The Legislature plans to approve a final fiscal year 2026 state budget on Monday, the day before the new spending cycle starts, after House and Senate Democrats announced they reached an accord.

Rep. Aaron Michlewitz and Sen. Michael Rodrigues, the budget chiefs for each chamber, said in a statement just after 1 p.m. Friday that they completed a deal on the annual spending plan. They did not release any details about its contents or even a bottom line spending figure.

 How does a debt exclusion differ from an override? Both are Proposition 2½ questions and, in municipal finance language, both are technically overrides. However, there are some basic differences. While both will increase your property taxes, a debt exclusion is a temporary increase while an operating override is a permanent increase in the town’s tax levy limit. A debt exclusion finances a particular project(s) and your taxes increase for a period of time, usually 10-20 years, to cover the cost of the project. When the financing bond is paid off, your tax increase for that project goes away.

Why are there two votes – one at the polls and one at Town Meeting? A debt exclusion is required to pass two thresholds: a simple majority at the ballot and a two-thirds majority at Town Meeting.