Showing posts with label stabilization fund. Show all posts
Showing posts with label stabilization fund. Show all posts

Wednesday, May 18, 2022

Town of Franklin Earns AAA Bond Rating

Amid pandemic restabilization, Town achieves major peak 

For the first time in the town’s history, Franklin was awarded a AAA (Triple-A) bond rating by Standard and Poor’s Global Ratings. Progressing from the Town’s previous AA+, the new rating is indicative of exceptionally high creditworthiness in the eyes of municipal bond issuers.

“Achieving a AAA Bond Rating is the ultimate team accomplishment in local government” said Town Administrator, Jamie Hellen. “The rating reflects the unity and collaboration of everyone involved, past and present, including the Town Council, Finance Committee, boards and committees, department heads, staff, and the residents of the community. It’s like winning the Super Bowl. Everyone had to do their job to get this victory.”

Despite economic and social uncertainty posed by the pandemic, Franklin’s stable financial portfolio, performance and management has positioned the town’s reserves to its highest levels ever. The behavior and actions of the Town have resulted in the community being in the strongest position to continue to perform should fiscal stressors arise.

A ratings report published by S&P Global Ratings outlines the following as the primary contributing factors in achieving Franklin’s AAA rating:

●  Four consecutive operating surpluses, increasing reserves to its strongest levels ever with management projecting ongoing maintenance at these levels, as Franklin continues to work through their capital improvement plan

●  Prudent budgetary modifications amid the pandemic supported by great financial policies to position the town well as fiscal year 2023 approaches

●  Franklin’s employment and tax base saw little deterioration amid the pandemic which indicated a resilient and affluent local economy

●  Ongoing economic development projects and a strong real estate environment resulting in substantial tax base growth which keeps tax rates low and affordable

●  Maintenance of a favorable debt profile

●  Manageable pension and other postemployment benefits (OPEB) costs

“The Town Council, Finance Committee and all of our town staff have established strong financial policies and have remained committed to them,” said Hellen. “The support from the Town’s elected officials is without question a signature factor in the bond rating for their continued support of the staff’s professional expertise. But, the foundation for this achievement is having a great finance team that helps to see beyond the data, providing intelligent information for strategic short and long-term decision-making. I can’t say enough about the work of Finance Director Sandini, Treasurer-Collector Bertone and all of the employees who work in the finance offices. We’ve been zoned in on this goal for years and I am very happy for the entire team to achieve it.”

“The pandemic has only made the Town of Franklin more resilient and productive than ever before,” Hellen said. “With a AAA bond rating, ISO-1 Fire Department, a soon to be fully accredited Police Department and reducing liabilities, such as OPEB and Stormwater, with modest, common sense, slow-but-steady policies, the Town is as prepared as we have been to meet future challenges.”

This press release on the Town of Franklin’s AAA Bond rating was shared from here:  https://www.franklinma.gov/comptroller/pages/aaa-bond-rating

The Standard & Poor's rating letter can be found online: 

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

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
Town of Franklin budget cycle

Monday, February 7, 2022

Finance Committee Meeting - Feb 9, 2022 - agenda to review the FY 2022 Capital Plan

From Town Administrator Jamie Hellen's memo to the Finance Committee
"Please find the attached Capital Plan for FY22, as well as the five-year capital plan from each department as required by the Town Charter. Included with this memo is a sheet with the 20-year free cash history. The average is $3.19 million over the past ten years and $2.72 Million over the past 20 years. FY22 is an unusually large year in excess, unspent revenue due to the second pandemic year.

From the certified total, there are several policy commitments that eat into the total right off the bat, most notably contributions to stabilization accounts (per town policy) as well as the usual recommendation from staff to hold revenue for annual snow and ice removal. See narrative below for more specifics.

These recommendations are Round 1 of the FY22 Capital program. Once we know the final totals of the winter costs for snow removal, if there are remaining funds, staff will propose a “Round 2” Capital later in April, which we have traditionally used to fund road and infrastructure projects."
Capital Plan memo ->

Full FinCom agenda and supporting documentation (127 pages)

Finance Committee Meeting - Feb 9, 2022 - agenda to review the FY 2022 Capital Plan
Finance Committee Meeting - Feb 9, 2022 - agenda to review the FY 2022 Capital Plan



Thursday, January 13, 2022

Recap: Finance Committee gets a walk through on revenue calculation and preview of budget cycle timeline for FY 2023

Quick Recap:
  • Overview of Joint Budget committee proposal to formalize more than had been over the past several years. Members of budget subcommittee of Town Council, School Committee and Finance Committee make up this review, collaborative, and non-voting body
  • Committee gets a walk through on revenue calculation (see page 3 of agenda doc) and preview of budget cycle timeline for FY 2023 (see page 2) The walk through on the revenue calculation is a "must listen" when recording is available
  • Finance polices to be reviewed during next session, potential changes coming to a few of the policies, for review with FinCom before going to Town Council for their approval too

Agenda doc for the Finance Committee, note it has supporting pages with great info ->  https://www.franklinma.gov/finance-committee/agenda/fin-com-agenda-20
 
The twitter thread of my notes taken during the meeting can be viewed in the embedded doc below or at this link ->   https://drive.google.com/file/d/1KHbng2g4Q_CU8bHBeS8Uhp7ezXt6APLX/view?usp=sharing

Audio file to be available in couple of days

 

TA Jamie Hellen provides Overview of Joint Budget committee proposal
TA Jamie Hellen provides Overview of Joint Budget committee proposal


Monday, May 24, 2021

FM #547 - Finance Committee Meeting - 05/19/21 (audio)

 FM #547 = This is the Franklin Matters radio show, number 547 in the series. 


This session of the radio show shares the Finance Committee meeting held Wednesday, May 19, 2021


The meeting was conducted in a hybrid format: all of the Finance Committee members were in the Council Chambers along with the Town Administrator and other town personnel; the public participated via conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period.


Links to the key topics covered here are included in the show notes. The recording runs about 45 minutes, so let’s listen to the Finance Committee meeting held Wednesday, May 19. Audio file = https://player.captivate.fm/episode/283f0265-082d-43a9-b960-80d825899321



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


Meeting agenda -> 

https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf


Recap of the meeting ->

https://www.franklinmatters.org/2021/05/recap-finance-committee-further.html 


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


We are now producing this in collaboration with Franklin.TV and Franklin Public Radio (wfpr.fm) or 102.9 on the Franklin area radio dial.  


This podcast is my public service effort for Franklin but we can't do it alone. We can always use your help.

 

How can you help?

  • If you can use the information that you find here, please tell your friends and neighbors

  • If you don't like something here, please let me know


Through this feedback loop we can continue to make improvements. I thank you for listening.


For additional information, please visit Franklinmatters.org/ or www.franklin.news/


If you have questions or comments you can reach me directly at shersteve @ gmail dot com


The music for the intro and exit was provided by Michael Clark and the group "East of Shirley". The piece is titled "Ernesto, manana"  c. Michael Clark & Tintype Tunes, 2008 and used with their permission.


I hope you enjoy!

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


You can also subscribe and listen to Franklin Matters audio on iTunes or your favorite podcast app; search in "podcasts" for "Franklin Matters"


FM #547 - Finance Committee Meeting - 05/19/21 (audio)
FM #547 - Finance Committee Meeting - 05/19/21 (audio)



Thursday, May 20, 2021

Recap: Finance Committee - further discussion required on draft debt stabilization policy

Quick Recap:

  • Mostly discussion on the debt stabilization policy outline (no specific text draft yet). There was Q&A and a healthy discussion. Motion ultimately made to table the policy for additional discussion in next meeting. There is no rush to decide now; motion to table to June 16 meeting, passes 9-0
  • With the Senate budget now released, Franklin actually is scheduled to lose about $23K from the House budget, however, once Senate makes their budget final, House and Senate will need to reconcile before sending it to the Governor.
  • Discussion for June 16 meeting, scheduled for 6 PM start (again before the Town Council at 7) means that the debt stabilization topic is practically the only one for the time allotted.

----
As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session
 
The Twitter hashtag can be found online  #fincom0519
https://twitter.com/search?q=%23fincom0519&src=typeahead_click 
 
Photos captured during the meeting and shared via Twitter can be found in one album https://photos.app.goo.gl/7zJbzAcpmKJneQLr8
 
The agenda doc for this meeting can be found
https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf
  • I am getting ready for the Finance Committee meeting at 6. Are you? The agenda doc and connection info can be found -> https://franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-19-21_fincom_agenda.pdf. #fincom0519
  • Meeting opens, full set of membership for this session in Council Chambers. Motion to approve, all 4 sets of minutes for the hearings, seconded, passes 9-0 Moving to budget stabilization policy. #fincom0519
  • Mostly discussion on the policy, Q&A, good discussion hard to recap until it is done. #fincom0519
  • Motion to amend, withdrawn. No motions currently. Being tabled for additional discussion as no rush to decide now; motion to table, seconded, amended motion to table to June 16 meeting and review some text, seconded, passes 9-0 #fincom0519
  • At next meeting masks not required. #fincom0519 Senate proposed budget is $23k less for FY22 than FY21. This is a structural issue and will be seen regularly (Franklin will need to increase support for school budget). For next 5-10 years likely to be similar.
  • Budget stabilization likely only topic for Jun 16. Motion to adjourn, passes 9-0 #fincom0519

Audio of meeting to be available in a couple of days

Recap: Finance Committee - further discussion required on draft debt stabilization policy
Recap: Finance Committee - further discussiostan required on draft debt stabilization policy


Monday, May 17, 2021

Finance Committee - Meeting Agenda - May 19

Finance Committee Meeting 
Agenda & Meeting Packet 
May 19th, 2021 -> 6:00 PM

Agenda
1. Call to Order
2. Public Comments
3. Approval of Minutes
4. Budget Stabilization Policy
5. State Aid Update
6. Future Agenda Items
7. Adjourn



Note: this won't be a long meeting as the Town Council is scheduled for the Council Chambers for the their meeting at 7 also on Wednesday

The budget stabilization policy was not released for this meeting in the agenda doc. It was part of the April 27 budget hearing package ->

and also part of the Capital Subcommittee agenda documents for the May 5 meeting  ->  https://www.franklinma.gov/sites/g/files/vyhlif6896/f/agendas/5-5-2021_capital_subcommittee_meeting_agenda_1.pdf



Saturday, May 15, 2021

Community Preservation Committee - Meeting Agenda - May 18, 2021

 Community Preservation Committee Meeting
Agenda & Meeting Packet
May 18, 2021 - 7:00 PM

 

Agenda:
1. Approval of Minutes for

a. March 30, 2021 Minutes
b. April 6, 2021 Minutes

2. Recreation Presentation & Discussion

Exhibit References:

1. Open Space & Recreation Plan  https://www.franklinma.gov/sites/g/files/vyhlif591/f/uploads/updated_osrp.pdf
2. April 6, 2021 Open Space presentation  https://www.franklinma.gov/sites/g/files/vyhlif6896/f/uploads/open_space_presentation_update_4-6-2021.pdf

 

Agenda doc and connection info

 

Community Preservation Committee - Meeting Agenda - May 18, 2021
Community Preservation Committee - Meeting Agenda - May 18, 2021


Friday, December 18, 2020

Finance Committee - Recap of Dec 15, 2020 meeting

Quick Recap:
  • The promised 'deep dive' into the school budget almost happened. "almost" in that if one viewing the meeting had fully read all the pre-released documents, they could sorta follow the questions and answers. Unfortunately, a key question answer was interrupted. I think (yes, my observation) the Central Office (Sara and Miriam) missed a couple of opportunities to make a better case for the budget details and what the district has done.
  • That said - the new monthly format for the FinCom meetings is a work in process and holds great promise. As an adjunct for the Town Council, the opportunity for detailed discussions on particular departments has only really occurred in these meetings. The Council used to get full presentations from each department as part of the budget hearings before more recently switching to their shorted 'hold' and question process.
  • The transfer from the water enterprise 'emergency fund' to make the payment for the water treatment plant was authorized. This was the payment that ended up mis-directed as part of the spear phishing incident.
  • Preliminary discussion on topics for the next few meetings and a review of the current stabilization fund balances was covered before the meeting closed.
Photos captured during the meeting and shared via Twitter can be found in one folder:  https://photos.app.goo.gl/HH41AkHbUc3m5fzA8
 
----
As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session.
 
The Twitter hashtag can be found online  #fincom1215

Meeting agenda and related files  https://www.franklinma.gov/sites/g/files/vyhlif591/f/agendas/12-15-20_fincom_agenda_2.pdf

Meeting opens, prior minutes approved
  • #fincom1215 begins with roll call for quorum (2 missing - to be checked later) (actually only ONE member missing - vote was 8-0 officially)
  • #fincom1215 vote on minutes for prior meeting approved via roll call vote 7-0-2 (7 for, 0 no, 2 absent)
School budget
  • Getting right into the school updates; in and out of district students approx 80 students for special ed needs handled out of district (excludes transportation) #fincom1215 the q on 450+ students coming in, answer not really. Those Franklin students in schools other than FPS
  • Q no contract negotiations currently with teachers, in middle of 2 year deal. What are steps and lanes as described in contract. Compensation grid termed as steps and lanes; steps equal to years, avg 4-4.5% per step; lanes are compensation for additional degrees #fincom1215
  • Not a uniform amount across the lanes, also varies by step. Bachelor step 6 is max until they get a degree, and then move over a lane #fincom1215 there is some compensation for tuition reimbursement, doesn't cover entire degree cost
  • Q fire and police have benefited from redoing portions of the structure. Schools have a collaborative process with items on table and bargaining with a common interest. #fincom1215 principals not in union, pay scale separate, individual contracts, considerations are factors
  • Do benchmark and comparison for principals to ensure some level of equity. #fincom1215 asst principal in most buildings. Q on unfunded mandates. Estimate on what they are and how much they cost us. Had some assumptions to try and quantify - not complete, an attempt
  • Challenge to put a total dollar on all of it, doc currently have over $4M. 504 may have a physical accommodation, hard to define how much in those cases. MCAS has an admin cost, teacher salaries for rest admin, curriculum to support the testing, the tech to support #fincom1215
  • Q on revolving accounts, assumptions is that they run to zero? No, policy of Committee is to keep a year's worth in the fund. All are fee based accounts. We'll use what we need and apply the remainder for the next year. #fincom1215 balances are set aside for use when invoices
  • For the costs incurred during the year, catch up occurs mostly during the end of the year. FinCom member thinks it is unfair, Central Office did not fully address the issue. #fincom1215 next Q getting to student teacher ratio. At what point would an increase affect education
  • Info provided doesn't properly address the real question. I.e. special programs in house to save on sped costs; most elem classes 17-18-20 and a couple of deviations; process of counting teacher staff per DESE complicates issue #fincom1215
  • Accreditation report recommended adding staff at FHS to address class size; middle school teaching model (i.e. team approach) has benefit but class size can disrupt that. #fincom1215 demographics forecast provides good info 'Sister Anna Catherine's ruler helped'
  • 16-17% special ed in district is about average. The elephant in the room is the Davis Thayer study. Neighborhood school, I understand the concept. What would the effect on the budget be if we pulled the plug on those three schools? #fincom1215
  • "I am not saying there is a request to do so". What would be the effect? It has to be looked at. There is some end to that rise (1200 to 1700/quarter) How long can it be out off? We have a police station in a swamp that we need to address, etc... #fincom1215
  • Chair interjects before central office gets to answer the question. #fincom1215 request to do a better job to address the unfunded mandates, this is the hand your dealt and we're doing the best
  • Q what is the big pain point as you go through this year? It is in my memo but thinking off the cuff here funding post COVID for pandemic related items, could be hitting a funding cliff soon. CDC says $442/person to open in person. Another $2m #fincom1215 I think about
  • All the other things SEL, reliance on tech, more tech support, it goes on... That is a big weight to make sure we have enough for the kids. #fincom1215 Q on the medical services reimbursed thru to the general fund of the Town
  • Discussion on reimbursement, where included, did include Chris Sandini to get answer to help with the various budget items #fincom1215. Q - thanks for coming, we haven't had this opportunity. Midyear review, $2.3m in items are not yet encumbered due to salary set
  • Insurance, mostly health insurance. Best guess it will be likely level, encumbrance might be high at one point and there are offsets from other places to be assumed so it adjust over time #fincom1215 plan switches, and time in calendar year
  • Out of district tuition, don't have the expenses 2 add to the reporting, timing. Revolving account, going back 2. Did dip into some of the revolving funds 2 provide balance to budget. Lifelong learning is a concern, usually self sustaining but given shutdown, no rev #fincom1215
  • Don't anticipate using additional revolving funds to balance. #fincom1215 the # of teachers has been declining but it is hard to find the accounting of that over time. There are steps taken to control what can be controlled. The schools have been effective.
  • Level service budget would be about $3.5m, a level funded budget would be a reduction in services. #fincom1215 the medical billing is common among districts, some have walked away from it, we try to provide the services the students need.
Water treatment plant transfer
  • That closes out the school portion. Moving on to the water treatment plant transfer, dovetails off the cyber attack/spear phishing incident. #fincom1215 can lose track of the pump station construction completion. 40% of the funds recovered, will use emergency balance
  • The transaction authorization of the emergency funds, if additional are recovered, they will replace the emergency fund (not a slush fund by any means) #fincom1215 vendor has not charged any interest on missing payment (misdirected payment)
  • How did the emergency fund get to the $1m balance? Fund developed through surplus revenue, additional revenue over what was forecast. #fincom1215 the liability policy did yield $100k. Can not believe auditor missed that transaction, in other areas, that transfer is double
  • Authorization. I like how it was handled. I agree how it was handled. I stayed up late watching that. I want my boss to support me like that. The Town was a victim and she was too. The room went silent. I hope people understand she is as good as you get #fincom1215
  • Motion made, seconded, passes via roll call, 8-0-1 (nicole absent, no zero) #fincom1215 Update on trust fund and stabilization funds. Last page of packet as of Sept 30. General stabilization is "dust bowl" account, keeps our low interest rate and rating
Stabilization account updates
  • #fincom1215 OPEB trust fund at $7m, liability is $64m, we are still in too ten Communities for ability to pay off that liability. Free cash, $2.73m will go quick. Discussion on use of stab funds for fire trucks, fields; used when fund built
  • 10 years is a good policy but it is also true that you can get a couple of years out of them, CPA maybe another revenue source. #fincom1215 will open space fund get combined with CPA funds? Has to stay separate. Some earmarked for a project
  • It can co-mingle but can not be combined. #fincom1215 approval of meeting schedule for 2021. Motion to approve, second, passes 8-0-1 via roll call (1 absent) Storm water could be a good topic, will affect the operating budget FY 2021 is done, FY 2022 consensus hearing today
  • When the Governor puts house 1 out in January, it sets the table for discussion. #fincom1215 looking good now, hoping to hang in there to get to the spring. Likely a guess by Jamie in the Feb meeting. Revenue and budget stabilization topics for Feb.
  • #fincom1215 MECC and safety for March. Motion to adjourn, second, passes 8-0-1 via roll call. That's all for tonight, catch you all next time
 


 

Monday, November 23, 2020

FM #395 Town Council - Budget SubComm Meeting- 11/18/20 (audio)

FM #395 = This is the Franklin Matters radio show, number 395 in the series.

This session of the radio show shares the audio recording of the Town Council Budget Subcommittee meeting held at 6:00 PM on Wednesday, Nov 18, 2020.  
The meeting was conducted in a hybrid format: members of the Budget Subcommittee and Town Administration personnel were in the Council Chambers, the public was remote via Zoom conference bridge, all to adhere to the ‘social distancing’ requirements of this pandemic period.

Quick recap:

  •  "incredibly good news" on FY 2021 budget compared to what had been feared in June 2020
  • Added back $75K to both Town Clerk and Recreation budgets based upon requirements and changes due to the pandemic
  • Adjusted new growth number back upwards and then recommended to set aside $850K in the Budget Stabilization account. This had been emptied by withdrawals to balance the recent budgets

The full show notes also include my notes taken via Twitter during the meeting as well as the agenda and associated budget documents released for this meeting.

The meeting runs about 32 minutes, so let’s listen to the Budget Subcommittee meeting.  Audio file = https://www.hipcast.com/podcast/HWHd5tyS



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

Budget Subcommittee agenda and supporting documents: https://www.franklinma.gov/sites/g/files/vyhlif591/f/agendas/budget_subcommittee_agenda.pdf

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

My meeting notes
https://www.franklinmatters.org/2020/11/town-council-budget-subcommittee.html

Photos captured during the meeting and shared with the Twitter thread can be found onlin
e https://photos.app.goo.gl/Ksn5Q4qwUrcJ3Eq36

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

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/

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"

sheet showing the two additions of $75 and the set aside of $850K
sheet showing the two additions of $75 and the set aside of $850K

 

Friday, November 20, 2020

Town Council Budget Subcommittee - meeting recap - Nov 18, 2020

Quick recap:
  •  "incredibly good news" on FY 2021 budget compared to what had been feared in June 2020
  • Added back $75K to both Town Clerk and Recreation budgets based upon requirements and changes due to the pandemic
  • Adjusted new growth number back upwards and then recommended to set aside $850K in the Budget Stabilization account. This had been emptied by withdrawals to balance the recent budgets
 

Budget Subcommittee agenda and supporting documents: https://www.franklinma.gov/sites/g/files/vyhlif591/f/agendas/budget_subcommittee_agenda.pdf

Photos captured during the meeting and shared with the Twitter thread can be found online https://photos.app.goo.gl/Ksn5Q4qwUrcJ3Eq36

----
As with most meetings in this pandemic period, I took my notes via Twitter during the meeting reporting in real-time via the virtual session.
 
The Twitter hashtag can be found online  #bsc1118

https://twitter.com/hashtag/bsc1118?src=hashtag_click

  • Chair Matt Kelly opens meeting reading protocol statement and connection info #bsc1118
  • Town Administrator Jamie Hellen provides update on FY 2021, "incredibly good news". 2 minor adjustments for budget to Town Clerk and Recreation budget lines. Also recommending putting $850K into budget stabilization fund #bsc1118
  • Major change in calculation comes from adjusted new growth over what had been the forecast at the beginning of the pandemic. Effectively, building for the most part has continued hence the growth adjustment #bsc1118 hotel/motel revenue down and no surprise there
  • Revenue sheet talked to by Jamie #bsc1118
  • Additional sheets with COVID federal funding accounted for which all dries up 12/31/20. #bsc1118 Federal action may happen but not willing to bet on it. Q on CARES act what happens in Jan, can still apply for FEMA reimbursement. At some point that will also run dry
  • Looking at run rate, we could need $1M to $1.5 M in the capital funding that we don't propose using until we know more. #bsc1118 global supply is getting tough, supplies are getting hard to come by. After winter with snow/ice behind us, we could look at capital
  • Otherwise we have the funding set aside to prepare for some contingency. Health insurance also a positive move and credit to the Human Resources dept and insurance group. Unemployment insurance is one area over budget #bsc1118 anticipating to level out over the year
  • Schools did have layoffs, town did some furloughs, likely to be able to bring the Library folks in Jan 2021. Q on maintenance contracts requiring extension in lieu of the capital budget on hold. No issues raised from department heads at this time. #bsc1118
  • Would still like to see equipment requests for capital rather than wait. #bsc1118 Kelly - we need to thank the town folks for asking the hard questions; making the adjustments. "We got $200k less than last year and Wayland gets more. I don't think they are fighting hard enough"
  • #bsc1118 thanks for keeping folks in Franklin out of an override once again. Memo coming to outline a budget calendar, we will get the full plan on capital requests. Will have likely in Jan, three votes in recommendations.
  • #bsc1118 motion to add $75k for recreation budget; motion to add $75k for town clerk budget; motion for setting $853k to budget stabilization fund; all three motions passed - possible vote 3-0 for sure, Kelly, Hamblen, Mercer, didn't see anyone else (Note: Pellegri is listed as a member, was at Town Council meeting after but did not speak or was shown via the broadcast for this meeting)
  • Motion to adjourn, passed (same 3-0) vote. Catch you shortly at Town Council meeting at 7. #bsc1118

 

sheet showing the two additions of $75 and the set aside of $850K
sheet showing the two additions of $75 and the set aside of $850K


Saturday, November 7, 2020

Franklin, MA: Finance Committee - Agenda - Nov 9, 2020

Finance Committee 
Meeting Agenda & Meeting Packet 
November 9th, 2020
6:30 PM

Agenda

1.    Call to Order
2.    Public Comments
3.    Approval of Minutes

a.    June 4, 2020
b.    October 6, 2020

4.    FY21 Budget Update

a.    Amended Budgets for Town Clerk Department & Recreation Department consideration for approval
b.    Budget Stabilization consideration for approval

5.    Adjourn
 

Agenda doc
 

To watch or listen:


For active participation:


 
Franklin, MA: Finance Committee - Agenda - Nov 9, 2020
Franklin, MA: Finance Committee - Agenda - Nov 9, 2020