PEABODY — Although there is still information that is yet to be released and added into the final FY27 budget, Mayor Ted Bettencourt relayed where things stand now and what the likely projections will be to the City Council.
This comes after many requests that the budget process begin earlier in the year, which Bettencourt deemed “appropriate, particularly now as we’re coming into a difficult budget season.”
He once again flagged the following as key areas which are causing some strain on the upcoming budget: health insurance rate increases, state assistance decreases, municipal salaries and overtime adjustments, Essex Tech debt and tuition costs, water and sewer rate increases due to the drought conditions, and the fact that the state has increased the wage for trash haulers and their employees, meaning Peabody will need to adhere to those wage increases.
Bettencourt will regroup with the Council toward the end of April or at the beginning of May to provide another round of updates and projections for the FY27 budget before it is finalized and formally brought forward in June.
