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| Spot scams while getting out of debt |
Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts
Tuesday, July 29, 2025
Spot scams while getting out of debt
Friday, May 2, 2025
Finance Committee closes out FY 2026 budget hearings (video)
The Finance Committee completed the 3rd of the series of budget hearings on the FY 2026 budget Thursday, May 1, 2025. 7 of the 8 members participated, 1 remotely (1 absent).
Franklin TV video is available for replay -> https://www.youtube.com/live/C5g8YGdpTmI?&t=430
The agenda and released documents for this session -> https://www.franklinma.gov/AgendaCenter/ViewFile/Agenda/_05012025-1710
Quick recap
- Up for review tonight were the General government departments, many of them much smaller than the Police, FIRE, DPW, and Schools covered previously but all key to Town services.
- Recreation pays for itself with fee revenue from servicing 7200 kids with 3 full time personnel
- Library just above the minimum required by State legislation not revised since it was enabled over 100 years ago
- Town Clerk's office runs the annual census, dog licenses, registrations, and this year 2 elections; the special override election June 3 and the local election in November (Town Council, School Cmte and other elected positions, including this year the Town Clerk).
- Senior Center has a minimal expense budget most of it is personnel and a good portion of it is covered by fee revenue or grants. Still working on how to fine tune it, won't likely get to the fee supported status of the Recreation Dept. May 15 ribbon cutting for the van and gazebo at the Senior Center (10 AM)
- Resolutions for approval - all passed by same 7-0-1 (1 absent) roll call vote
- Resolution 25-20: Recommendation of FY2026 Budget
- Resolution 25-21: Salary Schedule: Full-Time Elected Official
- Resolution 25-22: Expenditure Limits for FY2026 on Departmental Revolving Funds Established by Franklin Town Code Chapter 73, as Provided in MGL Chapter 44, §53E½, as Amended
- Resolution 25-23: Snow and Ice Transfer of Funds
- Resolution 25-24: Appropriation and Transfer of Funds from Water Enterprise Fund Retained Earnings to Water Line Project
Saturday, July 20, 2024
This Town Council Quarterbacking session condenses the July 17 meeting to about 30 minutes (audio)
FM #1242 = This is the Franklin Matters radio show, number 1242 in the series.
This session shares my conversation with Town Council Chair Tom Mercer. The Council met on Wednesday, July 17, 2024 for the first meeting of the Fiscal Year 2025. We met Thursday morning to recap the 3 hour session.
We look to focus on
ok, what just happened?
What does it mean for Franklin residents and taxpayers?
Topics for this session:
A number of citizens’ comments accounted for approx. 30 minutes of the meeting before the Council began its business.
The zoning change for the parcel on King St while forwarded to second reading by a 5-4 vote was roundly defeated by an 8-0-1 (1 absent) vote.
The override and budget discussion resulted in two actions.
One - consensus to begin with a Joint Budget series of meetings to work on determining the future (assuming yes, when?), and getting consensus among the 3 committees (Town Council, School Committee and Finance Committee) on an amount for an earlier spring vote.
Two - the Council did vote to take $1M from the debt stabilization account to provide for additional funding for the School budget. The School Committee will vote to accept the funding at their next scheduled August meeting (Aug 13). (After this vote Cormier-Leger left the session)
A set of 3 bylaws to change downtown commercial zoning to bring the Town into compliance with the MBTA regulations were approved and moved to second reading. The second reading will be a Council meeting in August.
The zoning change for the mill store property on Union St was approved and moved to second reading (also at a meeting in August)
The Council also voted to approve the land swap deal with the state. This work started approx. 11 years ago and finally getting to the changing of the deeds stage to complete. This will set up for future renovation & enhancements to the Beaver St recycling Center.
Resolution 24-49: Acceptance of Gifts - Veterans’ Service Department ($700), Senior Center ($381), Franklin Public Library ($500)
The recording runs about 29 minutes, so let’s listen to my conversation with Tom.
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The Franklin TV video of the 3 hour session can be found -> https://www.youtube.com/live/dvI5kTzZqP0?si=Od24AGR5njNiF99I&t=67
Agenda document for this session:
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/agendas/tc_agenda_july_17_2024.pdf
My notes as captured during the session can be found in one PDF
https://drive.google.com/file/d/1rUWE6iK-G1T7xnVsjgXiGj2-l2P9S9Kg/view?usp=drive_link
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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!
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You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"
Thursday, July 18, 2024
Town Council approves additional $1M for schools, starts process for override, turns down King St parcel zoning change (video)
The Town Council met as scheduled on Wednesday, July 17. 7 members were present in Council Chambers, one participated remotely (Cormier-Leger), one was absent (Hamblen). For the time when Cormier-Leger participated all votes were recorded via roll call.
Quick summary
- A number of citizens comments accounted for approx. 30 minutes of the meeting before the Council began its business.
- The zoning change for the parcel on King St while forwarded to second reading by a 5-4 vote was roundly defeated by an 8-0-1 (1 absent) vote.
- The override and budget discussion resulted in two actions.
- One - consensus to begin with a Joint Budget series of meetings to work on determining the future (assuming yes, when?), and getting consensus among the 3 committees (Town Council, School Committee and Finance Committee) on an amount for an earlier spring vote.
- Two - the Council did vote to take $1M from the debt stabilization account to provide for additional funding for the School budget. The School Committee will vote to accept the funding at their next scheduled August meeting (Aug 13). (After this vote Cormier-Leger left the session)
- A set of 3 bylaws to change downtown commercial zoning to bring the Town into compliance with the MBTA regulations were approved and moved to second reading. The second reading will be a Council meeting in August.
- The zoning change for the mill store property on Union St was approved and moved to second reading (also at a meeting in August)
- The Council also voted to approve the land swap deal with the state. This work started approx. 11 years ago and finally getting to the changing of the deeds stage to complete. This will set up for future renovation & enhancements to the Beaver St recycling Center.
The Franklin TV video of the 3 hour session can be found -> https://www.youtube.com/live/dvI5kTzZqP0?si=Od24AGR5njNiF99I&t=67
Agenda document for this session:
My notes as captured during the session can be found in one PDF
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| Franklin, MA: Town Council -Agenda for Meeting July 17, 2024 at 7 PM |
Tuesday, May 23, 2023
More Perfect Union - wfpr.fm: 81 - The Debt Ceiling (audio)
In this episode, the group is joined by Frank Falvey to discuss the debt ceiling; why the U.S. continues to borrow and go over budget on its loans, the current debt ceiling standoff, what the government is doing (and isn't) and the dangers this could mean for the future of the U.S. and the dollar.
Audio file -> https://more-perfect-union.captivate.fm/episode/more-perfect-union-81-the-debt-ceiling
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| Franklin.TV: A More Perfect Union (audio) |
More Perfect Union - WFPR
Discussing American Politics and Current Events
Peter Fasciano, Dr. Michael Walker Jones, Dr. Natalia Linos, Jeff Roy, Chris Woolf and Nick Remissong host a round table discussion on current events and American politics, bringing about thoughtful conversation, compelling discourse, and a look at what the future might hold for the United States.
Find all the More Perfect Union episodes online -> https://more-perfect-union.captivate.fm/episodes or subscribe with your favorite podcast app
Sunday, May 14, 2023
Franklin TV: The Federal Budget & The Debt Ceiling
Congress holds the purse strings.
by Pete Fasciano, Executive Director 05/14/2023
This week (Monday 11 AM, 2 PM, 6 PM) we discuss the U.S. Federal Budget on our radio program ‘More Perfect Union’. Dr. Michael Walker-Jones sent a link to this overview by David Wessel of The Brookings Institute. It’s worth a read.
When the federal government runs a deficit by spending more than it collects in revenue it borrows money to cover the difference by issuing IOUs as U.S. Treasury securities. The debt ceiling is a limit set by Congress on the amount the Treasury can borrow (Currently $31.4 trillion). The Treasury hit that ceiling in January and has been taking what are known as “extraordinary measures” to keep paying the bills. But it will run out of maneuvering room sometime in the next several months, perhaps as early as June, unless Congress acts.
There have been four Federal shutdowns where operations were affected for more than one business day. In 1995-1996, President Clinton and the Republican Congress were unable to agree on spending levels, so the government shut down twice, for a total of 26 days. In 2013, a standoff over funding for the Affordable Care Act resulted in a 16-day shutdown. And in December 2018 and January 2019, a dispute over border wall funding led to a shutdown that lasted 35 days.
Because tax revenues aren’t sufficient to cover all federal spending, the federal government borrows a lot—an average of more than $7 billion per business day. Raising the debt ceiling doesn’t increase federal spending beyond what already has been approved by Congress; it simply allows the government to pay for purchases and obligations it already has made. Because Congress in the past has always lifted the debt ceiling before the Treasury has run out of money, no one knows for sure what will happen if Congress doesn’t act this time—what the Treasury and the Federal Reserve will do, and how financial markets will react. Failure to make timely interest and principal payments on U.S. Treasury securities, regarded as the safest financial asset in the world, would be an unprecedented default and, among other things, would call into question the credibility of the U.S. government’s promises and probably raise the interest rate that investors demand to hold U.S. Treasury debt in the future.
In contrast to government shutdowns, a failure to raise the debt ceiling threatens not only the spending subject to annual appropriation by Congress, but all federal spending—including interest on the debt and Social Security, Medicare, and other government benefits. Federal employees can continue working—there is no need for agencies to decide which services are essential and which are not—but their paychecks may be delayed.
We know from transcripts of Federal Reserve meetings that when this issue arose in 2011, the Obama Treasury was planning to make all interest and principal payments and to delay paying all its other bills—including government benefits.
The Biden Treasury hasn’t said what it plans to do if Congress doesn’t raise the debt ceiling in time. It is, however, likely to make interest and principal payments on Treasury debt. Whether and how it will prioritize other payments is unclear— but someone will not get paid on time; there simply won’t be enough cash to meet every obligation.
What is the connection between raising the debt ceiling and reducing the federal deficit? Legally, there is no connection, though sometimes the two issues occur close together if the Treasury bumps up against the debt ceiling close to the end of the federal fiscal year on September 30, the deadline for approving appropriations bills (even if only temporary ones).
Still, members of Congress have used the imperative of raising the debt ceiling as leverage in negotiations in Congress and with the White House over appropriation bills and, sometimes, over broader tax and spending policies. (This maneuver usually is used by members of Congress from a party other than the president’s party.) In 2011, for instance, President Obama and the Republican majority in the House reached a multi-part agreement—the Budget Control Act—just a couple of days before the Treasury ran out of cash. Among other things, it put caps on total appropriated spending and created a special congressional committee to craft a plan to reduce future deficits. The committee failed to come to agreement, triggering a series of automatic spending cuts.
The Brookings Institution is financed through the support of a diverse array of foundations, corporations, governments, individuals, as well as an endowment. The findings, interpretations, and conclusions in this report are solely those of its author(s) and are not influenced by any donors.
_ _ _ _ _ _ _ _ _
IMHO:
This too shall pass. Odds are that it will be resolved timely. Neither political party wants to repeat the traumas of past shutdowns. Over the decades both parties have raised the debt limit as necessary.
Thanks for listening to 102.9 wfpr●fm.
And – as always – thanks for watching.
Get this week's program guide for Franklin.TV and Franklin Public Radio (wfpr.fm) online http://franklin.tv/programguide.pdf
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| Franklin TV: The Federal Budget & The Debt Ceiling |
Find all the More Perfect Union episodes online -> https://more-perfect-union.captivate.fm/episodes or subscribe with your favorite podcast app
Monday, August 22, 2022
Inside the Town of Franklin Budget Cycle & Financial Terms (audio)
This shares my conversation with Town of Franklin Finance Director/Comptroller Chris Sandini and Treasurer/Collector Kerri Bertone. We had this conversation in the Franklin studio on Thursday, April 14, 2022.
We cover the following key topics
A typical day for Finance Director/Comptroller
A typical day for Treasurer//Collector
The budget cycle, and fiscal year (July to June)
Three financial years; past, current, and future all in the mix
Our conversation runs about 62 minutes. Links to the documents referenced during this meeting are included in the show notes. Let’s listen to this recording of my conversation with Kerri and Chris.
Audio file -> https://franklin-ma-matters.captivate.fm/episode/fm-780-town-of-franklin-budget-cycle-finance-terms-04-14-22
Note: the one change since we recorded this, the Town did achieve the AAA bond rating we talked of some day getting in this session. The Town was notified one month later.
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Town of Franklin budget page -> https://www.franklinma.gov/town-budget
Budget process flow chart -> https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/new_budget_process.pdf
MA Division of Local Services (DLS) Municipal Finance Glossary -> https://www.mass.gov/files/documents/2016/08/qc/dlsmfgl.pdf
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| Town of Franklin budget cycle |
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, 2022b. May 11, 2022c. May 12, 2022
4. Community Preservation Act:
a. CPA Master Plan Version 2i. 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
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| 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
The agenda document includes remote connection info -> https://www.franklinma.
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| 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)
Thursday, May 20, 2021
Recap: Finance Committee - further discussion required on draft debt stabilization policy
Quick Recap:
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
- 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
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| Recap: Finance Committee - further discussiostan required on draft debt stabilization policy |
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