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Municipal advisers present fund-balance, debt and financing options as city plans a five-year forecast
Summary
MAS Financial and Davenport Financial presented a comprehensive financial review to New Franklin’s finance committee, reporting growth in fund balances, a minimal debt profile, and the need to plan for roughly $10–15 million of capital work that may require future borrowing.
New Franklin’s finance committee heard a comprehensive financial review from municipal advisers MAS Financial and Davenport Financial that laid out the city’s recent revenue gains, a low current debt load and options for financing future capital projects.
The advisers summarized five years of audited data and told the committee the city “has been able to more than double its fund balances,” a result the presenters attributed to income-tax and property-tax growth and federal COVID relief funds. They also said the city’s unassigned fund balance was about 10% of revenues in fiscal 2023 and that its available fund balance (unassigned plus assigned/committed) was roughly 30% of revenues in that year.
The presentation’s nut graf: those savings have improved the city’s fiscal standing but, measured against a peer group of Ohio cities and typical rating-agency…
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