2019-12-19 Summit II-A-min - Laserfiche WebLink

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Financial Summit Meeting II-A Board of Selectmen, School Committee, Appropriation Committee and Capital Expenditures Committee December 19, 2019 A Financial Summit was held on Thursday, December 19, 2019 at 7:13 p.m. at the Hadley Public Services Building Cafeteria, 201 Bedford Street, Lexington, MA. The purpose of the meeting was to continue discussions regarding FY2021 financial projections. Summit I and II took place on October 30 and November 21, 2019. Present for the Board of Selectmen (BOS) were Mr. Lucente (Chair); Ms. Barry; 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, Vice Chair, Mr. Bokun; Ms. Lenihan; Dr. Hackett, Superintendent of Schools; and Mr. Coelho, Assistant Superintendent for Finance and Operations. Present for the Appropriation Committee (AC) were Mr. Parker, Chair; Mr. Bartenstein, Mr. Levine; Mr. Michelson; Mr. Nichols; Mr. Padaki, Vice Chair; Ms. Yan; and Ms. Muckenhaupt. Present for the Capital Expenditures Committee (CEC) were Mr. Lamb, Chair; Ms. Beebee; Mr. Kanter, Vice Chair; Ms. Manz and Mr. Smith. ITEMS FOR INDIVIDUAL CONSIDERATION 1. FY2021 Revenue Allocation Update At Summit II, it was revealed that the FY2021 Revenue Allocation model, as proposed, does not provide sufficient funds to cover costs. Ms. Kosnoff said after that meeting, the Town Manager and Town Staff revisited the budget in an effort to “meet the School halfway” by making reductions and adjustments to the FY2021 Revenue Allocation model. The goal was to find approx. $700,000 in additional funds for the Schools. Ms. Kosnoff presented the following list of potential changes. First, due to an oversight, this adjustment to the model needed to be made:  Reduce available Free Cash by $800,000 in order to pay the like amount into the Overlay account. The effect of this reduction reduces the Schools’ Revenue Allocation by $589,759 and the Town’s Revenue Allocation by $210,241. Second, Lexington’s Minuteman High School assessment has increased by $275,212 making this adjustment necessary: Lexington’s total Minuteman assessment is now $2,992,356. Splitting the additional amount 1