2016-09-21-CEC-STM5-rpt - Laserfiche WebLink

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CAPITAL EXPENDITURES COMMITTEE REPORT TO SEPTEMBER 21, 2016, STM 2016 -5 purpose of: (a) Section 135 Zoning By -Law, (b) Traffic Mitigation, (c) Transportation Demand Management, (d) School Bus Transportation, (e) Special Education, (f) Center Improvement District; (g) Debt Service, (h) Transportation Management Overlay District (TMO -1), (i) Avalon Bay School Enrollment Mitigation Fund, and (j) Capital;...." "DESCRIPTION: This article proposes to establish 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 -third vote of an Annual or Special Town Meeting, for any lawful purpose." [Town Warrant] Of the actions expected in the Motion under this Article when this report was written, there is only one for a Stabilization Fund (SF) that has Capital implications and, therefore, on which this Committee reports: (j) Capital. The final State budget provided Lexington $1,512,488 more in Local Aid (approximately $1.46 million of which was in Chapter 70 School Aid) than had been contemplated when the FY2017 budget was approved at the 2016 ATM. In addition, there are two other changes that also provide funds available for appropriation. The following table also reflects the proposed application of those funds at this STM: Proposed Application of Additional, Available, FY2017 Revenue Additional Funds Additional Local Aid $1,512,488 Increase in New Growth Projection $200,000 Use of $300,000 Reserve Set -aside for Excess FY2016 Snow- Ice Expense (net of increased FY2017 Cherry Sheet Assessments and plus Cherry Sheet adjustments) $289,993 Total Available for Appropriation $2,002,481 Applications Increased Town Clerk's Budget to Cover Early Voting $6,250 Potential Supplement Town's Contribution to the REV Shuttle between Hartwell Avenue and the Alewife MBTA Station $22,460 Vision 20/20 Committee Update Study of Citizens Attitudes & Expectations $30,000 Article 5 Police Station Feasibility Study $65,000 Total of Other Applications $123,710 Balance Available for Appropriation to Capital SF $1,878,771 The Capital SF has three purposes: Capital Projects, Debt Service Reserve, & Building Renewal. In the face of on -going and pending, long - term - debt - financed, School & Municipal projects, the current planning is to use this SF as primarily —if not totally —a Debt Service Reserve. Its funds would subsequently be incrementally appropriated to reduce future peaks in the debt - service burden on the taxpayer. The requested appropriation would raise the SF's balance of $21,848,523 as of July 31, 2016, to $23,727,294. 9