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Wakefield officials forecast a $1.355 million FY27 deficit and warned reserves could fall below the town’s 10% policy minimum by FY28. Members discussed budget caps, reducing the OPEB contribution, delaying a $350,000 parking lot project, and targeted cuts, but made no final decision on how to close the gap before Town Meeting.
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The town’s proposed FY27 budget is projected to spend more than it brings in, while investment income and other revenues may not remain at current levels. Officials said rising health insurance, personnel, and vocational school costs are major pressures. Several options could reduce the immediate gap, but the minutes do not record a final plan or approved cuts.
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