Showing posts with label forecast. Show all posts
Showing posts with label forecast. 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 -> 

Saturday, May 27, 2023

NOAA predicts a near-normal 2023 Atlantic hurricane season

"The Atlantic hurricane season will bring an average number of ocean storms and hurricanes this year, the National Oceanic and Atmospheric Administration (Noaa) said on Thursday.

Noaa forecasters estimate 12 to 17 named storms of which five to nine of those will develop into hurricanes and one to four will become major hurricanes during the 1 June to 30 November season.

The guidance came as experts considered the possible impacts this year of the El NiƱo weather system, which can dampen hurricane activity, and increasingly warm ocean temperatures, which can make storms more powerful.

“What it boils down to is: which is going to win or do they just cancel each other out and you end up with a near-normal season?” said Colorado State University hurricane researcher Phil Klotzbach. “I respect them both.”
Continue reading the article online (subscription maybe required) ->

The NOAA press release ->
"NOAA forecasters with the Climate Prediction Center, a division of the National Weather Service, predict near-normal hurricane activity in the Atlantic this year. NOAA’s outlook for the 2023 Atlantic hurricane season, which goes from June 1 to November 30, predicts a 40% chance of a near-normal season, a 30% chance of an above-normal season and a 30% chance of a below-normal season.

NOAA is forecasting a range of 12 to 17 total named storms (winds of 39 mph or higher). Of those, 5 to 9 could become hurricanes (winds of 74 mph or higher), including 1 to 4 major hurricanes (category 3, 4 or 5; with winds of 111 mph or higher). NOAA has a 70% confidence in these ranges."

https://www.noaa.gov/news-release/2023-atlantic-hurricane-season-outlook 

A summary infographic showing hurricane season probability and numbers of named storms predicted from NOAA's 2023 Atlantic Hurricane Season Outlook.  (Image credit: NOAA)
A summary infographic showing hurricane season probability and numbers of named storms predicted from NOAA's 2023 Atlantic Hurricane Season Outlook.  (Image credit: NOAA)

Wednesday, January 25, 2023

Consensus on the MA revenue forecast remains to be set but 2 hours of hearing updates gets it started

"TOP BUDGET OFFICIALS from the Legislature say they intend to abide by the will of the voters and make sure all revenue from the new millionaire tax goes to “new initiatives” in transportation and education.

Exactly what would qualify as a “new initiative” hasn’t been decided yet (is a new bus or subway car a new initiative?), nor has any decision been made on whether the money would be evenly split between education and transportation.

“That’s all to be discussed,” said Sen. Michael Rodrigues, the chair of the Senate Ways and Means Committee."
Continue reading the article

"STATE REVENUES are expected to rise slightly in the coming fiscal year, but top budget officials from the Legislature and Healey administration say it’s still unclear whether there is enough money to enact permanent tax cuts.

At the end of last year’s legislative session, former governor Charles Baker and Senate leaders wanted to press ahead with $500 million in permanent tax cuts in addition to nearly $3 billion in one-time refunds from the state’s tax cap law."
Continue reading the article

"State revenue officials said Tuesday they could collect at least $1.4 billion — and perhaps up to $1.7 billion — next fiscal year from Massachusetts’ newly enshrined tax on its wealthiest earners, kick-starting months of debate over how to steer the new injection of tax money.

The projection, offered Tuesday in a legislative hearing, marked the first official estimate state officials have provided on what they think the so-called “millionaires tax” will contribute to coffers in its first year since taking effect Jan. 1. Narrowly passed by voters on the November ballot, the measure increases the state’s 5 percent income tax rate to 9 percent on annual income exceeding $1 million."
Continue reading the article in the Boston Globe (subscription may be required)

The 2 hour hearing that generated these articles is available for video replay on your schedule  https://malegislature.gov/Events/SpecialEvents/Detail/403/Video1

The Big 3 on budget issues: From left, Matthew Gorzkowicz, Gov. Maura Healey's secretary of administration and finance; Sen. Michael Rodrigues, chair of the Senate Ways and Means Committee; and Rep. Aaron Michlewitz, chair of the House Ways and Means Committee. (Photo by Bruce Mohl)
The Big 3 on budget issues: From left, Matthew Gorzkowicz, Gov. Maura Healey's secretary of administration and finance; Sen. Michael Rodrigues, chair of the Senate Ways and Means Committee; and Rep. Aaron Michlewitz, chair of the House Ways and Means Committee. (Photo by Bruce Mohl)

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


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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 

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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!

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

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)

Tuesday, August 30, 2022

Town of Franklin (MA): Five Year Fiscal Forecast - FY 2025 (part 4 of 5)

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

FY25 Financial Outlook

It is impossible to predict the state of our economy or world next week, let alone three years from now. Regardless of those factors, FY25 is when the confluence of flooded rivers are likely to converge for a very challenging year. Those factors are:

FY25 will be a full two fiscal years into a 40-plus year high of inflation with most costs rising;

There will not be any remaining authorized federal stimulus money and there will be less one-time revenues to plug gaps;

Difficult choices will need to be made regarding investments in schools, public safety, public works and capital projects and equipment;

The full assessment of the regional dispatch center (“The MECC”) will be coming back on the town's operating budget at about $1.5 million; and, most notably

The Franklin School Department’s financial sustainability on one-time revenues, continued declining enrollment and the required net school spending dynamic sets up a possible budget deficit in FY25. The outgoing Superintendent warned that FY25 could be facing “more [financial] challenges given the continued needs of the district, the local fiscal forecast and the expiration of the local coronavirus relief funding.”

Franklin Public School District

The Franklin School Department has three current trends that should give the community a pause for concern over the long term financial sustainability and challenges of the department.

1. Declining Enrollment. At its peak in 2008, the District had 6,464 students enrolled. The enrollment in 2021-2022 was 4,764 students, or a decrease of 24% in 14 years. The Kaestle Boos Associates, Inc study suggests the District is projected to lose enrollment throughout the rest of the decade. In the 2029-2030 school year, the district is estimated to have 4,458 students enrolled - a near 2,000 student enrollment drop in two decades.

The Kaestle Boos analysis also “indicates that the Franklin Public Schools facilities are currently 26% under capacity and are anticipated to continue to decline to 31% in the next 10 years. If no changes were to occur the school facilities would: all continue to operate under capacity, continue to create a financial burden in the maintenance of these underutilized facilities [and] suffer reduced educational adequacy in schools built prior to 1996.” Closing Davis-Thayer has produced some savings and space, but not nearly the amount of savings envisioned.

The Kaestle Boos Associates, Inc. study released on December 1, 2020 shows plenty of data on this topic and the options before the School Committee. A Space Needs and Facilities Use Subcommittee of the School Committee has been established and will be charged to “analyze data sources and forecast space utilization to comprehensively review Franklin's school facilities' needs.” A redistricting analysis has also commenced to follow up on the Kaestle Boos study from last December.

2. Net School Spending. As has been discussed at many legislative and local forums, the Franklin Public School District is seeing a very unique dynamic in its finances relative to state aid. This dynamic is real and is a result of the extreme spike in growth and enrollment in the 1980’s through 2010, followed by an significant pause in growth and enrollment in the 2010’s continuing on in the 2020’s.

In short, due to state education finance law, the “required local district contribution” is accelerating at a pace that far exceeds the rate of state aid increases. Please view the Superintendent's slide on page 12 to see this trend. This dynamic presents some short and long term sustainability concerns.
 
Despite these two dynamics, local investments have continued in the School Department budget by almost $15 million in total dollars since 2015, an average of over
$1.8 million a year, despite the two lower pandemic years.

3. One-time revenues. The schools will be using one-time revenues from revolving funds and federal assistance to augment their operating budget for at least the next two fiscal years. The good news is the School Department has its highest amount of reserves in at least the past five fiscal years. Even if the Town does not have enough revenue to maintain a $2.4 million-a-year increase, which will be challenging, the Schools should have enough reserves in those one-time sources to meet their budget projections over the next two years.



Part 1 (FY 2022 closing)

Part 2 (FY 2023)

Part 3 (FY 2024)



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

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



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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!

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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"


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
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