One of the fiscal policies Franklin operates with is using up to 3.5% of the general funds for debt service. This is an easy way to fund medium term capital projects without getting a debt exclusion approved. This has allowed the new fire stations, the Senior Center and other building or renovation projects to occur. The worksheet use to calculate the FY 2014 debt as a percent of the general funds can be see below. This was reviewed with the Finance Committee during their December meeting.
This worksheet also handed out and reviewed with the Finance Committee at their December meeting, is more of an eye challenge. The current available capacity is gradually growing and will be almost $1M by 2016.