2013-11-04-STM-AC-rpt - Laserfiche WebLink

Browse Search

APPROPRIATION COMMITTEE REPORT TO THE NOVEMBER 2013 STM The exact amount of this supplemental appropriation will not be known prior to publication of this report. In the past the CPA distribution was made on October 15th, but the timing of this year's distribution has been postponed until mid - November due to the late addition of $25,000,000 to the State trust fund. The surplus will be certified on October 31, after which the exact CPA distributions will be announced by the State Department of Revenue. The Committee Recommends Approval of this request (9 -0) Article 3: Appropriate To and From Specified Stabilization Funds Funds Requested Funding Source Committee Recommendation Balance into fund Capital Projects/Debt Service $2,186,567 See Below See Below Approve (9 -0) The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § 513) was amended in 2003 to permit the creation of multiple, separate stabilization funds for specified purposes. Lexington Town Meeting first established such funds at the 2007 Annual Town Meeting. Once appropri- ated into a specified stabilization fund, money can only be appropriated out of the fund in accordance with the purpose(s) specified at the creation of the fund. Creating specialized stabilization funds, altering their specified purpose, and appropriating money into or out of them, requires a two- thirds vote of Town Meeting. Status of Funds and Appropriation Requests This Article asks Town Meeting to appropriate funds into the three stabilization funds described below. The current balance of each of these funds and the amounts proposed to be appropriated are as follows: Specified Stabilization Fund Current Appropriation Balance into fund Capital Projects/Debt Service $2,186,567 $1,799,240 Reserve/Building Renewal S.F. Transportation Demand Management / $283 642 $11 632 Public Transportation S.F. Traffic Mitigation S.F. $10,736 $28,500 Capital Projects /Debt Service Reserve /Building Renewal Stabilization Fund — The purpose of this request is to provide money for mitigating future debt service costs incurred to purchase and install modular classrooms at the high school. The sources of these funds are increases in the expected amount of FY2014 revenue that were unanticipated during the process of developing the FY2014 budget. In the plan proposed under Article 4, a total of $2,811,996 would be withdrawn from this Fund over a three year period starting in FY2015 to reduce the impact of non - exempt debt service. This would leave $950,000 in the Fund to mitigate exempt debt service in FY2015, and an uncommitted balance of $223,810. Transportation Demand Management /Public Transportation Stabilization Fund — The town has collect- ed $2,132 from the Lexington Place Condominium Trust and $9,500 from Cubist Pharmaceuticals as part of zoning agreements with the Town. Traffic Mitigation Stabilization Fund — The town has collected $28,500 from Cubist Pharmaceuticals as part of zoning agreements with the Town. The Committee recommends approval of this request (9 -0).