagghast said the town intends to initiate engineering work to address long-standing water-system constraints and that other deferred capital needs include the DPW garage, Fowler Middle School roof and various highway department needs.
"An engineering effort on the water system is considered the most important priority for the town," Prenagghast said when introducing the article. She added that the budget development process involved the select board, town administrator, finance committee, school committee and department heads and urged town meeting voters to engage in deliberations.
The committee noted the budget includes an anticipated increase in health insurance costs and that managing those costs will be central to future budget conversations. The committee recommended the article for approval at Annual Town Meeting and said slides and sponsor presentations will be available at the meeting to provide additional detail.
The committee did not receive substantive public comment on the general fund article at the FINCOM public hearing and expects the select board to present the article at town meeting.
