Wednesday, October 8, 2008

Fiscal 2010 will be "a very challenging year"

GHS
Posted Oct 07, 2008 @ 10:44 PM

FRANKLIN —

In keeping with the same financial forecasts given over the last year, Town Administrator Jeffrey D. Nutting last night told the Finance Committee he anticipates fiscal 2010 will be "a very challenging year."

"Local receipts aren't going to bounce back quickly. Everything is tightening and tightening and tightening," Nutting said in the first Finance Committee meeting of the new fiscal year.

His biggest concern for the fiscal '10 budget is whether there will be a reduction in state aid, he said.

Nutting does not believe Franklin will be "as revenue-rich" as last year, he said, noting that the town's fuel, pensions and insurance costs will continue to escalate, outpacing revenue.

The town will bid for a new electric energy contract this spring, "another big exposure," Nutting said.

Read the full story in the Milford Daily News here

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