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Introduction The Appropriation Committee submits this report on four financial articles which have been advanced for early consideration at a Special Town Meeting (STM 2017-1) to be held on March 20, the first day of the 2017 Annual Town Meeting. Since appropriations become available for use only after the close of the special or annual town meeting at which they are approved, addressing these matters at an early special town meeting allows timely commencement of the work to which they pertain. The first three articles seek the appropriation of design funds to continue the planning process for three important capital projects: reconstruction of the Fire Headquarters station at 45 Bedford Street; adaptation of the former Liberty Mutual Building at 171/173 Bedford Street for use as swing space while the main fire station is being reconstructed; and renovation of the former Armenian Sisters Academy at 20 Pelham Road, the purchase of which had not yet been announced by the time of publication of this report, for use as a permanent facility for the Lexington Children's Place. The fourth article concerns financial protocol with respect to borrowings, and provides for the appropriation of bond premiums received in connection with a bond and note sale on February 16, 2017 to lower the amount borrowed and thereby reduce bor- rowing costs. The Appropriation Committee is appointed by the Town Moderator and serves as an advisory group to the elected members of Town Meeting. The Committee is required by Town by-law to present its recom- mendations to Town Meeting prior to any vote with a financial impact on the Town. This report summa- rizes the Committee's deliberations and analysis regarding the warrant articles that we deem to have fi- nancial significance, along with the vote of the Committee for each article. The Committee also gives oral reports and responds to questions during Town Meeting as necessary, or when important information has become available following the publication of a report. This report is distributed to the members of Town Meeting as a printed document and as an electronic document via the Town website. It is normally published a week prior to the session when the articles are anticipated to be taken up in Town Meeting. Acknowledgements The content of this report, except where otherwise noted, was researched, written and edited by members of the Committee with support from Town staff. Our Committee has had the pleasure and the privilege of working with Town Manager Carl Valente; former Assistant Town Manager for Finance Rob Addelson; current Assistant Town Manager for Finance Carolyn Kosnoff; Budget Officer Jennifer Hewitt; the Capi- tal Expenditures Committee; the School Committee; the Permanent Building Committee; Superintendent of Schools Dr. Mary Czajkowski; Director of Finance and Operations Ian Dailey; and the Board of Se- lectmen. We thank the municipal and school staff, Town officials, boards and volunteers who have con- tributed time and expertise to help us prepare this report. Last but not least, we thank Sara Arnold, who records and prepares the minutes for our meetings. 3