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(DRAFT V4) APPROPRIATION COMMITTEE 2020-2 AND 2020-3 SPECIAL TOWN MEETINGS 7 OCTOBER 2020 Article 2020-3.4 Rescind Prior Borrowing Authorizations Funds Requested Funding Source Committee Recommendation None N/A Approve(7-0) State law requires that Town Meeting vote to rescind the unissued portions of borrowing authorizations (appropriations funded by debt) that are no longer required for the purpose stated in the authorization. Re- scinding these authorizations is the final bookkeeping task for all debt-based appropriations. Town staff have recommended the following rescissions for projects that require no further access to the appropriated debt funding. Town Article Project Description Amount to be Meeting Rescinded 2016 TM 4 Supplemental Appropriation for School 0 6 S 5 $14,374 Facilities - Modular Classrooms 2013 ATM 10(s) Concord Ave Sidewalk $59,073 2011 STM 2 Bridge/Bowman Construction $507 The Committee recommends approval of this request(7-0). Article 2020-3.5 Amend FY2021 Operating, Enterprise and CPA Budgets Funds Requested Funding Source Committee Recommendation See below See below Approve(7-0) At the Annual Town Meeting held using remote participation last June, operating, enterprise fund and Community Preservation Act (CPA) budgets were presented and approved based on the FY2021 Recom- mended Budget and Financing Plan published on February 24, 20202. It was understood that adjustments to these budgets would likely be required at a fall special town meeting after assessing the initial impact of the Covid-19 pandemic on the Town's revenues and operations. As it turns out, the Town's original FY2021 revenue estimate has not been materially affected in total. Although some components (such as hotel and motel taxes) are down significantly,other components (pri- marily the new growth from FY2020) are significantly higher than originally projected,resulting in a mod- est net increase in FY2021 revenue available for appropriation. As a result, only a few adjustments to the original FY2021 appropriations are proposed. These adjustments, which are described below, essentially offset each other for no net change in total FY2021 appropriations. Approximately$3 million in unappropriated funds from the FY2020 Annual Town Meeting were added to Free Cash at the end of FY2020 and remain available for appropriation(see the footnote below).Continuing 2 The major exception to the original financial plan—which did not involve the operational budgets—was holding in abeyance planned contributions from available funds(Free Cash)to the Capital Stabilization Fund of$1,773,062 and to the PEIL(OPEB)Fund of$1,179,721,for a total of$2,952,783. 10