Providing accurate and timely information about what matters in Franklin, MA since 2007. * Working in collaboration with Franklin TV and Radio (wfpr.fm) since October 2019 *
Tuesday, August 30, 2022
Town of Franklin (MA): Five Year Fiscal Forecast - FY 2025 (part 4 of 5)
Monday, August 29, 2022
Town of Franklin (MA): Five Year Fiscal Forecast - FY 2024 (part 3 of 5)
Sunday, August 28, 2022
Town of Franklin (MA): Five Year Fiscal Forecast - FY 2023 (part 2 of 5)
Saturday, August 27, 2022
Town of Franklin (MA): Five Year Fiscal Forecast (FY 2023-2027) Now Available
The Office of the Town Administrator has released the Five Year Fiscal Forecast for FY23-27. This memorandum provides a synopsis of the financial outlook for each year as well as a "snapshot" of the town today.
-------------------------------------
August 15, 2022
To: Town of Franklin
From: Jamie Hellen, Town Administrator
Re: Town Administrator Five-Year Fiscal Forecast FY23-FY27
Welcome to the first “Five-Year Fiscal Forecast” from my office in almost three years. Due to the immense time pressures put on the office during the pandemic in 2020 and 2021, as well as the consistent economic shifts, it was difficult to depict an accurate picture of future town fiscal affairs. As mentioned in this year's budget narrative, I’m committed to getting back on a regular routine with this traditional update now that the country is moving past the regulatory structure of the COVID-19 pandemic. With the global and national economy in the center of everyone’s minds and the start of the new fiscal year (FY23) upon us, summer is a perfect time to hit a quick reset on town fiscal matters and get the view from 30,000 feet. I am hopeful to publish a more comprehensive version later this fall/winter as the Town approaches its annual tax rate hearing in December. By then, staff will have revenue trends through the first quarter of the fiscal year, finalized state aid numbers, and expected new growth figures. The forecast is also a requirement of bond rating agencies.
Quality of life and organization stability in Franklin
Before I dive into the forecast details, I believe it is worth taking a step back for a moment to pause and reflect. Over the past few years, our community, like the rest of the world, has gone through a tremendous disruption. Everyone has dealt with unforeseen adversity, challenge, and loss. Yet despite these professionally and personally challenging times for everyone, the overall quality of life in Franklin, as well as Massachusetts as a whole, could be considered some of the best in the United States.
The Town has exceptional, diverse schools and education opportunities, unprecedented achievement in public education, one of the most prepared local public safety operations in the state, a dedicated and well-trained public works department and countless exceptional
amenities for families and citizens of all ages and backgrounds. The Town is an attractive area for major corporate businesses and has a strong local economy with many diverse economic sectors. The Town continues to make historic investments in open space and recreation to add to the great quality of life in town.
The Town has developed a proven financial management strategy. We have had strong financial audits for many consecutive years. For the first time in the Town’s history, a AAA Bond rating was awarded due to prudent financial management, a diverse economy and well executed financial policies. For details, please visit the S&P Global Rating from May 2022 for the facts surrounding the AAA Bond rating. It is one of the most important documents to read for any member of the community.
From a bird’s eye view, everyone should feel an incredible sense of achievement for being a model community that is supportive, innovative and full of continued promise. We owe an immense amount of gratitude to our municipal and school employees for their incredible dedication over the last three years, by not only weathering a global pandemic, but improving the organization and continuing to succeed at an elite level. The social fabric of the community and citizens remains very good with a positive outlook given the countless events, festivals, community organizations and opportunities for all. As we move into a fiscal year without any COVID-19 restrictions or regulations for the first time in three years, I believe Franklin is more resilient and prepared for the future than we were three years ago. The organization remains very stable.
FY22 Closeout
Fiscal Year 2022 (FY22) closed out on June 30th. July is one of the busiest times for the Finance staff closing out the past fiscal year, entering the new one, working on state required reporting and closing out budgets. I am pleased to report that all departments did a phenomenal job managing their budgets in FY22. As a result, very few year end transfers were required and another sterling financial audit was presented in May for FY21.
The revenue source with the greatest fluctuation to economic conditions, “Local Receipts”, ended up coming in at pre-pandemic levels, which is very good news. This dynamic was predicted and reflected in the FY23 budget revenue assumptions.
This trend is bolstered by a slowly returning local economy. Hotel revenues are now about 60% back to pre-pandemic numbers. The new cannabis excise (sales) tax provided an additional $104,000 in new revenue for less than a half a year of collections. Motor vehicle excise taxes were higher than budgeted due to the valuation of cars increasing. Ambulance receipts have increased due to higher demand for EMS services. As the Town enters FY23, revenues remain steady in this category, but FY24 may need some expenditure adjustments in order to deliver the services that we see trending in demand.
That said, Local Receipts are revenues mostly generated based on consumer behavior (hotels, meals, cannabis, licenses) and public demand (such as ambulance runs or building permits). Thus, they can stabilize or decrease with the changes in consumer patterns and the broader economy. They can also increase, which the Town must consider that staffing or equipment may be needed to adjust to meet those demands. The fees in this category need to mirror the capacity at the staff level to deliver the services.
Indications from the Federal Reserve and leading local economists acknowledge that to quell inflation, policy will be focused on reducing demand for goods, services and products to help ease cost increases. I tend to believe any policy action at the federal or state levels will take a while to settle into the local consumer patterns that drive revenues in local receipts.
Nonetheless, this is an area of revenue that the Town will need to monitor in FY23 heading into FY24 to ensure we have the capacities to meet the demand for services. We'll also need to monitor any major declines in revenues from attempts to quell inflation.
A couple of final statistics to close out FY22: only ten (10) single family homes were built in Franklin during Fiscal Year 2022. By comparison, in 1994, at the Town’s peak, the Town built 172 single family homes. Population in 2021 decreased for the 1st time in over four decades.
Population in 2021 decreased for the 1st time in over four decades |
Friday, July 29, 2022
From the heat to the proposed 'friendly 40b' process, to the 5 year fiscal outlook, we cover these and more in this Talk Franklin episode - 07/26/22
FM #832 = This is the Franklin Matters radio show, number 832 in the series.
This session of the radio show shares my "Talk Franklin" conversation with Town Administrator Jamie Hellen and Marketing & Communications Specialist Lily Rivera. We had our conversation at the Municipal Building in Jamie’s office.
Topics for this session
This heat wave broke, the drought is continuing
Weekly Farmers Market, Concert on the Common, food trucks, movie nights
Hydrant painting contest by DPW, applications due Aug 12, winner announcement in October
Friendly 40b
EDC to do their ‘short list’ for the MAPC recommendations at Aug 10 meeting
Green community presentation at August Town Council meeting
5 year fiscal outlook (not published yet but highlights covered)
Old South Meeting House
Davis Thayer deed processing underway, discussion in Fall on how best to use it
The conversation runs about 45 minutes. Let’s listen to my conversation with Jamie and Lily. Audio file -> https://anchor.fm/letstalkfranklin/episodes/The-End-of-the-Heat-Wave--Hydrant-Painting--and-the-New-Friendly-40b-Process-e1lrjsg/a-a8ak6mi
--------------
Hydrant painting contest https://www.franklinma.gov/public-works/news/hydrant-painting-starts-today
40b collection
https://www.franklinmatters.org/2022/07/what-is-40b-why-is-town-of-franklin.html
Beaver St collection
https://www.franklinmatters.org/2022/07/what-is-beaver-st-interceptor-why-does.html
Franklin for All webpage
https://www.mapc.org/resource-library/franklin-for-all/
Green Community story map https://www.franklinma.gov/administrator/pages/green-community
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"
Thursday, April 21, 2022
The Town of Franklin Budget Cycle & Financial Terms - 04/14/22 (audio)
FM #780 = This is the Franklin Matters radio show, number 780 in the series.
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
--------------
Town of Franklin budget page -> https://www.franklinma.gov/town-budget
Budget process low 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
--------------
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 your favorite podcast app; search in "podcasts" for "Franklin Matters"
Town of Franklin budget cycle |
Saturday, February 12, 2022
Finance Committee approves FY22 Capital Plan and revisions to ToF fiscal policy - 02/09/22 (audio)
FM #729 = This is the Franklin Matters radio show, number 729 in the series.
This session of the radio show shares the Finance Committee meeting held on Wednesday, February 9, 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. (1 member was absent to complete the accounting of the 9 member committee)
Chair Bill Dowd opens the Finance Committee, 8 members participating (1 absent; 1 remote, hence roll call votes req'd)
They heard the proposed revisions to fiscal policy doc, as marked up, minor change suggested to include the enterprise accounts specifically under the heading, rather than listed separately; approved to send to Town Council
They heard the proposal for the FY 22 capital plan, clarification questions asked along the way before approving $2+M to send to Town Council
Joint budget subcommittee scheduled to meet March 10, next meeting of FinCom scheduled for March 9, canceling the April meeting as they will be meeting over four nights in May for the budget hearings
The recording runs about 45 minutes, so let’s listen to the Finance Committee meeting Feb 9, 2022. Audio file -> https://franklin-ma-matters.captivate.fm/episode/fm-729-finance-cmte-mtg-02-09-22
--------------
Meeting agenda =>
https://www.franklinma.gov/finance-committee/agenda/fin-com-agenda-20
Link to Finance Committee => https://www.franklinma.gov/finance-committee
My notes for the meeting => https://www.franklinmatters.org/2022/01/recap-finance-committee-gets-walk.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 your favorite podcast app; search in "podcasts" for "Franklin Matters"
Finance Committee approves FY22 Capital Plan and revisions to ToF fiscal policy - 02/09/22 (audio) |