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The FY2027 budget model projected a $1.355 million deficit, with reserves potentially falling below the town’s 10% policy minimum in FY2028 and reaching 2% by FY2030 and FY2031. Members discussed a 3% departmental budget cap, 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.
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Wakefield’s projected expenses are growing faster than its ongoing revenues, creating a significant FY2027 shortfall and a larger projected deficit in FY2028. The committee discussed options that could reduce the immediate gap, including spending limits, changes to retiree health funding, and delaying a capital project. No specific budget adjustments were approved at this meeting, and final figures were still pending before the May 4 Town Meeting.
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