Billerica Housing Authority Approves FY2026 Budget Despite Retirement Cost Surge

BILLERICA -- January 15, 2026, Billerica Housing Authority approves a tight FY2026 budget as retirement costs jump 15 percent. The Board of Commissioners voted unanimously by roll call to adopt the fiscal year 2026 budget, which accountant Paul of Fenton Heating Law described as the most challenging in recent memory after the Middlesex Retirement System raised the authority's annual assessment from approximately $120,000 to $170,000, a spike that is isolated to that retirement system and not seen in others statewide. The retirement cost surge pushed employee benefits from 36 percent to 42 percent of salaries and forced the maintenance supplies and contract budget down to $506,000 from $518,000 the prior year, while the legal budget was raised from $30,000 to $50,000, still below the $70,000 actually spent last year. On the positive side, overall revenues are projected to rise 8.18 percent against a 6 percent routine expense increase, driven by strong investment returns on a portfolio of roughly $4.5 million. The authority's state program reserve ratio stood at 33.39 percent as of December 31, below the mandatory 35 percent floor, and the board directed staff to contact Middlesex Retirement to seek an explanation for the assessment increase.