General Purpose
The Finance Department is responsible for safeguarding the financial assets of the Town through the use of sound professional accounting practices and internal controls. It is the department's duty to ensure that the financial integrity of the Town is preserved and protected, as well as to provide the Town’s management with accurate and timely financial information, and to provide controllership and audit functions for the Town and its departments.
Core Functions
● Financial Oversight
○ Provides financial oversight for all Town transactions (receipts, expenditures, abatements, commitments), to include all municipal and school departments. The Finance Department is also responsible for maintaining the fixed asset and infrastructure for the Town’s General and Enterprise funds.
● Interdepartmental Structure
○ Under the umbrella of municipal finance, the Finance Department works in conjunction with the Treasurer/ Collector Department, the Assessors Department, the Procurement Department, Payroll, and Accounts Payable.
● Financial Analysis and Reporting
○ Provide timely, accurate, and informative reporting to departments, decision makers, and the general public.
● Reconciliation of Funds
○ Assists in the preparation of the Town’s financial forecast, while maintaining the general ledger and completing all statutory requirements. Frequent reconciliations include the following funds:
■ General Fund
■ Capital Funds
■ Special Revenue Funds
■ Trust & Agency Funds
■ Debt and Interest Funds
■ Fixed Asset Funds
● Budget Preparation
○ Develops and assists in the annual presentation of the Town’s budget. The Finance Department compiles the final budget books for the Finance Committee, Town Council, and financial officials.
● Accounts Payable
○ Processes all payments for all Town invoices.
○ Reconciles all payroll withholdings to the monthly health, life, dental, and other insurance invoices
● Payroll
○ Oversees payroll for all Town and School employees, ensuring the accurate and timely processing of wages, stipends, tax withholdings, and employee benefits. Responsibilities include maintaining compliance with applicable laws and school/town collective bargaining agreements, processing personnel and compensation changes, coordinating with Human Resources and departments, and managing payroll reporting and system integrity.
● Purchasing
○ Has broad oversight over the procurement functions. The Procurement Office is responsible for the procurement of all goods and services. Operates under the applicable sections of Massachusetts General Law (MGL) Chapters 41, 30, 149, 7C, and 30B.
● Audit
○ Coordinates the Town’s annual audit as required by Massachusetts General Law. Provides an audit firm with a comprehensive balance sheet and financial statements. Assists the Town Administrator in the development of the Management Discussion and Analysis sections of the audit as required under Governmental Accounting Standards Board (GASB) 34.
Staffing
● One (1) Chief Financial Officer
● One (1) Deputy Chief Financial Officer/Budget Director
● One (1) Comptroller
● One (1) Munis Administrator*
● Three (3) Payroll Administrators
● One (1) Administrative Assistant
*Proposed New Position for FY27
Strategic Initiatives & Accomplishments
● Reconcile all accounts receivable, cash, and trusts with the Treasurer-Collector.
● Constant review of revenue streams and expenditure patterns to proactively identify and address potential budget variances.
● Timely submittal of balance sheet, Free Cash certification, Schedule A, and Tax Recap.
● Implemented enhanced budget monitoring tools to ensure departmental spending aligns with approved budgets.
● Establish a 5 year fiscal forecast to anticipate revenue and expenditure trends.
● Ensured budget narratives clearly explain financial decisions, debt service trends and operational priorities to foster community understanding.
● Developed regular financial reporting for the Town Administrator and Finance Committee improving transparency and decision-making.
● Successful completion of the FY24 audit with no management letter or significant recommendations for improvement due to high performance. FY25 Audit is expected to be completed and presented to the Town Council on May 13, 2026.
● Maintained the Town’s AAA bond rating, which saves Franklin taxpayer’s money through borrowing at lower interest rates.
● Developed internal controls and procedures manual for procurement and enhanced online procurement options.
● Continue to implement the provisions of the Community Preservation Act (CPA) as approved by a significant majority of Town Voters.
● Provided staff with training on updated accounting standards, regulatory compliance, and financial systems.
FY27 Requested Budget Highlights
● Eliminated Special Assistant position
○ The Special Assistant position is being eliminated. This position was temporary and primarily supported the transition following the departure of the former Finance Director. The former Finance Director was working 5 to 7 hours per week in this capacity, providing guidance and continuity during the transition period. With the transition complete and the Finance Department fully staffed, this role is no longer necessary.
● Added Munis Administrator position.
● Decreased Financial Services expenses in order to support Munis Admin.
● Increase Accounting & Auditing Services.
FY27 Requested Budget Summary
Support for the creation and hiring of a Munis Administrator position, to be included under the Finance Department Budget but serves both the Town and School efficiencies. .
● Strengthen internal controls and system security
● Improve efficiency and reduce errors in financial and HR processes
● Provide consistent support and training for users
● Ensure proper system configuration and support future upgrades
The Finance Department’s FY27 requested budget is necessary to ensure the continued delivery of critical financial services that support the Town’s fiscal stability, transparency, and day-to-day operations. The department is responsible for financial oversight, budgeting, payroll, accounts payable, debt management, and compliance with state reporting requirements, all of which directly impact the Town’s ability to operate efficiently and responsibly manage taxpayer resources. Reductions to the Finance Department’s budget would limit staffing capacity and operational support needed to process payments, maintain financial controls, and meet reporting deadlines, which could result in delayed vendor payments, slower service to residents and departments, and increased risk to the Town’s financial management and accountability. Maintaining the requested funding ensures the Town can continue to provide reliable financial administration and protect the community’s financial integrity.
