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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2018 ATM (incorporating Updates&Errata)
<br /> Capital; (j) Payment in Lieu of Parking; (k) Avalon Bay School Enrollment Mitigation Fund; (1) Visitor
<br /> Center Capital Stabilization Fund; (m) Affordable Housing Capital Stabilization Fund; and (n) Water
<br /> System Capital Stabilization Fund; and further, to accept paragraph four of Section 5B of chapter 40,
<br /> dedicating certain fees, charges, gifs or receipts to a stabilization fund; and determine whether the money
<br /> shall be provided by the tax levy, by transfer from available funds, or by any combination of these
<br /> methods; or act in any other manner in relation thereto.
<br /> "DESCRIPTION: This article proposes to establish and/or fund Stabilization Funds for specific
<br /> purposes and to appropriate funds therefrom. Money in those funds may be invested and the
<br /> interest may then become a part of the particular fund. These funds may later be appropriated for
<br /> the specific designated purpose, by a two-thirds vote of an Annual or Special Town Meeting, for
<br /> any lawful purpose."
<br /> (Town Warrant)
<br /> "Capital Stabilization Fund (CSF)–The Town is planning for a number of significant capital projects
<br /> over the next five years including a new Hastings Elementary School, a new facility for the Lexington
<br /> Children's Place (LCP), a new main fire station, a renovated or new police station, Center Streetscape
<br /> improvements, Hartwell Avenue infrastructure improvements, and a new Visitors Center. On
<br /> December 4, 2017, Lexington voters approved a Proposed 21/2 debt exclusion, for approximately
<br /> $85,000,000, for a new Hastings School, a new LCP and a new main fire station. The Board of Selectmen
<br /> have supported a plan to use a portion of the Capital Stabilization Fund to materially reduce the property
<br /> tax impact of these projects on taxpayers.
<br /> "Below is the current plan for the use of the CSF to mitigate the property tax impact of these three
<br /> projects and the two middle school additions/renovations and elementary school modular classrooms
<br /> previously approved by the voters in May 2016.
<br /> Capital Stabilization Fund
<br /> History of Appropriations Into&From and Recommendations for FY2019
<br /> Table 10 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019
<br /> Appropriated Budget
<br /> Prior Year Balance $ 1,601,836 $ 3,990,704 $ 8,048,466 $ 16,725,947 $ 23,203,210 $ 28,344,487
<br /> Appropriation into Capital Stabilization Fund $ 3,983,240 $ 5,910,726 $ 9,447,832 $ 6,991,205 $ 7,690,398 $ 3,415,331
<br /> Subtotal-Available for Appropriation $ 5,585,076 $9,901,430 $ 17,496,298 $ 23,717,152 $ 30,893,608 $ 31,759,818
<br /> Appropriation from Capital Stabilization Fund
<br /> Excluded Debt Service Tax Relief $ (1,600,000) $ (950,000) $ (215,000) $ - $ (2,400,000) $ (4,500,000)
<br /> Within Levy Debt Service Mitigation $ - $ (919,000) $ (620,567) $ (710,000) $ (324,500) $ (573,500)
<br /> Subtotal-A. ro 7riation 1 600 000 1 869 000 835 567 710 000 2 724 500 5 073 500
<br /> Interest Income(/ 12/ $ 5,628 $ 16,036 $ 65,216 $ 196,058 $ 175,380 $
<br /> Projected Balance of Fund $3,990,704 $8,048,466 $16,725,947 $23,203,210 $28,344,487 $26,686,318
<br /> (Brown Book ix)
<br /> Available cash would be added to the CSF by a majority vote of this Town Meeting, with the intent that,
<br /> as having been done in the past and as proposed above, the CSF will be having continuing withdrawals,
<br /> by a 2/3rd vote of Town Meetings, to mitigate the tax burden of major capital projects. The withdrawals
<br /> are expected to be in the form of amounts cited for appropriation under the Operating Budget—as is the
<br /> case for this Town Meeting—to be an additional source, to the extent funds remain in the CSF, toward
<br /> each year's projected debt service for projects excluded from the Proposition 21/2 property-tax-levy limit,
<br /> as approved by the voters, and—to a much lesser degree—for debt not excluded from that limit (i.e.,
<br /> within the tax-levy limit).
<br /> Note: All of the Town's Specified Stabilization Funds are in addition to the Town's General Stabilization
<br /> Fund. See Appendix A for a table with information on all the Specified Stabilization Funds.
<br /> Article 27:Appropriate to Funds Requested Funding Source Committee Recommends
<br /> Stabilization Fund
<br /> N/A N/A Indefinite Postponement
<br /> (6-0)
<br /> "To see if the Town will vote to appropriate a sum of money to the previously created Stabilization Fund
<br /> in accordance with Section 5B of Chapter 40 of the Massachusetts General Laws; detei dine whether the
<br /> money shall be provided by the tax levy, by transfer from available funds, or by any combination of these
<br /> methods; or act in any other manner in relation thereto.
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