So last year when Templeton free cash dropped, the message from the corner office was it is a result from good budget execution. I just checked the division local service web page, Templeton free cash listed at $868,008.00. Must have been some poor budget management because free cash increased by over 190 thousand dollars.
In part they did so by violating Financial Management Policy A-1 regarding Budgeting practices;
ReplyDeleteThe Town will not use budgetary procedures that balance the budget at the expense of future years,
such as postponing or deferring payment of expenses already incurred, accruing future year
revenues, or rolling over short-term debt to avoid making principal payments.
The Town will not balance the budget by using one-time or other nonrecurring revenues to fund
ongoing expenditures, except in the event of an emergency or extraordinary or unforeseen events.
If extraordinary or unforeseen events necessitate a budget in which current revenues are less than
current expenditures, and which thus relies one-time revenues to balance, the Board and the Town
Administrator shall provide along with the budget a plan to return to a structurally balanced budget
in no more than three years.
The Town Administrator and Fire Chief delayed the purchase of the Tanker truck from fy24 to fy25 which was $97,789.78 thus adding $97,789.78 to this year's free cash and reducing the need for $97,789.78 in the fy25 budget for year 2 of said contract.
Now because they've absorbed the previous Engine lease payment of $92,500 into the General Fund, miraculously they forget the plan was to continue to use those monies to fund future large fire vehicles but Adam and Mike's budget didn't cover them,
Then we are still planning to use free cash to cover regular usual expenses like Revaluation $ 20,000 per year. Then we have MS4 for $30,000, Tax Title for $15,000. I'm sure you get the idea.
Just thought someone should know.