1998-03-02-TE-Warrant-and-1998-03-23-STM-and-ATM-Warrant

Browse Search

pi \3 -APRIL as C` o un of exington, 4Inssarli xsetts \Fx)N0 7' OFFICE OF SELECTMEN LEO P.McSWEENEY,CHAIRMAN DANIEL P.BUSA,JR. TEL.(617)861-2708 DAN H.FENN,JR. (617)861-2710 ELIZABETH B. EDDISON FAX:(617)863-9468 PETER D.ENRICH 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 1999. The Board of Selectmen is 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 $90,623,103 as expenditures for FY99, a 6.2% or $5,269,499 increase over FY98. The budget will be balanced with expected revenue of$58,742,934 from the tax levy, $7,629,755 in State aid, $7,177,279 in local receipts, $3,130,595 in other available funds and $13,942,541 enterprise revenue from the water, sewer and recreation operations. The Board is continuing in its review of the following issues: School Budget FY99 Request FY99 Manager Recommended Difference $46,541,739 $43,959,321 $2,582,418 The School Superintendent has submitted a budget that proposes a$4,137,996 or 9.8% increase in expenditures for FY99. The Manager's proposed budget is $2,582,418 less than the Superintendent's requested amount. Developing a Policy on Operating and Capital Reserves The Board of Selectmen wishes to continue the progress made at last year's Annual Town Meeting in developing a cash reserve policy that, when fully implemented, protects the long term fiscal health of the Town. Article 28, which proposes to appropriate $125,000 to the Stabilization Fund building on last year's appropriation of$100,000, speaks directly to the issue. 5