2005-01-26-AC-min - Laserfiche WebLink

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January 26, 2005 Budget Collaboration Group III January 26, 2005 The four committees convened the meeting at 6:30 p.m. Mrs. McKenna called the meeting of the Board of Selectmen to order Mrs. Krieger, Mr. Kennedy, Mr. Kelley and Mr. Pagett were present. Mr. Griffiths called the meeting of the School Committee to order. George Burnell called the meeting of the Capital Expenditures Committee to order. The Appropriation Committee did not have a quorum. It will be called to order once they have a quorum in attendance. Ms. Vine distributed copies of the press release she issued regarding Moody’s affirmation of Lexington’s AAA Rating. The four committees met in joint collaboration to try to resolve the gap in the budget. Mrs. McKenna reviewed the steps municipal departments have taken since the last collaboration meeting. Mr. Griffiths did the same for the School Committee; the amount of the currently voted School Department Budget is $70,120,468. Alan Levine called the meeting of the Appropriation Committee to order. John Ryan reviewed the Pro Forma. The gap between expenses and revenue is currently projected to be $1,800,463. Mrs. McKenna reviewed the policies we needed to discuss to decide how to close the gap. The first issue was whether we will release funds from prior years overlay accounts. Mr. Ryan estimates $425,000 will be available for this purpose. Other policies discussed were whether to use money from either the Stabilization Fund or from the contribution expected for the Stabilization Fund; whether or not to use Free Cash to increase new growth estimates; to bond Cash Capital and use tax levy dollars; to put an override question to the voters; and what level of reductions to make in Service Requests. The group agreed that the appropriate process was to ask for a sense of the three Boards would be taken on each of the policy issues. Then Selectmen then would actually vote which policies to adopt. Upon motion duly made and seconded, it was voted 4 – 1 (Kelley) to use $425,000 from prior year overlay accounts. Upon motion duly made and seconded, it was voted not to bond Cash Capital. Mrs. Krieger made a motion to use $400,000 of Free Cash. The motion was not seconded. Upon motion duly made and seconded, it was voted not to use free cash. - 2 -