FM: Jeff Bennett
Thu 9/21/2023 8:12 AM
Looking at work sheet for free cash from DLS/DOR, one can see Templeton undesignated fund balance began at $1,502,631.00 and after all deficits, receivables and overdrawn accounts were subtracted (paid out of free cash/undesignated fund balance) the town ends up with net free cash of $674,546.00. If the town administrator thinks that is good budgeting, I would hate to see what he considers bad budgeting. Poor money management cost residents a bit over 800 thousand dollars. Nice job everyone.
Jeff Bennett
So how does $674,546.00 in Free Cash stack up.
ReplyDelete674,546.00 x 67%= $451,946.00
-$200,000 for Snow and Ice
-$65,000 for police cruiser (2023 skipped cruiser purchase)
-$75,000 ATM operating budget amendments
-$90,000 Tanker Lease
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$430,000 required to cover needs, expenses
$11,946 remaining for all the rolling stock. This is when we'll start to see employees leave. Bob S was bitching this year about being very short on rolling stock and equipment and what do you think this does to his plans.
Do you think the Police are going to think retaining the ARPA position is going to happen? Will the replacement car program be scrapped next year as we are out of funds and no 2024 cruiser.
Mike is going to try and say its better budgeting, but He has no source on revenue only more expenses. One time funds kill budgets when used poorly as in funding positions you plan to maintain.
Maybe we should do an inventory since we may need to sell over stocked department equipment huh Dave?
Realized this might need some explanation.
ReplyDelete674,546.00 x 67%= $451,946.00
The 67% in the above equation denotes the "new" number the Town Administrator wants as working capital from Free cash. Why does He need more?
If you think about it. The TA wants more money for things like Snow and Ice ( even though He controls whats put into snow and ice within budget) Then things like "Operating budget amendments" which again is under his control.
Lastly He wants it for Capital. You guessed it, He doesn't budget for capital and relies on ""excess revenue". The "if we have it money" is what our Capital program is based on.............
Bob S was stating last year he was short on equipment and this year is going to be far shorter from what I see.
Are they going to be digging deeper into ARPA funds to fund regular operating expenses..........
Are they going to be digging into the General Stabilization account now or at ATM..........
Notice that on the Draft Town Meeting Warrant the TA has $140,000 listed as the amount going into Stabilization. This, even though the NEW bylaw change on the same warrant shows it is, 32.5% of Free Cash divided among various stabilization accounts.
ReplyDelete$674,546(free cash) x 32.5%(FMP guide)= $219,227. Notice to that the Draft was downloaded to the Agenda documents of Selectboard Meeting for 9/27/23 after the TA knew what actual FREE Cash would be.
How did the TA come up with 20.75% of Free Cash as the total going into Stabilization accounts leaving "working Capital" ( under TA control)with ......hmmmm, let's see.....$534,546 or 79.25% of Free Cash.
I suspect we are due for another bylaw Change................lol It's the only thing that gets eliminated in Templeton, Policies and Procedure, maybe a few bylaws......