Category Archives: Financial

Medfield awarded state cultural planning grant

The town received a notice this week that it had been awarded a state planning grant for developing a cultural arts facility at the former Medfield State Hospital site. A rendering of one possibility is shown below.

This from Jean Mineo –

DBVW Architrects-cultural arts center

Medfield has been awarded a $30,000 planning grant from the Massachusetts Cultural Facilities Fund, a state program that fosters the growth of the creative economy by supporting building projects in the nonprofit arts, humanities and sciences. Medfield received one of 35 planning grants across the state. The grants require a 1:1 match. There were also 63 capital grants for a total of $9.3 million in awards that will generate at least another $9.3 million in private investment in cultural facilities.

The Town approved $25,000 toward the required grant match at the Annual Town Meeting last week. The Cultural Alliance of Medfield has committed to raising the balance for the $115,000 project to complete schematics and apply for historic tax credits. If you’d like to help, you can make a donation at their website www.MedfieldCulture.org or read more about their exciting plans on their link to the Medfield State Hospital. Contact Jean Mineo at 617-877-5158 or JeanMineo@aol.com with any questions.

To see the grants:
http://www.massculturalcouncil.org/facilities/facilities_fundinglist.htm#Boston

 

Senate budget recommendations out

The Massachusetts Senate has issued its budget recommendations, which this year are lower that the House numbers (usually they are higher from my memory).  Unfortunately for Medfield, state revenue sharing with cities and towns continues on a downward trajectory, so that more of municipal costs msut be paid for off our property taxes.  This alert this afternoon from the Massachusetts Municipal Association with its summary –

MMA-2

SENATE BUDGET COMMITTEE FILES $41.4 B FY19 STATE BUDGET THAT ADDS MUNICIPAL AND SCHOOL AID

• INCLUDES THE FULL $37M INCREASE IN UNRESTRICTED MUNICIPAL AID (UGGA)

• INCREASES CHAPTER 70 BY $148M TO FUND MINIMUM AID AT $30 PER STUDENT

• ADDS $38M FOR SPECIAL EDUCATION CIRCUIT BREAKER

• ADDS $20M FOR CHARTER SCHOOL IMPACT PAYMENTS

• ADDS $1.7 MILLION FOR PILOT PAYMENTS TO ENSURE NO FY19 AID LOSS

May 10, 2018

Dear Osler Peterson,

Earlier today, the Senate Ways & Means Committee reported out a $41.4 billion FY19 state budget plan to increase overall state expenditures by 3 percent. The SW&M plan is $61 million more than the budget filed by the Governor in January and $97 million less than the budget voted by the House last month. The full Senate will debate the FY19 spending plan starting May 22.

S. 4, the S W&M budget bill, provides significant progress on many important local priorities, including the full $37 million increase in Unrestricted General Government Aid that the Governor proposed and cities and towns are counting on. The SW&M budget would increase funding for other major aid programs by adding $38 million for the Special Education Circuit Breaker, adding $20 million for charter school impact mitigation payments, adding $1 million to Regional School Transportation, and increasing Chapter 70 aid by $148 million more than the FY18 level.

Please Click this Link Now to See the Chapter 70 and Unrestricted Municipal Aid Numbers for Your Community

Later Today or Early Tomorrow – Click on this Link to See Your Community’s Local Aid and Preliminary Cherry Sheet Numbers in the House Ways & Means Budget, as Posted by the Division of Local Services

$37.2 MILLION INCREASE IN UNRESTRICTED MUNICIPAL AID

In a continuing good news story for cities and towns, the SW&M budget plan would provide $1.1 billion for UGGA, a $37.2 million increase over current funding – the same increase proposed by Governor Baker and voted by the House. The $37.2 million would increase UGGA funding by 3.5 percent, which matches the projected growth in state tax collections next year. Every city and town would see their UGGA funding increase by 3.5 percent.

SW&M BUDGET BUILDS ON PROGRESS IN HOUSE BUDGET, WITH $23.5M MORE FOR CHAPTER 70 ($44.1M MORE THAN GOV’S BUDGET), MINIMUM AID WOULD MATCH HOUSE’S $30 PER STUDENT

The Senate budget committee is proposing to increase Chapter 70 education aid by $147.7 million above current fiscal 2018 levels. This is $44.1 million higher than the increase in the Governor’s recommendation, and $23.5 million more than the budget passed by the House in April), with a provision that every city, town and school district receive an increase of at least $30 per student (compared to the $20-per-student amount in the Governor’s budget). The SW&M budget would continue to implement the target share provisions enacted in 2006 and would do so on a more accelerated schedule than proposed by the Governor and voted by the House. Further, the SW&M proposal would build on formula changes proposed by Governor and voted by the House to start addressing shortfalls in the foundation budget framework, by increasing the cost factors for school employee health benefits and for English Language Learners (ELL).

Please ask your Legislators to support a funding increase for Chapter 70 school aid that ensures that all schools receive a suitable and appropriate increase in fiscal 2019, which the MMA targets at $100 per student. The MMA also strongly supports implementation of all of the recommendations of the Foundation Budget Review Commission to update the Chapter 70 “foundation budget” minimum spending standards for special education and employee health insurance, and to add to the spending standard a measure of recognition for the cost of services for low-income, English Language Learner (ELL) and other students who would benefit from more intensive services. The Commission recommended phasing in the changes over a four-year period, a position the MMA supports as well. Increasing minimum aid and fixing the inadequacies in the foundation formula are essential.

$37.7 MILLION INCREASE FOR SPECIAL EDUCATION CIRCUIT BREAKER

In S. 4, Senate leaders have made clear that they support increased funding for the Special Education Circuit Breaker program with the intent to reach full funding next year. The SW&M plan would provide $318.9 million, a $27.7 million increase above the Governor’s proposed FY19 level of $291.1 million, and $37.7 million more than the $281.2 million FY18 level. This is a vital program that every city, town and school district relies on to fund state-mandated services.

ADDS $1 MILLION TO REGIONAL SCHOOL TRANSPORTATION

The Senate Ways and Means Committee budget would add $1 million to bring regional transportation reimbursements up to $62.5 million. The MMA will work to continue building on this increase to get to full funding.

CHARTER SCHOOL REIMBURSEMENTS WOULD BE FUNDED AT $100 MILLION

The SW&M budget would provide $100 million to cover charter school impact mitigation payments, compared to the Governor’s recommendation to level fund the program at $80.5 million and the House plan to increase funding to $90 million. While the SW&M increase is certainly welcome and appreciated, both legislative proposals remain below the amount necessary to fully fund the statutory formula that was originally established to offset a portion of the funding that communities are required to transfer to charter schools. The FY18 funding level is currently $73.4 million below what is necessary to fund the reimbursement formula that is written into state law. An expanding shortfall would lead to the continued and growing diversion of Chapter 70 funds away from municipally operated school districts, and place greater strain on the districts that serve 96 percent of public school children. Solving the charter school funding problem must be a major priority during the budget debate.

PAYMENTS-IN-LIEU-OF-TAXES (PILOT), LIBRARY AID ACCOUNTS, METCO, AND SHANNON ANTI-GANG GRANTS

The Senate budget committee’s proposal would increase PILOT payments by $1.7 million to ensure that no city or town loses PILOT aid next year, add $540,000 to library grant programs, add $500,000 to METCO, and level fund McKinney-Vento reimbursements at $8.1 million.The SW&M budget would level fund Shannon Anti-Gang Grants at $6 million.

Please Call Your Senator Today to Thank Them for the Local Aid Investments in the Senate Ways and Means Committee Budget – Which Increases Direct Municipal and School Aid Accounts by More Than the Governor’s Budget

Please Explain How the Senate Ways and Means Budget Impacts Your Community, and Ask Your Senators to Build on this Progress During Budget Debate in the Senate

Thank You!

Override election is June 11

This was the start of night two of the annual town meeting (ATM) – more residents did show up, but it was still a much smaller crowd than night one.  I ballparked the attendance on night one at about 900.

  • YES
    • ALS – $250K per year
    • Municipal Stabilization Fund to maintain town buildings – $1m. per year
    • Dale Street School feasibility study for MSBA – $1m. (funded from the above monies)
    • Medfield Park & Recreation Commission site planning – $150K
    • Medfield Cultural Alliance matching grant for Cultural Center at former Medfield State Hospital site – $25K
  • NO
    • Council on Aging expansion money – $150K

Given all the votes, taxes will be up about 10%.

20180501_193456.jpg

This posted by the Carol Mayer, Town Clerk –

Town Clerk

Posted on: May 2, 2018

SPECIAL TOWN ELECTION 6/11/2018

If not already registered, the deadline is Tuesday, May 22nd. The Town Clerk’s office will be open 8:30 AM – 8:00 PM. You can check your registration status on line at
http://www.sec.state.ma.us >ELECTIONS AND VOTING

School Committee office hours 7PM tomorrow

From Anna Mae O’Shea Brooke –

library sign

Because of the upcoming override and the questions that the citizens of Medfield may have, we are offering another option for School Committee Office Hours this week:
 
– Newly added: Tuesday, April 24 from 7-8pm in the conference room at the Medfield Public Library
 
Wednesday, April 25 from 9-10am at Dale Street School

MMA on House budget

This alert came today from the Massachusetts Municipal Association about the areas needing protection by our legislators in the House budget negotiations this coming week.  I did email both our representatives to ask that they follow the Massachusetts Municipal Association recommendations.

MMA-2

House to Start FY19 State Budget Debate on Monday

 

Representatives to Decide on Many Municipal and School Amendments

Please Oppose Costly Health Insurance Amendments

 

Please Call Your Representatives Today

 

April 20, 2018

 

Dear Osler Peterson,

 

This coming Monday, April 23, the House is scheduled to start debate on the fiscal 2019 state budget. House members will take up the 1,400 amendments that were filed by the deadline last Friday, including dozens related to municipal and school aid accounts, and many on important policy issues that affect local government. Debate is expected to wrap up by the end of the week.

 

The MMA has sent a detailed letter to all House members, taking a position on the major local government amendments. The House Ways and Means budget (H. 4400) and the proposed amendments can be found on the Legislature’s website.

 

Please Click Here for a Copy of MMA’s Budget Letter on House Amendments

 

Please review the MMA’s House budget letter, and call your Representatives to let them know how these amendments would impact you. This is the best time to influence their support for the issues and amendments that matter most. Please call on them to support amendments that would fully fund state obligations, such as the special education “circuit breaker” and charter school reimbursements, and oppose amendments that would pre-empt local decision-making in the area of health insurance.

 

This is a quick reference to amendments covered in the MMA letter.

 

Municipal Aid

Support for: Payment-in-Lieu-of-Taxes (#830), Shannon Anti-Gang Grants (#40), Planning Grants (#282 and #731), and Public Libraries (#1171)

 

School Aid

Support for: Charter School Impact Payments (#952), Special Education “Circuit Breaker” (#693), Chapter 70 Minimum Aid at $50 per Student (#1154), McKinney-Vento Student Transportation (#930), Regional School Student Transportation (#29, #785, #823 and #974), Out-of-District Vocational Student Transportation (#192 and #1278), Summer Learning (#888), and Sumer Jobs (#456)

 

Labor Relations and Health Insurance

Oppose: Undermining Municipal Retiree Health Insurance Authority (oppose #1048 and #13)

Support for: Mediation and Dispute Resolution (#1153, #248 and #1160) and, and Municipal Police Training Fund (#1235 and #1380)

 

Other Amendments

Support for: Community Benefit Districts (#1074), Municipal Impact Statements (#62), water Infrastructure Funding (#813), Community Preservation Act Revenues (#466), Conservation Tax Credit (#1248), Bulk Purchasing of Naloxone (#223, #226, #477 and #1209), and Firefighter Equipment Cleaning Grants (#1189).

 

If you have any questions about amendments, please contact MMA Legislative Director John Robertson at jrobertson@mma.org or (617) 427-7272.

 

Please Call Your Representatives Today and Ask them to Support Cities and Towns in the House Budget Debate

 

Thank You!!

 

House budget gives us $25K more

The House budget is out this afternoon, and from my look I compute that it is about $25K more in Chap. 70 aid for Medfield that the Governor’s budget.  This is the Massachusetts Municipal Association alert –

MMA-2

HOUSE BUDGET COMMITTEE OFFERS $40.98B FY 2019 STATE BUDGET THAT MAKES KEY INVESTMENTS IN MUNICIPAL AND SCHOOL AID

• INCLUDES THE FULL $37.2M INCREASE IN UNRESTRICTED MUNICIPAL AID (UGGA)

• INCREASES CHAPTER 70 BY $125M TO FUND MINIMUM AID AT $30 PER STUDENT

• ADDS $18.8M TO THE SPECIAL EDUCATION CIRCUIT BREAKER

• ADDS $1M MORE FOR REGIONAL SCHOOL TRANSPORTATION

• LEVEL-FUNDS MOST OTHER MUNICIPAL AND SCHOOL ACCOUNTS

April 11, 2018

 

Dear Osler Peterson,

 

Earlier this afternoon, the House Ways & Means Committee reported out a $40.98 billion fiscal 2019 state budget plan to increase overall state expenditures by 3.1 percent. The House Ways and Means budget is $83 million more than the budget filed by the Governor in January, increasing Chapter 70 aid by $21 million above the Governor’s recommendation by increasing minimum aid from $20 per student to $30 per student. The full House will debate the fiscal 2019 state budget during the week of April 23.

 

  1. 4400, the House Ways and Means budget, provides progress on many important local aid priorities, including the full $37.2 million increase in Unrestricted General Government Aid that the Governor proposed and communities are counting on. The House W&M Committee would increase funding for other major aid programs, by adding $18.8 million to the Special Education Circuit Breaker, adding $1 million to Regional School Transportation, $1 million to McKinney-Vento reimbursements, and increasing Chapter 70 aid by $125 million more than fiscal 2018 levels.

 

Please Click this Link Now to See the Chapter 70 and Unrestricted Municipal Aid Numbers for Your Community

 

Later Today or Early Tomorrow – Click on this Link to See Your Community’s Local Aid and Preliminary Cherry Sheet Numbers in the House Ways & Means Budget, as Posted by the Division of Local Services

 

 

$37.2 MILLION INCREASE IN UNRESTRICTED MUNICIPAL AID

In a major victory for cities and towns, the HW&M fiscal 2019 budget plan would provide $1.1 billion for UGGA, a $37.2 million increase over current funding – the same increase proposed by Governor Baker. The $37.2 million would increase UGGA funding by 3.5 percent, which matches the projected growth in state tax collections next year. Every city and town would see their UGGA funding increase by 3.5 percent.

 

CHAPTER 70 MINIMUM AID WOULD INCREASE TO $30 PER STUDENT

The House budget committee is proposing a $125 million increase in Chapter 70 education aid (this is $21 million higher than the $103.6 million increase in House Two), with a provision that every city, town and school district receive an increase of at least $30 per student (compared to the $20-per-student amount in the Governor’s budget). The House budget would continue to implement the target share provisions enacted in 2007. Further, the House Ways & Means Committee proposal would build on the Governor’s initial proposal to start addressing shortfalls in the foundation budget framework, by increasing the cost factors for employee health insurance by $39 million more than in fiscal 2018.

 

In the context of a tight budget year, the House budget committee’s increase in Chapter 70 funding is progress over the Governor’s proposal that was filed in January. The MMA continues to give top priority to full funding for the Foundation Budget Review Commission’s recommendations, and over the long-term will work to build on this increase.

 

Please ask your Legislators to support a funding increase for Chapter 70 school aid that ensures that all schools receive a suitable and appropriate increase in fiscal 2019, which the MMA targets at $100 per student. The MMA also strongly supports implementation of all of the recommendations of the Foundation Budget Review Commission to update the Chapter 70 “foundation budget” minimum spending standards for special education and employee health insurance, and to add to the spending standard a measure of recognition for the cost of services for low-income, English Language Learner (ELL) and other students who would benefit from more intensive services. The Commission recommended phasing in the changes over a four-year period, a position the MMA supports as well. Increasing minimum aid and fixing the inadequacies in the foundation formula are essential.

 

$18.8 MILLION INCREASE GETS CLOSER TO FULL FUNDING FOR SPECIAL EDUCATION CIRCUIT BREAKER

In H. 4400, House leaders have announced that they support increased funding for the Special Education Circuit Breaker program. The House budget plan would provide $300 million, an $8.9 million increase above the Governor’s proposed fiscal 2019 level of $291.1 million, and $18.8 million more than the $281.2 million fiscal 2018 level. However, the House budget would still be about $23 million short of full funding in fiscal 2019. This is a vital program that every city, town and school district relies on to fund state-mandated services. The MMA and local leaders will work to build on this increase to get to full funding during the Legislature’s budget deliberations.

 

ADDS $1 MILLION TO REGIONAL SCHOOL TRANSPORTATION

House Ways and Means Committee budget would add $1 million to bring regional transportation reimbursements up to $62.5 million, compared to the Governor’s proposal to level fund the program at $61.5 million. The MMA will work to continue building on this increase to get to full funding.

 

CHARTER SCHOOL REIMBURSEMENTS WOULD BE FUNDED AT $90 MILLION

Both budgets filed by the Governor and the House Ways & Means Committee would underfund charter school reimbursements in fiscal 2019. The HW&M budget would provide $90 million, compared to the Governor’s recommendation to level fund the program at $80.5 million. Both proposals are far below the amount necessary to fully fund the statutory formula that was originally established to offset a portion of the funding that communities are required to transfer to charter schools. The fiscal 2018 funding level is $73.4 million below what is necessary to fund the reimbursement formula that is written into state law. If the HW&M amount is enacted, the shortfall will grow to an estimated $76.8 million in fiscal 2019. This would lead to the continued and growing diversion of Chapter 70 funds away from municipally operated school districts, and place greater strain on the districts that serve 96% of public school children. Solving the charter school funding problem must be a major priority during the budget debate.

 

PAYMENTS-IN-LIEU-OF-TAXES (PILOT), LIBRARY AID ACCOUNTS, METCO, McKINNEY-VENTO, AND SHANNON ANTI-GANG GRANTS

The House budget committee’s proposal would level-fund PILOT payments at $26.77 million, provide $91K less to library grant programs, add $1.5 million to METCO, and add $1 million to McKinney-Vento reimbursements at $9.1 million. The HW&M budget would level fund Shannon Anti-Gang Grants at $6 million.

 

Please Call Your Representatives Today to Thank Them for the Local Aid Investments in the House Ways and Means Committee Budget – Which Increases Direct Municipal and School Aid Accounts by $41 Million More Than the Governor’s Budget

 

Please Explain How the House Ways and Means Budget Impacts Your Community, and Ask Your Representatives to Build on this Progress During Budget Debate in the House

 

 

MFi 2018 Summer Camp Fund Appeal

camp fund kids

Medfield Foundation 2018 Summer Camp Fund Appeal

Adults and children throughout Medfield have happy memories of summer camp. From a traditional experience in the woods to skill building or specialized camps, many Medfielders cherish these summer camp experiences and the friends they made there…How would you feel if you were left out of this experience?

Before the summer camp season begins, the Medfield Foundation (MFi) board wants the town to know that there is a highly significant need for assistance by families whose children yearn to attend camp,  but because of difficult financial situations at home they would be unable to attend. It can be challenging to grow up in an affluent community but not have the resources of friends’ families.

The Medfield Foundation encourages you to make a tax deductible donation to help Medfield children attend summer camp! There are easy ways to make your donation or to find out more:

  1. Send your check to the Medfield Foundation, ℅ Medfield Town House, 459 Main Street, Medfield MA 02052. Please make your check out to Medfield Foundation, Inc and then write “CAMP” in the memo line!
  2. Use this link to donate:  http://medfieldfoundation.org/donate/

 

Want more information before donating? Contact

MFi Treasurer, Abby Marble call: 508-361-9825  email: treasurer@medfieldfoundation.org

or Executive Board Member John Byrne call: 860-748-1447  byrne.johnb@gmail.com.

Last year, due to the severity of the need and number of children affected, the Medfield Foundation Board responded by creating the Children’s Camp Fund. Together with the generosity of our Medfield donors, $4,700 was raised which ensured 14 weeks of Medfield’s Parks and Recreation Summer Adventure Camp were enjoyed by a number of children, while others were provided summer swim lessons along with family memberships at Hinkley Pond. As a result of that success the Medfield Foundation Board unanimously voted to make the Children’s Camp Fund an ongoing fund, and this year hope to raise $5,000 so that this summer even more children who would otherwise be unable to go to camp can experience that rite of childhood summers!

 

Did you know…

The Medfield Foundation (MFi) is a 100% volunteer run 501(c)(3) non-profit charitable corporation whose mission is to enrich the lives of Medfield residents, build a stronger community, and facilitate the raising and allocation of private funds for public needs in the town of Medfield. Since its inception in 2001, the Medfield Foundation has raised over $2 million to support community-wide initiatives in Medfield.

MFi was founded based on the realization that some residents were interested in contributing more than town taxes to support projects and services that would enrich life in Medfield. Annual fundraising revenue varies each year as the initiatives and needs in the town change. You are urged to go to http://medfieldfoundation.org/.

Warrant Committee positions on town meeting articles, to date

This list below from Warrant Committee chair, Tom Marie today on the Warrant Committee positions on the various warrant articles for the annual town meeting (ATM).  Here is my annotated list of those warrant articles – 20180306-warrant articles

Warrant Articles (including votes taken) ·      Articles 1-10 RECOMMENDED (9-0)

·      Article 15 DISMISSED (9-0)

·      Article 24 RECOMMENDED (9-0)

·      Article 25 DISMISSED (8-1)

·      Article 30 RECOMMENDED (9-0)

·      Article 31 RECOMMENDED (9-0)

·      Article 32 RECOMMENDED (9-0)

·      Article 33 RECOMMENDED at $400K (9-0)

·      Article 34 RECOMMENDED (9-0)

·      Article 35 RECOMMENDED (9-0)

·      Article 36 RECOMMENDED (9-0)

·      Article 39 RECOMMENDED (9-0)

·      Article 42 DISMISSED (9-0)

·         Article 26 – West St/Rt 27 – dismissed (9,0)

·         Article 27 –Pre-disaster plan – recommend  (9,0)

·         Article 38 – Dog Control  – recommend (9,0)

·         Article 19,20,21,22 – dismissed (9,0)

·         Article 23 – MSH more affordable housing – recommend (7,2)

·         Article 14 – MPR building – recommend (5,4)

  • Article 16 – in house ALS – dismissed ( 6,3)

 

 

New DLS dashboard

I get newsletters from the Division of Local Services (DLS) that are often interesting.  Today’s one has a link to a new state DOR dashboard where we can compare Medfield to other towns.  When you try it out, be sure to check the 351 compare box to get the data point for all the cities and towns.  I wish they stated a preferred data point for each of their metrics.

Interesting point learned today:  Cambridge has a budget of about $600m., and they have reserves of 30% (i.e. – about $200m. banked).

===========================================================================

DLS

DLS Unveils the Municipal Finance Trend Dashboard
Sean Cronin – Senior Deputy Commissioner for Local Services

I’m pleased to announce that for the first time, the Commonwealth of Massachusetts is offering a comprehensive Municipal Finance Trend Dashboard currently available on the Division of Local Services (DLS) website! Governor Baker highlighted this initiative at the Massachusetts Municipal Association’s (MMA) Annual Meeting on January 19th and I now welcome the opportunity to provide additional information here.

The dashboard is comprised of key municipal fiscal health indicators based upon data that is part of required municipal submissions to DLS, annual financial statements, state agency databases, and the US Census. It graphically displays trends in revenues and expenditures, municipal operating positions, demographic information, unfunded liabilities, property taxes, Proposition 2 ½ data, and debt. These municipal fiscal health indicators are displayed through dashboard data compiled over multiple fiscal years. Within each dashboard panel, we also identify the source for the live data point such as the Public Employee Retirement Administration Commission (PERAC) and the Massachusetts Department of Elementary and Secondary Education (DESE) and make every effort to ensure the accuracy of the information presented.

The Municipal Finance Dashboard offers a wide array of metrics broken down by subject that can be viewed both at the individual community level and on a state-wide basis. They include:

  • Operating Position – Trends in certified free cash, stabilization fund balances, overlay reserves, general fund unassigned fund balances and outstanding receivables
  • Unfunded Liabilities – Trends in pension liabilities, OPEB liabilities and fund balances for those municipalities that are self-insured for health insurance
  • Property Taxes – Trends in average single family tax bills, new growth, levies, assessed values, excess and override capacity and Proposition 2½ ballot questions
  • General Fund Revenues and Expenditures – Trends in general fund revenues and expenditures
  • Demographics – Trends in labor, income, population and equalized property valuations (EQVs)
  • Debt – Trends in outstanding debt, debt service, bond ratings, and authorized but unissued debt

Below are a few example graphs from the dashboard:

For decades, the Municipal Databank has served as an invaluable resource for local and state officials, professional associations, academic institutions, bond rating agencies, advocacy organizations, think tanks, the media, and interested taxpayers for research, analysis, and policy development. We are now leveraging that resource to provide those same stakeholders a clearer portrayal of the fiscal health of all of Massachusetts’ 351 cities and towns. Whether it’s a finance director meeting with the finance committee, a member of the board of selectman referencing statewide trends, or the general public looking to learn more about certain financial metrics for their community, we think the information contained in the dashboard can serve innumerable purposes. To see how it could best suit your needs, we highly encourage you to take our Municipal Finance Trend Dashboard for a test drive.

The new dashboard makes it easier to get the information that you need. No longer will you need to pull down multiple spreadsheets, combine different datasets, and create charts and graphs. For these key metrics, that is done for you. (However, if you want the data for all 351 municipalities over multiple years, you can still download that. So no fears for those who like the raw data!) This is also a great transparency tool and hopefully helps simplify the analysis that goes into determining the fiscal health of a community.

I want to thank the entire DLS team for their hard work identifying the metrics, building the dashboard, and retrieving the data. As we move forward, we will provide updates and pursue additional metrics and variables, so if you have any feedback, please let us know by emailing me at croninse@dor.state.ma.us. We hope you enjoy and utilize the dashboard!

More about what was in the tax bill

This from the ABA – “Pass-through businesses include partnerships, Subchapter S corporations and sole proprietorships. . . –  owners of pass-through businesses can take a 20 percent deduction for qualified business income they receive from the entity.”

There is a link to the 570 page Conference Committee report with more explanation.

=============================================================

Consensus tax bill includes law firms in pass-through tax relief, with limits

Congress

Law firms and other professional service entities won’t be entirely excluded from tax relief for pass-through entities in the final version of the tax bill that is awaiting passage.
The consensus provision on pass-through businesses is in many ways a victory for the ABA. The association had lobbied Congress to accept the Senate version of the tax bill giving a tax deduction to owners of pass-through businesses, including professional service firms.

The House version of the bill would have excluded law firms and all other professional service business from pass-through tax relief, and it would have lowered the maximum tax rate rather than provide for a deduction.

The conferees accepted the Senate approach, but did not eliminate caps that phase out the pass-through deduction for higher-income professional service providers. The ABA had asked conferees to drop the phase-out.

Pass-through businesses include partnerships, Subchapter S corporations and sole proprietorships. Income for such entities pass through to the owners’ individual returns, where it is currently taxed at ordinary income tax rates.

Under the consensus bill, owners of pass-through businesses can take a 20 percent deduction for qualified business income they receive from the entity, according to the Washington Post, the conference report (PDF) and the conference committee’s joint explanatory statement (PDF, see pages 20-40). Qualified business income is nonwage income that is calculated according to a formula. The deduction in the original Senate bill was 23 percent.

The tax deduction is phased out for owners of professional services businesses whose taxable income exceeds $315,000 for married individuals filing jointly or $157,500 for individuals. The threshold in the consensus bill is lower than the thresholds of $500,000 and $250,000 that were in the original Senate bill.

Many high-income law firm partners will still benefit, however, because the final tax bill lowers the top individual income tax rate from 39.6 percent to 37 percent. The bill also increases income thresholds for the higher tax brackets.

The ABA position also prevailed in regards to these provisions in the consensus bill:

• The student loan tax deduction is preserved.

• Some contingency-fee lawyers will still be able to deduct upfront litigation-related expenses. Lawyers within the jurisdiction of the San Francisco-based 9th U.S. Circuit Court of Appeals are permitted to deduct such expenses.

• There is no requirement that high-income law firms or other professional service businesses use accrual accounting. The accrual method would have forced many law firms to pay taxes on accounts receivable and other “phantom” income they hadn’t received and may never receive.

The ABA Section of Taxation had asked Congress (PDF) to preserve the deduction for tax code compliance expenses. But the final tax bill prevents a deduction for costs connected with the determination, collection, or refund of any tax unless the expenses are for the production of income.