Belmont Budget Summit Projects $7.2 Million Gap by FY2029, Override Expected

BELMONT — March 26, 2026 — Belmont officials project a $7.2 million structural budget gap by FY2029, setting the stage for a likely Proposition 2½ override. At a joint Budget Summit III on March 26 attended by the Select Board, School Committee, Warrant Committee, Comprehensive Capital Budget Committee, and Multi-Year Budget Advisory Committee, Town Administrator Patrice Garvin and School Superintendent Dr. Jill Geiser presented a $172 million FY2027 budget that relies on $2.5 million in one-time funds — including $1.2 million from the Override Mitigation Fund and $1.3 million from a free cash health set-aside — to remain balanced, leaving a projected $600,000 to $800,000 gap in FY2028 and a $7.2 million gap in FY2029 once reserves are exhausted. Health insurance costs are rising by $2.5 million over FY2026, and the Select Board voted earlier in the week to begin moving the town to the state Group Insurance Commission effective January 1, 2027. School Committee Chair Meg Moriarty pressed the board to pursue new revenue sources, telling members, "We are asking more of them and their insurance rates are going up too." The school district's IEP population has grown from 457 to 741 students over approximately five years, with special education costs now estimated to exceed regular education funding at roughly $35 million versus $30 million for FY2027.