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2017-03-21-AC-ATM-rpt
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2017-03-21-AC-ATM-rpt
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2017
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Appropriation Committee
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Town Clerk
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Town Meeting APPROPRIATION COMMITTEE REPORT TO THE 2017 ANNUAL TOWN MEETING
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APPROPRIATION COMMITTEE-ATM 2017 <br /> Introduction <br /> The Appropriation Committee is appointed by the Town Moderator and serves as an advisory group to the <br /> elected members of Town Meeting. The Committee is required by Town bylaw to present its recommenda- <br /> tions to Town Meeting prior to any vote with a financial impact on the Town. This report summarizes the <br /> Committee's deliberations and analyses as well as its recommendations regarding the warrant articles deemed <br /> to have financial significance, along with the vote of the Committee for each article. The Committee also <br /> gives oral reports and responds to questions during Town Meeting as necessary, or when important infor- <br /> mation has become available following the publication of a report. <br /> This report is distributed to the members of Town Meeting as a printed document and as an electronic docu- <br /> ment via the Town website. It was published on March 21, 2017, in the week prior to the session when finan- <br /> cial articles are anticipated to be taken up at the Annual Town Meeting. <br /> The Committee previously published on March 12 a separate report on four financial articles to be taken up at <br /> the Special Town Meeting (STM 2017-1) beginning on the first night of the Annual Town Meeting. That re- <br /> port addressed the appropriation of design funds to continue the planning process for three important capital <br /> projects: reconstruction of the Fire Headquarters station at 45 Bedford Street; adaptation of the former Liberty <br /> Mutual Building at 171/173 Bedford Street for use as swing space while the main fire station is being recon- <br /> structed; and renovation of the former Armenian Sisters Academy at 20 Pelham Road, assuming that its pur- <br /> chase is consummated, for use as a permanent facility for the Lexington Children's Place. The March 12 re- <br /> port also addressed the proposed appropriation of premiums resulting from a bond and note sale on February <br /> 16, 2017 to lower borrowing costs. <br /> Committee Membership <br /> In the past year, Beth Masterman, Kathryn Colburn, Glenn Parker, and Mollie Garberg resigned from the <br /> Committee. We are grateful for their service. In particular, we thank Glenn Parker for his steady leadership of <br /> the Committee as its Chair for six years. We welcome Jian Helen Yang, Lily Manhua Yan, Sanjay Padaki, <br /> and Ellen Basch who have joined the Committee in the last six months. <br /> The Town Comptroller is an ex-officio member of the Committee. Since the first of the year, this role has <br /> been ably filled by our new Comptroller and Assistant Town Manager for Finance, Carolyn Kosnoff, whom <br /> we are very pleased to have on board. <br /> Reserve Fund <br /> The Committee has approved only one Reserve Fund transfer to date during FY2017: <br /> Date Amount Description <br /> 2-15-2017 $17 115 For due diligence studies needed to support acquisition <br /> of the property at 20 Pelham Road <br /> As of publication, the remaining balance of the $900,000 originally appropriated to the FY2017 Reserve Fund <br /> is $882,885. Any funds in the Reserve Fund not expended before the end of this fiscal year will flow to Free <br /> Cash as of June 30, 2017 and will be available for appropriation in the fall of 2017 after the Free Cash balance <br /> is certified by the Department of Revenue. <br /> Developments Since Our Last Annual Town Meeting Report <br /> Major recent developments with a financial impact on the Town, most of which have occurred since the pub- <br /> lication of our report to the 2016 Annual Town Meeting, are summarized below. <br /> 2 <br />
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