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March 30, 2011 Minutes Town of Lexington Appropriation Committee March 30, 2011 Time and Location: Ellen Stone Room, Cary Hall, 6:45 p.m. Members Present: Glenn Parker, Chair; John Bartenstein, Vice Chair and Secretary; Joe Pato, Vice Chair; Robert Cohen; Alan Levine; Eric Michelson; Susan McLeish; Richard Neumeier; Rob Addelson (non-voting, ex officio) The meeting was called to order at 6:45p.m. Article 19 (Rescind Prior Bond Authorizations). 1.Rob Addelson made a short presentation on prior bond authorizations proposed to be rescinded because the capital projects in question have been completed and the full amount of borrowingoriginally requested is no longer necessary. He explained that although there is no legal requirement to rescind these authorizations, it is a good practice to get them off the booksbecause they clutter the general ledger. He also provided the Committee with a seven-page table of “Available Balances of Prior Years’ Capital Authorizations,” sometimes referred to as “open money articles.” The prior authorizations to be rescinded, from articles approved at the 2007, 2008 and 2009 Annual Town Meetings,total approximately $82k. A motion was made and seconded to recommend approval of Article 19. Vote: Approved 8-0-0. In response to an inquiry by Mr. Bartenstein, Mr. Addelson said that an authorization made under Article 34 at the 1999 Annual Town Meeting for $3,000,000in borrowing to fund potential land acquisitions was not among those proposed to be rescinded because the Conservation Commission had objected to rescinding this item several years ago. There was general agreement that this is an issue that should be revisited next year since the principal source of funding for land acquisition is now the CPA and any land acquisition would require Town Meeting approval in any event. Article 10 (Municipal Capital). 2.Mr. Addelson explained that where bonds have been issued for previously approved projects and the projects have beencompleted without spending all of the funds, the excess bond proceeds are available for re- appropriation for any other purpose for which funds could be borrowed for an equal or greater term. It will be proposed in the motion under Article 10to re-appropriate excess bond proceeds totaling $42kfrom a number of prior-year articles. This will also free up additional free cash, bringing the balance that is available to apply toward the snow and ice deficit from $200k to about $242k. Article 10(i) (South Lexington Transportation Master Plan). 3. Mr. Addelson advised thatthis item willbe indefinitely postponed as it was already funded at the 2010 ATM. The $125k willbe held in the Traffic Mitigation Stabilization Fund. 1