2017-08-31-AC-min - Laserfiche WebLink

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08/31/2017 AC Minutes 2. Election of Officers for 2017-2018 A motion was made and seconded to re-elect Mr. Bartenstein and Mr. Levine as Chair and Vice Chair/Secretary respectively for the 2017-2018 Fiscal Year. No other nominations were made for any of these posts. The motion passed. VOTE: 7-0-1 A write-up about the AC, its members and officers, and the activities of the past year needs to be provided for the Annual Report of the Town by October 30. Mr. Neumeier agreed to draft this document. A photograph for the report will be needed at one of our upcoming meetings. 3. Current Financial Status Ms. Kosnoff provided a brief update on the Town's financial status. There have been no material changes to FY2018 operating expenses. There have been three significant changes to FY2018 revenue estimates since the 2017 Annual Town Meeting: Chapter 70 aid on the State's final Cherry Sheet was $2.6M higher compared to budget, as had been anticipated. The Community Preservation Act (CPA) state match came in at 15% versus the budget of 19% (already lowered from 21% in the prior year). This amounts to reduced CPA revenue of approximately $175K. This will require some of the CPA fund buckets to be reworked. The revenue from new growth is trending towards —$3.OM which is higher than the budget of $2.5M. Final numbers are expected to be available in November. The amount over that budgeted will flow into Free Cash at the end of the fiscal year. 4. Preparation for Capital Summit of Sept 13, 2017 The committee discussed the potential ballot questions for the Town -wide debt exclusion vote that is expected to be the focus of the Capital Summit on Sept 13, 2017. The items which might be included on the debt exclusion ballot, totaling about $96.8M, are: • Construction of Hastings Elementary - $48.7M (net cost to Lexington after MSBA contribution of $16.5 million, total estimated project cost of $65.2M) • Main Fire Station and temporary swing space @ 173 Bedford St. - $20.9M • Lexington Children's Place at Pelham - $14.75M • Purchase of Pelham - $8.OM • Purchase of 173 Bedford St. - $4.45M The committee debated the pros and cons of combining some of these items on the ballot question(s). The committee did not reach a consensus position and the debate is expected to continue during the September 13 Capital Summit. The BoS will make a final decision, likely in October. The ballot item for the construction of the Hastings Elementary school is required to be a separate vote. The committee deliberated whether the Special Town Meeting 4