1997-03-03-TE-Warrant-and-1997-03-24-ATM-Warrant

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cesum75°N0 -, &dun 7,11..exingtrat, Alassartiusttts APRIL IT OFFICE OF SELECTMEN LEO P.McSWEENEY,CHAIRMAN WILLIAM J.DAILEY,JR. TEL.(617)861-2708 DANIEL P.BUSA,JR. (617)861-2710 DAN H.FENN,JR. FAX:(617)863-2350 ELIZABETH B.EDDISON To the Residents of Lexington: The Warrant provides notification of the annual Town Meeting and advises residents of the various issues being considered at the Meeting. Only articles listed in the Warrant can be discussed. The Warrant includes the Town Manager's Proposed Budget for fiscal year 1998. The Board of Selectmen are reviewing the Town Manager's Proposed Budget and will present their recommendations to Town Meeting after further consultation with the School Committee, Finance Committees and Town Manager. The Manager has proposed $83,065,533 as expenditures for FY98, a 1.7% or $1,378,172 increase over FY97. The budget will be balanced with expected revenue of$56,433,868 from the tax levy, $6,711,918 in State aid, $6,268,605 in local receipts, $1,026,510 in other available funds, and $12,624,632 enterprise revenue from the water, sewer and recreation operations. The Board is continuing in its review of the following issues: School Budget FY98 Request FY98 Manager Recommended Difference $43,249,785 $40,979,511 $2,270,274 The School Superintendent has submitted a budget that proposes a $3,328,572 or 8.3% increase in expenditures for FY98. The Manager's proposed budget is $2,270,274 less than the Superintendent's requested amount. Developing a Policy on Operating and Capital Reserves The Board of Selectmen is concerned about the low level of reserves that the Town maintained in free cash and the reserve fund at the close of the 1996 Town Meeting. We will attempt to engage Town meeting and the community at large in developing a policy that protects the long term fiscal health of the Town. Article 24, which proposes to re-establish a stabilization fund, speaks directly to this issue. 3