Who is a member?
Our members are the local governments of Massachusetts and their elected and appointed leadership.
The MMA hosted a webinar with the Division of Local Services on June 3 on developing financial policies. Speakers included (clockwise from top left) Webster Finance Committee Member Kaitlin Morin, Theo Kalivas, project manager with the Division of Local Services’s Financial Management Resource Bureau and Sean Cronin, senior deputy commissioner at the Division of Local Services.
The MMA hosted a webinar with the Division of Local Services on June 3 on developing financial policies.
“If you fail to plan, you are planning to fail,” said Sean Cronin, senior deputy commissioner at the DLS, to begin the session.
Financial policies are at the core of financial planning to promote long-term financial stability as well as fiscal transparency.
Theo Kalivas, project manager with the DLS’s Financial Management Resource Bureau, discussed what his bureau has identified as core policies, such as capital planning and financial reserves.
“Sound financial policies can help us prepare for the unexpected by defining parameters for budget decisions, including the budget process, capital planning debt, long-term investments, and adding a layer of strategic planning for budget preparers to build from.”
Kalivas reviewed the anatomy of a policy, offering templates, questions to consider when drafting a policy, and advice.
The Financial Management Resource Bureau has published policy manuals on its website that municipalities can download and use as templates.
Webster Finance Committee Member Kaitlin Morin, who’s also a director with the Association of Town Finance Committees, moderated 30 minutes of questions and answers, addressing inquiries regarding Financial Management Resource Bureau reviews, free cash, and overlay reserves.
• Overview of Financials Policy – Division of Local Services presentation (2.5M PDF)