Updated/Published July 3, 2026
Budget Meeting Process — Timeline Summary
So, we began. Here are the meeting statistics as of June 16.
Almost 21 hours of meetings, which does not include the efforts outside of the official meetings (meetings with departments, emails, phone calls, pre-meeting reviews, endless spreadsheet creations!) No meeting videos were March 10 and May 5.
In mid-May, I compiled an estimated analysis of the fund balance for the Town. Please note that the analysis has a few caveats:
- We have incomplete data for FY2026 and any net change to the fund balance. The analysis placed a benign, best case (0) value for FY2026 net change.
- It was compiled as of June 9. So the estimated fund balance changes for FY 2027 was prior to the BFRB efforts to reduce the deficit.
- The $1.2m structural deficit was “imputed” into the FY2027 data.
Using the data from the CAFR and Auditor General’s report, from FY2020 through FY2026, the estimated percent change is 48.3%. Again, that statistic assumes a net change of $0 for FY 2026.
I have published these numbers in previous post through FY2025. You can see that post and the analysis by clicking here. (#add link).
However, imputing the structural deficit (before reductions), the fund balance for the Town of Smithfield from FY2020 — FY2027 would be 57.7%. As I have said many times, I would be shocked if our bond rating was not (at best) noted or worse decline. What does that mean for Smithfield??
Just as a family or individual, your FICO score determines your credit worthiness. A lower credit score decreases the possibility of a loan approval OR increases your interest rate. A higher score the opposite. It should be noted that in the June 9 meeting, a comment focused that the bond rating was not in peril.
Over the last few years, I have heard many statements without any objective facts to support the statement. Also known as platitudes.
To understand this subject with a examples:
#1: “Our company is doing really well. We are experiencing growth never seen before.“
#2: “Our company has experienced exceptional growth year over year in the last five years.” (as shown below)
Quote #2 is directly connected to the objective data with year-over-year percent change from 12.1% increasing to 17.8%.
This budget season depicted a fair share of distancing from reality and objectives facts.
In Summary
I want to thank Dr. Lisa Odom-Villella (Superintendent) and the School Committee for their calls and discussions. Polite, objective and professional.
Thanks to Caitlyn Choiniere for providing us with reports and data throughout the process. To all the departments that completed presentations to the BFRB and providing comments to our questions, thank you for your cooperation and professionalism.
To the Town Council, thank you for the opportunity to help the Town in an objective and thorough manner.
Lastly, and most importantly, I am proud of my colleagues on the BFRB. Working tirelessly both in analyses outside of the meetings as well as the meetings themselves.
Their tireless, objective and apolitical approach is a model for ANY city and town in RI.
“There is no greater challenge than to have someone relying on you. No greater satisfaction than to vindicate their expectations.”
