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2024 ATM APPROPRIATION CoXMTTEE 13 MARCH 2024 Preface This preface describes the structure and stylistic conventions used in this report. It is followed by an introduction discussing changes in the Town's financial status since the previous annual town meeting, along with issues pertinent to the Town's general financial situation. The main body of this report contains article-by-article discussions and recommendations on those articles that, in our opinion, have substantial financial relevance. The report references several appendices at the end of this document that provide a deeper explanation of particular financial topics. The discussion for each article presents the prevailing view of the Committee, as well as any other considerations or cautions that we feel Town Meeting should be informed of If one or more Committee members are strongly opposed to the majority position, we summarize the opposing perspective. Each article discussion concludes with the most recent vote of the Committee prior to publication. The vote is summarized by the number of members in favor, followed by the number of members opposed, and lastly (when applicable) the number of members abstaining, e.g., "(6-2-1)"indicates six members in favor,two opposed, and one abstaining. It is not always possible to collect a complete vote for every article from nine voting members. In such instances, the total number of votes and abstentions published will be less than nine. For convenience, Committee votes are also summarized on the preceding pages. This report does not replicate information readily available to Town Meeting members elsewhere. Key documents that inform our analysis and provide a more thorough picture of the Town finances are: • The Town Manager's Fiscal Year 2025 Recommended Budget & Financing Plan (the "Brown Book"), dated February 20, 2024 fully describes the annual budget of the Town. The Brown Book also summarizes budget laws and bylaws (Appendix B)and includes a glossary of financial terms (Appendix D). • The Level Service and Recommended Budget of the Superintendent of Schools, dated January 4, 2024 (hereafter the "LPS Budget Book") details the budget plan for Lexington Public Schools. • The Capital Expenditures Committee (CEC) Report to the 2024 Annual Town Meeting, which provides recommendations on appropriation requests for capital projects, and an analysis of the Town's long-term capital planning. • The Community Preservation Committee (CPC) Report to the 2024 Annual Town Meeting, which details requests approved by the CPC that can be funded from the Community Preservation Fund. The LPS Budget Book is available online at: https://sites.google.com/lexingtonma.org/lps-finance-and-operations/fy-25-budget All other reports for this Town Meeting will be available online at: https://www.lexingtonma.gov/1934/2024-Annual-Town-Meeting Acknowledgments The content of this report, except where otherwise noted, was researched, written and edited by Committee members who volunteer their time and expertise, and with the support of Town staff. We have the pleasure and the privilege of working with Town Manager James Malloy; Assistant Town Manager for Finance Carolyn Kosnoff(an ex officio member of our Committee); Budget Officer Rosalyn Impink; the Capital Expenditures Committee; the Community Preservation Committee; the School Committee; the Permanent Building Committee; the Planning Board; Superintendent of Schools Dr. Julie Hackett; Assistant Superintendent for Finance and Operations David Coelho; and the Lexington Select Board. We thank the municipal and school staff, Town officials, boards and volunteers who have contributed time and expertise to help us prepare this report. This report was authored using Wdesk, a cloud-based application from Workiva that the Town licenses for use in producing financial documents. This allows the report to be integrated directly with the Town's internal finance database, so that budget figures and projections are updated and presented in a timely fashion. v