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The FY27 budget model projected a $1.355 million deficit, with reserves potentially falling below the town’s 10% policy minimum by FY28 and to 2% by FY30 and FY31. Officials discussed reducing the gap through budget cuts, eliminating the FY27 OPEB contribution, and delaying a $350,000 parking lot project, but made no final decision.
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Wakefield’s financial forecast shows that current spending and revenue assumptions would leave the town short of funds in FY27 and create larger structural problems in later years. The discussion focused on temporary measures and targeted reductions, including possible changes to retiree health funding and capital projects. Specific actions to close the remaining gap were not adopted before the meeting ended.
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