Marblehead Officials Warn of Challenging Financial Outlook

Photo via the Marblehead Current

Marblehead officials are warning of a challenging financial outlook for Fiscal Year 2027, as rising costs and slowing revenue growth strain the town’s budget. Chief Financial Officer Aleesha Benjamin reported that while property taxes make up about 80% of revenue, state aid and local receipts are lagging behind inflation. Vehicle excise taxes and interest income have both declined due to economic shifts and the loss of federal ARPA funds. Meanwhile, expenses—especially health insurance, pensions, and trash contracts—continue to rise faster than revenues. 

Additionally, town officials expressed growing concern over the town’s reliance on “free cash” to balance the budget, a one-time source the state discourages using for operations. Finance Committee Chair Alec Goolsby and Select Board members Erin Noonan and Moses Grader emphasized the need to rebuild reserves and prepare for possible overrides.