Thirteen Reasons Why ...to rescind the vote on Templeton Elementary School. Vote YES on Article 23!

1. Thirteen Reasons Why…
To Rescind the Vote on
Templeton Elementary School
Vote YES on Article 23!
May 13, 2017

2. Vote Yes on Article 23
"THE TOWN HAS FAILED TERRIBLY IN
MANAGING ITS CAPITAL PROJECTS AND
CORRESPONDING FUNDING:"
Management Letter p13, Tony Roselli, CPA April
25, 2017.

3. Vote YES on Article 23
"We do not believe the current Treasurer or
anyone in the Treasurer's office have the skill
set necessary to financially manage the
LARGEST PROJECT IN THE TOWN'S
HISTORY..."
Management Letter p.14, Tony Roselli, CPA April
25, 2017.

4. Vote YES on Article 23
●Templeton asked the MFOB to exceed 5% EQV
debt limit.
That did not go well.
Templeton was denied access to borrowing
under Chapter 44A.
Because Templeton has too much Debt to be
eligible for Chapter 44A.

5. Vote YES on Article 23
"CAPITAL PROJECTS have been
mismanaged."
Management Letter p.4, Tony Roselli, CPA
April 25, 2017.

6. Vote YES on Article 23
" A separate article also related to the Elementary
School authorized the remainder of the project costs
around $47 million to be subsidized from available
funds or borrowings. The Town, to date has spent
approximately $2.5 million. Of this amount, nearly $1.3
million was subsidized by the MSBA; the remainder is
a deficit of over $1.2 million.”
Management Letter p.13, Tony Roselli, CPA April
25, 2017.

7. Vote YES on Article 23
“ In addition, we determined that the budgets as
recorded in the general ledger do not at all times
match the Town Meeting votes, which served to only
compound the challenges with monitoring the budget."
Management Letter p.9, Tony Roselli, CPA April 25,
2017.

8. Vote YES on Article 23
"The 2013 and 2014 financial records had to be
reconstructed almost completely from scratch....The
Town was unaware of its appropriation balances due to
the deficiency in its accounting records; this led to
appropriation deficits totaling almost $800,000 over four
years. ...The Town expended funds on a major school
capital project without a borrowing due to the bonding
issue described above. This has led to a $1.3 million
DEFICIT in the project fund."
Management Letter p.4, Tony Roselli, CPA April 25,
2017.

9. Vote YES on Article 23
"Since the Town allowed 4 years to lapse between audits,
it had no access to the bond market; accordingly it used
available cash. Since all cash was commingled, it is not
clear which bucket of cash was used to fund the
expenses. This is important to understand as only cash
that can fund a capital project can be from the General
Fund, Stabilization Fund or the capital project itself. This
placed stress on the already precarious General Fund
cash position, and if other funds such as Community
Preservation or Sewer Betterments cash were used,
THIS WOULD BE ILLEGAL.”
Management Letter p.14, Tony Roselli, CPA April 25,

10. Vote YES on Article 23
" Beginning in 2013 and continuing through fiscal year
2015, the process of budget monitoring was reckless
and essentially nonexistent. In fact, the Town was
unaware of these deficits until years later, especially for
fiscal year 2013 and 2014 when the entire years' records
were reconstructed."
Management Letter p.9, Tony Roselli, CPA April 25,
2017.

11. Vote YES on Article 23
"This lack of consistent, strong leadership has
severely impacted the Town's ability to operate
financially at an optimum level; and this has
directly impacted most of the Town's critical
financial function. ...In fact, the Town has had
four Town Accountants, three
Treasurer/Collectors and three Town
Administrators since 2012."
Management Letter p.3, Tony Roselli, CPA
April 25, 2017.

12. Vote YES on Article 23
"Subsequent to year-end, it was determined that
the Town Treasurer in those years had been
using available cash from BAN proceed
intended to fund capital projects. Additionally,
we determined that cash forecasts had never
been prepared by the Treasurer's Office;
therefore, it was difficult for the Town to
understand its cash flow requirements."
Management Letter p.11, Tony Roselli, CPA
April 25, 2017.

13. Vote Yes on Article 23
"THE TOWN HAS FAILED TERRIBLY IN
MANAGING ITS CAPITAL PROJECTS AND
CORRESPONDING FUNDING:"
Management Letter p13, Tony Roselli, CPA April
25, 2017.

14. Vote YES on Article 23!
Who of us would take out the biggest mortgage of our
lives without knowing how much money we have, what
the interest rate will be, and how much we’ll ultimately
have to pay back and without the financial team in place
to ensure a successful project?
The Audits for FY 13, FY 14, FY 15 and FY 16 are
complete. According to the Management Letter, the
Town of Templeton does NOT have the financial team in
place to see the Elementary School Project through to a
successful completion.
VOTE YES on Article 23!