Showing posts with label fiscal year. Show all posts
Showing posts with label fiscal year. Show all posts

Sunday, September 10, 2023

Finance Committee Agenda for the September 13, 2023 Meeting at 7 PM

Finance Committee Meeting
Agenda & Meeting Packet
Wednesday, September 13, 2023 at 7:00 PM


Agenda

1. Call to Order
2. Public Comment
3. Introduction of new members
4. The Bill Dowd “Deep Dive” Series
a. Five Year Fiscal Forecast Budget Model  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/4a._5_year_fiscal_forecast.pdf
b. MassBenchMarks September 2023 Economic Outlook  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/4b._massbenchmarks_-_notes_from_the_board_september_2023.pdf
5. Appoint four (4) Joint Budget Subcommittee members
6. Future Agenda Items & schedule for the year
7. Recurring Business:
a. Approval of Minutes
i. May 8, 2023  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/7a_i._-_fincom_05.08.23.pdf
ii. May 10, 2023  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/7a_ii._-_fincom_05.10.23.pdf
iii. May 11, 2023  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/7a_iii._-_fincom_05.11.23.pdf
b. Stabilization Account Balance  
https://www.franklinma.gov/sites/g/files/vyhlif10036/f/uploads/7b._stabilization_fund_balances_6-30-2023.pdf
8. Adjourn

Agenda doc includes remote participation info ->

Finance Committee Agenda for the September 13, 2023 Meeting at 7 PM
Finance Committee Agenda for the September 13, 2023 Meeting at 7 PM

Tuesday, August 1, 2023

Franklin residents: Why is it worth spending some time with the Joint Budget Subcommittee?

Hello fellow Franklin residents:

I'm reaching out because as some of you have heard and others should hear, Franklin Public Schools is (once again) approaching a fiscal cliff.  In other words, Franklin already doesn't have sufficient resources to competitively support our children's education and it's going to get worse unless we do something about it.

 A group of concerned Franklin residents have officially registered a ballot question committee called "One Franklin 2023" aka One Franklin.  We are piggy backing off of efforts originally started in 2019 after many saw 100+ Franklin teachers standing with pink slips on Route 140.  

I believe that federal funds received during the pandemic helped delay even deeper cuts to school resources in the interim.  Those funds are going away.  We have amazing services in town that are stretched thin, and we need to band together as a community to resolve this issue. 

I took notice earlier this year when my rising 8th grader came home in tears when she was told that a beloved teacher could not be retained.  I attended a school finance committee meeting to try to understand where the funds were going. 

To my surprise, what I saw was a committee stuck making difficult choices to cut school resources most of us would consider essential because of insufficient funding.  My concern is that I see a funding shortfall that is quickly going to get worse despite the fact that we already trail the vast majority of school districts in Massachusetts.

**Note: 80% of districts in Massachusetts spend more on education, per pupil, than Franklin (as of 2021 - latest available data)

The One Franklin committee is a group of engaged citizens who are working with elected leaders to pass a tax override in Franklin to raise revenues to strengthen Franklin Public Services including the school system while broader funding reforms are investigated and implemented.

A Joint Budget Subcommittee (JBSC) Meeting is scheduled for August 2. Town Administrator Jamie Hellen will present a 5-year forecast of our town's budget for all departments. This is an important starting point that will allow committee members of the JBSC to begin working with town departments to identify specific line items they would request in an override.

Thank you for your time and for caring about Franklin,

Ken Ojukwu

Treasurer, One Franklin

 

What can you do?

  1. Save the date:  Your attendance is requested at the Joint Budget Subcommittee Meeting on Wednesday August 2, 2023 @ 7 pm Municipal Building 2nd floor, Council Chambers 355 East Central Street.  I cannot stress enough that engagement at this meeting is essential to gain momentum for any effort to solve our town's financial issues. Please recruit everyone you know to attend, whether they are pro-override or not. All citizens need to be informed and this is a first step.  There will be opportunity for public comment toward the end of the committee's agenda discussions.
    1. All citizens are welcome to attend public board and committee meetings in person. Meetings are also live-streamed (and archived) by Franklin TV on the Franklin Town Hall TV YouTube channel. ->   https://www.youtube.com/@franklintownhalltv8887/streams
    2. Zoom Link contained in the agenda document 

  1. Spread the word!  Please feel free to forward this email and start/continue conversations with other Franklin residents (parents or not) to help us continue to find ways to improve our schools and keep Franklin a preferred place to live and raise a family.

 

  1. Consider joining One Franklin. The One Franklin committee is a group of engaged citizens who are working with elected leaders to pass a tax override in Franklin. One of the initiatives of One Franklin is to educate the community as to why we support an override. Please learn about and then consider joining our efforts! The email to get involved is OneFranklinVolunteers@gmail.com.  I've added more information below.  Also, let me know if you are interested in a One Franklin bumper magnet - it's the newest must-have car accessory!

Franklin Matters: What is the One Franklin group doing?

One Franklin Override Info Hub - What is an Override?



Saturday, July 29, 2023

Preliminary Five-Year Fiscal Forecast Budget Model for the Joint Budget Subcommittee - Aug 2, 2023

To: Joint Budget Subcommittee 

From: Jamie Hellen, Town Administrator
Amy Frigulietti, Deputy Town Administrator

Re: Preliminary Five-Year Fiscal Forecast Budget Model


Attached is the latest five-year fiscal forecast for Fiscal Year 2025 (FY25) through Fiscal Year 2029 (FY29). This is a preliminary model based on a series of assumptions outlined below. These assumptions are based on Proposition 2 ½, trends, market conditions and a couple strategic initiatives (mainly capital facility and infrastructure costs).

This forecast is only intended to be a guideline for strategic budget development and discussion. It is important to emphasize that if the Town has further needs for bond rating evaluations, items will need to be cut out of the budget in order to demonstrate to the ratings agencies a solvent, balanced budget.

The current FY24 Budget baseline is highlighted in light yellow. The five-year forecast is highlighted in light blue. The sections highlighted in light green will be the center of the discussion at the meeting and represent the most challenging areas in the next five years.

Revenue assumptions

The model makes the following revenue assumptions:

New Growth - The model assumes $1,100,000 in annual New Growth revenue from year to year. Town policy is to use a ten-year aggregate average for annual new growth calculations. While this number will fluctuate, the town has seen a drop in private sector and residential homeowner property improvement investments in recent years. There is a lot of risk in the marketplace due to supply chain uncertainty, high interest rates, inflation, and increasing costs. The model assumes an increase in New Growth. In FY24, New Growth revenue is expected to decline. FY25 could see a similar decline.

For those interested in reading analysis about the Massachusetts economy, please take a look at the UMass Donahue Institutes’ MassBenchmarks series here. This publication represents a coalition of economic experts, including our state's most preeminent financial and academic  
institutions, who publish their independent analysis of the Massachusetts economy.

Tax Levy - The anticipated tax levy growth increases by 2.5% per year. Staff anticipates a reduction in the tax levy of approximately $630,000 over the next five years, due to debt exclusions “sunsetting” off the tax rolls as projects are paid off.

Local Receipts - The model assumes a 2% growth in local receipts per year.

State Aid - The model assumes a 1% growth in state aid per year. Education aid from the state has been well documented by the town for a decade. The public should not expect a large infusion of state education aid in the foreseeable future.

Other Revenues - The model assumes a 2.5% increase in indirects per year. The model assumes a 2% increase in state assessments per year.

Expenses Assumptions

The model makes the following expenditure assumptions:

Assumes a 2.5% Cost of Living Adjustment (COLA) for all municipal personnel line items each year for five years. Please note most union contracts, including FEA, Police, Fire, DPW, Custodian, and Library expire Summer of 2025. A 2.5% increase is modeled to stay within the tax levy.

The Franklin Public School district budget increases 2.5% per year, or approximately $1.8 to $2 million per year.

All municipal expense budgets increase 2.5% per year.

Norfolk County Retirement System budget assumes a rate of growth at 5% and health care costs are projected at 7%.

A full year assessment of $1.5 million for regional dispatch in FY25 and a rate of growth of 2.5% each year thereafter.

Tri-County Vocational School building project estimated assessment of $2.1 annually for 30 years at an interest rate of 4.25%. The Town will have to consider funding this project through a debt exclusion vote at the ballot. A debt exclusion will increase taxes for citizens over the next 30 years in order to pay for the new school building. Tri-County is entering the Massachusetts School Building Authority (MSBA) process now and a districtwide authorizing vote (on the project, not the financing) is scheduled for October 24, 2023. The financial forecast illustrates in the light green section an increase of almost $2.1 million in FY27 for this building and a 2.5% increase in the following years. Given the construction and planning processes, this will likely not be the funding schedule. However,it is important to put this project in the model as a placeholder to illustrate costs as well as competing demands. It is important to note that if a debt exclusion is not passed or another financing mechanism is not found, the town will see structural cuts of about $2.1 million in FY27 and beyond.

Includes anticipated borrowing for projects that were authorized by the Town Council in 2020, which includes the Washington Street sidewalk ($3 million), High School improvements ($2.5 million, including visitor bleachers), Remington-Jefferson remodel ($4 million), and recycling center ($4 million). These project estimates will need reauthorization to accommodate for a 25% increase in costs from the original 2020 authorization. Of note, these numbers are preliminary and could be greater, once finalized. Staff anticipated a 4+% interest rate for these projects, even with our AAA Bond Rating.

There is also $1 million authorized to borrow for the Parmenter School’s mechanical upgrades. This is NOT included in the model. A review of the costs to rehabilitate Parmenter needs to be explored at a deeper level, as Parmenter will need a new roof, mechanicals, and other improvements. If Parmenter is to maintain its use as a school for the foreseeable future (meaning 20-30 years), then the community should expect a complete upgrade of approximately $5 million. The Town will need to borrow for this project as well.

It is also important to reference that our staff capacity may not be able to coordinate this number of capital projects in such a short time. Also, the debt and interest line items have quickly decreased the last two fiscal years due to sunsetting debt exclusions and other borrowing coming off the books. The community is going to have to make some judicious decisons and prioritize projects in the coming years.

Includes the borrowing for the Fire Department ladder truck, authorized earlier in the year.

What does this model NOT include?

A short list of items that have been discussed publicly in some variation (not in this order):

Costs associated with the Police Station and Davis-Thayer Building. These projects will each cost tens of millions of dollars and will certainly require debt exclusion votes of the public to raise taxes (and then sunset).

Additional strategic investments toward Franklin Public Schools.

Additional public infrastructure costs for roads, sidewalks, parking lots, trails, and green energy commitments.

$500,000-$1,000,000 in additional annual capital needs that have been requested to be put into the operating budget as annual operating costs, such as public safety protection gear, equipment, fleet, vehicles, and school curriculum.

Funding relative to an increasing demand and reliance on technology. Whether it's cyber security, computers for students and/or employees, the proper recruitment and retention of exceptional technology staff, or required fiber and equipment upgrades, technology is a necessary cost driver. This is an area of significant underfunding, and the Town has not invested nearly enough in what is needed to build a sustainable technology environment.

New investments in social services, regional transportation investments, personnel, clean energy, or any of the other requests the community may have.

Off-budget accounts, such as utilities and community preservation.
 
Where do we go from here?

The community has several choices to address public school finance:

1. The municipal and school departments must live within the means of 2.5% revenue and expenditure growth. Ultimately, this presents challenging choices, but is the most sustainable option at the current time.

2. Work toward an override ballot question to permanently raise property taxes to pay for a defined set of service investments.

3. Shift resources from the municipal departments to the Franklin Public School Department.

4. Redesign the service delivery of the School Department. In other words, the District will reevaluate what services it offers, what is required, and what are the projections moving forward with cost drivers. One exercise that would prove valuable for the Franklin Public School District is to create a five to ten year strategic financial plan that addresses the balancing and shifting needs in public education with considerations given to the district's declining enrollment.

The model, as shown, illustrates a significant structural deficit in FY26 and beyond. FY25 also shows a deficit, but appears manageable, due to healthy local receipts and stable new growth. Barring any unforeseen global circumstance, FY25 will likely be manageable.

The community has a flood of expensive projects and competing demands coming up in a very challenging market to borrow money. The Town does not have any unused tax levy capacity, and has rebuilt its reserves to a baseline level in order to obtain a AAA Bond rating. Town and School reserves should not be withdrawn. While it may feel like a rainy day, it is not. The future likely holds more turbulent waters given the geopolitical state of our world.

The Town of Franklin (and the Commonwealth of Massachusetts) currently enjoys some of the best overall quality of life in the United States. As demonstrated again this month, it is rated as one of the safest communities in the country against violent crime. The community has an elite school district with exceptional teachers and educators, incredible special education services, championship athletics, and diverse extracurricular and recreational opportunities, a vibrant and jam-packed senior center, and a public library that is second to none. The community has worked hard to rebuild its most critical infrastructure over the past 2 decades to ensure quality and clean drinking water, great roads and sidewalks, exceptional parks and grounds, and to ensure the community has plenty of sewer capacity for the next several generations; hopefully another 100 years! The Town has preserved over 200 acres of open space in the last two years and has been awarded the highest bond rating at AAA for incredible financial management for the first time in the Town’s history.

The community enjoys a healthy, strong and supportive social fabric with events for all ages, economic classes and tastes. The Town has a robust diversity of retail shopping, restaurants, basic needs, social services support, and amenities. Franklin also enjoys a government that shows its citizens that it can act in compromise, humility and a dedicated focus on decisions that enhance the quality of life in the community. While many very difficult decisions will be here for the rest of the decade, we also think it is important that the community recognizes, and does not take for granted, the current state of the town.

The numbers to support this narrative along with the remainder of the package released for the August 2 meeting can be found ->

Preliminary Five-Year Fiscal Forecast Budget Model for the Joint Budget Subcommittee - Aug 2, 2023
Preliminary Five-Year Fiscal Forecast Budget Model for the Joint Budget Subcommittee - Aug 2, 2023

Wednesday, July 26, 2023

Joint Budget Subcommittee Meeting - August 2, 2023 - 7:00 PM

Joint Budget Subcommittee Meeting
(Members of the Town Council, School Committee, and Finance Committee)
August 2, 2023 - 7:00 PM


1. Introduction of members 
a. The Joint Budget Subcommittee is made up of members of the Town Council, School Committee and Finance Committee
2. Town Administrator Five-Year Fiscal Forecast
a. Town Administrator Memo
b. Five-Year Fiscal Forecast Model
c. Override slideshow


The agenda doc also include remote participation info -> 

Sunday, November 6, 2022

Finance Committee Meeting - Agenda - November 9, 2022 at 7 PM

Finance Committee Meeting 
November 9, 2022

Meeting will be held at the Municipal Building
2nd floor, Council Chambers
355 East Central Street

Agenda
1. Call to Order
2. Public Comment
3. Approval of Minutes:10-26-2022
4. FY23 Operating Budget Adjustment
a. Town Administrator Memo
b. FY23 Budget Revenue and Control Sheet, adjusted
c. Resolution
5. Future Agenda Items
6. Adjourn

Please find the agenda and links here:   https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/fin_com_mtg_agenda_nov_9_2022.pdf 

Finance Committee Meeting - November 9, 2022 at 7 PM
Finance Committee Meeting - November 9, 2022 at 7 PM

FY 2023 Budget Adjustments for Review by Finance Committee - Nov 9, 2022

November 4, 2022
 
Memorandum
 
To: Finance Committee
From: Jamie Hellen, Town Administrator
Alecia Alleyne, Assistant to the Town Administrator

Re: FY23 Budget Adjustment & Five-Year Fiscal Forecast Update

We are requesting the Finance Committee to support the amendment to the FY23 Town operating budget as outlined in this memo and recommend the changes to the full Town Council for their approval prior to setting the annual tax rate on November 30th.

Overall, the budget appears to be right on track through 9/30/22. Revenues have hit targeted projections and the staff has done a terrific job of managing cost increases in their expense budgets. We have attached an updated revenue sheet for local receipts through 9/30/22.

Five-Year Fiscal Forecast Update

There is very little updated news since the published forecast in August 2022. Click here for the forecast. Since August, the Federal Reserve has raised interest rates an additional ¾ of 1%. Home mortgage rates have reached a near 40-year high and many economic experts continue to predict a recession within the next 12 to 18 months. The federal government also announced the federal deficit is at $31 trillion. We have attached a recent Massachusetts economic analysis from MassBenchmarks, which is published through a partnership between the UMass-Amherst Donahue Institute and Federal Reserve Bank of Boston, that notes in its October 27, 2022 quarterly report the state’s “declining workforce and interest rate exposure in key industries make the Commonwealth vulnerable to an economic downturn”. The Town should be cognizant of these dynamics and will present new fiscal pressures on the operating budget in the coming fiscal years.

The only additional commentary is it will be our objective throughout the fiscal year to monitor the Town’s financial situation through the lens of the recently awarded AAA bond rating from the rating agencies. As anyone can see in the report, recent financial actions by the Town have resulted in a top rating. As the global economy continues to adapt to geo-political situations, it is prudent to follow these trends, which will ensure the Town maintains its AAA bond rating. This policy approach is a key technique to maintain services within the tax levy.

For those who have not read the ratings report, please click here. It is the most important document to read.
 
Revenue Adjustments

The following is a macro-synopsis of the revenue adjustments to the FY23 budget from the budget approved earlier this year at the annual budget hearings in May:

1. According to the Assessors, New Growth should attain approximately a $271,000 increase.
2. The Local Receipts bottom line will stay the same except for the additional funds received from the J&J opioid settlement and Host Community Agreement (HCA) funds. Two revised items are:
a. Host Community Agreements, as predicted, will decline. The numbers here depict actual receivables to date and NOT anticipated. I expect this revenue source to be eliminated at a date uncertain in this fiscal year. The Town still has the local option excise tax at 3%.
b. J&J Opioid settlement is a new line item of revenue received due to the national opioid settlement. The Town has received $67,505 to date. Expenditure for these funds have strict restrictions per state law, but amounts will be as follows:
i. SAFE Coalition will receive $50,000 for direct substance abuse support; and
ii. Franklin Fire and Franklin Police will receive $17,505 for narcan, training and support in responding to opioid cases in Franklin.
3. State Aid, Assessments & Other Revenues should see an overall increase of approximately $290,000 after the state local aid, education, county assessment and state budget formulas settle out.

Expense Adjustments

The attached resolution depicts the changes within each departmental account on the voting document. All of the changes to this document reflect the actual costs of the municipal collective bargaining agreements that have been ratified, as well as the 2.5% COLA adjustment for all municipal nonunion staff. The exceptions are:

1. The Town Administrator’s expense budget increased just over $103,000, which is where the opioid and host community agreement funds will be expended from.

2. Line item 164 Elections increased $14,738 due to state laws on mail in and early voting.

3. Line item 610 Library is noted due to the large shift from Expenses to Personnel due to collective bargaining agreement. The germane note is that the overall budget maintains the state required funding (“MAR”) requirement.

4. Line items 710/750 Debt & Interest have increased $225,044 to reflect the actual costs of the borrowing for the Municipal Building improvements and the Horace Mann drainage project.

5. Line item 910 - Comp Reserve is reduced approximately $430,000, which are the funds transferred for the COLA and CBA’s. The remaining amount in comp reserve will go toward the usual reasons for appropriation, such as unforeseen personnel decisions, retirement costs, recruitment and retention of employees, collective bargaining, etc. Additionally, I expect some funds to be used to begin implementing the Compensation & Classification Plan, which should be completed later this Fall. Any unused funds revert to the Town’s Free Cash allotment for the annual Capital Plan.

Please let us know if you have any questions


Shared from the Finance Committee agenda ->

Town of Franklin Earns AAA Bond Rating

Friday, September 30, 2022

Finance Committee votes new leadership slate, approves recommendation of additional funds for Red Brick renovation (audio)

FM #852 = This is the Franklin Matters radio show, number 852 in the series. 


This session of the radio show shares the Finance Committee meeting held on Wednesday, Sep 28, 2022


The meeting was conducted in a hybrid format: 7 members of the Finance Committee were in the Council Chambers along with some of the public, 1 member was remote along with some members the public via conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period. 


First item of business was to vote for new Chair, Vice Chair, and Clerk. Only 8 members for this meeting, the 9th was approved by the Town Council in the meeting after this so they will be available for the next meeting.

  • voted to select new Chair - George Conley; Vice-Chair - Natalie Riley; Clerk - Nicole Corbosiero
  • Discussion on 5 year fiscal outlook provided by Town Administrator
  • Approves recommendation of $50K additional for Red Brick exterior renovation
  • Reviews stabilization funding balances and how they pay in the fiscal outlook for the Town
  • Future meeting items requested Board of Assessors, School Committee

The meeting recording runs about thirty-three minutes, so let’s listen to the Finance Committee meeting Sep 28, 2022.


Audio file ->  https://franklin-ma-matters.captivate.fm/episode/fm-852-finance-committee-mtg-09-28-22


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


Meeting agenda =>  https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/2022-09-28_finace_committee_meeting_agenda.pdf  

 

Link to Finance Committee => https://www.franklinma.gov/finance-committee 


My notes for the meeting =>  https://drive.google.com/file/d/1khlAwYemfQS4-lc8OyBd-YnStwRzaHHB/view?usp=sharing 


YouTube recording => https://youtu.be/9ANddS7JyAA


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


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"

 

Franklin, MA: Finance Committee agenda for meeting scheduled Sep 28, 2022 at 6:00 PM
Franklin, MA: Finance Committee agenda for meeting scheduled Sep 28, 2022 at 6:00 PM

Thursday, September 29, 2022

Franklin TV: Finance Committee meeting available for replay - 09/28/22 (video)

The Finance Committee met and did their business in about thirty minutes before the Town Council came into the Council Chambers for their meeting to start at 7 PM on Wednesday, September 28, 2022.

The Finance meeting did start a little after 6, so you get to listen to the intro of my radio show interview with Health Director Cathleen Liberty before the live stream of the meeting jumps into YouTube. If you want to continue listening to the health episode follow this link -> https://www.franklinmatters.org/2022/09/conversation-with-town-of-franklin-ma.html   or find Franklin Matters on your favorite podcast app.

Finance Committee link to YouTube -> https://youtu.be/9ANddS7JyAA

Meeting agenda and documents released for this meeting ->



Franklin TV: Finance Committee meeting available for replay - 09/28/22 (video)
Franklin TV: Finance Committee meeting available for replay - 09/28/22 (video)

Monday, September 26, 2022

Franklin, MA: Finance Committee agenda for meeting scheduled Sep 28, 2022 at 6:00 PM

Finance Committee Meeting
Agenda & Meeting Packet
Wednesday, September 28, 2022 - 6:00 PM

Meeting will be held at the Municipal Building
2nd floor, Council Chambers, 355 East Central Street


Agenda
1. Call to Order

2. Election of Officers: Finance Committee Chair, Vice-Chair & Clerk

3. Public Comment

4. Town Administrator Fiscal Forecast

5. Discussion: CPA Project Approvals
a. CPA Master Plan  
https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/2022_cpa_plan_v.2_4.pdf
i. Discussion on Red Brick Schoolhouse additional funds request of $50,000
ii. Project Updates
6. Stabilization Fund Balances - 3 Year Comparison  (see page 5 of agenda doc)

7. Future Agenda Items

8. Adjourn

Agenda doc (includes remote connection info)

Franklin, MA: Finance Committee agenda for meeting scheduled Sep 28, 2022 at 6:00 PM
Franklin, MA: Finance Committee agenda for meeting scheduled Sep 28, 2022 at 6:00 PM

Thursday, September 1, 2022

Talk Franklin: Jamie Hellen and I talk the 5 year fiscal forecast and #1 complaint to the Town (speeding) (audio)

FM #836 = This is the Franklin Matters radio show, number 836 in the series. 


This session of the radio show shares my "Talk Franklin" conversation with Town Administrator Jamie Hellen. We had our conversation via conference bridge.  

Topics for this session

  • EDC prioritized their ‘short list’ at Aug 10 meeting

  • Green community & Cultural Council presentations at August 17 Town Council meeting

  • Dean College President/Chancellor scheduled for the Sep 7 Council meeting

  • 5 year fiscal outlook published 

  • #1 complaint to the Town - speeding

The conversation runs about 33 minutes. Let’s listen to my conversation with Jamie. Audio file -> https://anchor.fm/letstalkfranklin/episodes/Franklins-Forecast-e1n7023


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

Franklin for All webpage https://www.mapc.org/resource-library/franklin-for-all/

Cultural Council presentation -> https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/8b._fcc_presentation.pdf 

Green Community presentation -> https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/8b._green_community_presentation_0.pdf 

Green Community story map https://www.franklinma.gov/administrator/pages/green-community 

5 year fiscal outlook ->  https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/2022-08-15_fy23_to_fy27_town_administartor_fiscal_forecast_1.pdf 

Town budget page  https://www.franklinma.gov/town-budget 

Community & Cultural District calendar https://www.franklinmatters.org/p/blog-page.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"

Talk Franklin: Jamie Hellen and I talk the 5 year fiscal forecast and #1 complaint to the Town (speeding) (audio)
Talk Franklin: Jamie Hellen and I talk the 5 year fiscal forecast and #1 complaint to the Town (speeding) (audio)

Wednesday, August 31, 2022

Town of Franklin (MA): Five Year Fiscal Forecast - FY 2026 & beyond (part 5 of 5)

This continues to share the Five Year Fiscal Outlook for the Town of Franklin as published by the Town Administrator, Jamie Hellen:

FY26 and Beyond Financial Outlook

After reading the first eight pages of this document and with the adversity and challenges we are experiencing in our own personal lives, I can relate to most readers who feel as if FY26 is an eon away! Yet, our professional perspective is to always keep a keen eye into the future. But what we do know is:

As long as property revenues continue to increase, the town should see steady growth in order to work within the Proposition 2 ½ constraints. Without any adjustments to the tax levy, it is critical for the community to understand real estate values are the key sustainability factor to local expenses in the budget. The Town cannot count on a state aid bailout and should not count any additional federal assistance.

FY26 will see collective bargaining return for most school and municipal unions.

One-time federal assistance in the form of ARPA and ESSER funds will be exhausted.

The status of the Beaver Street Interceptor project and other capital projects will still be in development.

After the busy “end of fiscal year/start of the fiscal year” this summer, I will prepare a full five year revenue forecast before the FY23 tax rate hearing on November 30th, 2022.

How can I learn more?

All municipal budget matters will always be posted on our town budget archive

The School Department budget page is here.

Finance committee meetings can be found on their website.
 
Town Council meeting agendas, Town Blog News, Legal Notices, Job Postings and more on the Town’s email notifications page.

The School Committee connections are here.

As a savings to each homeowner, call your homeowners insurance company to get a savings on the Fire Department’s ISO-1 designation. Many property owners will see a reduction in their homeowners insurance. Just print out the linked paperwork and submit it to your insurer.

What can I do to help TODAY?

Let’s end the forecast on a fun note; and maybe some homework!

People always ask me what we can do today to support the Town today? Answer: Eat Local!

Like many towns, Franklin has a .75 percent of every one cent out local option tax on meals purchased in Franklin. It’s the one area of our “local receipts” revenue source that is driven by consumer choice. Since the pandemic, the town has been fortunate to see most of its restaurants continue in business today. We have also seen an influx of new places to eat out and more will be opening in 2022 & 2023. It’s an excellent opportunity to eat local, support our large profile of locally owned restaurants and also support the town budget.

So have fun eating out in Franklin with your family and friends and ultimately support the town’s schools, public safety, DPW, roads and other excellent town services!



Note: Pages 1-11 covers the fiscal forecast and outlook. Pages 12-18 is the Standard & Poors AAA rating letter. Pages 19-20 is the ISO 1 award letter on the Fire Department achievement.


Part 4 (FY 2025)

Town of Franklin Earns AAA Bond Rating
Town of Franklin Earns AAA Bond Rating