Stabilization Account
It takes a 2/3 vote of TOWN MEETING to put money into a stabilization account.
It takes a 2/3 vote of TOWN MEETING to take money out of a stabilization account.
Stabilization fund balance
Inbox
x
Templeton, MA Advisory Board
May 21
to Kelli, Beverly, Jeff, me, Paul, Wilfred
Kelli,
Earlier in FY17 you had given the Advisory Committee a stabilization fund balance of $142,326.99 before the audits. The question being did the Stabilization fund balance change due to the audits? If it did change after the audits can you please provide the new balance in the fund to us.
Thank you
Wil
_________________________________________
Templeton, MA Advisory Board
May 31 (6 days ago)
to Cameron, Doug, Diane, John, Julie, Town, Kelli, Beverly, Jeff, me, Paul, Wilfred
Kelli,
This is a follow up to a request made on May 21 for the Stabilization Fund balance after the audit. Again the question is did the Stabilization fund balance change due to the audits? If it did change after the audits can you please provide the new balance in the fund to us or let us know if it stayed the same.
Thank You
Wil_________________________________________
townadministrator
2:35 PM (4 hours ago)
to MA, Kelli, Beverly, Jeff, me, Paul, Wilfred, Cameron, Doug, Diane, John, Julie
Good Day:
Per your request; the balances we now show, as a result of the audit(s) for the several stabilization funds are:
General Stabilization $95,334.28
Pajari Stabilization $9,263.90
Capital Stabilization $1,958.95
Total $106,557.13
Many Thanks
Carter Terenzini
Interim Town Administrator
Town of Templeton
160 Patriots Road
East Templeton, MA 01438
(978) 894-2753
Inbox
x
Templeton, MA Advisory Board
May 21
to Kelli, Beverly, Jeff, me, Paul, Wilfred
Kelli,
Earlier in FY17 you had given the Advisory Committee a stabilization fund balance of $142,326.99 before the audits. The question being did the Stabilization fund balance change due to the audits? If it did change after the audits can you please provide the new balance in the fund to us.
Thank you
Wil
_________________________________________
Templeton, MA Advisory Board
May 31 (6 days ago)
to Cameron, Doug, Diane, John, Julie, Town, Kelli, Beverly, Jeff, me, Paul, Wilfred
Kelli,
This is a follow up to a request made on May 21 for the Stabilization Fund balance after the audit. Again the question is did the Stabilization fund balance change due to the audits? If it did change after the audits can you please provide the new balance in the fund to us or let us know if it stayed the same.
Thank You
Wil_________________________________________
townadministrator
2:35 PM (4 hours ago)
to MA, Kelli, Beverly, Jeff, me, Paul, Wilfred, Cameron, Doug, Diane, John, Julie
Good Day:
Per your request; the balances we now show, as a result of the audit(s) for the several stabilization funds are:
General Stabilization $95,334.28
Pajari Stabilization $9,263.90
Capital Stabilization $1,958.95
Total $106,557.13
Many Thanks
Carter Terenzini
Interim Town Administrator
Town of Templeton
160 Patriots Road
East Templeton, MA 01438
(978) 894-2753
_______________________________________________________
When was the last TOWN MEETING that voted in a 2/3 majority to take money out of stabilization?
Why does this matter?
Oh, only a 25% reduction in our stabilization fund.........move along, nothing to see, it's all in the past...........
ReplyDeleteTempleton, MA Advisory Board??? Earlier in FY17 you had given the Advisory Committee.
ReplyDeleteI thought it was a committee.
So now we have lost 35,769.86 to stabilize an unstable situation if it arose.
So how did that vote feel Templeton? 2/3 of nothing is good enough when you spend 500k to find out what we should have known all along.
So just do what your told and we'll get through this?
Why does this matter?
I guess one question that comes to mind right off is, was it there and now gone, or was it ever actually in the account?
ReplyDeleteEither way leaves one scratching your head thinking of how much money was spent (multiple times) as it appears nobody in the numbers game in Templeton had any idea how much money was actually available anywhere!
How does money move from these accounts or is this the result of another commingling mess
Was it that found money ? Where did it go ? This is not funny !!
DeleteJust another shell game.
ReplyDeleteA lack of sufficient funds in stabilization may be problematic when trying to restore Templeton's Bond Rating.
Meanwhile the clock is ticking. The BOF signed the documents for a $5 MILLION dollar loan payable in 6 MONTHS which is December 1, 2017...without a bond rating in sight.
Policies, procedures and pins will not restore the Bond Rating.
Accurate accounting will help restore the bond rating but seems in short supply.
Why does this matter?
From the financial management letter:
"THE TOWN HAS FAILED TERRIBLY IN MANAGING ITS CAPITAL PROJECTS AND CORRESPONDING FUNDING:"
Management Letter p13, Tony Roselli, CPA April 25, 2017.
"We do not believe the current Treasurer or anyone in the Treasurer's office have the skill set necessary to financially manage the LARGEST PROJECT IN THE TOWN'S HISTORY..." Management Letter p.14, Tony Roselli, CPA April 25, 2017.
"CAPITAL PROJECTS have been mismanaged." Management Letter p.4, Tony Roselli, CPA April 25, 2017.
"Illegal interfund borrowings were used to fund annual operations in at least two years." Management Letter p.4, Tony Roselli, CPA April 25, 2017.
“ In addition, we determined that the budgets as recorded in the general ledger do not at all times match the Town Meeting votes, which served to only compound the challenges with monitoring the budget." Management Letter p.9, Tony Roselli, CPA April 25, 2017.
"This lack of consistent, strong leadership has severely impacted the Town's ability to operate financially at an optimum level; and this has directly impacted most of the Town's critical financial function. ...In fact, the Town has had four Town Accountants, three Treasurer/Collectors and three Town Administrators since 2012." Management Letter p.3, Tony Roselli, CPA April 25, 2017.
" Beginning in 2013 and continuing through fiscal year 2015, the process of budget monitoring was reckless and essentially nonexistent. In fact, the Town was unaware of these deficits until years later, especially for fiscal year 2013 and 2014 when the entire years' records were reconstructed." Management Letter p.9, Tony Roselli, CPA April 25, 2017.
Now I understand why our Accountant did not want to give Mr. Spring these numbers. Makes me wonder about the Cemetery Perpetual Care Accounts that have not been given to me, even though I asked for them twice. It is time the Advisory Committee asked nicely. Bev.
Delete