|
APPROPRIATION COMMITTEE
<br />SPECIAL TOWN MEETING 2016 -5 SEPTEMBER 14, 2016
<br />The additional funds for the REV Shuttle from Alewife to Hartwell Ave are requested in order to fill a
<br />gap in funding in the event that some of the commitments for private funding made during the FY2017
<br />budget process are not fulfilled. If all prior commitments are met, these funds will not be needed.
<br />Enterprise Fund Budgets
<br />Adjustments are requested for the Water and Wastewater Enterprise Budgets, as listed below:
<br />The amounts appropriated under Article 5 of the 2016 Annual Town Meeting were based on preliminary
<br />FY2017 assessments issued by the MWRA last February. The proposed revisions reflect the final assess-
<br />ments approved by the MWRA board this past June. These revised assessments will be used in the calcu-
<br />lation of the water and wastewater rates to be approved by the Selectmen this fall.
<br />Community Preservation Fund Budget
<br />An increase of $40,000 in the FY2017 CPA Debt Service Budget would be used to to retire a bond antici-
<br />pation note (BAN) in that amount issued this past June for the final stages of the renovation at the Com-
<br />munity Center. The interest payment for the BAN will be covered by a prior appropriation.
<br />Retiring the $40,000 note directly, without converting it to a longer term bond, saves conversion costs and
<br />long -term interest.
<br />To meet this need, an increase in the appropriation for debt service of $40,000 is requested over the
<br />amount of $3,289,721 approved under ATM Article 8(p), bringing the FY2017 CPA Debt Service Budget
<br />to $3,329,721. The funding source is the Community Preservation Fund's Undesignated Fund Balance.
<br />The Committee recommends approval of this request (7 -0).
<br />2016 -5.7 Establish and Appropriate To and From Specified Stabilization
<br />Funds
<br />As Adopted
<br />Revised
<br />Change
<br />MWRA Wastewater Assessment
<br />$7,311,103
<br />$7,265,870
<br />($45,233)
<br />MWRA Water Assessment
<br />$7,378,622
<br />$7,349,661
<br />($28,961)
<br />The amounts appropriated under Article 5 of the 2016 Annual Town Meeting were based on preliminary
<br />FY2017 assessments issued by the MWRA last February. The proposed revisions reflect the final assess-
<br />ments approved by the MWRA board this past June. These revised assessments will be used in the calcu-
<br />lation of the water and wastewater rates to be approved by the Selectmen this fall.
<br />Community Preservation Fund Budget
<br />An increase of $40,000 in the FY2017 CPA Debt Service Budget would be used to to retire a bond antici-
<br />pation note (BAN) in that amount issued this past June for the final stages of the renovation at the Com-
<br />munity Center. The interest payment for the BAN will be covered by a prior appropriation.
<br />Retiring the $40,000 note directly, without converting it to a longer term bond, saves conversion costs and
<br />long -term interest.
<br />To meet this need, an increase in the appropriation for debt service of $40,000 is requested over the
<br />amount of $3,289,721 approved under ATM Article 8(p), bringing the FY2017 CPA Debt Service Budget
<br />to $3,329,721. The funding source is the Community Preservation Fund's Undesignated Fund Balance.
<br />The Committee recommends approval of this request (7 -0).
<br />2016 -5.7 Establish and Appropriate To and From Specified Stabilization
<br />Funds
<br />Funds Requested
<br />Funding Source
<br />Committee Recommendation
<br />$1,878,771
<br />$48,621
<br />GF
<br />Developer Payments
<br />Approve (7 -0)
<br />The State statute authorizing towns to create and maintain a stabilization fund (G.L. c. 40, § 5B) was
<br />amended in 2003 to permit the creation of multiple, separate stabilization funds for specified purposes.
<br />Creating these funds, altering their specified purpose, or appropriating into or out of them requires a two -
<br />thirds vote of Town Meeting. Lexington's first specified stabilization funds were established at the 2007
<br />Annual Town Meeting.
<br />Each "specified stabilization fund" holds monies for one or more purposes that were specified when the
<br />fund was created. An article essentially the same as the present one is now routinely included on the war-
<br />rant to give Town Meeting the opportunity to establish new funds, and to appropriate monies into, or out
<br />of, existing funds.
<br />The major action sought under this article is to appropriate into the Capital Stabilization Fund $1,878,771
<br />in additional FY2017 revenue that has been recognized since the close of the Annual Town Meeting last
<br />spring. This is essentially all of the new revenue except for $123,110 that is proposed to supplement the
<br />10
<br />
|