Lexington Finance Summit Opens FY28 Budget Season

Finance Summit · Meeting of September 23, 2026

Lexington finance summit warns FY28 budget growth may shrink to just 2.2 percent. Assistant Town Manager for Finance Carolyn Kosnoff told the Select Board, School Committee, Appropriation Committee and Capital Expenditures Committee that fiscal 2026 revenue hit $314 million against a $307 million projection, but expense turnbacks have shrunk to 1.5 percent from a historical 3 to 4 percent, pushing free cash below the state's recommended 5 to 7 percent range. "Hope is not a budget strategy," Kosnoff said, warning that after fixed costs, only 2.2 percent growth remains to split between municipal and school budgets.

Select Board Chair Joe Pato reaffirmed the board's standing opposition to an operating override while agreeing to document the cuts a no-override budget would require. Capital Expenditures Committee Chair Charles Lamb said the town already deferred an ambulance and firefighter turnout gear last year. The town's first Lexington High School construction bond tranche sold in September at a 4.33 percent rate with a Moody's triple-A rating.

In the full story:

• Who Was There
• Organizations And Documents Referenced
• The complete report — 3,165 words

Source: the Finance Summit meeting of September 23, 2026, reported from the official video recording and transcript.