Thursday, June 29, 2017
Full Circle - Again!
Full Circle - Again!
The meeting with the representatives from the Department of Revenue went well.
A far cry from the last meeting on January 11, 2010:
regarding the DOR Financial Management Review .
Attending from the DOR were Sean Cronin, Zach Blake, MJ Handy, and Deb Wagner. Senator Gobi was in attendance as well.
Sean Cronin: "The DOR is here to help Templeton."
Templeton needs sound policies and procedures.
Templeton faces significant financial challenges.
It's not going to be easy.
We need to work together.
MJ Handy: Templeton has spent more than it has budgeted.
This should serve as a wakeup call.
DOR is committed to working with Templeton.
Reconciliations need to occur in a timely fashion.
Will free cash be certified for the Fall special town meeting?
Once the audit for FY 2017 is complete, then free cash should be certified shortly thereafter.
The shortfall of $212,000 can be handled with Free Cash after a special town meeting vote, once Free Cash is certified. If not, then the FY 18 budget will need to be cut by that amount.
Will the FY 2018 tax rate be set on time?
Right now, the FY 2018 tax rate is on track to be set on time.
Town departments can begin entering information right now the tax recapitulation sheet (recap).
Do monthly reconciliations include the Budget v. Actual?
Yes. They do.
Did the DOR know about the reduction in stabilization from $142,000 to $95,000?
No, they did not. But it is not unexpected due to the lack of accurate bookkeeping over the years to track the town meeting votes and post them accurately.
Does the Town need a bond rating to borrow for the elementary school project?
Yes. It does. The process for regaining a bond rating is underway.
The $5 million BAN for the Elementary school project can be spent only on redesign costs, not bids for construction and demolition.
The Templeton Advisory Committee has some policies in place to help the town regain its ability to borrow money.
The DOR will facilitate the arrangement of sharing a Town Manager/Administrator with Winchendon. A subcommittee will be working on that effort.
It was stated that the BoS and the DOR have been working on a "gantry" to address the financial issues outlined in the DOR letter from May 23, 2017.
This advisory committee member, Julie Farrell, eagerly awaits the new spirit cooperation between the selectmen and advisory committee. The possibility of receiving financial documents in a timely fashion is most welcome.
In this new spirit of cooperation, the selectboard will be voting at tonight's meeting to file open meeting law complaints against the Advisory Committee and asking for Advisory Committee members resignations (if the reporting in the Gardner News is accurate.)
Full circle - Again!