Thursday, February 5, 2009

Live reporting - Financial Planning Committee - 2/5/09

Attending: Roche, Bartlett, Cameron, Hardesty, Nutting, Wilschek, Kelly, Ogden, Trahan,
Absent: Whalen, Zollo

Zollo sending info to Hardesty
Whalen acquiring data, Jeff to help with Town figures

The more data that is easily available, the better story we should be able to tell

Assumptions - these are the types that we would have. We already have the beginning of a model with assumptions already built into it. In some cases (i.e. the big ones only), we may pick a point to do a range, and explain the range, why, wherefores, etc. This range also allows a sensitivity analysis to be done on the numbers.

After 5-6 on the expense side and another 5-6 on the revenue side, there really isn't something that significant.

Kelly provided the Frequently Asked Questions. Many of which have been or at least can easily be answered, some will be addressed by the report. If any are left, they still should be answered via hand-out or other publication (i.e. I have offered to post the FAQ's with answers here).

The Governors proposal would increase a maximum of 2% in the hotel and the meals tax.

Franklin would stand to gain a total of about $1 million from the combined taxes.

Nutting: "I can't think of a year when the town did not have revenue growth. Even when they cut lottery, the school population growth was still generating Chapter 70 increases for Franklin."

We are almost ready to start the financial model. Year 1 in the model needs to be fiscal 2010.

HR Matters - provided previously, should be all set on this now. Did send this to Hardesty in softcopy.

This is where we have been, this where we are, this is where we are going. These are the three chapters of the story we need to tell.

Road discussion, even with our plan we are falling behind. We are using state money or water money to work the roads. If the water main work gets done, we do the road. If the water main doesn't need work, it won't get done. The Town hasn't budgeted for road repair since 2002 or 2003.

The underfunded liability for GASB 45 needs to be outlined.

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