2019-09-19-AC-min - Laserfiche WebLink

Browse Search

09/19/2019 AC Minutes ➢ Scenario 2: Tax to the maximum allowed under Proposition 21/2 with the goal of adding the extra tax revenue, i.e., the revenue above that raised in Scenario 1, to the Capital Stabilization Fund annually until debt payments begin for the anticipated large high- school project. Use those funds to reduce the impact of building a new high school during the five years when taxes will peak because of that project. ➢ Scenario 3: As under Scenario 2, tax to the maximum allowed under Proposition 21/2 and add the difference to the Capital Stabilization Fund annually. Use those funds to reduce the amount that will need to be borrowed for the high-school project. Mr. Levine expressed his preference for Scenario 2. Mr. Nichols noted that if the Town "taxes to the max" and puts the excess into the fund for Other Post Employment Benefits, the Town would realize a higher rate of return on its money than if it is in the Capital Stabilization Fund. The town could then reduce OPEB payments in the early years of debt payments for the high-school project. Mr. Michelson stressed the need for a transparent and well-defined process, whatever is selected. There was a philosophical discussion about using the tax levy to pay for capital expenses. • Mr. Padaki reported that Town Meeting member Tom Shiple has raised questions about the year-to-year fluctuations in full time employees within the different departments, which are not explained in the budget book. Ms. Kosnoff reported that full time employees are generally preferred if the employee is working enough hours to receive benefits. She noted that some departments share an employee. • Mr. Padaki asked that ideas for reducing the operating budget be identified and prioritized. Minutes After a brief discussion required to address the inclusion of an unfinished phrase in the draft July 7, 2019 minutes, a motion was made and seconded to approve said minutes, as amended. The motion passed. VOTE: 7-0 Future Meetings/Events for October 2019—March 2020 The following dates for events were identified: • October 3rd: Lexington Citizen Academy at Cary Memorial Library, 7 p.m. regarding the budget process. • Tentatively October 16th or 17th: Fiscal Guidelines/Policy Summit • October 30th,November 21st, and January 16th: Budget Summits • November 12th and 13th: 2019 Fall STM • March 3rd: Elections • March 23rd: Beginning of 2020 ATM The following dates for AC Meetings to prepare for the 2019 Fall STM were identified: • October 1st • October 15th • October 24th It was noted that this Committee's report to the STM should be published on November 5th The meeting adjourned at 9:20 p.m. 3