Finance Committee

Finance Committee Meeting Agenda & Meeting Packet Wednesday, April 17, 2024 7:00 PM Meeting will be held at the Municipal Building 2nd floor, Council Chambers 355 East Central Street A NOTE TO RESIDENTS: All citizens are welcome to attend public meetings in person. To view the live meeting remotely, citizens are encouraged to watch the live stream on the Franklin Town Hall TV YouTube channel or the live broadcast on Comcast Channel 9 and Verizon Channel 29. Meetings are also archived by Franklin TV on the Franklin Town Hall TV YouTube channel and shown on repeat on Comcast Channel 9 and Verizon Channel 29 for those who miss the live meeting. To listen to the meeting remotely citizens may call-in using this number: 1-929-205-6099. This will not permit participation in the meeting. To participate in the meeting remotely citizens are able to join a Zoom Webinar using the information provided below. ➢ Zoom Webinar ID # 864 1147 1126 ➢ Zoom Webinar Link HERE ( https://us02web.zoom.us/j/86411471126) ➢ Any participants who wish to speak during the webinar must enter their full name and email address when joining the webinar. ➢ All participants will be automatically muted upon joining the webinar. In order to speak, participants - who have entered full name and email address - will need to select the “Raise Hand” function to request to be unmuted. ➢ All speakers will be required to state their full name and street address before commenting. Agenda 1. Call to Order 2. Public Comment 3. Approval of Minutes a. December 13, 2023 b. February 7, 2024 4. Town Fiscal Policies a. Review and Approve Draft “2024 Town Financial Policies” b. Current 2022-03 Fiscal Policies 5. Town Administrator FY25 Budget Proposal - a. Hearings: May 6 (General Gov), May 8 (Public Safety/DPW), May 15 (Education) b. School Committee Override Request c. State House News Article April 10, 2024 Chris Lisinki 6. Standing Updates: a. Quarterly Year to Date Report b. Stabilization Report c. DOR Releases 2024 Statewide Median Household Price 7. Adjourn  Finance Committee Meeting Date: December 13, 2023 Present: Chairman Conley, Vice Chair Riley, Keophannga (remote), Hamilton, Nagel, Sansoucy. 1. Call to Order: 7:00 PM 2. Public Comment – None 3. State Budget Update: a. Mr. Hellen gave a brief update. No major changes are expected from the preliminary number we are using. b. There was a short discussion of why some towns have very large school aid vs Franklin. 4. Future Agenda Items & 2024 Meeting Schedule. a. We don’t want duplicate and create unnecessary work for presentations it would be best to “dovetail” with the presentations to the Town Council. b. Dates for budget hearings were adjusted. i. May 6th – General Government ii. May 8th – Police, Fire and DPW iii. May 15th – Schools & Final Recommendation and Vote 5. Bill Dowd Deep Dive Series. a. Facilities Department – a robust discussion was held about the myriad of buildings and other types of facilities related items that are managed by the facilities department either directly or in conjunction with the department occupying the facility. b. A discussion was held about the management of energy costs which the TA described as “extraordinarily complicated”. It is obvious that the town has saved many, many dollars over the years because of our relationships developed and memorialized back in 2011. c. The use of solar has allowed credits on the Grid bills that can be used to upgrade things such as refrigerators, freezers and dishwashing equipment. d. Grants Discussion – the town has averaged about $4,000,000 yearly for the last 10 years. The more recent years are the larger years. e. Grants are primarily managed at the department level because the expertise resides there. There is not a lot to be gained to have a “Grants Administrator.” f. The 6. Approval of minutes’ a. September 13, 2023 b. November 8, 2023 7. Adjourned at 8:20PM  Finance Committee Meeting Date: February 7, 2024 Present: Chairman Conley, Vice Chair Riley, Clerk Corbosiero (remote), Nagel, Batchelor, Sansoucy 1. Call to Order: 7:01 PM 2. Public Comment a. Maxwell – Recommendation to look at our financial policy and amend wording to ensure we are evaluating the budget through the right lens. 3. Approval of Minutes: a. January 10, 2024 – approved 6-0 4. The Bill Dowd “Deep Dive” Series a. None 5. Review of town financial policies a. Small wording adjustments to be made to add additional clarification throughout policy. 6. Discussion on free cash summary a. Returns to general fund amount to $1,932,233 broken out as follows: b. 7. Standing Updates: a. FY25 House 1 by Governor Healey b. FY25 Town Budget Dates and Update 8. Future agenda items a. March 6, 2024 – Joint Budget Subcommittee Meeting 9. Adjourn – 8:26 p.m.  Town of Franklin Fiscal Policies 2024 Town of Franklin Fiscal policies should be reviewed at least every two years in order to maintain a competitive policy framework for good financial practices. 1. Balanced Annual Operating Budget ● Annual costs are funded from current revenue projections within the tax levy, local receipts and state aid. ● Do not defer current annual operating costs to future years by using one-time revenue sources 2. Compensation and Benefits D ● Budget with current revenues. ● Compensation of employees should be based on the compensation and classification plan and employee performance. ● Benefits include health insurance, leave, disability and life insurance and/or other offerings by the Town. R 3. Revenues & Expenses AF ● Annually estimate revenues and expenses through a five year fiscal forecast. ● Maintain full and fair market value of property assessments through the Board of Assessors. ● Assure fees charged cover costs in accordance with the Chapter 82 of the Town Code. 4. Financial Reserves (adequately fund and maintain reserves) ● The policy recognizes that adequate financial reserves are an important element in mitigating current and future risks, ensuring a stable tax rate, and maintaining an AAA Bond Rating. Maintaining this rating is an important goal of the community to reduce T interest costs on borrowing. ● Short-term revenue surpluses shall fund non-recurring projects. ● Free Cash will be used to fund the capital budget and for unforeseen expenses. ● Overlay surplus will be used for capital budgets or non-recurring expenses. ● General Stabilization account - A Stabilization account of $7,000,000 or 5% of recurring general fund revenue (less debt exclusions and SBA reimbursement). ● Budget Stabilization Fund – i. Used to overcome short term operating budget shortfalls. ii. Where legal, School revolving fund surpluses should be used for school budget shortfalls prior to authorization of a Budget Stabilization fund transfer to ensure the Town maintains a AAA Bond Rating. The School Department should maintain a minimum target of at least $1 million in surpluses for unforeseen emergencies. ● Field Stabilization Account – Add $150,000 each year. ● Fire Engine Stabilization Account – Add $100,000 each year. ● Establish a Property Acquisition Stabilization Account for the purposes of non-Community Preservation Act related property acquisitions. 5. Budget Stabilization Fund  a. Maintain a target floor of 2% of prior year fiscal operating revenue. b. This account is for one-time revenue sources of operating budget shortfalls. c. No more than 50% of fund balance can be spent in any fiscal year. 6. Long Term Debt ● Reserved for large capital projects over $1,000,000. ● Net general fund debt service (non-debt excluded or funded from enterprise. revenue) should be up to 3% (target) of recurring general fund revenue. 7. Capital Improvement Program (CIP) ● A five-year plan updated annually shall be maintained. ● Budget operating costs associated with CIP projects. ● Delaying maintenance on existing assets results in higher costs in future years. ● Postponing improvements to buildings/infrastructure results in higher costs. D ● Free Cash, Overlay Surplus, and short-term revenues shall be used for the recurring capital items and smaller one time purchases or projects. ● Bonds will be used for large capital projects (over $1,000,000) unless it can be paid off in under 5 years. R 8. Enterprise Accounts for Water, Sewer, Stormwater and Refuse The water, sewer, stormwater and refuse budgets are supported entirely by fees. Changes to AF these budgets do not affect the general fund operating budget. At the end of the fiscal year excess funds are automatically closed to their respective account’s fund balance. These funds also pay for indirect costs that are carried in the general fund for accounting, pensions, health insurance, and other related costs. a. Water Fees will fund the annual operating budget, maintain a fund balance of approximately $1,000,000 +/- and invest $1,500,000 per year into water system improvements. T b. Sewer Fees will fund the annual operating budget, maintain a fund balance of $1,000,000 and invest at least $400,000 per year into sewer system improvements. c. Stormwater Fees will support the requirements in the MS4 Stormwater permit as issued by the federal Environmental Protection Agency (EPA). d. Refuse Fees will fund annual operating costs, and funds in excess of $100,000 will be used to smooth rate increases over time and purchase replacement bins. 9. Snow and Ice Budget ● The Town will use a five year rolling average to budget for snow and ice removal. ● Excess Snow & Ice revenues will be deposited into a Snow & Ice Stabilization Account with a maximum cap of $1 million 10. OPEB – Unfunded retiree Health Insurance Obligation ● Commencing in the FY19 budget allocate $550,000 in the annual budget ● Increase by $50,000 per year  ● Transfer 10% of Free Cash to the OPEB Trust Fund annually. 11. Hotel/Motel Tax ● The Town receives a 6% room tax from each hotel room rented. The amount of funds collected each year is directly related to the number of rooms rented. ● These funds should be captured and reflected in the Town’s local receipts revenues and continue to be used for public infrastructure. 12. Marijuana Excise Tax Policy ● These funds are the excise tax on the sales of recreational marijuana only. ● Funds from the collection of excise taxes on the sales of marijuana in the Town of Franklin shall be used for ongoing operating budget expenditures and will be reflected and captured in the Town’s local receipts totals. D 13. Ambulance Receipts Reserved ● The Town Council will look at the ambulance fees annually and adjust as needed to maintain a mid range market position when compared to other local hospital communities. R ● The Town shall reserve $150,000 annually from ambulance receipts to be used for the replacement of Ambulances. 14. Roads/Sidewalks/Infrastructure ● Starting in FY24 appropriate $600,000 in the annual operating budget. AF ● Increase this appropriation by $50,000 per year. ● Use Free Cash ($500,000) for roads unless there is another capital need. Other fiscal policies Fraud Policy – On File Fund Balance Policy – On file T Investment policy – On File Purchase Order Policy – On File Risk Assessment – Complete December 2018  Town of Franklin Fiscal Policies 2022 Town of Franklin Fiscal policies should be reviewed at least every two years in order to maintain a competitive policy framework for good financial practices. 1. Balanced Annual Operating Budget ● Annual costs are funded from current revenues. ● Do not defer current annual operating costs to future years. 2. Compensation and benefits ● Budget with current revenues. ● Compensation of employees should be based on “market” and performance. 3. Revenues ● Estimate annual revenues and expenses and project for the following five years. ● Maintain full and fair market value of property assessments. ● Assure fees charged cover costs in accordance with the Chapter 82 of the Town Code. 4. Financial Reserves (adequately fund and maintain reserves) ● Short-term revenue surpluses shall fund non-recurring projects. ● Free Cash will be used to fund the capital budget and for unforeseen expenses. ● Overlay surplus will be used for capital budgets or non-recurring expenses. ● General Stabilization account - A Stabilization account of $6,000,000 or 5% of recurring general fund revenue (less debt exclusions and SBA reimbursement). ● Budget Stabilization Account – Used to overcome short term budget issues. ● Field Stabilization Account – Add $150,000 each year. ● Fire Engine Stabilization Account – Add $100,000 each year. ● Property and Projects Stabilization Account – AAdd $100,000 each year. 5. Budget Stabilization a. Maintain a target floor of 2% of prior year fiscal operating revenue (approximately $2M-$2.5M) b. Fund is for a one-time revenue source of operating budget shortfalls. c. No more than 50% of fund balance can be spent in any fiscal year. 6. Long Term Debt ● Reserved for large capital projects over $1,000,000 ● Net general fund debt service (non debt excluded or funded from enterprise. revenue) should be up to 3.5% (target) of recurring general fund revenue. 7. Capital Improvement Program (CIP) ● A five-year plan updated annually shall be maintained.  ● Budget operating costs associated with CIP projects. ● Delaying maintenance on existing assets results in higher costs in future years. ● Postponing improvements to buildings/infrastructure results in higher costs. ● Free Cash, Overlay Surplus, and short-term revenues shall be used for the recurring capital items and smaller one time purchases or projects. ● Bonds will be used for large capital projects (over $1,000,000) unless it can be paid off in under 5 years. 8. Enterprise Accounts for Water, Sewer and Refuse The water, sewer, and refuse budgets are supported entirely by fees. This means that any changes to these budgets do not affect the general fund budget. If there are any excess funds at the end of the fiscal year, they are automatically closed to their respective account’s fund balance. Further these funds pay for indirect costs that are carried in the general fund for accounting, pensions, health insurance, etc. a. Water fees will support a minimum of $1,500,000 per year for infrastructure improvements. Water fee rate will fund the annual operating budget, maintain a fund balance of approximately $1,000,000 +/- and invest $1,500,000 per year into water system improvements. b. Sewer Fees will support $400,000 per year for infrastructure improvements. Sewer fee rate will fund the annual operating budget, maintain a fund balance of $1,000,000 and invest at least $400,000 per year into sewer system improvements. c. Refuse. Refuse fees will fund the annual operating cost. Fund balances in excess of $100,000 will be used to smooth rate increases over time and accumulate to purchase replacement bins. 9. Snow and Ice budget ● A five year rolling average – discounting winters well above or below the normal range. 10. OPEB – Unfunded retiree Health Insurance Obligation ● Commencing in FY 19 budget $550,000 in the annual budget and increase by $50,000 per year and annually transfer 10% of Free Cash to the OPEB Trust Fund. 11. Hotel /Motel Tax ● The Town receives a 6% room tax from each hotel room rented. The amount of funds collected each year is directly related to the number of rooms rented. These funds should be captured and reflected in the Town’s local receipts revenues and continue to be used for public infrastructure. 12. Marijuana Excise Tax Policy  ● These funds are the excise tax on the sales of recreational marijuana only. ● These are separate funds outside of the Host Community Agreement impact fee revenue. ● Funds will fluctuate based on market forces each year. ● Funds from the collection of excise taxes on the sales of marijuana in the Town of Franklin shall be used for ongoing operating budget expenditures and will be reflected and captured in the Town’s local receipts totals. 13. Ambulance receipts reserved ● Reserve $135,000 annually from ambulance receipts for the replacement for Ambulances. 14. Roads/sidewalks/infrastructure ● Starting in FY 19 appropriate $600,000 in the annual operating budget. Increase by $50,000 per year. Further use Free Cash ($500,000) and Hotel Tax funds ($575,000) for roads unless there is another capital need. Other fiscal policies Fraud Policy – On File Fund Balance Policy – On file Investment policy – On File Purchase Order Policy – On File Risk Assessment – Complete December 2018 Current Balances (rounded) 1/12/22 General Stabilization Account - $6,644,294 Budget Stabilization Account – $1,044,030 Turf Fields Stabilization Account – $639,113 Fire Engine Stabilization Account – $16,929 Property, Projects and Facilities Stabilization Account – $291,562 Open Space – $2,545,027 OPEB Trust Fund – $10,269,491 Ambulance receipts reserved – 184,000 https://www.statehousenews.com/news/legislature/house/house-proposes-57-9-bil-budget-for-new-fiscal- reality/article_69e45966-f750-11ee-a129-0b0559e45fd9.html EDITOR'S PICK House Proposes $57.9 Bil Budget For New Fiscal Reality One-Time Revenues, Redirected Savings Bolster Spending Growth Chris Lisinski Apr 10, 2024 Speaker Ronald Mariano and Ways and Means Chairman Aaron Michlewitz (right) brief the press on House leadership's fiscal 2025 budget bill at a news conference in the State Library on April 10, 2024. Sam Doran/SHNS STATE HOUSE, BOSTON, APRIL 10, 2024.....[Coverage Developing] House Democrats on Wednesday rolled out a $57.9 billion state budget for fiscal year 2025 that mirrors many of Gov. Maura Healey's ideas for tapping new funding sources while calling for a slightly smaller spending increase. The proposal set for debate in two weeks would increase spending by about $1.9 billion, or 3.3 percent, over the annual budget Healey signed into law last summer. It does not call for any major tax hikes or draw from the state's long-term "rainy day" savings account, whose balance could surpass $9 billion by July 2025 under the House's projections. To balance the growth at a time when the state faces an increasingly strained fiscal landscape, House Democrats moved to make use of about $1.3 billion in new one-time or recurring revenues, including legalization of online Lottery sales and redirection of money that would otherwise automatically be stashed into savings. House Speaker Ron Mariano -- who along with Senate President Karen Spilka, Healey and former Gov. Charlie Baker oversaw a major increase in state spending in recent years -- said the proposed annual budget balances a demand for "fiscal responsibility" with a need for added investment. "We know the good fiscal times don't last forever. The reality is one that we have come to know all too well over the past 10 months," Mariano told reporters. "This March broke a streak of nine months where revenues came in below benchmark, all while the commonwealth's emergency assistance program remains strained with no immediate prospect of support from Congress or anywhere else." "The result of these issues is simple: this fiscal year is not going to be like the last few," he added. The House Ways and Means Committee unveiled the budget Wednesday morning, and representatives are set to discuss it in a caucus shortly after noon. Debate is scheduled to begin Wednesday, April 24. House Democrats embraced many of Healey's ideas for new sources of money to bulk up overall spending in the face of flagging tax collections. Both budgets would greenlight legalization of online Lottery sales, draw from trust funds previously established to cover the costs of K-12 and early education, restructure MassHealth assessments, approve tax modernizations and amnesty, and redirect gaming revenues to help cover state outlays, albeit with some differing amounts and estimates. The House budget also mirrors the administration's push to make up to $375 million in excess capital gains tax revenue available for spending. Capital gains revenue above a certain threshold gets automatically deposited into savings, and both budgets would limit those transfers, freeing up more money that can be spent directly. It's not yet clear whether or how much House Democrats moved to trim spending in some areas to support expansions elsewhere. House Ways and Means Committee Chair Aaron Michlewitz said his chamber's budget proposal calls for half as much money for snow and ice removal as the governor did, and has about $300 million less in unrestricted general government aid compared to Healey's spending plan. But asked about reductions compared to the fiscal 2024 budget, he did not answer directly. "I don't want to get into each line item directly, but overall, 3.3 percent growth -- there's a lot of growth across the board," he said. "Some [areas] have better growth than others." The upcoming budget cycle reflects the second year in which Beacon Hill is able to fund education and transportation investments using money generated by an income surtax on the state's highest earners, which voters approved in 2022. Mariano and Michlewitz are targeting a different breakdown in that spending than Healey. Their budget would carve it up into $695 million for education and $605 million for transportation, a bit closer to an even split than Healey's proposed $750 million for education and $550 million for transportation. Under the House budget, surtax money would go toward investments such as another year of providing free school meals to all students ($190 million), increasing rates for child care providers ($65 million), MBTA capital investments ($75 million) and a new "academy" program to help the T build out its workforce ($40 million). House Democrats also want to use $37 million in surtax dollars as a supplement to K-12 schools, on top of $6.86 billion in Chapter 70 education funding that more than funds another year of the Student Opportunity Act. Michlewitz said those investments would push state aid per pupil to $104, which he described as $74 more than the governor's budget and $44 above the traditional level. The bill would also make permanent the Commonwealth Cares for Children, or C3, grant program, which first launched during the pandemic with federal dollars and has since been continued using state funds. House Democrats would direct $475 million toward C3 grants, which matches Healey's proposal but draws from a different mix of funding sources. One source of massive pressure on state budgeting has been the emergency assistance shelter crisis that erupted right around when Healey took office, fueled in part by an increase in newly arriving migrants. The House budget would make $500 million available to cover shelter costs, $175 million of which would come from a savings account known as the Transitional Escrow Fund. That total shelter spend is only a bit more than half of what the Healey administration has projected the state will actually spend on the system in fiscal 2025. "Being an eternal optimist, things could change. Things could change next year," Mariano replied when asked about the gap between state estimates and the House's proposal. "We want to maintain as much control over this process as we can. As we deal with the ebb and flow, we're never quite sure what the numbers are going to be. So to anticipate the end number, I think, is a bit premature." Michlewitz added that shelter funding is "a fluid discussion." "You go back nine months ago and it was a different discussion than it is today," he said. "It's hard to say exactly where it's going to be in six to nine months. We think the number we're putting on the table for discussion within the House gets us far enough along that we can see where we are going forward down the road." Michlewitz and his Ways and Means counterpart, Sen. Michael Rodrigues, continue to negotiate about a fiscal 2024 spending bill that would steer more money toward the shelter system outside the annual budget process and implement some limits on stays. Asked if House debate on fiscal 2025 shelter spending would delay compromise on the fiscal 2024 shelter bill, Michlewitz said, "I gave up a long time ago on guessing when we're going to come to an exact agreement, what day it's going to be, but we're continually talking with our Senate counterparts right now." -END- 04/10/2024 Chris Lisinski By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 1 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used TOWN COUNCIL EXPENSES 6,000.00 - 4,343.00 - 4,343.00 1,657.00 72.4% TOTAL TOWN COUNCIL 6,000.00 - 4,343.00 - 4,343.00 1,657.00 72.4% TOWN ADMINISTRATOR PERSONAL SERVICES 584,802.00 38,458.08 237,177.09 - 237,177.09 347,624.91 40.6% EXPENSES 44,782.00 3,562.87 11,970.42 - 11,970.42 32,811.58 26.7% ENCUMBRANCES 18,599.88 - 17,821.76 - 17,821.76 778.12 95.8% TOTAL TOWN ADMINISTRATOR 648,183.88 42,020.95 266,969.27 - 266,969.27 381,214.61 41.2% FINANCE COMMITTEE EXPENSES 1,500.00 - 493.00 - 493.00 1,007.00 32.9% TOTAL FINANCE COMMITTEE 1,500.00 - 493.00 - 493.00 1,007.00 32.9% COMPTROLLER PERSONAL SERVICES 702,487.00 42,444.98 238,208.33 - 238,208.33 464,278.67 33.9% EXPENSES 85,800.00 937.59 16,516.99 58,750.00 75,266.99 10,533.01 87.7% ENCUMBRANCES 6,668.27 - 168.27 - 168.27 6,500.00 2.5% TOTAL COMPTROLLER 794,955.27 43,382.57 254,893.59 58,750.00 313,643.59 481,311.68 39.5% BOARD OF ASSESSORS PERSONAL SERVICES 368,198.00 28,527.54 171,165.18 - 171,165.18 197,032.82 46.5% EXPENSES 104,900.00 5,874.49 50,828.54 6,540.00 57,368.54 47,531.46 54.7% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL BOARD OF ASSESSORS 474,098.00 34,402.03 221,993.72 6,540.00 228,533.72 245,564.28 48.2% TREASURER/COLLECTOR PERSONAL SERVICES 442,959.00 29,708.59 178,251.60 - 178,251.60 264,707.40 40.2% EXPENSES 91,105.00 2,524.56 25,834.67 6,443.00 32,277.67 58,827.33 35.4% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL TREASURER/COLLECTOR 535,064.00 32,233.15 204,086.27 6,443.00 210,529.27 324,534.73 39.3% LEGAL SERVICES PERSONAL SERVICES 125,105.00 9,623.42 57,740.52 - 57,740.52 67,364.48 46.2% EXPENSES 60,000.00 19,945.52 36,711.56 - 36,711.56 23,288.44 61.2% ENCUMBRANCES 300.00 - - - - 300.00 -% TOTAL LEGAL SERVICES 185,405.00 29,568.94 94,452.08 - 94,452.08 90,952.92 50.9% HUMAN RESOURCES PERSONAL SERVICES 260,903.00 21,476.93 126,295.67 - 126,295.67 134,607.33 48.4% EXPENSES 38,650.00 1,217.28 15,684.45 - 15,684.45 22,965.55 40.6% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 2 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL HUMAN RESOURCES 300,553.00 22,694.21 141,980.12 - 141,980.12 158,572.88 47.2% INFORMATION TECHNOLOGY PERSONAL SERVICES 36,952.00 - - - - 36,952.00 -% EXPENSES 457,215.00 4,064.35 305,774.59 60,185.30 365,959.89 91,255.11 80.0% ENCUMBRANCES 3,607.93 - 2,607.93 - 2,607.93 1,000.00 72.3% TOTAL INFORMATION TECHNOLOGY 497,774.93 4,064.35 308,382.52 60,185.30 368,567.82 129,207.11 74.0% TOWN CLERK PERSONAL SERVICES 235,340.00 18,226.15 110,697.44 - 110,697.44 124,642.56 47.0% EXPENSES 20,850.00 308.91 6,976.73 - 6,976.73 13,873.27 33.5% ENCUMBRANCES 1,028.99 - 28.99 - 28.99 1,000.00 2.8% TOTAL TOWN CLERK 257,218.99 18,535.06 117,703.16 - 117,703.16 139,515.83 45.8% ELECTION & REGISTRATION PERSONAL SERVICES 19,480.00 - 10,912.07 - 10,912.07 8,567.93 56.0% EXPENSES 60,700.00 7,448.01 22,735.25 - 22,735.25 37,964.75 37.5% TOTAL ELECTION & REGISTRATION 80,180.00 7,448.01 33,647.32 - 33,647.32 46,532.68 42.0% ZONING BOARD OF APPEALS EXPENSES 9,000.00 614.53 1,423.55 - 1,423.55 7,576.45 15.8% ENCUMBRANCES 1,530.40 - 530.40 - 530.40 1,000.00 34.7% TOTAL ZONING BOARD OF APPEALS 10,530.40 614.53 1,953.95 - 1,953.95 8,576.45 18.6% PLANNING & GROWTH MGMT PERSONAL SERVICES 445,416.00 34,221.68 207,411.93 - 207,411.93 238,004.07 46.6% EXPENSES 32,300.00 385.84 7,136.77 - 7,136.77 25,163.23 22.1% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL PLANNING & GROWTH MGMT 478,716.00 34,607.52 214,548.70 - 214,548.70 264,167.30 44.8% AGRICULTURAL COMMISSION EXPENSES 1,000.00 - 180.68 - 180.68 819.32 18.1% TOTAL AGRICULTURAL COMMISSION 1,000.00 - 180.68 - 180.68 819.32 18.1% PUBLIC PROPERTY & BUILDINGS PERSONAL SERVICES 3,312,437.00 251,086.21 1,492,287.05 - 1,492,287.05 1,820,149.95 45.1% EXPENSES 5,172,200.00 480,525.68 2,478,610.26 288,753.57 2,767,363.83 2,404,836.17 53.5% ENCUMBRANCES 43,173.83 - 41,174.68 - 41,174.68 1,999.15 95.4% TOTAL PUBLIC PROPERTY & BUILDINGS 8,527,810.83 731,611.89 4,012,071.99 288,753.57 4,300,825.56 4,226,985.27 50.4% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 3 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used PURCHASING/CENTRAL SERVICES EXPENSES 161,000.00 8,846.13 42,521.48 4,840.29 47,361.77 113,638.23 29.4% ENCUMBRANCES 1,002.29 - 2.29 - 2.29 1,000.00 0.2% TOTAL PURCHASING/CENTRAL SERVICES 162,002.29 8,846.13 42,523.77 4,840.29 47,364.06 114,638.23 29.2% POLICE PERSONAL SERVICES 6,652,746.00 491,582.50 2,820,158.65 - 2,820,158.65 3,832,587.35 42.4% EXPENSES 332,331.00 21,543.88 167,474.43 11,458.11 178,932.54 153,398.46 53.8% ENCUMBRANCES 12,344.81 - 7,097.04 2,192.00 9,289.04 3,055.77 75.2% TOTAL POLICE 6,997,421.81 513,126.38 2,994,730.12 13,650.11 3,008,380.23 3,989,041.58 43.0% FIRE PERSONAL SERVICES 6,529,173.00 577,973.26 3,029,139.51 - 3,029,139.51 3,500,033.49 46.4% EXPENSES 654,000.00 58,022.11 306,715.71 130,320.01 437,035.72 216,964.28 66.8% ENCUMBRANCES 10,736.98 - 7,028.61 - 7,028.61 3,708.37 65.5% TOTAL FIRE 7,193,909.98 635,995.37 3,342,883.83 130,320.01 3,473,203.84 3,720,706.14 48.3% REGIONAL DISPATCH EXPENSES 958,670.00 - 719,002.51 - 719,002.51 239,667.49 75.0% TOTAL REGIONAL DISPATCH 958,670.00 - 719,002.51 - 719,002.51 239,667.49 75.0% INSPECTION DEPARTMENT PERSONAL SERVICES 432,336.00 26,252.15 133,613.01 - 133,613.01 298,722.99 30.9% EXPENSES 14,512.00 2,355.18 6,363.02 - 6,363.02 8,148.98 43.8% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL INSPECTION DEPARTMENT 447,848.00 28,607.33 139,976.03 - 139,976.03 307,871.97 31.3% ANIMAL CONTROL EXPENSES 92,700.00 - 44,143.61 - 44,143.61 48,556.39 47.6% TOTAL ANIMAL CONTROL 92,700.00 - 44,143.61 - 44,143.61 48,556.39 47.6% FRANKLIN PUBLIC SCHOOLS UNDEFINED 71,989,431.00 6,167,656.35 30,522,180.66 44,972,846.90 75,495,027.56 (3,505,596.56) 104.9% ENCUMBRANCES 212,198.79 269.19 93,798.78 - 93,798.78 118,400.01 44.2% TOTAL FRANKLIN PUBLIC SCHOOLS 72,201,629.79 6,167,925.54 30,615,979.44 44,972,846.90 75,588,826.34 (3,387,196.55) 104.7% TRI-COUNTY REGIONAL SCHOOL EXPENSES 2,674,447.00 222,870.50 1,560,093.50 - 1,560,093.50 1,114,353.50 58.3% TOTAL TRI-COUNTY REGIONAL SCHOOL 2,674,447.00 222,870.50 1,560,093.50 - 1,560,093.50 1,114,353.50 58.3% NORFOLK AGGIE VOC ED TUITION Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 4 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used SPECIAL PURPOSE 66,660.00 - - - - 66,660.00 -% TOTAL NORFOLK AGGIE VOC ED TUITION 66,660.00 - - - - 66,660.00 -% DEPARTMENT OF PUBLIC WORKS PERSONAL SERVICES 2,053,117.00 112,670.09 753,291.57 - 753,291.57 1,299,825.43 36.7% EXPENSES 3,956,651.00 142,064.24 1,263,259.61 1,241,891.15 2,505,150.76 1,451,500.24 63.3% ENCUMBRANCES 772,603.90 42,550.00 623,990.75 125,777.69 749,768.44 22,835.46 97.0% TOTAL DEPARTMENT OF PUBLIC WORKS 6,782,371.90 297,284.33 2,640,541.93 1,367,668.84 4,008,210.77 2,774,161.13 59.1% BOARD OF HEALTH PERSONAL SERVICES 294,711.00 22,675.28 132,959.74 - 132,959.74 161,751.26 45.1% EXPENSES 48,400.00 1,792.98 16,741.01 - 16,741.01 31,658.99 34.6% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL BOARD OF HEALTH 344,111.00 24,468.26 149,700.75 - 149,700.75 194,410.25 43.5% DISABILITY COMMISSION EXPENSES 1,000.00 - - - - 1,000.00 -% TOTAL DISABILITY COMMISSION 1,000.00 - - - - 1,000.00 -% COUNCIL ON AGING PERSONAL SERVICES 607,649.00 38,285.46 231,894.58 - 231,894.58 375,754.42 38.2% EXPENSES 33,100.00 2,191.16 9,950.59 - 9,950.59 23,149.41 30.1% TOTAL COUNCIL ON AGING 640,749.00 40,476.62 241,845.17 - 241,845.17 398,903.83 37.7% VETERANS SERVICES PERSONAL SERVICES 106,393.00 8,296.28 49,777.67 - 49,777.67 56,615.33 46.8% EXPENSES 11,115.00 269.98 919.32 - 919.32 10,195.68 8.3% OTHER PROGRAMS 165,000.00 10,230.30 50,647.10 - 50,647.10 114,352.90 30.7% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL VETERANS SERVICES 283,508.00 18,796.56 101,344.09 - 101,344.09 182,163.91 35.7% LIBRARY PERSONAL SERVICES 810,468.00 55,366.90 313,843.66 - 313,843.66 496,624.34 38.7% EXPENSES 282,000.00 15,614.54 167,902.36 46,672.97 214,575.33 67,424.67 76.1% TOTAL LIBRARY 1,092,468.00 70,981.44 481,746.02 46,672.97 528,418.99 564,049.01 48.4% RECREATION PERSONAL SERVICES 463,765.00 30,295.69 262,533.09 - 262,533.09 201,231.91 56.6% EXPENSES 277,000.00 15,444.94 158,224.40 14,531.45 172,755.85 104,244.15 62.4% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 5 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used TOTAL RECREATION 741,765.00 45,740.63 420,757.49 14,531.45 435,288.94 306,476.06 58.7% HISTORICAL MUSEUM PERSONAL SERVICES 73,928.00 4,489.22 22,745.31 - 22,745.31 51,182.69 30.8% EXPENSES 3,000.00 - - - - 3,000.00 -% TOTAL HISTORICAL MUSEUM 76,928.00 4,489.22 22,745.31 - 22,745.31 54,182.69 29.6% HISTORICAL COMMISSION EXPENSES 4,000.00 114.88 380.19 - 380.19 3,619.81 9.5% TOTAL HISTORICAL COMMISSION 4,000.00 114.88 380.19 - 380.19 3,619.81 9.5% CULTURAL COUNCIL EXPENSES 25,000.00 - - - - 25,000.00 -% TOTAL CULTURAL COUNCIL 25,000.00 - - - - 25,000.00 -% CULTURAL DISTRICT COMMITTEE EXPENSES 1,000.00 - 459.00 - 459.00 541.00 45.9% TOTAL CULTURAL DISTRICT COMMITTEE 1,000.00 - 459.00 - 459.00 541.00 45.9% DEBT SERVICE - PRINCIPAL EXPENSES 4,072,000.00 - 1,982,000.00 - 1,982,000.00 2,090,000.00 48.7% TOTAL DEBT SERVICE - PRINCIPAL 4,072,000.00 - 1,982,000.00 - 1,982,000.00 2,090,000.00 48.7% DEBT SERVICE - INTEREST EXPENSES 2,108,252.50 - 1,071,466.26 - 1,071,466.26 1,036,786.24 50.8% TOTAL DEBT SERVICE - INTEREST 2,108,252.50 - 1,071,466.26 - 1,071,466.26 1,036,786.24 50.8% STATE ASSESSMENTS & CHARGES UNDEFINED 6,829,731.00 583,092.00 3,429,556.00 - 3,429,556.00 3,400,175.00 50.2% TOTAL STATE ASSESSMENTS & CHARGES 6,829,731.00 583,092.00 3,429,556.00 - 3,429,556.00 3,400,175.00 50.2% COUNTY ASSESSMENTS & CHARGES UNDEFINED 255,963.00 - 127,981.68 - 127,981.68 127,981.32 50.0% TOTAL COUNTY ASSESSMENTS & CHARGES 255,963.00 - 127,981.68 - 127,981.68 127,981.32 50.0% EMPLOYEE BENEFITS EXPENSES 14,952,814.00 452,741.23 10,798,850.75 - 10,798,850.75 4,153,963.25 72.2% TOTAL EMPLOYEE BENEFITS 14,952,814.00 452,741.23 10,798,850.75 - 10,798,850.75 4,153,963.25 72.2% RISK MANAGEMENT EXPENSES 775,000.00 1,000.00 669,810.00 - 669,810.00 105,190.00 86.4% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 0100 GENERAL FUND December 2024 Page 6 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used ENCUMBRANCES 31,819.20 - 25,000.00 - 25,000.00 6,819.20 78.6% TOTAL RISK MANAGEMENT 806,819.20 1,000.00 694,810.00 - 694,810.00 112,009.20 86.1% TOWN WIDE CAPITAL IMPROVEMENTS CAPITAL IMPROVEMENTS 4,603,578.96 87,541.52 1,117,352.98 1,311,472.18 2,428,825.16 2,174,753.80 52.8% TOTAL TOWN WIDE CAPITAL IMPROVEMENTS 4,603,578.96 87,541.52 1,117,352.98 1,311,472.18 2,428,825.16 2,174,753.80 52.8% TOTAL GENERAL FUND 147,216,338.73 10,205,281.15 68,618,569.80 48,282,674.62 116,901,244.42 30,315,094.31 79.4% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 6000 WATER ENTERPRISE FUND December 2024 Page 7 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used WATER PERSONAL SERVICES 1,694,900.00 117,107.61 719,623.48 - 719,623.48 975,276.52 42.5% EXPENSES 2,446,045.00 134,652.24 767,490.07 894,302.95 1,661,793.02 784,251.98 67.9% ENCUMBRANCES 171,557.97 11,263.99 86,045.25 82,988.99 169,034.24 2,523.73 98.5% TOTAL WATER 4,312,502.97 263,023.84 1,573,158.80 977,291.94 2,550,450.74 1,762,052.23 59.1% DEBT SERVICE - PRINCIPAL EXPENSES 2,107,203.81 - 908,866.58 - 908,866.58 1,198,337.23 43.1% TOTAL DEBT SERVICE - PRINCIPAL 2,107,203.81 - 908,866.58 - 908,866.58 1,198,337.23 43.1% DEBT SERVICE - INTEREST EXPENSES 558,232.70 - 261,501.26 - 261,501.26 296,731.44 46.8% TOTAL DEBT SERVICE - INTEREST 558,232.70 - 261,501.26 - 261,501.26 296,731.44 46.8% TOWN WIDE CAPITAL IMPROVEMENTS CAPITAL IMPROVEMENTS 1,946,128.79 348,992.08 938,674.17 498,654.62 1,437,328.79 508,800.00 73.9% TOTAL TOWN WIDE CAPITAL IMPROVEMENTS 1,946,128.79 348,992.08 938,674.17 498,654.62 1,437,328.79 508,800.00 73.9% TRANSFERS TO/FROM OTHER FUNDS EXPENSES 677,000.00 - - - - 677,000.00 -% TOTAL TRANSFERS TO/FROM OTHER FUNDS 677,000.00 - - - - 677,000.00 -% TOTAL WATER ENTERPRISE FUND 9,601,068.27 612,015.92 3,682,200.81 1,475,946.56 5,158,147.37 4,442,920.90 53.7% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 6500 SEWER ENTERPRISE FUND December 2024 Page 8 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used SEWER PERSONAL SERVICES 935,104.00 74,915.32 476,439.36 - 476,439.36 458,664.64 51.0% EXPENSES 3,995,550.00 619,757.08 3,110,369.75 273,430.46 3,383,800.21 611,749.79 84.7% ENCUMBRANCES 44,389.71 - 32,179.00 10,000.00 42,179.00 2,210.71 95.0% TOTAL SEWER 4,975,043.71 694,672.40 3,618,988.11 283,430.46 3,902,418.57 1,072,625.14 78.4% DEBT SERVICE - PRINCIPAL EXPENSES 768,703.00 - 48,000.00 - 48,000.00 720,703.00 6.2% TOTAL DEBT SERVICE - PRINCIPAL 768,703.00 - 48,000.00 - 48,000.00 720,703.00 6.2% DEBT SERVICE - INTEREST EXPENSES 315,470.00 - 32,095.00 - 32,095.00 283,375.00 10.2% TOTAL DEBT SERVICE - INTEREST 315,470.00 - 32,095.00 - 32,095.00 283,375.00 10.2% TOWN WIDE CAPITAL IMPROVEMENTS CAPITAL IMPROVEMENTS 1,130,112.89 194,544.33 544,788.94 452,959.95 997,748.89 132,364.00 88.3% TOTAL TOWN WIDE CAPITAL IMPROVEMENTS 1,130,112.89 194,544.33 544,788.94 452,959.95 997,748.89 132,364.00 88.3% TRANSFERS TO/FROM OTHER FUNDS EXPENSES 538,000.00 - - - - 538,000.00 -% TOTAL TRANSFERS TO/FROM OTHER FUNDS 538,000.00 - - - - 538,000.00 -% TOTAL SEWER ENTERPRISE FUND 7,727,329.60 889,216.73 4,243,872.05 736,390.41 4,980,262.46 2,747,067.14 64.4% Including Encumbrances By Fund - Department - Sch A TOWN OF FRANKLIN 2/26/2024 YEAR TO DATE BUDGET REPORT - SUMMARY 8:42:03AM 6900 SOLID WASTE ENTERPRISE FUND December 2024 Page 9 of 9 Revised December Actual + Remaining % Fund Dept A Object Project Account Description Budget MTD Actual Actual Encumb. Encumb Balance Used SOLID WASTE PROGRAM PERSONAL SERVICES 132,806.00 10,542.72 63,379.63 - 63,379.63 69,426.37 47.7% EXPENSES 2,682,833.00 232,077.90 1,029,660.58 1,590,879.78 2,620,540.36 62,292.64 97.7% ENCUMBRANCES 1,000.00 - - - - 1,000.00 -% TOTAL SOLID WASTE PROGRAM 2,816,639.00 242,620.62 1,093,040.21 1,590,879.78 2,683,919.99 132,719.01 95.3% TRANSFERS TO/FROM OTHER FUNDS EXPENSES 115,000.00 - - - - 115,000.00 -% TOTAL TRANSFERS TO/FROM OTHER FUNDS 115,000.00 - - - - 115,000.00 -% TOTAL SOLID WASTE ENTERPRISE FUND 2,931,639.00 242,620.62 1,093,040.21 1,590,879.78 2,683,919.99 247,719.01 91.6% Including Encumbrances Date: April 11, 2024 To: Jamie Hellen, Amy Frigulietti, Chris Sandini From: Kerri Bertone Subject: Stabilization Fund Balance and Three (3) year Comparison Through February 29, 2024