Reading Select Board sets course for fall override vote amid $9 million deficit

READING -- May 2, 2026, Reading Select Board targets November 2026 override vote as structural deficit hits $9 million. At a May 2 all-day retreat, Finance Director Sharon Angstrom told the board that free cash reserves have fallen to roughly $11 million, about 8.3 percent of available revenues, well below the 15-to-20-percent threshold bond rating agencies prefer, and that the town's triple-A bond rating is at risk if an override is not secured. Angstrom projected a fiscal year 2028 structural deficit of approximately $9 million after the Reading School Department submitted a preliminary budget request of roughly $62.8 million, reflecting a 5.55 percent increase. A $7 million baseline override would cost the average homeowner roughly $700 to $900 per year, on top of existing debt-exclusion payments for the new recreation center. The board discussed structuring the ballot question with three funding tiers and agreed informally to call the election for November, with a formal board vote expected by early September.