2008-01-31-AC-min - Laserfiche WebLink

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January 31, 2008 to provide a credit to the Lexington Public Schools of $294,868 from an accumulated cash reserve that might be applied against LABBB tuition charges for FY2009. Al said it is believed that a credit of similar magnitude might be available as well in FY2010. Pam Hoffman distributed a memorandum from Mary Ellen Dunn, Assistant Superintendent for Finance and Business, dated January 31, 2008 detailing specific proposed adjustments to the budget that would reduce the gap that existed as of Budget Summit III of $1,019,136 to a small surplus. The Committee reviewed this memorandum in detail and raised questions about certain of the adjustments for which Pam will seek answers before the next meeting. The Committee also discussed the pro’s and con’s of the pending proposal to use $350,000 in Free Cash, which had previously been proposed to begin the funding of a Special Education (SPED) reserve, to help bridge the gap in the school operating budget, with the expectation that an anticipated surplus in the School Departments’ FY2008 operating budget of at least this amount might be re-appropriated at the upcoming annual town meeting for this purpose. Questions were raised whether certain revisions to the original level service school budget that the Superintendent had proposed on January 14, 2008, the net effect of which would be to free up funds to support the inclusion of approximately $385,000 of items from the proposed supplemental budget, were consistent with the presentation of a level services budget; and if not, whether non- recurring funds should be used for this purpose. It was agreed that the Committee would invite representatives of the School Committee to its next meeting and discuss these issues further. In the meantime, Deborah Brown and Eric Michelson agreed to attempt to prepare some at least rudimentary projections of the FY2010 budget that might help to evaluate the likelihood and magnitude of potential future deficits and the impact on such deficits of the use of non-recurring funds in FY2009. Minutes Approved. 6. The Committee approved minutes of the meetings held on 6/28/07, 10/15/07, 1/3/08, 1/9/08, and 1/16/08. The meeting was adjourned at 10:20 p.m. Respectfully submitted, John Bartenstein Approved February 21, 2008 - 2 -