Budget Subcommittee Meeting
Municipal Building
355 East Central Street, Room 205 (Second Floor) Franklin, MA
May 4, 2020 - 4:30 PM
Link to access the meeting: Click here then click “Open Zoom”
Call-In Phone Number: Call 1-929-205-6099 and enter Meeting ID: 938 246 4834 then press “#”
Agenda
1. FY21 Budget Update Discussion
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DATE: April 22, 2020
TO: Town Council Budget Subcommittee
FROM: Jamie Hellen, Town Administrator
RE: FY21 BUDGET UPDATE
Through Chairman Kelly, I am requesting a Budget Subcommittee of the Town Council on May 4th, 2020 at 4:30 PM, or at a time convenient for the members.
We must now refocus our attention to the FY21 Budget process and make some difficult decisions. The Finance Director and I have discussed our revenue assumptions. At this time, we are estimating at least a $3 million shortage in revenues than were assumed in the March 4th budget model discussed at the Town Council meeting.
The following are estimates and the data in a budget will be altered as new information becomes available. The following reductions in revenue estimates are as follows:
● The New Growth estimate will be reduced by $450,000;
● Local Receipts (excise tax, meals tax, licenses, permits, etc) will take approximately a 25% reduction, or $2.4 million; and
● At this point, State Aid is budgeted at $121,000 less than FY20. This is the Governor's Budget proposal released in late January. While the budget will be revised, it's the best data we have right now. We have no prospect for a FY21 budget to be completed by the state anytime earlier than Labor Day (is my best guess). The Town will likely need to come back again in the Fall or Winter to revise the budget based on state decisions.
There is still much work and discussion at the staff level that needs to happen over the next month. But, it would be a good time to gather the subcommittee to get on the same page as we continue to aim for a post-Memorial Day set of Finance Committee budget hearings on May 27, 28 and June 2, 4. I will provide a more in depth budget update memo and working budget model at your meeting for discussion.
The PDF of this doc can be found
https://www.franklinma.gov/sites/franklinma/files/agendas/2020-05-04_budget_subcommittee_1.pdf
Supporting Documents
https://www.franklinma.gov/sites/franklinma/files/agendas/05-04-2020_budget_subcommittee_meeting_supplemental_documents.pdf
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| Franklin, MA: Budget Subcommittee Meeting - May 4 |
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