Our fiscal year, July 1, 2018 thru June 30, 2019, began with budget adjustments and transfers as detailed in Resolution 18-59. Primary reasons were higher than expected revenues and consolidation of departments. The committee approved unanimously a motion to recommend passage to the Town Council. We also were informed by the Town Administrator that the risk management study had been completed. No major exceptions were noted.
During the year the committee met 5 times. Four of those meetings were focused on the FY 2020 budget process, with the result being unanimous approval of a projected
$129.40M operating budget for the town. The budget allows for the town to provide services at the same level as FY 2019. Approximately $385K will be transferred from the budget stabilization account to balance the overall FY 2020 budget.
The long term financial plan continues to project financial challenges over the next several years. While our town continues to provide excellent services with little increase in resources, our reserve levels continue to be challenging. A concerning indicator is shown in the Franklin Public Schools need to draw on their reserves at an unsustainable pace. Housing units are growing and the impact on the school budget will need to be monitored on a regular basis.
A highlight of the budget was a reduction of 3% in the Police department while adding 5 additional officers to the force. Additionally, the Library budget was funded to ensure certification is retained.
I’d like to take the opportunity to thank my fellow committee members for their ongoing dedication to continued improvements and the financial well being of our town.
Respectfully submitted,
Michael Dufour
Chairman, Franklin Finance Committee
Download your copy of the Annual Report
https://www.franklinma.gov/town-clerk/files/town-franklin-annual-report-2019
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| Franklin Annual Report 2019: Finance Committee |
Budget Hearing #4 - 6/04/20
audio = https://www.franklinmatters.org/2020/06/franklin-ma-finance-committee-budget_55.html
notes = https://www.franklinmatters.org/2020/06/finance-committee-budget-hearing-4.html
Budget hearing #3 - 6/02/20
audio = https://www.franklinmatters.org/2020/06/finance-committee-budget-hearing-3.html
Notes = https://www.franklinmatters.org/2020/06/franklin-ma-finance-committee-budget_6.html
Budget hearing #2 - 5/28/20
audio = https://www.franklinmatters.org/2020/05/fm-279-finance-committee-budget-hearing.html
Notes = https://www.franklinmatters.org/2020/05/finance-committee-recap-budget-hearing.html
Budget hearing #1 - 5/27/20
audio = https://www.franklinmatters.org/2020/05/fm-280-finance-committee-budget-hearing.html
Notes = https://www.franklinmatters.org/2020/05/finance-committee-recap-budget-hearing.html
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