The Town of Ashland Finance Department releases the annual Financial Trend Monitoring Report ahead of Annual Town Meeting scheduled for Wednesday, May 4.

The Financial Trend Monitoring Report (FTMR) is a crucial component of the Town of Ashland’s Official Budget Document produced annually by the Town Manager and Finance Director as part of the Town of Ashland’s Charter. 

The purpose of the FTMR document is to analyze key financial indicators to assess the financial direction of the town. Additionally, the FTMR brings issues and opportunities to the attention of decision-makers through a systematic method of trend analysis and helps local officials and management better assess and protect the Town of Ashland’s overall financial condition. 

Finance Director and Town Accountant Brittany Iacaponi comments, “The Financial Trend Monitoring Report is an incredibly detailed and substantive report that the Town has now produced for five years in a row.  Essentially, the report affords the Town the opportunity to view its finances in a different light, allowing the Town to observe if any trends are emerging, whether advantageous or not, and respond appropriately.  The trend report provides a visual depiction, over a span of 10 years, on select measures such as the Town’s reserves, tax revenues, debt service, and much more.” 

This year’s report reveals Ashland continues to be excellent stewards of the Town’s funds. The town’s financial reserves and the funds set aside for future financial obligations improved drastically over the past several years due to strong management, conservative budgeting practices, and the drafting and implementation of collaborative financial policies. The Town of Ashland’s debt is manageable and continues to maintain its AAA rating from Standard and Poor’s from 2016 to 2020. 

Even with its excellent financial condition, the FTMS identified several trends that should carefully observed. Areas of exposure or risk include future health insurance costs, the Town’s pension obligation to the Middlesex Retirement System, and the lasting economic impact resulting from the COVID-19 pandemic.  

“The Financial Trend Monitoring Report is a key tool in our holistic financial strategy. It highlights areas of strength as well as opportunities to enhance our overall financial position for the benefit of our taxpayers. I thank Ms. Iacaponi and the Finance team for continuing to put this report together”, says Town Manager Michael Herbert.

The Financial Trend Monitoring Report is available to view in its entirety on our website, ashlandmass.com. Visit the Accounting/ Finance department webpage and click the “FY 23 Budget Header” subheader for direct access to this document.  The FTMR is also included in the official budget document discussed at Annual Town Meeting on Wednesday, May 4, 2022.