2023-02-13 SB Packet - Released - Laserfiche WebLink

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ollfoll2fflzllsl li'll iliziell7lillilTilifiizizllammmmmm Exhibit 3 Fund Balance General fund Other governmental funds 0 internal service funds Business-type activities .............................Available fund balance ratio Aaa median available fund balance ratio mw� $100,000 60 50 50,000 40 0 2018 2019 2020 2021 Source:Moody's Investors Service Liquidity Lexington's net unrestricted cash totaled $166.1 million at the close of fiscal 2021,equal to 52.8%of total revenues a 1 eve��rage: lft&ra te Leve�rage iiiicli is*�i f Lo�iig teiiinrn IIII laiiIis Lexington's leverage will increase over the medium term given current plans which includes the construction of a new high school.The town's current leverage,calculated as Moody's adjusted unfunded pension and OPEB liabilities and outstanding debt, equals 229.5% of revenues.The high school project,which is nearing design phase, is preliminarily estimated to cost around $350 million to $500 million,with the Massachusetts School Building Authority covering about 25%of total costs.Of the remaining cost, management expects continued commercial growth to cover about 50%of the anticipated $15 to $20 million annual debt service for the project. Exhibit 4 Lexington's leverage is average and is expected to be driven by the debt burden and OPEB liability over the long-term Governmental Debt Business-Type Activity Debt 0 Adjusted net pension liabilities Adjusted net other post-employment liabilities Other long-term liabilities .............................. Long-term liabilities ratio N as median long-term liabilities ratio N $800,000 600,000 250 400,000 200,000 200 0 2018 2019 2020 2021 Source:Moody's Investors Service Legal security The bonds are backed by the town's full faith and credit genera[obligation limited tax pledge as not all debt service has been voted by the town as excluded from the tax levy limit of Proposition 2 112. Debt structure The town's entire debt portfolio is fixed rate with a final maturity of 2049. Debt-related derivatives Lexington has no debt-related derivatives. iiiiiiiiiiiiiiiiiiiiiillillillillillillilliillillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillillillillillilliilliillillillillillillilliillillillillillillilliilillillillillilillillillill i 4,, 6 Ib iiii uairy 2023 IlYwin af ie!nii��i iiii„'i g,,t o iiii i IM A:INil e w s!�s u e