Today I received a copy of the November monthly finance report from accountant via a records request to the town records access officer.
Looking at page 7 of report, balance of infrastructure stabilization fund shows $158,908.47. Comparing this balance to October monthly finance report, on page 7, shown as $113,908.47.
Next, looked over report of November special town meeting; article 13 "On a motion duly made and seconded the Town voted to transfer the sum of Sixty Five Thousand Dollars ($65,000) from the Infrastructure Stabilization Fund, " then looking at article 20 of same special town meeting, n a motion duly made and seconded the Town voted to appropriate the sum of One Hundred Forty Seven Thousand Five Hundred Dollars and No Cents ($147,500.00) to make deposits into its Operations (OPEX), Capital (CAPEX) and Infrastructure stabilization accounts and the OPEB reserve account as follows: OPEX $35,000 CAPEX $45,000 Infrastructure $45,000 OPEB $22,500.
recap: infrastructure stabilization fund balance as of October 31, 2023 - $113,908.47 - $65,000.00 (article 13 STM) =$48,908.47 + $45,000.00 (article 20 STM) = $93,908.47. November monthly expenditure report a special article for Royalston road title work at $65,000.00. My question is why does the infrastructure balance show $158,908.47 if the $65,000.00 has been set aside, as in transferred to a separate account?
So, is my calculator broke? Is this Templeton math? Is this a new way to report town finance? A keying error?
Sloppy bookkeeping. Shame on BoS.
ReplyDeleteSo they have extra money listed in General Fund even though the General Fund is being spent down fast.
ReplyDelete5 months into the year Templeton should be at 41.5% of GF expenditures, but Templeton is now running at 45.84% with bad math probably bringing that expense up to 46%.
In fy 22 and FY 23 we showed expenditures of 48% and 50% at the end of the 2nd qtrs in those years.........
Last years General Fund average actual monthly expenditure was 7.98%. This year is looking like this so far. 8.3% would be a normal months spending average and Templeton is running at 9.16% per month. This does not work. Last year we made it thru the year with 4.26% remaining in the General Fund. Lets do a little math.
45.84% + 8.3%(12 mo average) = 54.14% (with 9.16% per mo its 54.9%) is anticipated 2 qtr number based on present figure plus average monthly cost as %.
fy 22 2nd qtr = 49.51%
fy 23 2nd qtr = 50.05%
fy 24 2nd qtr = 54.14%-54.9% ( potential at present rate)
I only point this out to say that even without Snow and Ice we are running at a rate that wipes out free cash.................be aware.
If we had a certified accountant that worked in town ,we could probably get some real time answers
ReplyDeletePay your taxes so Town Hall can be closed Thursday - Monday for Christmas. 5 day weekend for all those award-winning employees. They "pooled" their time off and closed the office.
ReplyDeleteThey work about as many days as a teacher during the year...............getting close to or just below half the year I believe......somewhere between 160-180 days per yr rings a bell from last time I did the count.
ReplyDeleteIf they pushed for a 3 day work week who and what would stop it?
Templeton Town Hall open 4 days per week.
ReplyDelete4 X 52 weeks = 208 days
14 holidays per personnel policy + 3 personal days + vacation.
6 months = 1 week
18 months =2 weeks
5 years = 3 weeks
10 years = 4 weeks
15 years = 5 weeks
20 years = 1 additional day for every year over 20.
Most town hall employees probably on 180 days per year.