Town of Plainville’s Select Board and Finance Committee 

Unveil Comprehensive Financial Policies

In a decision aimed at enhancing fiscal responsibility and transparency, the Select Board and Finance Committee have jointly announced the adoption of a comprehensive set of financial policies.

These meticulously crafted policies serve as a robust framework to guide the town’s financial management, ensuring prudent fiscal practices and accountability across all departments and initiatives.

The adoption of these financial policies underscores Plainville’s leadership's commitment to upholding the highest standards of financial stewardship, providing residents with assurance that their tax dollars are being managed effectively and efficiently.

Among the key highlights of the newly adopted financial policies are:
 

• Budgetary Guidelines: Clear and transparent guidelines for the preparation, review, and approval of the town’s annual budget, ensuring alignment with strategic priorities and fiscal sustainability.
• Reserve Fund Management: Criteria for establishing and utilizing reserve funds, safeguarding against unforeseen financial challenges and emergencies while maintaining fiscal stability.
• Debt Management: Guidelines for the prudent issuance and management of debt, including policies on debt service coverage, debt limits, and refinancing strategies to minimize borrowing costs.
• Procurement and Contracting: Procedures to promote fair and competitive procurement practices, ensuring the efficient use of public resources and fostering a level playing field for vendors and contractors.
• Investment Policies: Criteria for the prudent investment of surplus funds, balancing the objectives of safety, liquidity, and yield to optimize returns while preserving capital.
• Financial Reporting and Transparency: Standards for timely and accurate financial reporting, providing residents with access to comprehensive financial information and promoting accountability and trust in local government.

        The adoption of these financial policies represents a significant milestone in Plainville’s ongoing efforts to strengthen its financial management practices and promote fiscal sustainability. By establishing clear guidelines and standards, the town is better positioned to navigate economic uncertainties and uphold its commitment to serving the best interests of its residents.

“We are proud to unveil these comprehensive financial policies, which reflect our steadfast dedication to sound fiscal management and transparency,” said Brian Kelly, Chairperson of the Select Board. “These policies will serve as a guiding light for our financial decision-making process, ensuring that we remain accountable to the residents of Plainville while striving for long-term stability.”

The Select Board and Finance Committee extend their appreciation to all stakeholders who contributed to the development of these policies and reaffirm their commitment to upholding the highest standards of financial integrity and accountability.

For more information about the Town of Plainville’s financial policies, please visit https://www.plainville.ma.us/DocumentCenter/View/884/Plainville-Financial-Policies-and-Procedures or contact Town Administrator Brian Noble at bnoble@plainville.ma.us.