| Bottom line:
Interest rates are rock bottom really low. Everybody is borrowing.
Framingham has borrowed $28 million per year for the last eight years.
Given its high expenditure rate, Framingham cannot possibly
pay this level of
In fact, Framingham will continue to borrow and borrow. Please note future annual OPEB costs of $22 million. When does this kick in? We are generating cross-generational debt. We borrow it. Your kids or the illegals all pay it back. Maybe? What a great country we live in. We borrow now, they pay later. Good luck with this program. Sustainability at current tax rates? I think not.
The public sector unions (teachers being the biggest) will
use their union dues to
Remember, they get the benefits of any overrides . |
Annual Framingham revenues 2015 | |
|---|---|
| Fund | Revenues |
| General Fund 2015 | 241 million |
| Enterprise Fund 2015 | 42 million |
| Total Income | 283 million |
| Future ANNUAL OPEB costs: $ 22 million | |
Assorted Debts And Liabilities | |
| Inside the debt limit ($360 million max) | 98 million |
| Outside debt limit, authorized and issued | 81 million |
| Outside debt limit, authorized but not issued | 164 million |
| Short term debt | 40 million |
| Total debts | 383 million |
Borrowing Limits | |
| Borrowing limit inside the debt limit is | 360 million |
| How much more can we borrow (inside the debt limit)? | 262 million |
| Borrowing limit outside the debt limit is | The Sky |
Unfunded Liabilities | |
| OPEB unfunded liabilities | 288 million |
| Retirement unfunded liabilities | 110 million |
| Total Unfunded Liabilities | 388 million |
| Total Debts And Unfunded Liabilities | 771 million |
Pie In The Sky Project Costs | |
| Wanted by Halpin for new schools/roofs | 300 million |
| Wanted by Halpin for a new Town Hall | 25 million |
| Wanted by Halpin for the Athenaeum | 3 million |
| Wanted by Tully for a golf course | 5.5 million |
| Wanted by Selectmen for Boys and Girls club | 0.24 million |
| Total Pie In The Sky Costs | 333.74 million |
| Total Debts, Liabilities, and Pie In The Sky | 1,104.5 million |
|
A billion here, a billion there and soon we're talking serious money.
Framingham debt within the debt limit is restricted by MGL 44 Section 10 ( debt limit ) . Framingham's borrowing capacity is limited to five percent of the total townwide assessments ($7.5 billion). Framingham's borrowing capacity is about $360 million. The town seems to have a bylaw that states that we cannot spend more than 5% of the General Fund budget on debts costs but I am not sure. All this construction we see going on in Framingham is being financed by debt. We are borrowing $28 million per year. |
| Compiled from the town's annual reports | |
| 2015 General Fund debt service costs | 11.7 million |
| 2015 Enterprise Fund debt service costs | 11.7 million |
Long term debt inside limit | |
| 2007 | 26 million |
| 2014 | 99 million |
| 2015 | 98 million |
Long term debt outside debt limit
| |
| 2007 | 41 million |
| 2014 | 68 million |
| 2015 | 81 million |
Long term debt outside debt limit
| |
| 2007 | 24 million |
| 2014 | 139 million |
| 2015 | 164 million |
Short term debt | |
| 2007 | |
| 2014 | 48 million |
| 2015 | 40 million |
| 2007 | 26 + 41 + 24 = 91 million |
| 2014 | 99 + 68 + 139 = 306 million |
| 2015 | 98 + 81 + 164 = 343 million |
| Amount borrowed between 2007 and 2014 = 306 - 91 = $ 215 million | |
| Amount borrowed between 2007 and 2015 = 343 - 91 = $ 252 million | |
| Average amount borrowed each year: 252 / 9 = $ 28 million | |
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