Wakefield financial status is good.

WAKEFIELD — The City of Wakefield got through the first months of the COVID-19 pandemic in good financial shape, according to the audit for the fiscal year ending June 30, presented at Monday’s virtual council meeting. “The general fund balance increased by $37,195 during the fiscal year,” said auditor Karl Ahonen. That happened despite $156,000 in expenditures for extra pension contributions to the Michigan Employee Retirement System.The general fund balance stood at $572,659 at year’s end. The unfunded liabilities for pensions ($2.25 million) and retiree health insurance ($171,817) continue to be daunting, but the city’s position improved significantly on both fronts. Ahonen said the pension is funded at 55 percent, as compared to 49 percent the previous year, while the healthcare component is at 45 percent funded, compared to 17 percent the previous year. As in the past, the city received “an unmodified clean opinion,” City utility funds are in good standing, with one exception. The water fund ran a $118,744 deficit last year, though that number was smaller than it had been the previous year. Mayor Dale White said the council will be addressing that issue soon. The city continues to pursue several projects. I his report to the council, Brown said the city and fire department are pursuing two grants, one large and a second medium-sized, with the hope that a new fire truck can be funded. The smaller grant would be for more extrication equipment. The fire truck grant would be 95 percent, with the city footing the remaining 5 percent, he indicated. The city also is seeking a recreation grant for a fishing dock project, part of the newly updated recreation plan, and a grant for extension of utilities at the Sunday Lake Campground.