MMA webinar discusses the essentials of capital planning

An MMA webinar on Sept. 24 discussed the essentials of capital planning and best practices for strong financial management.

Kasey Bik, a project manager at the Division of Local Services Financial Management Resource Bureau, shared a step-by-step framework for the capital planning process, including assessing assets; building a detailed asset inventory; and developing a rubric to help prioritize capital needs by degrees of urgency. She also discussed the role of municipal staff, town boards and committees, and the public in developing a strong capital plan.

“Being able to share your long-term plan with community residents and getting their buy-in” is key to “build[ing] trust in your community,” she said. “The goal of capital planning is consistency … in your funding strategy, your choices, and how you manage your long-term finance.”

Charlie Foskett, a member of Arlington’s Finance Committee, discussed how stakeholders in his town work together throughout the capital planning process, highlighting compromise and collaboration.

“The fiscal conservatism and political energy of citizens, combined with the professional expertise of town staff,” he said, has been “a very workable formula.”

He also discussed how to win support for a capital plan at town meeting.

Sherborn Town Manager Jeremy Marsette, who moderated the webinar, facilitated a 25-minute question and answer session with the audience.

• Capital Planning in Arlington presentation (2M PDF)
• Capital Planning Fundamentals – Division of Local Services presentation (2M PDF)