2018-06-27-CEC-ATM-rpt (Combined Report with Updates & Errata)

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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2018 ATM(incorporating Updates&Errata) Article 25:Rescind Amount for Rescission Original Committee Recommends Prior Borrowing Authorization Authorizations $425,482 See Below Approval(6-0) "To see if the Town will vote to rescind the unused borrowing authority voted under previous Town Meeting articles; or act in any other manner in relation thereto. "DESCRIPTION: State law requires that Town Meeting vote to rescind authorized and unissued debt that is no longer required for its intended purpose." (Town Warrant) The following rescissions are being requested because those projects are completed without needing the remaining borrowing authority: Unused Borrowing Authorizations to be Rescinded Rescind Purpose Original Appropriation Total Appropriation Amount Percentage DPW Equipment 2015 ATM,Article 11(b) $1,270,000 $47,355 3.73% Additional(Schools)Time Clock System Funds 2015 ATM,Article 16(c) $208,000 $208,000 100.00% High School Modular Classrooms 2015 STM 2,Article 6 $350,000 $22,000 6.29% Munroe School Roof 2016 ATM,Article 15(h) $298,000 $140,450 47.13% Lexington High School Nurse Office 2017 ATM,Article 160) $320,100 $7,677 2.40% Total $2,446,100 $425,482 As it is unusual for a complete authority to be rescinded, the explanation for that happening with the "Additional (Schools) Time Clock System Funds" is those additional supplemental funds had been requested to ensure an award could be made based on earlier bids. However, these funds were not needed as upon rebidding the project an award could be, and was, made under the original appropriation as previously supplemented. Note: No-longer-needed cash balances from issued debt are not a subject for rescission. Those are normally proposed to Town Meeting for re-appropriation to later Capital Articles of a similar purpose. Article 26:Establish, Dissolve Funds Funding Committee and Appropriate To and Requested Source Recommends From Specified Capital SF Stabilization Funds (SFs) (Only those actions related Deposit $2,883,246 GF (Cash)+ to Capital) $3,415,331 $532,085 GF(Free Cash) Approval(6-0) Withdraw $573,500 to apply to debt Capital SF Approval(6-0) service for In—Levy Debt Withdraw $4,500,000 to apply to debt Capital SF Approval(6-0) service for Exempt Debt "To see if the Town will vote to create, amend, dissolve, rename and/or appropriate sums of money to and from Stabilization Funds in accordance with Section 5B of Chapter 40 of the Massachusetts General Laws for the purposes of: (a) Section 135 Zoning By-Law, (b) Traffic Mitigation, (c) Transportation Demand Management/Public Transportation, (d) School Bus Transportation; (e) Special Education, (f) Center Improvement District; (g) Debt Service, (h)Transportation Management Overlay District, (i) 61