Why is it so hard to follow a simple policy?
Policy states take 15% of free cash, take 10% of free cash, take 5% of free cash and place those dollars into various reserve funds of the town of Templeton.
Templeton Financial Management policy, page 8.
According to MA division of local service, Templeton free cash available for FY23, which is funds from FY22 is $1,168,088.
My percentage calculator (you can find one online easy enough) shows the following:
OPEX 15% of $1,168,088.00 = $175,213.20
CAPEX 10% of $1,168,088.00 = $116,808.80
INFRASTRUCTURE 10% of $1,168,088.00 = $116,808.80
OPEB 5% of $1,168,088.00= $ 58,404.40
So, where do the dollar figures on the proposed special town meeting warrant come from?
OPEX at $87,500.00
CAPEX at $57,500.00
Infrastructure at $57,500.00
OPEB at $28,750.00.
It simply does not add up, except for not following policy, which ifone is not going to follow, shred it.
B-1 Free Cash
ReplyDeletePolicy:
The Town of Templeton will continue to avoid using free cash to fund the operating budget, except
in the event of an emergency or extraordinary or unforeseen events as described in A-1 above.
The Town will endeavor to annually generate free cash of 5 percent of the prior year’s omnibus
operating budget.
The Town will strive to have its free cash certified in time for use at its Fall Town Meeting. Free
Cash may be used for certain one-time expenditures, such as major capital projects, emergencies, �
8
other unanticipated expenditures and deficits (i.e., snow & ice) or to replenish other reserves. Free
cash shall not be depleted in any year, so that the following year's calculation will begin with a
positive balance.
Upon certification of the Town's free cash, the Town Administrator shall prepare a plan of its use
to guide the expenditure of free cash. The Town Administrator shall make contributions to the
following funds by the percentages indicated, subject to rounding factors, used for contributions
to reserves as well as working capital and other town needs for the balance of the fiscal year,
provided that it shall be available for appropriation for capital needs at the annual town meeting,
as follows:
60% Reserved for Working Capital and other town needs
15% Transferred to the General Stabilization Fund
10% Transferred to the Capital Stabilization Fund
10% Transferred to the Infrastructure Stabilization Fund
5% Transferred to the OPEB reserve.
How many times has this one section been adjusted after it was pointed out that the TA or Selectboard did not follow or care to?
I was reasonably sure the TA could follow it this year seeing as He created the change after being unwilling or able to follow it last yr and it was Carter Before Him............
It's the Job of the Selectboard to insure that the TA follow their Policy. It's obvious they, the Selectman are complete failures in this regard.
So Adam can take $584,000 right off the table under their noses and guess what.............crickets.
I dare say not one of the Selectman other than Mr. Bennett even knows the FMP or were to find it..........lol
And not one other selectman will look it up !
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