HomeMy WebLinkAbout2012-03-16-CEC-minMinutes of the Lexington Capital Expenditures Committee (CEC) Meeting
Date, Place, and Location: March 16, 2012 8:00 A.M., Cary Memorial Building, Ellen
Stone Room
Members Present: Charles Lamb, Chair; Ted Edson, Vice - Chair; Shirley Stolz; Bill Hurley;
David Kanter
Other Attendee: Rob Addelson, Assistant Town Manager for Finance
Documents Presented: Draft #6 of the Capital Expenditures Committee Report to the
2012 Annual Town Meeting (ATM) & 2012 Special Town Meeting (STM), April 2, 2012
distributed electronically, March 15, 2012, with its "Strawman" 5 -Year Capital Plan also
distributed in printed form at the meeting.
Call to Order: Mr. Lamb called the meeting to order at 8:00 A.M.
Approval of Previous Meeting's Minutes: It was moved and seconded that the Minutes
of the Committee's March 13, 2012, meeting as reflected in the draft that had been
distributed electronically, March 15, 2012, with the changes proposed today, be approved.
Vote: 5 -0
Discussion of the Committee's Report to the 2012 ATM and 2012 STM (April 2, 2012):
The Committee discussed the contents of Draft #6, reviewed the Comments that Mr. Kanter
had entered —with some being resolved and the rest assigned to members and to be
addressed in the future draft(s), and Committee decisions were made on a major portion of
the Committee's 5 -Year Capital Plan.
Motion: It was moved and seconded to approve Indefinite Postponement of Article 26
(Appropriate for Authorized Capital Improvements) as there are no known requirements.
Vote: 5 -0. Note: As the Committee learned later in the meeting there may be one
requirement under that Article (see below), it is recognized that it may become necessary
to revise the report text and then re -vote this Article —even if only to a "Pending"
recommendation.]
Mr. Addelson arrived and there was a discussion with him about the Committee's report,
including some issues the Committee had with the Town's 5 -Year Capital Requests. He
also provided a status on the following Articles:
Article 19 (Rescind Prior Borrowing Authorizations). He is still working on that, but we
can expect there will be some. He will get back to the Committee with the details, once
known.
Article 21 (Establish And Appropriate to Specified Stabilization Funds): He will send us
a spreadsheet reflecting the currently contemplated actions —from which the Committee
can determine those with Capital implications on which to report. He said there will be
discussion of new "Capital Projects Stabilization Fund" at next Monday-night's (the 19 th )
Page 1 of 2
Board of Selectmen meeting. The Committee then had a short discussion of the pros &
cons of funding that Fund instead of using the cash funds, instead, to replace some of the
currently planned debt financing of FY2013 Capital projects.
Article 23 (Appropriate from Debt Service Stabilization Fund): The Committee
explained what it needed for its report regarding updated amounts and confirmation of
dates. Mr. Addelson said he would provide that information.
Article 26 (Appropriate for Authorized Capital Improvements): There might be one
regarding the $200,000 insurance settlement received from the HKT Architects, Inc., in
response to the Town's claim regarding deficiencies with the wash bay in the new Public
Services Building.
Mr. Addelson left the meeting.
Mr. Hurley left the meeting at 10:15 A.M., but the discussion continued among the remaining
members.
Adjourn: A Motion was made and seconded at 10:30 A.M. to adjourn. Vote: 4 -0
These Minutes were approved by the CEC at its meeting on March 20, 2012.
Page 2of2