Intro to DCU

Thomaz Demoura, Branch Manager of the DCU branch here in Franklin, sent this information along to share. DCU is a member of the Franklin Downtown Partnership and of the United Regional Chamber of Commerce.

I joined a credit union with my first employer many years ago and while the credit union name has changed over time, the credit union services have improved and I am still a happy member. DCU has a great set of services available. One that caught my eye (being the techie I am) is an application that can scan a check and have it deposited to your account without having to drive to the ATM or talk to a teller. A future release of the application will enable an iPhone or one of the Droid phones to process the check in the same way. Now that is a good use of technology!

For further information about DCU you can stop by or call to speak with Thomaz.

Thomaz DeMoura | Franklin Branch Manager 
Digital Federal Credit Union | 500 West Central St | Franklin, MA 02038
Phone: 508.553.9821 | Fax: 508.553.9825 | Email: tdemoura@dcu.org | www.DCU.org


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Canceling a Credit Card

Have you thought about canceling a credit card that is collecting dust in your dresser drawer? Or one that has been used so often you have the card number memorized? While closing a card sometimes makes sense, other times, it may do more harm than good. The following are some factors that are helpful to consider when deciding whether or not to cancel a credit card: Fees: What will it cost you to keep the account open? Having a high interest rate does not necessarily matter because closing the account will not lower the interest rate on an existing balance (and you are not charged any interest if you pay off your balance in full each month). What is important is whether you are charged an annual fee and/or an inactivity fee. If you are new to credit or have a negative credit history, you may be hard-pressed to get approved for a card that does not charge these types of fees. However, if you have a good credit history, it may not make sense to keep a card that costs you money even if you pay your balance in full on time each month. Ability to use credit without getting into debt: If you have struggled to control your spending in the past, consider if there are ways you can avoid overusing the cards short of canceling them. For example, can you leave them at home most of the time and only take them out once a month to buy a pack of gum or something else cheap? (You could also just keep an account open and not use it, but by doing this, you do not continue to build a positive payment history and also risk the account being closed by the creditor due to inactivity.) Honestly assess your capabilities and limitations. Effect on credit score: Closing an account does not have an immediate effect on your payment history, which makes up 35% of your FICO credit score, since positive information for closed accounts typically stays on your credit report for ten years (seven for negative information). However, it can have a significant impact on the factor that looks at credit utilization (balances owed/credit limits), which accounts for 30% of your credit score. To have a good score, it is best to have a credit utilization ratio under 50%. If the amount owed relative to the credit limit is low for all of your accounts, then closing one account probably won’t have much of an effect (assuming you have multiple accounts). Conversely, if you have high balances, closing an account with a decent credit line can cause your score to plunge. If you fall into the second category, consider if having a good credit score is necessary right now. If you are applying for a mortgage or car loan in the next few months, it probably is. If you do not plan to get credit soon and feel that the only way to stay debt free is to close your cards, then that may be the best option, even if your credit score will suffer. Provided by www.balancepro.net

Note: This continues my public service effort to understand and share what I learn about companies large and small doing business here in Franklin.

Franklin, MA

In the News - Danielle Hare

By Ashley Studley/Daily News staff

Milford Daily News

Posted Jun 01, 2010 @ 04:44 AM

FRANKLIN —

It's all politics for Danielle Hare.

The 16-year-old Franklin resident is a member of YMCA's Youth & Government program and in April was selected to join a model legislation session at the Conference on National Affairs in North Carolina this summer.

Read the article in the Milford Daily News here
http://www.milforddailynews.com/news/x644096217/Franklin-teen-is-politically-inclined


Franklin, MA

Franklin, MA: Town Common Monuments

There are a number of monuments around the Town Common in Franklin honoring the sacrifice of those who served in each war. On Memorial Day, we give thanks for their service.





Franklin, MA

Frequently asked questions: "We wouldn’t be in a crisis if we hadn’t spent money on the senior center, fire station and new ball fields"

We wouldn’t be in a crisis if we hadn’t spent money on the senior center, fire station and new ball fields.

These projects are the most visible examples of the Town’s effort to maintain and improve its buildings and facilities for the benefit of the general community. The vast majority of the funding for these renovations comes from the town’s long-term capital improvements plan, also known as the “20/20 Plan.” This is money the town borrows as part of its ongoing effort to upgrade public facilities, streets, sidewalks and buildings. A small part of the town's annual operating budget is used to pay off the debt that funds capital improvements, the same way a homeowner would pay off a mortgage over time.


The last time the town built a new recreation facility was 1990. Since then, the population has increased by about 10,000 people. We built three schools in that time period to house the surge in students, but we did not build any recreational facilities for them. The Town made improvements to existing fields, added new fields, and brought back into use the field and track at the High School. The existing track had not been useable for many years.


The senior citizen population in Franklin continues to grow. It is currently projected that citizens over 60 will increase from about 4,200 to over 7,500 in the next ten years. The old senior center had just two rooms and minimal parking which was completely inadequate for our population and programs. The new center has seen a three fold increase in participation. It has become a focal point for older adults and their families with many varied programs, services and activities to address the needs and interests of our senior and disabled residents.


One of a series to address frequently asked questions
http://investinfranklin.weebly.com/faq-part-1.html


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The special election on June 8th gives Franklin voters the choice:

Increase taxes to continue to provide the services we have this year (and that does not restore any of the services already cut)

Or

Continue to cut municipal services for all and cut educational opportunities for our children

I'll help to provide the information. You need to do two things:

1. Make your choice
2. Vote on June 8th

You get bonus points if you talk with your neighbors about this and get them to vote!

Additional information on the override can be found here:

• http://investinfranklin.weebly.com/index.html
• http://franklinschoolcommittee.wordpress.com/override-page/
• http://franklinmatters.blogspot.com/2010/05/budget-override-collection-fy-2011.html

Franklin, MA

Frequently asked questions: "Why don’t town employees fund their own pensions?"

Pension costs are killing us, so why don’t town employees fund their own pensions?

Public employees are generally not covered by Social Security and DO self fund their retirement through a municipal pension system. Teachers, for example, contribute as much as 11% of their annual salary to this program and local property taxes do NOT fund the system. State tax revenues fund a portion of current benefits but the majority of such revenues are allocated to the unfunded municipal pension liability (i.e., in fiscal 2008, 77 percent of the Commonwealth’s $1.3 billion contribution to State and Teachers’ Pensions covered the unfunded liability while 23 percent went to pay for current retiree benefits. Reference: http://www.middlesexretirement.org/Special_Commission_Report_9.09.pdf

One of a series to address frequently asked questions
http://investinfranklin.weebly.com/faq-part-1.html


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The special election on June 8th gives Franklin voters the choice:

Increase taxes to continue to provide the services we have this year (and that does not restore any of the services already cut)

Or

Continue to cut municipal services for all and cut educational opportunities for our children

I'll help to provide the information. You need to do two things:

1. Make your choice
2. Vote on June 8th

You get bonus points if you talk with your neighbors about this and get them to vote!

Additional information on the override can be found here:

• http://investinfranklin.weebly.com/index.html
• http://franklinschoolcommittee.wordpress.com/override-page/
• http://franklinmatters.blogspot.com/2010/05/budget-override-collection-fy-2011.html

Franklin, MA

Franklin, MA: Town Council - Agenda - 6/2/10

A. APPROVAL OF MINUTES – May 5, 2010

B. ANNOUNCEMENTS

C. PROCLAMATIONS/RECOGNITIONS

D. CITIZEN COMMENTS

E. APPOINTMENTS

F. HEARINGS

G. LICENSE TRANSACTIONS

H. PRESENTATIONS/DISCUSSIONS – Residential Key Box Program

I. SUBCOMMITTEE REPORTS

J. LEGISLATION FOR ACTION –
1. Resolution 10-24: Establishment of a Fire Department Fire Rescue Training Revolving Account for FY 2011
2. Resolution 10-25: Establishment of a Council on Aging Senior Center Activities Program Revolving Account for FY 2011
3. Resolution 10-26: Establishment of a Council on Aging Supportive Day Program Revolving Account for FY 2011
4. Resolution 10-27: Establishment of a Use of Facilities Revolving Account for FY 2011
5. Resolution 10-28: Acceptance of Gift – Franklin Library
6. Resolution 10-29: Authorization for Intermunicipal Agreement with Town of Medway for Franklin to Provide Library Administrative and Maintenance Services to Medway
7. Bylaw Amendment 10-648: Chp. 151, Solid Waste; § 151-1. Definition –1st Reading

K. TOWN ADMINISTRATOR’S REPORT

L. OLD BUSINESS

M. NEW BUSINESS

N. COUNCIL COMMENTS

O. EXECUTIVE SESSION – Negotiations, Litigation, Real Property, as May Be Required

P.  ADJOURN

Franklin, MA

What in the world is free cash?

The first thing to remember is that it is not free and it is not cash, to quote a former Deputy Commissioner of Local Services. The Bureau of Accounts (BOA) defines free cash as the amount a community has accumulated when actual revenue collections exceed the budget estimates used when setting the tax rate and/or actual expenditures or encumbrances (committed funds not yet expended) are less than appropriations. 

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Since free cash is a non-recurring revenue source, good financial management dictates that it should not be relied upon to fund operating budgets but rather should be used for one-time purposes such as capital purchases or appropriations to supplement the stabilization fund.

From Dec 2000 MA Gov publication found here (PDF)

So what does this mean in everyday English?

Suppose in your household budget you allocate $100 per week for food. You track all expenses diligently and at the end of the period you realize that while the budget for the year was $5,200 you actually spent only $4,900. The difference between the budget amount and actual expenditures would be money that you can use for other purposes in the household. As controller of the household funds, this would be an easy decision. At the Franklin budget level, the funds need to be certified by the State before they can be determined as "free cash" and used for another purpose.

Suppose in your household budget, along the way, you realize that while you budgeted $100 for electricity, you tend to be running expenses more than $100. If you can cut your usage, you should try. Otherwise, at some point you need to find another account (source of money) to cover for running over budget. Combining the example above, you might be able to take the extra food money to cover for the electricity shortage. If you don't have such a source, then you look to cut something somewhere to meet the budget without going into debt.

Does this help?


Franklin, MA