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APPROPRIATION COMMITTEE SPECIAL TOWN MEETINGS 2017-2&3 OCTOBER 10,2017 Introduction This introduction provides a brief overview of significant budgetary developments since the close of the Annual Town Meeting,the reasons for convening two back-to-back special town meetings this fall,and the major financial issues which will be addressed. Overview of Fall Special Town Meetings Two fall special town meetings are scheduled to commence on Monday, October 16, 2017. Because a special town meeting was already held earlier this year on the first day of the Annual Town Meeting, the two fall special town meetings have been designated Special Town Meeting 2017-2 and Special Town Meeting 2017-3. At Special Town Meeting 2017-2, Town Meeting will be asked to make appropriations necessary to move forward each of three long-pending capital projects, subject to approval by voters of debt exclusions for those projects in a referendum later in the fall: (1)replacement of the Hastings elementary school; (2) con- struction of a permanent facility for the Lexington Children's Place (LCP) preschool at 20 Pelham Road; and(3)reconstruction of the Fire Headquarters at 45 Bedford Street,together with the construction of tem- porary fire station swing space at 171-173 Bedford Street. In the case of the LCP and fire headquarters projects, additional design and engineering funding will be sought so that a final appropriation can be made at the Annual Town Meeting next spring. In the case of the Hastings and fire station swing space projects, funding will be sought for the final design and construction costs necessary to complete the projects. The financial articles of Special Town Meeting 2017-3 will focus primarily on the allocation of additional FY2018 revenue resulting from increases in revenue estimates since the 2017 Annual Town Meeting, as discussed below, and adjustments to the FY2018 operating budget. Updated FY2018 Revenue Estimates Since the close of the 2017 Annual Town Meeting,the Town's estimated General Fund revenue for FY2018 has increased on a net basis by $2,667,987, as detailed in the table below. Changes in FY2018 Revenue Estimates From To Change Notes New Growth Higher new growth than projected. $2,500,000 $3,000,000 $500,000 State Aid Increase in Chapter 70 funds over last year's amount,previous $13,552,552 $15,712,062 $2,159,510 estimate level-funded Parking Fund Increased estimates of parking $385,000 $421,500 $36,500 revenues TMOD Stabilization Fund $19,000 $44,000 $25,000 Increased estimate of receipts Revenue Adjustment Clerical error—ATM Article 4 did not reflect late adjustment to Free ($53,023) Cash transfer Additional Revenues to General Fund $2,667,987 5