Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts

Monday, June 13, 2022

Town of Franklin: Finance Committee - Agenda - June 15, 2022

Finance Committee Meeting
Agenda & Meeting Packet
Wednesday, June 15, 2022 - 6:30 PM

Agenda

1. Call to Order
2. Public Comments
3. Approval of Minutes
a. May 9, 2022
b. May 11, 2022
c. May 12, 2022
4. Community Preservation Act:
a. CPA Master Plan Version 2
i. Resolution 22-36: FY23 CPA Reservations (Budget)
ii. Resolution 22-37: FY23 CPC Appropriation of Capital Funds (Project Recommendations)
iii. Resolution 22-38: CPC Appropriation of Funds - Debt Service Maple Hill Land
5. Stabilization Fund Balances - 3 Year Comparison
6. Future Agenda Items
7. Reorganization for July 1st, 2022
8. Adjourn

Agenda doc contains remote connection information

Town of Franklin: Finance Committee - Agenda - June 15, 2022
Town of Franklin: Finance Committee - Agenda - June 15, 2022

Saturday, May 7, 2022

Finance Committee: Budget Hearing #1 - General Government - May 9, 2022 - 6:30 PM

Finance Committee 
Meeting Agenda & Meeting Packet 
Monday, May 9, 2022  - 6:30 PM
 
Agenda
1. Call to Order

2. Public Comments

3. Approval of Minutes
a. March 9, 2022

4. 2022 Capital Budget Round 2

5. FY23 Town Administrator Operating Budget Hearing:

FY23 Town Administrator Budget Materials website
a. General Government - Accounts 111 Town Council, 123 Town Administrator, 131 Finance Committee, 135 Comptroller, 141 Assessors, 147 Treasurer-Collector, 151 Legal, 152 Human Resources, 155 Information Technology, 161 Town Clerk, 164 Elections & Registration, 176 Appeals Board (ZBA), 177 Planning & Growth Management, 184 Agricultural Commission, 192 Public Properties & Buildings, 196 Central Services

b. Human Services - 510 Board of Health, 541 Council on Aging, 543 Veterans Services

c. Culture & Recreation - 610 Library, 630 Recreation, 690 Historical Museum, 691 Historical Commission, 695 Cultural Council, 696 Cultural District Committee.

d. Debt & Interest - 710 Debt Service - Principal, 750 Debt Service - Interest

e. Employee Benefits: 910 Retirement & Pension, 945 Risk Management (Liability Insurance)

6. Future Agenda Items

7. Adjourn



FY23 Town Administrator Budget Materials website
FY23 Town Administrator Budget Materials website

Monday, May 24, 2021

FM #547 - Finance Committee Meeting - 05/19/21 (audio)

 FM #547 = This is the Franklin Matters radio show, number 547 in the series. 


This session of the radio show shares the Finance Committee meeting held Wednesday, May 19, 2021


The meeting was conducted in a hybrid format: all of the Finance Committee members were in the Council Chambers along with the Town Administrator and other town personnel; the public participated via conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period.


Links to the key topics covered here are included in the show notes. The recording runs about 45 minutes, so let’s listen to the Finance Committee meeting held Wednesday, May 19. Audio file = https://player.captivate.fm/episode/283f0265-082d-43a9-b960-80d825899321



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Meeting agenda -> 

https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf


Recap of the meeting ->

https://www.franklinmatters.org/2021/05/recap-finance-committee-further.html 


--------------


We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

 

How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

------------------


You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"


FM #547 - Finance Committee Meeting - 05/19/21 (audio)
FM #547 - Finance Committee Meeting - 05/19/21 (audio)



Thursday, May 20, 2021

Recap: Finance Committee - further discussion required on draft debt stabilization policy

Quick Recap:

  • Mostly discussion on the debt stabilization policy outline (no specific text draft yet). There was Q&A and a healthy discussion. Motion ultimately made to table the policy for additional discussion in next meeting. There is no rush to decide now; motion to table to June 16 meeting, passes 9-0
  • With the Senate budget now released, Franklin actually is scheduled to lose about $23K from the House budget, however, once Senate makes their budget final, House and Senate will need to reconcile before sending it to the Governor.
  • Discussion for June 16 meeting, scheduled for 6 PM start (again before the Town Council at 7) means that the debt stabilization topic is practically the only one for the time allotted.

----
As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session
 
The Twitter hashtag can be found online  #fincom0519
https://twitter.com/search?q=%23fincom0519&src=typeahead_click 
 
Photos captured during the meeting and shared via Twitter can be found in one album https://photos.app.goo.gl/7zJbzAcpmKJneQLr8
 
The agenda doc for this meeting can be found
https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf
  • I am getting ready for the Finance Committee meeting at 6. Are you? The agenda doc and connection info can be found -> https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf. #fincom0519
  • Meeting opens, full set of membership for this session in Council Chambers. Motion to approve, all 4 sets of minutes for the hearings, seconded, passes 9-0 Moving to budget stabilization policy. #fincom0519
  • Mostly discussion on the policy, Q&A, good discussion hard to recap until it is done. #fincom0519
  • Motion to amend, withdrawn. No motions currently. Being tabled for additional discussion as no rush to decide now; motion to table, seconded, amended motion to table to June 16 meeting and review some text, seconded, passes 9-0 #fincom0519
  • At next meeting masks not required. #fincom0519 Senate proposed budget is $23k less for FY22 than FY21. This is a structural issue and will be seen regularly (Franklin will need to increase support for school budget). For next 5-10 years likely to be similar.
  • Budget stabilization likely only topic for Jun 16. Motion to adjourn, passes 9-0 #fincom0519

Audio of meeting to be available in a couple of days

Recap: Finance Committee - further discussion required on draft debt stabilization policy
Recap: Finance Committee - further discussiostan required on draft debt stabilization policy


Saturday, May 1, 2021

FM #526 - Finance Cmte Budget Hearing #1 - 04/27/21 (audio)

The meeting was conducted in a hybrid format: members of the Finance Committee, selected guests, and Town Administration personnel were in the Council Chambers, the remainder were remote along with the public via the Zoom conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period.

The show notes contain links to the meeting agenda including documents released for this agenda. 

Let’s listen to this budget hearing on "General government"

Audio file = https://player.captivate.fm/episode/d9c1b417-b587-4cee-a861-c5409f4085cf


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  • April 27 Agenda = Central government, Human Services, Culture and Recreation, Debt and Interest, Benefits

https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/4.27.21_fin_com_agenda.pdf

  • Town budget page for FY 2022
https://www.franklinma.gov/town-budget/pages/fy-22-budget-materials
  • My notes from the meeting
https://www.franklinmatters.org/2021/04/finance-committee-budget-hearing-1-of-4.html

--------------

We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial. 

This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors
  • If you don't like something here, please let me know

Through this feedback loop we can continue to make improvements. I thank you for listening.

For additional information, please visit www.Franklinmatters.org/   or www.franklin.news/

If you have questions or comments you can reach me directly at shersteve @ gmail dot com

The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.

I hope you enjoy!

------------------

You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"

FM #526 - Finance Cmte Budget Hearing #1 - 04/27/21 (audio)
FM #526 - Finance Cmte Budget Hearing #1 - 04/27/21 (audio)


Sunday, April 18, 2021

FY 2022 - Town of Franklin budget proposal

The Town of Franklin FY22 Town Administrator's Proposed Budget materials are available on our website.  

Find all of the Proposed Budget information posted here 

https://franklinma.gov/town-budget/pages/fy-22-budget-materials 



FY 2022 - Town of Franklin budget
FY 2022 - Town of Franklin budget

This will be the first of a series on the FY 22 budget. Each part of the series will focus on a part of the process or an aspect of the budget. All in preparation of the Finance Committee budget hearings Apr 27-28-29 and May 4; as well as the Town Council budget hearings May 26-27. The final vote on the budget is scheduled for the May 27 meeting.



Saturday, February 27, 2021

FM #474 - Finance Committee Mtg - 02/24/21 (audio)

FM #474 = This is the Franklin Matters radio show, number 474 in the series. 

This session of the radio show shares the Town of Franklin, MA Finance Committee meeting held on Wednesday, Feb 24, 2021. 

The meeting was conducted in a hybrid format: the Finance Committee members and key guests were in the Council Chambers; the remainder, along with the public, were remote via conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period.

  • Quick overview of the ambulance rates and rationale behind them from Chief McLaughlin
  • Overview of the recent truck purchase process and the life cycle of trucks on the front line, in reserve and eventual disposition as surplus
  • Great overview of the debt and borrowing status for Franklin, heard previously at the Town Council meeting but great info on exclusions and non-excluded debt and how it is fiscally planned for and managed; the Town has a great credit rating which confirms the overall fiscal prudence shown by the Town
  • Discussion on future topics including adding two sessions to the budget hearing cycle (now four meetings instead of two)
Links to the meeting agenda and my notes are included in the show notes. The recording runs about 77 minutes, so let’s listen to the Finance Committee meeting of Feb 24, 2021.  Audio file =  https://player.captivate.fm/episode/1c047bb0-59a6-44e3-8b50-b7dc814d1861


--------------

--------------

We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm).

This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.
 
How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors
  • If you don't like something here, please let me know

Through this feedback loop we can continue to make improvements. I thank you for listening.
 
For additional information, please visit Franklinmatters.org/ or www.franklin.news/

If you have questions or comments you can reach me directly at shersteve @ gmail dot com

The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.

I hope you enjoy!

------------------

You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters" 

FM #474 - Finance Committee Mtg - 02/24/21 (audio)
FM #474 - Finance Committee Mtg - 02/24/21 (audio)


Friday, February 26, 2021

Finance Committee meeting recap - Feb 24, 2021 - ambulance rates, fire truck life cycle; debt overview

Quick Recap:
  • Quick overview of the ambulance rates and rationale behind them from Chief McLaughlin
  • Overview of the recent truck purchase process and the life cycle of trucks on the front line, in reserve and eventual disposition as surplus
  • Great overview of the debt and borrowing status for Franklin, heard previously at the Town Council meeting but great info on exclusions and non-excluded debt and how it is fiscally planned for and managed; the Town has a great credit rating which confirms the overall fiscal prudence shown by the Town
  • Discussion on future topics including adding two sessions to the budget hearing cycle (now four meetings instead of two)
Photos captured during the meeting and shared via Twitter can be found in one album   https://photos.app.goo.gl/XN9xZuqRLw5vtcY88
 
----
As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session.
 
The Twitter hashtag can be found online  #fincom0224


  • Real time reporting underway for the Finance Committee meeting #fincom0224 agenda doc linked here has the connection info https://www.franklinma.gov/sites/g/files/vyhlif591/f/agendas/fincom_agenda_02-24-21_updated.pdf
  • Fire Chief McLaughlin talks to the proposed ambulance rate increases up for second approval at Town Council meeting next week #fincom0224
  • Majority of transportation is ALS1, second BLS and least used is ALS2. Have talked with a company about their frequency of usage. Trying to avoid overuse and making sure it is an appropriate use. 87-88% is about norm for collection rates #fincom0224
  • BLS is basic life support, ALS1 medication, cardiac monitor; ALS2 is a more critical level of service... #fincom0224 billing and allowable rates set outside via Medicare etc. We stay within allowable.
  • The two trucks are from Greenwood in N Attleboro, to offset the service costs of two trucks in reserve to get them inspected. These new ones are coming at a great deal for us, great discount and good value. #fincom0224 the trucks will also enable ISO 1 level rating ...
  • If you recall, they had reached level 2 last year. 15 in frontline and 5-7 years in reserve is a good ballpark lifecycle. Q is the rusted rail unique to Pierce. They rectified that in 2018 but that doesn't help this one. #fincom0224 ISO 1 will enable to save business ...
  • Could be up to 3.5% savings going up the to level 1 for the businesses insurance rates. #fincom0224 moving to the debt and borrowing presentation (also in the doc link shared earlier)
  • Kerri Bertone presenting #fincom0224
  • Most recent interest rate 1.33% a good sign of our high rating and great fiscal management #fincom0224 non-excluded debt (like the Library, Senior Center, etc. ) Vs. excluded debt mostly school buildings (FHS)
  • Some of the 15M authorization will not ever be used. Example, the windows for the Municipal bldg was est at 1.3m and bid came in at about 500k, so we'll use free cash rather than borrow. Chrome books were also part of above but those were covered via the COVID funds #fincom0224
  • Would use lease purchase if a benefit but there is a middle man and we don't always get the best price via going directly to the finance. We are set up to borrow for our benefit. #fincom0224 worthy discussion on the current 2.2% vs policy of 3.5% and thought behind it
  • Police station is likely to be a debt exclusion. Will use bans to out together some of the projects to bond as a package. Saves us the issuance cost and with good rates gets us the lowest cost benefit #fincom0224 what will it take to get to AAA?
  • A regular discussion with the bonders, it is less but a factor of the marker place. #fincom0224 interesting story on Hudson and net interest and DOR changed rules because of it. Refunding is the resident equivalent of refinancing a mortgage, our rates are so low we won't...
  • see that for some time, interest if at 6% would make sense to reduced to 1 or 2 ... If we are already at 1 or 2 but how low can you go. #fincom0224 Stabilization funds update - 10 year history of new growth coming in the next meeting
  • Town Administrator Jamie Hellen updating a review of the comparable stabilization funds #fincom0224 currently $8m in OPEB fund. Some Communities do stick out from the others. Natick has a plan for a fund to cover for a 3 yr downturn based upon a % of their state aid
  • Would be a good discussion point for an overall planning point. Ultimately how were we able to manage? We did put something aside when it was good, key priorities. #fincom0224 need to be fiscally prudent.
  • Discussion on budget hearings to be spread over four nights, worked well last time; #fincom0224 capital plan? had held off due to other items in the mix, less free cash overall, snow/ice eating into free cash with weather this year. General operations metrics, etc.
  • #fincom0224 April 4 nights would be budget hearings, OPEB report in April, stormwater coming in budget, facility coming, UGVI at FHS is the only public school with that service; Motion to adjourn, second, passes 8-0 That's all for tonight, catch you next time!

 

Finance Committee meeting recap - Feb 24, 2021 - ambulance rates, fire truck life cycle; debt overview
Finance Committee meeting recap - Feb 24, 2021 - ambulance rates, fire truck life cycle; debt overview

Tuesday, February 23, 2021

Finance Committee meeting - starting time changed to 6:30 PM Feb 24, 2021

 Finance Committee Meeting

February 24, 2021 - 6:30 PM 
(note time change)(was 6 PM)
 
Agenda
1. Call to Order
2. Public Comments
3. Approval of Minutes
a. January 13, 2021
4. Debt and Borrowing presentation
a. Kerri Bertone, Treasurer & Christopher Sandini, Finance Director/Comptroller
5. Fire Department Update
a. ALS/BLS and Mileage Rate Changes
b. Fire Truck Borrowing Resolution
6. Stabilization Funds Update & Comparabiles
7. Future Agenda Items
8. Adjourn


The full agenda and meeting documents (Note - doc was updated on Monday to show a change in start time from 6 to 6:30 PM)

In case you missed the Town Council discussion on the Finance presentation, you get another chance at this on Wednesday night. If you have a question that wasn't asked the first time around, now you have a chance of getting an answer.

Note the explanation on non-excluded debt vs. excluded debt and how both are funded.

Sunday, January 31, 2021

Franklin, MA: Town Council - Agenda - Feb 3, 2021


1. ANNOUNCEMENTS FROM THE CHAIR
This meeting is being recorded by Franklin TV and shown on Comcast channel 11 and Verizon Channel 29.  This meeting may be recorded by others.

2. CITIZEN COMMENTS
Citizens are welcome to express their views for up to five minutes on a matter that is not on the agenda. The Council will not engage in a dialogue or comment on a matter raised during Citizen Comments. The Town Council will give remarks appropriate consideration and may ask the Town Administrator to review the matter. 

3. APPROVAL OF MINUTES
a. December 16, 2020
b. January 6, 2020

4. PROCLAMATIONS/RECOGNITIONS
a. Bill Murphy

5. APPOINTMENTS
None Scheduled

6. HEARINGS - 7:10pm
None Scheduled

7. LICENSE TRANSACTIONS
None Scheduled

8. PRESENTATIONS/DISCUSSIONS
a. Finance Department: Borrowing & Debt Update 
b. Department of Public Works: Stormwater   https://www.franklinma.gov/sites/g/files/vyhlif591/f/mai/files/8b._storm_water_presentation.pdf

9. SUBCOMMITTEE REPORTS
a. Capital Budget Subcommittee
b. Budget Subcommittee
c. Economic Development Subcommittee
d. Town Administrator Evaluation Ad Hoc Subcommittee Report

10a. LEGISLATION FOR ACTION
Bylaw Amendment 21-869: Chapter 82, Municipal Service Fees Section 82-6 Schedule of Service Fees, Subsection F. Fire - First Reading (Motion to Move Bylaw Amendment 21-869 to a second reading - Majority Roll Call Vote)

11. TOWN ADMINISTRATOR'S REPORT
a. COVID-19 Updates
b. FY22 Budget Calendar

12. FUTURE AGENDA ITEMS

13. COUNCIL COMMENTS

14. EXECUTIVE SESSION
None Scheduled

ADJOURN

Note: 
Two-Thirds Vote: requires 6 votes
Majority Vote: requires majority of members present and voting 

The agenda folder on the Town of Franklin page

The PDF doc with the agenda and docs released  (35 pages)

new rain garden at the end of Griffin Road
new rain garden at the end of Griffin Road



Wednesday, September 30, 2020

Have you gotten a collection call about a debt you don’t recognize?


Consumer Alerts from the Federal Trade Commission

by Ari Lazarus, Consumer Education Specialist, FTC

Nobody likes getting debt collection calls. But have you ever gotten one for a debt you already paid — or you know isn't yours? Or have you been threatened and harassed by a debt collector until you paid up? If so, we want you to know how to protect yourself.

Read more

This is a free service provided by the Federal Trade Commission.





Wednesday, November 21, 2018

In the News: social media diet is beneficial; student loan servicing company adding to student debt

From the Milford Daily News, articles of interest for Franklin:
"If you were considering going on a social media diet, new research backs up the benefits. 
According to a paper in the Journal of Social and Clinical Psychology’s December issue, tightening Facebook, Instagram, and Snapchat use can lower loneliness and depression. 
University of Pennsylvania psychologist Melissa G. Hunt led the study, which surveyed 143 students at Penn. Researchers divided the undergrads into groups that limited social media use and groups that continued to use the platforms as they pleased. Participants, who were predominately female, were offered academic credit for their time. 
The study did not ask students to abstain from social media. The researchers explained this choice in the paper, noting, “It is unrealistic to expect young people to forgo this information stream entirely.”

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/zz/news/20181120/study-cutting-social-media-time-can-lessen-depression-and-loneliness

https://www.instagram.com/franklinmatters.ma/
https://www.instagram.com/franklinmatters.ma/

"One of the nation’s largest student loan servicing companies may have driven tens of thousands of borrowers struggling with their debts into higher-cost repayment plans. 
That’s the finding of a Department of Education audit of practices at Navient Corp., the nation’s third-largest student loan servicing company. 
The conclusions of the 2017 audit, which until now have been kept from the public and were obtained by The Associated Press, appear to support federal and state lawsuits that accuse Navient of boosting its profits by steering some borrowers into the high-cost plans without discussing options that would have been less costly in the long run. 
The education department has not shared the audit’s findings with the plaintiffs in the lawsuits. In fact, even while knowing of its conclusions, the department repeatedly argued that state and other federal authorities do not have jurisdiction over Navient’s business practices."

Continue reading the article online (subscription may be required)
https://www.milforddailynews.com/zz/news/20181120/is-national-student-loan-servicer-swindling-borrowers

Wednesday, December 18, 2013

Franklin Debt Service

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.


Sunday, August 12, 2012

"considered high quality by all standards"


Towns with a higher bond rating are more likely to be able to pay off their loans, and as such are often given a lower rate of interest on their bonds. 
"On smaller projects, a few (percentage) points isn’t going to matter too much," said Ballantine. "But if you’re building a high school, it can make a significant difference." 
Much like there are three main credit bureaus for personal credit scores, there are three main bond rating agencies — Moody’s Investors Service, Standard and Poor’s, and Fitch Group.

Read more: http://www.metrowestdailynews.com/news/x521655892/Despite-recession-area-municipal-bond-rates-in-good-shape#ixzz23KDAVE3B

Franklin has been able to maintain a very good bond rating with its overall budget management. This will be a major factor as the new high project goes out to bid for the bonds to finance the building. Of course, the timing for the actual construction bids will hopefully produce the lowest overall cost for the project as well.

Franklin is also aggressive in managing its debt to take advantage of the lowest ratings available. It was able to perform two refinancing exercises that substantially reduced the amount of interest that would be paid over the life of the bond. The most recent of these efforts was reported on during the FinCom meeting in April
http://www.franklinmatters.org/2012/04/live-reporting-fincom.html


Wednesday, December 19, 2007

Jeff Nutting on the Capital Outlook (audio)

Town Administrator Jeff Nutting outlines the capital needs for the near future and gets into discussion with the Council on how this could be done with either cash, grants, or debt.

Time: 51 minutes, 57 seconds



MP3 File