FM #1311 - Franklin, MA: Finance Cmte Mtg - 11/06/24

Franklin Matters Radio

This session of the radio show shares the Town of Franklin Finance Committee Meeting held on Wednesday, Nov 6, 2024. 7 of the 9 members were present in the Council Chambers and 2 members absent (Batchelor, Hamilton).

Quick Recap:

• Committee voted to keep the same org structure as prior given status and new members, etc. Conley, Chair, Riley, Vice-Chair, Corbesierio, Clerk (passed 7-0-2; 2 absent)
• Committee approved the minutes for the 3 budget hearings in May (passed 7-0-2; 2 absent)
• Town Administrator Jamie Hellen walked through the recommendation on FY25 Budget Adjustments and the committee voted to recommend them as discussed to the Town Council (passed 7-0-2; 2 absent)
• Jamie took time to outline the new Town and School Finance and Human Resources organization restructure, a work in progress for a number of years and finally operational, answered a number of clarification questions
• Jamie also presented the FY24 Preliminary Expense Recap & Local Receipts year-end report and the Stabilization Account Report and answered a number of clarification questions
• Brief update on the FY26 Budget Model and Fiscal Forecast Update, discussion around dodging a massive increase in the Norfolk County Retirement Fund, procedurally the Retirement Board should have bene more forthcoming about the increase, they weren't, still an item to watch
• Related to the retirement funding, it had been anticipated that once it was fully funded (approx. 2032, now 2035), those funds could be reallocated to the OPEB account and start paying that down more sooner. Confirmed delayed to 2035 currently
• As a result of the OPEB funding process, why doesn't the Town consider helping the Schools with the "hold harmless" funding. Can't be done all at once, it is about 12-15 Million, but the town is chipping away at OPEB, we should consider chipping away at the "hold harmless" too
• member comments lead to discussion (and future discussion) around how the committee can help raise the awareness of the community on the fiscal issues. More to come on that front

The meeting runs about 1 hour & 50 minutes. Let’s listen to the Finance Cmte meeting Nov 6, 2024.

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The Finance Cmte agenda can be found -> https://www.franklinma.gov/sites/g/files/vyhlif10036/f/agendas/2024-11-06_finance_committee_agenda_packet.pdf

Franklin TV video -> https://www.youtube.com/live/ejPhlcZs29g?si=otfRPnwkBa6Yta-B&t=158

My notes collected in a Twitter thread PDF ->

https://drive.google.com/file/d/1nZYVtQx2ljoXcuxpA78ltwoeWgRxKIlB/view?usp=drive_link

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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!

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