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

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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2013 STM(Nov 4th) Fund Funding Article 3:Appropriate To Authorization Committee Recommends and From Specified Requested Source Stabilization Funds See Below See Below Approval(5-0) "To see if the Town will vote to appropriate sums of money to and from Stabilization Funds in accordance with Section 5B of Chapter 40 of the Massachusetts General Laws for the purposes of: ...(b) Traffic Mitigation...(j)Capital Projects/Debt Service Reserve/Building Renewal Fund..." [Town Warrant] Note: All of the Town's Specified Stabilization Funds are in addition to the Town's General Stabilization Fund. See Appendix A for a table with information on all the current Specified Stabilization Funds. The Traffic Mitigation Fund and the Capital Projects/Debt Service Reserve/Building Renewal Fund are the only ones of the Specified Stablization Funds identified in this Article that have capital implications and for which an appropriation is contemplated at this STM. Project Description Amount Funding Source Committee Recommends Requested (b) Traffic Mitigation Fund $28,500.01 Cubist Approval (5-0) Pharmaceuticals These are funds that were paid by that company to the Town in conjunction with a condition of a Special Permit granted by the Town. Project Description Amount Funding Source Committee Recommends Requested (j) Capital Projects/Debt Service $1,799,240 GF (Cash) Approval (5-0) Reserve/Building Renewal Fund This appropriation is to increase the balance in that Fund from unallocated FY2014 revenue as follows: Source(FY2014) Amount Revenue available for appropriation at close of 2013 ATM $103,556 Preliminary additional new-growth estimate $709,000 Increased revenue in final Cherry Sheets $791,660 Reduction of assessments in final Cherry Sheets $36,068 Unused set-aside for potential FY2013 snow&ice deficit $300,000 Total Available $1,940,284 Supplement GF Appropriations under Article 2 ($141,044) Balance of Net Unallocated Revenue $1,799,240 The current plan is that that balance, along with a portion of the current balance in that Fund, would be used for incremental appropriation from that Fund by the 2014, 2015, & 2016 ATMs to continue the previous mitigation of the exempt-debt service ($1,600,000 will be applied in FY2014) and the new 2