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The committee reviewed an updated budget model extending projections through FY2033 and estimated that raising the retirement COLA base from $13,000 to $15,000 could cost about $500,000 in FY2027 and $3.6 million over eight years. It will not take a formal position on the COLA article and will brief the Warrant Committee on its financial implications.
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The committee examined how retirement benefits, healthcare costs, and unsettled labor contracts could affect Belmont’s finances through FY2033. A higher retirement COLA base would increase projected costs, while a forthcoming return of some healthcare trust funds could moderate retirees’ healthcare budget. The committee also requested additional scenarios showing the effects of major market losses and lower investment returns.
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