2017-10-16-AC-STM2-STM3-rpt - Laserfiche WebLink

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APPROPRIATION COMMITTEE SPECIAL TOWN MEETINGS 2017-2&3 OCTOBER 10,2017 Special Town Meeting 2017-3 Analysis and Recommendations The warrant for Special Town Meeting 2017-3 contains eight financially-related articles seeking updates to the FY2018 operating, capital and enterprise fund budgets. The Committee provides its analysis of these requests below. Article 2017-3.5: Amend FY2018 Operating and Enterprise Funds Funds Requested Funding Source Committee Recommendation See below General Fund; Parking Fund; Approve(9-0-0) TMOD Stabilization Fund Amend FY2018 Operating Budget: As discussed in the Introduction,the Town's FY2018 revenue estimates have increased by$2,667,987, and the Town will also receive direct payments from Eversource in lieu of credits estimated at$600,000, for a total of$3,267,987. It is proposed to appropriate $3,086,987 of this amount under this article as follows: Line From To Change 2160 Property&Liability $713,893 $738,893 $25,000 Additional funds to cover pre- Insurance mium increases for vacant build- ings at Pelham Road and 173 Bed- ford Street and school expansions. 2180 Solar Producer Pay- $410,000 $410,000* Paid to Syncarpha for generation ments and maintenance of our solar facil- ity. Was originally in Public Fa- cilities line item. 2210 Payment on Funded $5,640,760 $7,992,247 $2,351,487 Partial retirement of debt incurred Debt for payment of Pelham Rd. and Bedford St.property purchases. 2400 Facilities $10,402,987 $10,592,987 $190,000* Added back to electricity expense budget to account for removing credit for solar which is now re- ceived as income. The starred line items balance the $600,000 in direct payments expected to be received from Eversource in FY2018 for electricity generated at our new solar facility in lieu of credits, as noted in the Introduction, resulting in no net effect on previously estimated net revenues or to the Town budget. 15