Laserfiche WebLink
Breadcrumb Navigation:
<br />Town of Lexington <br />Capital Expenditures Committee <br /> <br />Draft <br /> Meeting Notes <br /> <br />March 17, 2003, 7:30 p.m., <br />Selectmen’s Meeting Room, Town Offices <br />Committee members present: Bhatia, Burnell, Hornig, <br />Rosenberg, Stolz <br /> <br />Meetings Schedule <br />Wednesday, March 19, 7:00 p.m., Clarke Middle School, <br /> <br />before TMMA briefing on budget/capital issues <br />Thursday, March 20, 8:00 p.m., Town Offices, Room 105, <br />with Appropriation Committee (attempt to reconcile budget, <br />reports) <br />Monday, March 24, 7:00, National Heritage Museum, <br />before first session of Town Meeting (and Wednesdays and <br />Mondays hereafter) <br /> <br />The Selectmen, meeting on the budget and other Town Meeting <br />articles, were joined by the School Committee, <br />Appropriation, and Capital Expenditures. <br />The Selectmen reviewed the Town Manager’s proposed <br />gap-filling measures to overcome the anticipated $884,000 <br />reduction in state aid; one means of doing so was taking <br />into the operating/program budget the $103,000 savings vs. <br />anticipated from the costs of issuing nonexempt debt; a <br />similar administration proposal was to take the $69,000 in <br />savings from the as-issued vs. extimated costs of temporary <br />borrowing. [See exhibits distributed by Hornig; printed <br />copies attached to the minutes permanently on file.] <br />Because Capital Expenditure and Appropriation both <br />endorsed the notion that those $172,000 of funds, plus <br />$14,000 from the recap sheet not in the Town budget, ought <br />to be used under the 5 percent cash capital policy (thereby <br />reducing borrowing for capital items), Hornig presented the <br />committee’s cash estimate ($699,000, after the Selectmen <br />already diverted $100,000 from cash capital to the <br />operating budget, vs. the Town’s budget $512,000), and <br />requested that the Selectmen budget accordingly, to <br />accomplish two goals: to restore the integrity of the cash <br />capital policy, and to minimize borrowing (in a tight <br />fiscal period, preserve options and funding for future <br />identified and unknown critical needs by funding only <br />critical items this year; do not fund attractive, but <br /> <br />