Finance director proposes beefing up borough savings account

Finance Director Mason Villarma has been on the job for about five months and is proposing changes to the borough assembly that he believes could bolster Wrangell’s financial health.

At a work session Jan. 25, Villarma said the borough’s assets totaled $39.7 million as of Dec. 31, a mixture of cash, cash equivalents, money market funds, investments and other accounts. Some can be spent, some is in long-term savings, and some is reserved for self-sufficient funds such as the electric utility and port and harbors.

Almost one-quarter of that money is in the borough’s “permanent fund” — similar bu...

 

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