Wakefield City Council discusses deficit, considers utility increase
By ISABELLE KLEINSCHMIDT
WAKEFIELD — The Wakefield City Council heard from the City’s auditor, Karl Ahonen, on the 2015-16 year audit, Monday night.
Ahonen highlighted some of the city’s financial deficits and fund balances. The Governmental Activities Fund had a deficit of $77,472. This is the first year that the city was required to record its net pension liability, which is what the deficit reflects.
The General Unassigned Fund balance was at $413,570 which is an improvement from the deficit of previous years. The General Fund increased a total of $122,527...