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2022-03-28-CEC-ATM-STM-rpt
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2022-03-28-CEC-ATM-STM-rpt
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12/14/2022 1:36:47 PM
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3/23/2022 8:44:00 AM
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2022
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Capital Expenditures Committee
Department
Town Clerk
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CAPITAL EXPENDITURES COMMITTEE REPORT TO THE 2022 ANNUAL TOWN MEETING (ATM) & SPECIAL TOWN MEETING (STM) 2022-1 & Anticipated -2
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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2022 ATM& STMs 2022-1 & -2 <br /> Five-Year Capital Plan <br /> The table and its footnotes on the next three pages summarize this Committee's Five-Year Capital Plan. <br /> This plan reflects the expected FY2023 appropriations at the 2022 ATM, STMs 2022-1 and the <br /> anticipated 2022-2, and the FY2024–FY2027 requests that this Committee recommends. We started with <br /> the amounts and timing shown in the Brown Book, Page XI-4 for FY2023, and XI-22 &–23 for <br /> FY2024–FY2027. Those requests have been updated based on any information we received after it was <br /> published (including for FY2023). Additionally, if we feel that the project is multi-phase and either <br /> Design & Engineering or construction monies are anticipated, we have made additional entries or <br /> changes, even though no formal position has been taken by the Town. In that vein, there are important <br /> caveats to our table: <br /> • Footnotes explain when this Committee's position differs from the Town's position. <br /> • Excluding the many hundreds of millions of dollars of to-be-determined (TBD) entries— <br /> including the new or renovated Lexington High School which will be hundreds of millions, the <br /> total in this Committee's Plan for FY2024–FY2027 is over$99 million. The TBD entries include <br /> future construction phases, undetermined project elements, or entire major facility projects. If any <br /> project includes any TBD in any year, whether standalone or augmenting a dollar amount, none <br /> of the project's funding is included in our total estimated amounts. <br /> • For several years the Town has been building the Capital Stabilization Fund (CSF) so that it can <br /> be used to mitigate the debt service tax impact of capital projects. While the CSF can, and will, <br /> have a significant positive impact on taxpayer burden, given the current proposed and possible <br /> out-year projects in our Capital Plan, mitigating our debt service with the CSF will fully deplete <br /> that reserve before the debt service for the future projects are completed. <br /> • Because of the ongoing challenge the Town faces regarding the planning and financing for the <br /> renovation/replacement/renewal of its Capital Assets, this Committee looks forward to the SB <br /> refining a formal, Townwide, Facilities Master Plan, including a financing plan that also <br /> identifies the likely debt-exclusion referendums. Any such plan will necessarily consider the <br /> results of the DPF-sanctioned 20-year capital maintenance plan. This Committee stands ready to <br /> assist in any way it can. <br /> • This Committee appreciates the Town's reluctance to cite a preliminary estimate for projects that <br /> are not yet well-defined and hence, the Town's out-year amounts generally do not reflect the <br /> costs in then-year dollars. As this Committee does not have the means to reasonably adjust <br /> those current-year values to then-year values, we are using the Town's dollar values unless <br /> we have made a change for another reason—in which case there will be an explaining <br /> footnote. This uncertainty is further exasperated by the current inflationary construction <br /> bidding environment <br /> 11 <br />
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