2022-11-01-CEC-STM#3-rpt - Laserfiche WebLink

Browse Search

CAPITAL EXPENDITURES COMMITTEE REPORT TO STM 2022-3 STM 2022-3 Warrant-Article Explanations and Recommendations This Committee only reports on Articles and sub-elements deemed by this Committee to have a Capital relevance. Cites of the "Town Warrant" refer to the Town of Lexington Warrant for a Special Town Meeting 2022-3, to begin November 1, 2022. Funds Funding Article 3: ESTABLISH,AMEND, Requested Source Committee Recommends DISSOLVE AND APPROPRIATE TO AND FROM Approval of sub-elements SPECIFIED STABILIZATION See below See below (c),(f), (g),(h), (k) & (m) FUNDS 6-0 Note: Only our added bolding of sub-elements are those that have been deemed to have a Capital relevance and action requested at this STM. (See the last page of this report for a table of all the current Specified Stabilization Funds) "To see if the Town will vote to create,amend,dissolve,rename and/or appropriate sums of money to and from Stabilization Funds in accordance with Massachusetts General Laws, Section 5B of Chapter 40 for the purposes of: (a) Section 135 Zoning By-Law; (b) Traffic Mitigation; (c) Transportation Demand Management/Public Transportation; (d) Special Education; (e) Center Improvement District; (f)Debt Service; (g) Transportation Management Overlay District; (h) Capital; (i) Payment in Lieu of Parking; 0) Visitor Center Capital Stabilization Fund;(k)Affordable Housing Capital Stabilization Fund;(1)Water System Capital Stabilization Fund;and(m)Ambulance Stabilization Fund;determine whether such sums shall be provided by the tax levy, by transfer from available funds, from fees, charges or gifts or by any combination of these methods; or act in any other manner in relation thereto" "(Inserted by the Select Board)" "DESCRIPTION: This is an annual article to establish, dissolve, and/or fund Stabilization Funds for specific purposes and to appropriate funds therefrom. Money in those funds may be invested and the interest may then become a part of the particular fund. These funds may later be appropriated for the specific designated purpose by a two-thirds vote of an Annual or Special Town Meeting, for any lawful purpose.' (Town Warrant) Note: All dollar amounts are from data known to this Committee at the time of this Report. (c) Transportation Demand Management/Public Transportation, appropriate $100,000.00 to: Mitigation payment from National Development(55 Watertown St). (f)Debt Service, appropriate $494.05 from: In August 2006, the Town received over $14 million reimbursement from the Massachusetts School Building Authority as reimbursement toward the Town's secondary-schools renovation project. After using over $11 million of those funds to retire short-term debt taken in anticipation of that reimbursement, there was $2,143,079 excess reimbursement that needed to be applied toward the project's long-term exempt debt. By Department of Revenue [DOR] regulations, these funds must be used only to offset debt service on the outstanding bond for that exempt debt. I