2019-11-21 Summit II-min - Laserfiche WebLink

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Financial Summit II Board of Selectmen, School Committee, Appropriation Committee, Capital Expenditures Committee November 21, 2019 A Financial Summit was held on Thursday, November 21, 2019 at 7:00 p.m. at the Hadley Public Services Building Cafeteria, 201 Bedford Street, Lexington, MA. The purpose of the meeting was to review and discuss FY2021 budget projections. Present for the Board of Selectmen (BOS) were Mr. Lucente (Chair); Mr. Pato; Ms. Barry; Ms. Hai; and Mr. Sandeen. Mr. Malloy, Town Manager; Ms. Axtell, Deputy Town Manager; Ms. Kosnoff, Assistant Town Manager for Finance; Ms. Hewitt; Budget Officer; and Ms. Katzenback, Executive Clerk. Present for the School Committee (SC) were Ms. Jay (Chair); Ms. Colburn; Mr. Bokun; Ms. Lenihan; Ms. Sawhney; Dr. Hackett, Superintendent of Schools; Mr. Coelho, Assistant Superintendent for Finance and Operations. Present for the Appropriation Committee (AC) were Mr. Parker, Chair; Mr. Levine; Ms. Muckenhoupt; Mr. Michelson; Ms. Yan; Mr. Bartenstein; and Mr. Nichols. Present for the Capital Expenditures Committee (CEC) were Mr. Lamb, (Chair); Mr. Kanter; Ms. Beebee; Ms. Manz; and Mr. Smith. ITEMS FOR INDIVIDUAL CONSIDERATION 1. FY2021 Revenue Projections and Revenue Allocation—Carolyn Kosnoff, Assistant Town Manager for Finance FY2021 Revenue Projections: Ms. Kosnoff presented Revenue Projections for FY2021, saying that fiscal policy decisions form the reasoning behind these budget assumptions. Highlighting Revenue Projections, Ms. Kosnoff said that the New Growth number has been revised upward to $2.7M from a previous projection of $2.5M. She suspects New Growth will actually be closer to $3M, due to some new, large commercial developments coming online. Showing historic trends, she noted that New Growth has been at least $3M every year but two since FY2011. State Aid, particularly Chapter 70, leveled off after large increases during FY2016-FY2018 which were the result of the State bringing Lexington up to its “foundation budget”. The FY2021 State Aid working number was achieved by taking the FY2020 total and adding $25 per pupil (an increase of 1.2%) to equal $14,616,684. Individual revenues expected under the Local Receipts category either match last year’s receipts or are based on five-year averages, with the exception of those that are market driven, such as Penalties and Interest or Building Permits. Because those can fluctuate, they are calculated 1