2011-03-03-AC-min - Laserfiche WebLink

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March 3, 2011 combination of rate relief and capital projects. There is also a long -term plan to gradually reduce the amount of retained earnings appropriated for rate relief, and instead to direct surplus earnings toward capital projects, an approach that this Committee has recommended in past reports as a means of promoting long -term rate stability as opposed to short -term relief. This issue will become particularly germane in the development of the FY2013 budget as last fall's water billings came in approximately $1.5 million in excess of projections due to high irrigation water usage during last year's particularly dry summer, and this amount is expected to show up in the water fund retained earnings as of July 1, 2011. CEC (Glenn Parker): Article 17 was discussed but no vote was taken. 4. Article Assignments and Discussion. Article 16 — Supplemental Allowance under MGL Ch. 32, S. 101. Mr. Addelson reported that the Retirement Board is in support of this article and noted that surviving spouses can now elect to receive a reduced portion of their deceased spouse's pension. Section 101 provides an annual allowance for widows (and widowers) who did not have the opportunity to exercise this election, and this article would increase that allowance from $6,000 to $9,000. Mr. Bartenstein noted that the statute appears to provide for adjustment of the allowance by a COLA, and Mr. Addelson will confirm whether the $6,000 amount established in 1995 has been adjusted and, if so, the current amount. 5. Other Business. Mr. Addelson asked to put a reserve fund transfer request on a future agenda. The amount of $15,000 would supplement the Veterans Services budget and is as a result of growing demand for economic relief from veterans living in Lexington. This is a State program implemented at a local level where the State reimburses the town for 75% of the costs. Services include medical benefits, fuel, food and housing assistance. This will be put on the agenda for the March 14, 2011 meeting. Mr. Bartenstein expressed concern about the open -ended nature of the vote taken at the February 16, 2011 meeting to approve deficit spending for snow and ice removal and suggested that in the future it would be prudent to impose a limit, as finance committees in other towns have done. Such a limit could be revisited if necessary. The meeting adjourned at 9:39 p.m. A list of documents and exhibits used at the meeting is attached. Respectfully submitted, Andrea Yepez Recording Secretary Approved March 7, 2011 -3-