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

https://commonwealthmagazine.org/state-government/special-treatment-considered-for-revenue-from-millionaire-tax/

"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

https://commonwealthmagazine.org/state-government/top-budget-officials-still-undecided-on-tax-cuts/

"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)

https://www.bostonglobe.com/2023/01/24/metro/new-millionaires-tax-could-generate-least-14-billion-next-year-state-officials-project/

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)

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

https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/2022-08-15_fy23_to_fy27_town_administartor_fiscal_forecast_1.pdf

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)

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

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

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)

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.

Continue reading the full report in this PDF ->     https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/2022-08-15_fy23_to_fy27_town_administartor_fiscal_forecast_1.pdf

Part 1 (FY 2022 closing)

https://www.franklinmatters.org/2022/08/town-of-franklin-ma-five-year-fiscal.html

Part 2 (FY 2023)

https://www.franklinmatters.org/2022/08/town-of-franklin-ma-five-year-fiscal_02041658049.html

Part 3 (FY 2024)

https://www.franklinmatters.org/2022/08/town-of-franklin-ma-five-year-fiscal_0565521952.html

Town of Franklin Earns AAA Bond Rating

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"

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

Tropical Storm Henri heads for New England, stay tuned for changes in the forecast

"Keep an eye on this one. The National Hurricane Center says the expected track of Tropical Storm Henri has shifted, meaning it’s more likely it will hit the Northeastern states at the end of the week.

“The forecast track of Henri has shifted toward the northeast coast of the U.S. this weekend and early next week, increasing the risk of direct storm surge, wind, and rain impacts in portions of the northeastern U.S. and Atlantic Canada during that time,” the forecasters said Wednesday , noting that Henri was on the verge of reaching hurricane strength. “Interests in these areas should closely follow the progress of Henri and check for updates to the forecast.”

Continue reading the article online (subscription maybe required)

https://www.bostonglobe.com/2021/08/18/metro/is-tropical-storm-henri-heading-our-way/

Since the Globe article was posted, NWS has further updated a shift more off the coast of New England.  For additional updates from the National Weather Service visit    https://www.nhc.noaa.gov/#Henri

Tropical Storm Henri heads for New England

When will normal return?

"Around half a million Americans are now getting a coronavirus vaccine shot every day. But that pace must accelerate considerably if the United States has any hope of quashing the virus in 2021.

Public health experts differ on how quickly that might happen — and when things might start to feel “normal” again around the country."

Continue reading the article online (subscription may be required)

https://www.washingtonpost.com/politics/2021/01/04/health-202-when-will-2021-feel-normal-again-here-what-eight-experts-predict/?itid=hp-more-top-stories


McKinsey has an outlook that has been updated once (Nov 2020) since it was first published (Sep 2020).  https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/when-will-the-covid-19-pandemic-end#

McKinsey has an outlook that has been updated

The projected budget deficits for Franklin FY 2021 and beyond

The one page spreadsheet depicts the projected budget deficits facing Franklin for fiscal year 2021 and beyond. This page was part of the handout for the Joint Budget Subcommittee meeting on June 19, 2019. 

Plans have started for an override to be put before the voters for the FY 2021 budget. The specific amount and details remain to be finalized. The timing of the override vote also remains to be determined.

Agenda doc
https://www.franklinmatters.org/2019/06/joint-budget-subcommittee-meeting-june.html 

As acknowledged in the meeting, these numbers are projections. The rationale and timing for 'finalizing' the numbers is outlined by Town Administrator Jamie Hellen is captured in the audio recording of the meeting:
https://www.franklinmatters.org/2019/06/fm-167-joint-budget-subcommittee.html

You can download a copy of the spreadsheet
https://drive.google.com/file/d/1UMZFs6fJxSHB6gj_yKVCldt2oOjd8jPg/view?usp=sharing

Franklin FY 2021 and future projected budget deficits

In the News: Color run at FHS; 'cone of uncertainty' to be reduced

From the Milford Daily News, articles of interest for Franklin:

"The high school’s students are making color of a dark situation with year’s second annual Mr. K’s Color Run. 

Proceeds from the May 19 5-kilometer race will be put into a scholarship fund named after late physics teacher Keiichi Kitanosono. The recipient will be chosen by the science department. 

Born in Japan and educated in the United States, Kitanosono was early into his second year of teaching in 2016. William Bobrowsky, the head of the science department, said that on Nov. 9, 2016, the 25-year-old Kitanosono failed to show up for work. It was later announced that he had died unexpectedly."

Race Canceled - confirmed 5/17/18
Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20180417/franklin-high-color-run-to-honor-late-teacher

"The National Hurricane Center plans to shrink the dreaded “cone of uncertainty” during the upcoming season based on an improving forecast record. 

The Miami-based center made the announcement Monday, along with a series of other changes intended to improve how hurricane forecasters convey warnings to the public. Along with the shrinking cone, forecasters will extend advisories, which include warnings and watches, to 72 hours in advance of a storm, providing a full additional day to prepare. Experimental graphics used last year to depict arrival times for dangerous winds will also become a permanent addition to forecasts. 

“The changes are to improve information contained in the hurricane center products and to provide it in maybe easier to understand formats,” said Dan Brown, a senior hurricane specialist in charge of warning coordination. 

The forecast cone has long been a fixture of the hurricane forecasts but frequently debated because the public tends to focus on the center track, ignoring dangerous winds and other hazards that can extend for many more miles."

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/zz/news/20180416/dreaded-cone-of-uncertainty-will-shrink-for-coming-hurricane-season

Additional details on the forecast changes for hurricane season can be found online
https://www.nhc.noaa.gov/news/NHC_new_products_and_services_2018_FINAL.pdf

The National Hurricane Center can be found https://www.nhc.noaa.gov/

The primary graphic displays the “earliest reasonable” arrival time

Franklin Public Schools: Inclement Weather Forecasted/Possible Early Dismissal Feb 7

February 6, 2018

Dear Franklin Public Schools Families and Staff,

The weather is predicted to become messy tomorrow, February 7, 2018 with snow by midday turning to ice and rain by evening.  We are keeping a close eye on this forecast and communicating closely with the town's DPW about expected road conditions.  We will continue to monitor the situation overnight into the morning, but are concerned about the timing of the weather.

We want to alert families and staff to the possibility of a half-day/early release tomorrow, February 7, 2018.  The decision to have an early dismissal will be made no later than 9 AM tomorrow morning.  We would follow a half-day schedule with the following release times:

• Middle Schools: 10:40 AM
• High School: 10:50 AM
• Elementary Schools: 11:40 AM

 Please make alternative arrangements in the event that an early dismissal is called.

In the event of an early dismissal, the Solutions Program will open at the time of the early dismissal and will remain open for 2 hours. You should make arrangements for an authorized person to pick up your child(ren) during that 2 hour window.

As always, please exercise your judgement and keep your child(ren) home if you feel conditions are unsafe.

Sincerely,

Franklin Public Schools

Franklin Public Schools: Inclement Weather Forecasted/Possible Early Dismissal Feb 7

In the News: contractor chosen for Senior Center project, Franklin's fiscal prospects good

From the Milford Daily News, articles of interest for Franklin

"After a process that drew lower-than-expected bids, a local committee voted Friday to award a contract for a renovation of the Franklin Senior Center. 

The Senior Center Building Committee opted to hire general contractor GTC Construction Management of Haverhill. The company bid just more than $1 million on a project that had been estimated to cost in the neighborhood of $1.6 million. 

Committee chairman and Town Council member Tom Mercer said the project had garnered nine bidders - a higher total than expected. 

Fellow committee members noted that there was not much variance among the bids, which was another surprise."

Franklin Senior Center in the rain

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20160111/franklin-senior-center-contractor-chosen

"The town should be in good financial shape for the next couple of years, but may face challenges in the future, according to a recently-released fiscal forecast. 

Town Administrator Jeffrey Nutting put forward his five-year forecast during the most recent Town Council meeting. During a brief oral summary, he spoke about its basic conclusions. 

"It hasn't changed dramatically from last year," he said. "The town is in good shape in the short run, but there continue to be concerns about the future, as fixed costs continue to rise."

Continue reading the article online (subscription may be required)
http://www.milforddailynews.com/news/20160110/franklin-short-term-fiscal-forecast-positive

You can find the five year fiscal forecast referred to here
http://franklin.ma.us/Pages/FranklinMA_News/022E2532-000F8513

Live reporting: to closing

K. TOWN ADMINISTRATOR’S REPORT
– Fiscal Forecast
to be posted to webpage this week (is as part of agenda doc now)
state aid is always an unknown, there are variations within the components
the charter school is looking to expand the school with a new facility, this could affect the reimbursement

when we saw the 17 and 18 numbers, it makes 19 look a little better
do have collective bargaining agreement with all the locals
teachers union remains to be worked by Schools

will be used by the Finance Committee as part of the budget process

change in harassment policy - for review by Council

L. OLD BUSINESS
Bissanti - alcohol awareness
Cerel - looking into this, no litigation to provide guidance
can provide before license is issued or if there is a problem

Jeff - survey sent to all the license holder, if they require training of their staff
Kelly - waiting for them to get their info together so we can put it on the agenda

draft report on DelCarte in couple of weeks (an update on an old item for Padula)

M. NEW BUSINESS
none

N. COUNCIL COMMENTS
Jones - happy new year, looking forward to goal setting session next Tuesday

Dellorco - Coalition, next meeting Feb 2, begins at 7 at FHS auditorium

Bissanti - happy new year, EDc has a lot of things going on

Pfeffer - happy new year

Vallee - rumors about the FHS football team with nasty remarks about
can someone enlighten me on how come we can't produce a winning team?

Mercer - open bids on Senior Center project last week, all 9 bids came in under budget, vetting low bidder; taking extra step to go to DECAM and vet the bidder their, looking to vote to award the contract. Beaver St possible entrance still under discussion

Padula - I had the privilige to be coached by Leone, it is a serious issue, the kids are affected by it, we are watching it and will weigh in on it

Pellegri - congrats to Alexis for MA Teen
can we keep the lights on through January?
Betty Noble, election worker and teacher for many years passed away this past week

Kelly - happy new year

O. EXECUTIVE SESSION
- Pending or threatened litigation

Proposed Excelon expansion of Medway electric generating facility pending before Energy Facilities Siting Board.
Proposed Spectra gas transmission line through Franklin.

motion to go to executive session, seconded, passed 9-0

"property taxes will continue to be a solid source of revenue"

The Milford Daily News reports on the five year financial forecast that is in the current set of documents for Wednesday's Town Council meeting. The forecast says FY 2016 should be ok but FY 2017 is another budget year where balancing the budget will present some problems. 

This financial reason is the driving factor behind the moves to sell both the Pond St and Emmons St properties. The town needs to expand its taxable base to bring in additional revenue.

Nutting said that beginning next year, revenue increases may start to lag behind town expenses, forcing the town to stretch itself thinner in order to balance the budget. 

"By FY 2017, the forecast strongly suggests we could be in a position to use some reserves, reduce the current level of services, and consider a tax increase or some combination of the above to balance the budget," he explained. 

The only short-term solution to reducing costs is cutting town employees, Nutting said, an option he views as a last resort. 

"This will directly affect the quality of education and public services currently provided by the town," he said.

Continue reading the article here: http://www.milforddailynews.com/article/20150107/NEWS/150108229/1994/NEWS#sthash.0xUy51VN.dpuf

150 Emmons St - one of the topics on the agenda

Details on the five year fiscal plan can be found beginning on page 43 of the released set of documents for the agenda for the Town Council meeting, They can be found here
http://www.franklinmatters.org/2015/01/franklin-ma-town-council-agenda-jan-7.html

"We don’t have any room to cut"

The Milford Daily News reports on the 5 year financial forecast shared at the Town Council meeting on Wednesday:

In his five-year budget forecast, Town Administrator Jeffrey Nutting said on Wednesday that balancing the fiscal year 2015 and 2016 budgets will be manageable, but in the years after the town may have to consider increasing taxes or cutting staff. 

Speaking to the Town Council, Nutting emphasized that his message of doom and gloom was not new and could change. 

"The trend shows us going negative a few years out," he said, noting that expenses will begin outpacing revenues. "But there’s a lot of unknowns — no need to panic at this point."

Read the full article here: http://www.milforddailynews.com/article/20140214/NEWS/140217568/1994/NEWS#sthash.cX4w7iH2.dpuf


My recap of the meeting can be found here
http://www.franklinmatters.org/2014/02/follow-money.html

Live reporting - 5 year Financial Forecast

H. PRESENTATIONS/DISCUSSIONS
Financial Forecast – Jeffrey Nutting

draft provided earlier, not changed from draft
http://www.franklinmatters.org/2014/02/franklin-ma-five-year-fiscal-forecast.html

full report is online
(will provide link when available)

unfunded liability is almost as big as our annual budget ($86M vs $100M)
Franklin not alone in facing this issue

need to continue to lobby for change of outmoded and expensive laws

Franklin, MA: Five Year Fiscal Forecast - Draft

This was the draft copy sent to the Town Council on Jan 10, 2014. The 'final' copy is scheduled for discussion at the Town Council meeting on Wednesday evening.

For simplicity, this copy includes the text and not the tables of the forecast itself. The 'final' copy will be published in its entirety.




The full agenda for Wednesday's meeting can be found here
http://www.franklinmatters.org/2014/02/franklin-ma-town-council-agenda-feb-5.html

Franklin Municipal Building

Job outlook, slow recovery

Unlike prior recessions, where an upturn could occur quickly with a major company expanding to add thousands of jobs at a time, this will be much slower. The top levels companies are not in a position to make major expansions. In many cases, the top level companies are continuing to cut jobs.  HP announced cutting 25,000 over the next couple of years.


Where will the growth come from? The small and medium businesses. Hence, the slow growth. They will grow over time and add jobs here and there but it will be slow.

The New England Economic Partnership issued its latest forecast for the six-state region today, showing that jobs will grow by an average of 1.3 percent a year through the end of 2016. That means the region’s labor market won’t return to pre-recession levels until 2015. 

A weak housing market and a frequent mismatch between workers’ skills and available jobs will make it tougher for the region’s economy to bounce back from the Great Recession. In Massachusetts, where the economic recovery began in mid-2009, the impending retirement of many baby boomers is also cited as a concern because it could result in a massive shortage of skilled workers.

Read more: http://www.patriotledger.com/topstories/x1347549646/Slow-job-growth-seen-for-Mass-New-England-for-many-years#ixzz1wX5g1PAu


You can find the full report here

http://www.newenglandcouncil.com/assets/NEEP-Spring-2012-Forecasts.pdf

Planet Money confirms the past performance of slow growth with this report
http://www.npr.org/blogs/money/2012/06/01/154066379/three-years-of-an-awful-recovery?ft=1&f=93559255