Sunday, June 24, 2018

Some more Templeton information that you may not know.

Well, perhaps our crack financial team might?

From Tony Roselli

To Mary Carney and Templeton treasurer, accountant, T/A,

subject: draft Preliminary Official Statement (POS)

1. page 21 - change $1,939,512.00 to $1,179,268.00 - the deficits need to be netted against the unrestricted to get a net unassigned balance.

2. page 35 - there is no 2013 balance sheet presented. This needs to be included.

3. page 31 - those unassigned fund balances listed needed to be netted down for deficits (see comment 1 above)

4. page 38-39 - Not sure where the OPEB #s come from, but I informed Carter they were in accurate IMO so I can't stand by their validity. Town has never recognized OPEB ever and nobody at Town truly knows how to use the APOBEC model; I tried lining up the numbers with similar communities we audit and they are not close; we qualified the financial statements saying there was no OPEB, only light & water have it done so including this will contradict what's in the financial statements.

Hope that gives everyone a nice warm fuzzy feeling. Remember the words of the accountant, now we have good numbers. (after the 2013 to 2016 audits were completed and presented.
April 5, 2017 at 3:54 P.M., Town Administrator write;

MSBA wants to come out for a "small" meeting. I do not have a time yet.
It is imperative that we keep them in the fold (their patience wears thinner) Also, Mary C. has to have a solid number to borrow. If we go for the $5 million and then MSBA pulls out, I'm sitting on a pile of cash and nothing I can do with it. (I think he means the Town is stuck with it)

Included in the loop is Chris Casavant, superintendent of schools (for Town borrowing) but not the Town's finance committee - so much for transparency, inclusion and good governance.

Senator Gobi, Town Auditor, school superintendent but not the Town finance committee. I wonder if the selectmen will pull out all the stops and use all of these contacts to help the taxpayers of Laurel View Road, you know, some of the people paying for that big project.

Forget spending some of those taxpayers money on town counsel and just use already paid for services or people, like senator Gobi and the DOR, find a solution and help those taxpayers out.

Come on selectmen, do not work against the residents/taxpayers, work for them and with them, get the road repaired and accepted and move on.  24 homeowners filing suit against the Town is not a glowing endorsement for economic investment or business to move to Templeton; is that how they treat taxpayers (that is what a business is in the end, a taxpayer).
Began reading some emails and some material received via the mail (thanks justsmartenough) and after the first few pages, it is a wow!

email from Templeton town administrator too Henry Kahn from April 2017.

"The senator and I played a bit of tag (I owed her the follow-up) concerning a possible pull out by MSBA. In addition to the wrinkle of getting our FY 2017 books settled, we stand a very real chance of losing the MSBA $$s if we can't get started. Over borrowing in the initial phase will present very real problems as well.

Over borrowing, wonder if that is like taking out a larger mortgage than you can really afford, which causes you financial issues down the road (like losing your home, maybe twice)

In many of these emails concerning financial moves mostly related to the school, there is the inclusion of the Town Auditor; seems to show our great financial team is perhaps just window dressing actually being backed up by the firm of Roselli, Clark and associates, CPAs (who just received a five year contract with the Town; payment for services rendered? Just a thought that should give you a warm fuzzy feeling.

Another email from Mary Carney of Southwest financial (division of Hilltop Securities):
Attached you will find a tentative financing schedule for the school BAN's. Please review and let me know if there are any conflicts. The most important date is April 24, 2017 selectmen's meeting date. There must be a majority of selectmen, the treasurer, the Town Clerk and the Clerk of the BOS in attendance at the meeting to execute to closing documents. The posted agenda for the meeting should include an item titled "Approval of the award of the notes." We expect to issue $5,000,000.00 Bond Anticipation Notes - $500,000.00 against articles 6 & 2 of March 29, 2014 Town Meeting as amended at the March 21, 2016 Town Meeting (special town meeting) and $4,500,000.00 against article 1 od the November 9, 2015 special town meeting for the school feasibility study and elementary school construction. Let me know if you have questions.

funny thing is Templeton town administrator, treasurer, town accountant Tony Roselli and Megan Hyland were CC but not the Town Clerk.

Templeton, Massachusetts tentative financing schedule;
General obligation Bond Anticipation Notes dated April 28, 2017

April 5, 2017 - Tentative financing schedule & draft of preliminary official statement (POS) sent to Town for review and minor updates (who did the review, as the finance team lacks experience/knowledge of municipal borrowing)

April 6, 2017 - First Southwest sends POS to bond counsel for review

April 7, 2017 - Last day for Town to provide POS updates and satisfy legal requirements.

April 13, 2017 - Distribute BAN POS.

April 20, 2017 - Competitive bids received on BANs.

April 24, 2017 - Board of Selectmen meeting to approve and sign BANs and closing documents (to be confirmed)

April 25, 2017 - Executed Bond paperwork must be returned to First Southwest.

April 28, 2017 - Dated and delivery date of BANs.