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Selectmen’s Meeting – August 1, 2011 Upon motion duly made and seconded, it was voted 5-0 to approve the Chairman signing and sending a letter to the Massachusetts State Lottery Commission objecting to approval of a Keno License for the Lexington Lodge of Elks. Presentation by New Owner of Dana Home Ms. Perez Kennealy presented the proposed Inn project for 2027 and 2013 Massachusetts Avenue, the former site of the Dana Home. Mr. Larson, Landscape Architect, was present to answer questions regarding parking. The plan would be to convert the existing structure on the 2027 property into a full service Inn with fourteen guest rooms and a small restaurant with a tabletop for each guest room in the main Inn as well as a small lounge area. The two structures on the 2013 property would be converted into an eight guest room annex for the Inn and the administrative offices for the Inn operations. Mr. Patrick, Town Meeting member, lives directly across the street from the proposed Inn. He supports a small Inn but commented that this is not a small plan. Mrs. McKenna, chair Tourism Committee, supports the use of this property as an Inn. She would like the option of directing visitors to an Inn in Lexington rather than sending them to Concord. th FY2011 4 Quarter End-of-Year Report Mr. Addelson, Assistant Town Manager for Finance, presented the report which included a presentation of FY2011 General and Enterprise Fund expenditures by Department through the end of the fiscal year. These figures will continue to be reviewed prior to closing our books and are subject to change. Expenditures As of the end of the fiscal year, 96.61% of the total FY2011 general fund budget had been expended or encumbered. This resulted in approximately $4.86 million in unexpended funds. The largest drivers of these unexpended funds are in the School Department ($1.298 million), Employee Insurance ($1.98 million), the Reserve Fund ($480,000) and the Salary Transfer Account ($510,125). The year-end surplus is net of a Snow and Ice deficit of $654,053. Staff has recommended that this deficit be raised from available FY2012 revenue including the residual balance of estimated FY12 revenue set aside to cover cuts in state aid that did not materialize and $300,000 of estimated FY12 revenue traditionally set-aside to cover prior year snow and ice deficits. Revenue Collections th As of June 30, revenues collected exceeded estimates by approximately $2.3 million. The Town experienced strong collections related to Motor Vehicle Excise, building-related permits, and Hotel/Meals Tax.