Note: FY 2021 is last year (July 1, 2020 to June 30, 2021). The report was prepared to cover the business for the FY 2021 period. This year’s report FY 2022 (July 1, 2021 to June 30, 2022) is in preparation now and is normally available for distribution at the polls for the November election.
I hereby submit the Annual Report of the Finance Committee for FY2021 commencing July 1, 2020 and ending June 30, 2021.
Hail and Farewell: The fiscal year began with the departure of former Chairman Mike Dufour and the appointment of Natalie Riley. Susan Dewsnap and David Wiech were reappointed to three-year terms.
We organized early in the fiscal year and elected Bill Dowd, George Conley and Nicole Corbosiero as Chair, Vice Chair and Clerk respectively.
The Committee met thirteen times during the fiscal year. In addition to the annual budget hearings, policy reviews, budget updates and review of capital requests, we initiated a series of information sessions or “deep dives” on multiple aspects of municipal operations. The intent of these sessions was to gain a better understanding of various department operations and policies so we would be better informed when it came time to recommend an annual operating budget to the Town Council. I believe these sessions were quite successful and plan to continue them in FY2022.
Due to prudent fiscal management and better than projected revenue the Town was able to transfer close to $1M into the Budget Stabilization Fund. This reversed the trend of depleting the fund in recent years to balance the operating budgets.
The Committee requested a survey of comparable communities and the policies they have regarding Budget Stabilization or “rainy day” funds. After presenting the Committee the results of this survey the Administration drafted a policy for Franklin to use in establishing guidance, or ‘guard rails ’for the funding and use of our own Budget Stabilization fund. The Committee discussed this extensively and approved a revised policy that awaits Town Council action.
I would like to thank all department heads and employees who appeared before the Committee. I want to especially thank Town Administrator Jamie Hellen and Finance Director Chris Sandini and their respective staffs for the tremendous work they did in preparing us for the various hearings we conducted. I particularly want to thank my fellow Committee members for their service and dedication.
$138,564,865 FY2022 Operating Budget
$ 25,000,000 Beaver St. Sewer Interceptor
$ 4,527,274 FY2021 Capital Needs
$ 4,559,000 Maple Hill land Purchase
William C. Dowd
Chairman, Franklin Finance Committee
The full Annual Report for 2021 can be found
The collection of Annual Reports can be found online