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05/13/2021 AC Minutes associated with those sources and suggested that it was inappropriate to subject items such as payroll to those uncertainties. She added that best practices do not support this practice, and that she and the Town Manager want to pursue a phase out by reducing the use of free cash by $700,000 annually. An alternative to putting available free cash into the operating budget would be to increase cash capital, which would reduce borrowing, help the Town maintain its facilities, and minimize spikes in the budget. She sees it as short-term pain for a long-term benefit. Eventually, it might be possible to project less conservatively during budget preparation, which would likely reduce free cash. In response to a request to identify the trends associated with free cash, Ms. Kosnoff agreed to explore the availability of the necessary data for such information. Mr. Kanter suggested that the school budget needs to be factored into any analysis. AC Report to the Town Meeting Mr. Parker suggested sending a short survey to town meeting members to solicit information about the usefulness of the AC reports and to suggested improvements. There was support for sending the survey, and Ms. Muckenhoupt offered to assist in its preparation. Next Meeting It was agreed to "pencil in" a meeting for June 17. Ms. Kosnoff reported that she could provide an overview of the approximate $9.0 million that the Town is receiving for COVID 19 relief programs. There was discussion about the eventual removal of COVID-19 restrictions and how this would impact AC meetings. Minutes of Prior Meetings A motion was made and seconded to approve the draft minutes for the April 14, 2021 AC meeting. The motion was approved by a roll call vote. VOTE: 8-0. Adjourn A motion was made and seconded to adjourn at 9:16 p.m. The motion was approved by a roll call vote. VOTE: 8-0. Respectfully submitted, Sara Arnold Approved: July 13, 2021 Exhibits • Agenda, posted by Mr. Parker • An Act Establishing a Nonprofit Housing Corporation for the Town of Lexington, Chapter 521, Commonwealth of Massachusetts, 1983 • Affordable Housing Trusts & Housing Development Corporations; Options for Lexington; Slides prepared by Ms. Kowalski • Ms. Kowalski's Memo to Jim Malloy, Town Manager, January 26, 2021, Re: Affordable Housing Trusts, Housing Development Corporations 3