It's time for Franklin to become more transparent with its taxpayers about the annual financial windfall inappropriately known as "free cash."
Free cash is the extra money left over after the city balances its budget every June 30. It's revenue that Franklin collected from taxpayers but didn't spend. The free cash amount for the fiscal year that just ended is rumored to be nearly $3 million, although whether the official figure will be disclosed and discussed before the Nov. 8 municipal election remains to be seen.
Read the full letter here: http://www.milforddailynews.com/archive/x1876835722/Cafasso-Free-cash-is-Franklins-best-kept-secret#ixzz1bPMiRqyp
The Town Council has responded with their letter titled "'Bewildered' by free cash concern in Franklin"
We are somewhat bewildered by Ed Cafasso's recent Letter to the Editor (Oct. 14) titled "Free cash: Franklin's best-kept secret." Let's start with the title of his letter and the use of the word "secret." Franklin's free cash policy is anything but secret. Anyone can go to franklin.ma.us, enter "free cash" in the search string and be delivered a trove of information about Franklin's free cash, including the policy itself, historical amounts, etc. Further, each and every Finance Committee meeting cites the current amount of free cash as part of its publicly posted agenda.Read the rest of the Council's letter here: http://www.milforddailynews.com/archive/x804699069/Bewildered-by-free-cash-concern-in-Franklin#ixzz1bPNclpbo
Each of the past two years as part of the tax rate hearing, I have published my analysis of "free cash". You can view the slides and hear the audio from Dec 2010 here:
and from Dec 2009 here
I add my two cents on this matter over here: