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The updated budget model projects a $1.8 million deficit in FY2028, driven in part by health care costs growing 15% instead of the previously estimated 9%. The committee plans to bring a proposal to Town Meeting to use $1 million in free cash for health care expenses.
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Belmont’s long-term budget outlook worsened because health care and facility costs are higher than expected, although liability insurance and discretionary capital costs are lower. The committee will consider ways to close the projected FY2028 gap, including using $1 million already set aside in free cash for health care. No final plan for addressing the full deficit was adopted at this meeting.
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