Finance Committee releases FY2027 budget letter amid failed overrides
Finance Committee releases FY2027 budget letter after voters reject overrides. The revised $28,454,186 budget, down $137,000 from May approval, requires three ballot overrides totaling $356,788 to balance, a General Operating Budget override of $123,000, Masco assessment of $140,316, and Essex Tech
Finance Committee · Meeting of June 15, 2026
TOPSFIELD — Finance Committee releases FY2027 budget letter after voters reject overrides. The revised $28,454,186 budget, down $137,000 from May approval, requires three ballot overrides totaling $356,788 to balance, a General Operating Budget override of $123,000, Masco assessment of $140,316, and Essex Tech assessment of $93,472. Chair Che Elwell and the committee warned that rising health insurance and pension costs growing at 12.9 and 7.7 percent annually far exceed the 2.5 percent Proposition 2 ½ limit, creating a structural deficit that exhausts efficiency options and leaves only tax increases or service reductions as remaining levers.
In the full story:
- The complete report — 261 words
Source: the Finance Committee meeting of June 15, 2026, compiled from the official minutes.
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