Thanks, Carolyn!
………………………………………….
Raymond Pedicone
Senior Collections Associate
Telephone –212-553-6870
Raymond.Pedicone@Moodys.com
MOODY’S CORPORATION
7 World Trade Center
at 250 Greenwich Street 14-44/1
New York, NY 10007
www.moodys.com
………………………………………….
Please ensure that all payments are remitted to the bank details as stipulated on our invoices. It is our policy to confirm changes to payment information, including bank details, with our customers in writing on Company letterheaded paper. If you do not receive a written confirmation of a change communicated, please contact us prior to submitting payment.
From: Carolyn R. Lyons <CRL@framinghamma.gov>
Sent: Tuesday, May 25, 2021 4:05 PM
To: Mary Ellen Kelley <mek@framinghamma.gov>
Cc: Pedicone, Raymond <Raymond.Pedicone@moodys.com>
Subject: RE: Moody’s invoice P0371332
CAUTION: This email originated from outside of Moody’s. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Good Afternoon,
This check printed today and will go out in the mail on Thursday.
Regards,
Carolyn Lyons
Treasurer/Collector
City of Framingham
Phone: 508-532-5430
Fax: 508-532-5715
From: Mary Ellen Kelley
Sent: Tuesday, May 25, 2021 3:35 PM
To: Carolyn R. Lyons <CRL@framinghamma.gov>
Subject: Fwd: Moody’s invoice P0371332
Mary Ellen Kelley
CFO/Dir. Administration and Finance
Sent from my iPhone
Begin forwarded message:
From: “Pedicone, Raymond” <Raymond.Pedicone@moodys.com>
Date: May 25, 2021 at 2:58:51 PM EDT
To: Mary Ellen Kelley <mek@framinghamma.gov>
Subject: Moody’s invoice P0371332
Hi Mary Ellen,
I hope this email finds you well. To ensure you are in receipt of Moody’s ratings fees, please see the attached invoice for your convenience.
Please let me know if you have any questions and thank you in advance for your assistance in processing.
Best,
………………………………………….
Raymond Pedicone
Senior Collections Associate
Telephone –212-553-6870
Raymond.Pedicone@Moodys.com
MOODY’S CORPORATION
7 World Trade Center
at 250 Greenwich Street 14-44/1 New York, NY 10007
www.moodys.com
Lisa and Mary Ellen,
I can release the rating and press release either on Monday morning or Tuesday morning. What is your preference?
My previous email from this morning said Tuesday but Monday is an option.
Thanks,
Nick
—–Original Message—–
From: Lehman, Nicholas
Sent: Friday, June 4, 2021 9:00 AM
To: Mary Ellen Kelley <mek@framinghamma.gov>
Cc: Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>
Subject: RE: Moody’s rating questions
Thank you! Reminder, I plan to release the rating and press release to you on Tuesday morning. Have a good weekend.
Nick
—–Original Message—–
From: Mary Ellen Kelley <mek@framinghamma.gov>
Sent: Thursday, June 3, 2021 9:42 PM
To: Lehman, Nicholas <Nicholas.Lehman@moodys.com>
Cc: Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>
Subject: Re: Moody’s rating questions
CAUTION: This email originated from outside of Moody’s. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Hello Nick,
FY21 general fund will be a surplus, although I can’t say definitively how much. We have three budget shortfalls: snow and ice of $700,000; health insurance of $550,000 and Medicare tax of $400,000. We have surpluses in a number of accounts that will cover those. Police, school, DPW, library. Tax revenue is at 99.4% collected (as of 5/26/21); building permits and motor vehicle excise are really solid. Meals tax will meet benchmark, but room tax will probably just miss ( $100,000 to $150,000 short).
School has a very healthy surplus (millions) and has committed to returning $411,000 to close to free cash, and we expect $450,000 from transportation savings to turn back to the general fund.
Mary Ellen Kelley
On Jun 3, 2021, at 6:55 PM, Lehman, Nicholas <Nicholas.Lehman@moodys.com> wrote:
?
Hi Mary Ellen,
Sorry for just now getting back to you, but can you please provide an answer to the first question –
1. Update on how fiscal 2021 YTD operations tending compared to budget? Revenues? Expenses?
* Projection for year-end results in the general fund? Surplus or deficit? How much if possible?
I’d like to get this by midday tomorrow if possible.
Thank you,
Nick
From: Mary Ellen Kelley <mek@framinghamma.gov>
Sent: Friday, May 21, 2021 3:18 PM
To: Lehman, Nicholas <Nicholas.Lehman@moodys.com>; Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>; Carolyn R. Lyons <CRL@framinghamma.gov>
Cc: Richard G. Howarth <RGH@framinghamma.gov>; Jennifer A. Pratt <jaf@framinghamma.gov>; Thatcher W. Kezer <tkezer@framinghamma.gov>; Yvonne M. Spicer <mayorspicer@framinghamma.gov>
Subject: Moody’s rating questions
CAUTION: This email originated from outside of Moody’s. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Hello Nick,
Attached please find a memo answering your FY22 Budget status questions. We are still in the thick of it, but should be finished with the Finance subcommittee on Monday night. See attached outline.
Have a great weekend.
Mary Ellen Kelley
Chief Financial Officer/
Director of Administration & Finance
City of Framingham
150 Concord Street Room 123
(508) 532-5425
OK, thanks all. I’ll proceed to release.
Nick
From: Mary Ellen Kelley <mek@framinghamma.gov>
Sent: Monday, June 7, 2021 11:10 AM
To: Lehman, Nicholas <Nicholas.Lehman@moodys.com>; Carolyn R. Lyons <CRL@framinghamma.gov>; Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>; Melissa Toland (HTS) <Melissa.Toland@hilltopsecurities.com>; Cinder McNerney (HTS) <cinder.mcnerney@hilltopsecurities.com>
Subject: RE: Confidential: Moody’s Draft Press Release For Your Review – Framingham MA
CAUTION: This email originated from outside of Moody’s. Do not click links or open attachments unless you recognize the sender and know the content is safe.
No, I think the rest of it is fine. The percentage rate increase was the only thing I wanted to make sure was corrected.
Mary Ellen Kelley
Chief Financial Officer/
Director of Administration & Finance
City of Framingham
150 Concord Street Room 123
Framingham, MA 01702
(508)532-5425
From: Lehman, Nicholas <Nicholas.Lehman@moodys.com>
Sent: Monday, June 7, 2021 10:38 AM
To: Mary Ellen Kelley <mek@framinghamma.gov>; Carolyn R. Lyons <CRL@framinghamma.gov>; Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>; Melissa Toland (HTS) <Melissa.Toland@hilltopsecurities.com>; Cinder McNerney (HTS) <cinder.mcnerney@hilltopsecurities.com>
Subject: RE: Confidential: Moody’s Draft Press Release For Your Review – Framingham MA
Hi Mary Ellen,
Thanks for the update, I will change the referenced rate increase from 12% to 9.75%. Do you think any of the other language needs to be revised? If so, can you please give me a call because I think it will be easier to walk through over the phone.
I will also update the par amount to the most recent POS.
Thanks,
Nick
From: Mary Ellen Kelley <mek@framinghamma.gov>
Sent: Monday, June 7, 2021 9:38 AM
To: Lehman, Nicholas <Nicholas.Lehman@moodys.com>; Carolyn R. Lyons <CRL@framinghamma.gov>; Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>; Melissa Toland (HTS) <Melissa.Toland@hilltopsecurities.com>; Cinder McNerney (HTS) <cinder.mcnerney@hilltopsecurities.com>
Subject: RE: Confidential: Moody’s Draft Press Release For Your Review – Framingham MA
CAUTION: This email originated from outside of Moody’s. Do not click links or open attachments unless you recognize the sender and know the content is safe.
Hello Nick,
I want to correct one item. We are increasing the rates on July 1, 2021 by 9.7%. We have the rate hearing set for June 21, 2021 at 7 pm. We believe that percentage increase to be what we are referring to as the structural deficit. This is the incremental shortfall in commercial usage that is pre-pandemic and was happening a at the highest two years for the last three years, but was offset by existing fund balance. We are loading back ALL of the overhead charges (indirect) in FY21, not over two years as originally planned. We are using $6.3 million in ARPA revenue to make up for the pandemic loss for the entire fund. Depending on MWRA increases for next year we are probably looking at an 8-9% increase without using any of the federal funding. With federal funding for FY22 we would still have a rate increase to make sure we keep up with the base expenditure increases and not get the fund down to the bare minimum again. A 5% fund balance similar to the General Fund is really not enough for this fund as that would only be $2.6 million, so we are aiming to rebuild to a 10% fund balance. And we are going to do a rate study so that the higher tiers which are economically volatile are smoothed out a bit to make them less impactful to the fund if we have to close down again.
In short we will fix the underlying financial base and use the federal revenue for pandemic impact only. We also fix it one year sooner than the original plan. And the rate increase reference in the rating should be 9.75 not 12%.
Thanks!!
Mary Ellen Kelley
Chief Financial Officer/
Director of Administration & Finance
City of Framingham
150 Concord Street Room 123
(508) 532-5425
From: Lehman, Nicholas <Nicholas.Lehman@moodys.com>
Sent: Monday, June 7, 2021 9:02 AM
To: Mary Ellen Kelley <mek@framinghamma.gov>; Carolyn R. Lyons <CRL@framinghamma.gov>; Lisa Driscoll (HTS) <Lisa.Driscoll@hilltopsecurities.com>; Melissa Toland (HTS) <Melissa.Toland@hilltopsecurities.com>; Cinder McNerney (HTS) <cinder.mcnerney@hilltopsecurities.com>
Subject: Confidential: Moody’s Draft Press Release For Your Review – Framingham MA
Importance: High
Dear all,
You have been identified by the rated entity Framingham, MA or its agent as the contact to receive draft communications of credit rating actions regarding the rated entity prior to the public dissemination of the credit rating action.
Attached is the draft press release for your review, to give you the opportunity to draw attention to any factual errors and/or inadvertent disclosure of confidential information. However, please note that under our policies, Moody’s Investors Service (MIS) retains ultimate editorial control over the form and content of all its publications. MIS will not accept other changes that would alter the meaning or tone of its opinions or credit rating announcements.
Please note that this draft press release is strictly confidential and you may not disclose it to any other person except: (i) to your legal counsel acting in their capacity as such; (ii) to your other authorized agents who are subject to confidentiality obligations and acting in their capacity as such; and (iii) as required by law or regulation.
You have two working hours from the time of this email to tell us if the draft press release contains any factual errors or inadvertent disclosures of confidential information, after which we may publish the press release whether we have heard from you or not.
However, if you respond to us in writing (including by email) in the form specified below, we may publish the press release before the two working hours have elapsed.
Form of response to enable MIS to publish the press release before the full stated time period has elapsed:
“I confirm that we have reviewed the draft press release and that, to the best of our knowledge, it does not contain any factual errors or inadvertent disclosures of confidential information.”
………………………………………….
Nicholas Lehman
Moody’s Investors Service
Vice President-Senior Analyst
Public Finance Group
617.535.7694 phone1
781.672.1124 phone2
nicholas.lehman@moodys.com
