Wakefield Town Meeting Approves $137 Million Budget, Overrules Finance Panel on Schools

WAKEFIELD -- May 4, 2026, Wakefield Town Meeting approves $137 million fiscal 2027 budget, backing schools over Finance Committee. The May 4 annual town meeting voted to approve the School Committee's $58,716,611 school budget, rejecting Finance Committee Chair Jim Sullivan's recommendation to reduce the school appropriation by $300,000. Finance Committee member Dan Sherman, presenting the town's annual fiscal forecast, projected a $2 million structural shortfall for fiscal year 2027 and warned that free cash could reach zero by fiscal year 2031 if spending trends continue, noting the town has already drawn its bond rating down from AAA to AA-plus. The $137,012,835 total budget was balanced in part through a $1.5 million withdrawal from the town's OPEB trust fund and approximately $300,000 in departmental cuts. Superintendent Dr. Lyons disputed the Finance Committee's revenue projections, arguing that Department of Revenue certified data and updated figures from Assistant Town Administrator Liz Rohr showed a projected shortfall of $1.7 million, not $2 million, making the $300,000 school cut unnecessary. School Committee Chair Jenna Ponsinella told voters the committee had already rejected $600,000 in new program requests and returned $282,000 from revolving accounts before presenting what she called a responsible level-service budget.