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2005-11-01-AC-min
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2005-11-01-AC-min
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3/2/2022 3:25:58 PM
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Year
2005
Department
Town Clerk
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Minutes - AC - Appropriation Committee
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<br /> November 1, 2005 <br />Minutes <br />Town of Lexington Appropriation Committee <br />November 1, 2005 <br /> <br />Members Present: A. Levine (Chair), D. Brown (Vice Chair), R. Cole, J. Bartenstein, E. <br />Michelson, D. Kanter, R. Eurich <br />Additional attendees: M. Young (Town Budget Officer) <br /> <br />The meeting was called to order at 7:30 PM by Al Levine in Room 111, Town Office <br />Building. <br /> <br />1. Rod C. agreed to take minutes. <br /> <br />2. Discussion of when we knew that the $1.8M from interest on the school construction <br />bonds would appear in free cash. The existence of the money was known to some from <br />back around the time of the spring Town Meeting, however there was an expectation that <br />the money would stay in school capital, or perhaps be used to pay down the bond interest <br />payments. Michael Y. was surprised, but DOR insisted it be closed out to free cash. <br /> <br />It was noted that as things sit, putting this money in free cash amounted to moving capital <br />money into the operating budget. The idea that perhaps town meeting should vote to <br />place some or all the $1.8M in the stabilization fund was raised, and generally supported. <br /> <br />3. Discussion of draft AC report to the special town meeting. It was noted that we needed <br />to do a better job of spelling out the plusses and minuses in the budget situation that have <br />taken place since the spring town meeting. <br /> <br />4. Budget projection discussions. It was noted that about $400K of the increase in local <br />receipts was due to late billings and should really be considered part of the FY2004 local <br />receipts. This needs to be accounted for in the out-year projections. <br /> <br />The question whether or not State aid is recurring revenue was raised. It was decided that <br />State aid was recurring, as are local receipts, although both are somewhat variable. <br /> <br />There was a discussion of the definition of “outstanding liabilities”. This is the sum of <br />special revenue deficits and accounts receivable. <br /> <br />5. Discussion of what Paul Ash has said regarding how he would spend or not spend the <br />$847K proposed for Article 5. It was not clear if his position was that he would not use <br />any of these funds to fund any program that ran into difficulties if it was not on the list of <br />programs projecting a deficit going into the special town meeting, or if he was taking a <br />less restrictive position that he would not use the money to fund programs not in the <br />reduced budget. Clarification would be sought. <br /> <br /> <br />
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