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05/15/2017 AC Minutes consistent with other towns that have good school systems and are reasonably accessible to Boston. While considerable data is being collected and tracked, specific cause and effect factors for the continued growth have not yet been definitively identified. There are indications that the Housing Demographic Model may be overestimating future elementary school growth, and this is being carefully monitored. Ms. Colburn reported that the School Committee is looking at how the increases will impact the middle schools and the high school going forward. The capacities at all levels are being analyzed. It was noted that the debt exclusion vote scheduled for the fall will include a number of school - related projects, and it will be important to have data that demonstrates the needs. The current projection for the total debt exclusion request is approximately $104 million. Mr. Bartenstein distributed a memo discussing the possibility of using some or all of the $28 million currently in the Capital Stabilization Fund (CSF) to reduce the debt exclusion request. Because the interest payable on long-term bonds (currently about 3%) is higher than the interest earned on funds in the CSF (currently about 1%), this would result in a net saving of interest costs; however, it might reduce the ability to level peaks of excluded debt service cost that would hit taxpayers in the immediate future. A motion was made and seconded to request staff to model the taxpayer impacts of two scenarios: (1) using approximately $12 million of the CSF to cover the acquisitions costs of the 20 Pelham Road and 171-173 Bedford Street properties in lieu of placing those items on a debt exclusion referendum; or (2) using the entire amount of the CSF not earmarked for within -levy debt service to lower the amount of the debt exclusion request. The motion passed. VOTE: 8-0 3. Minutes A motion was made and seconded to approve minutes for April 3, April 5, April 12, and April 24, 2017, including minor edits for the April 3 minutes. The motion passed. VOTE: 8-0 4. Adjourn The Committee adjourned at 9:40 p.m. The documents used at the meeting are listed below. Respectfully submitted, Sara Arnold, Recording Secretary Approved: June 1, 2017 Exhibits • Agenda, posted by John Bartenstein, Chair • Enrollment Trends, Appropriation Committee Presentation, Joe Pato, Enrollment Advisory Group, May 15, 2017, • Lexington Public Schools, Enrollment Analysis and Five -Year Projections, FY 17, presented by Ms. Kavanaugh • Alternative Proposal for Debt Exclusion Referendum, Use of Capital Stabilization Fund, prepared by John Bartenstein, May 15, 2017 2