The Daily Globe - Serving Gogebic, Iron and Ontonagon Counties

Wakefield City Council discusses deficit, considers utility increase

 


By ISABELLE KLEINSCHMIDT

news@yourdailyglobe.com

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...



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