2004-12-09-AC-min - Laserfiche WebLink

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December 9, 2004 Overlay Account 4.. There was a brief discussion of the status of past overlay accounts, and whether they might prove to be a source of additional reserves. SE indicated that this was not likely to be a significant source of funds. Due to care taken in the assessment process and a favorable history of abatements, the amounts placed in Lexington’s overlay have been relatively small in recent years, compared with other towns. There is now some indication that abatement requests may be trending upward. Since the assessor may release funds from a prior year’s overlay account as surplus only when there is a cumulative surplus in all the outstanding overlay accounts, it is not likely that there will be significant funds to release. Approval of Minutes 5.. With minor amendments, minutes were approved for the meetings held on: 4/22/04, 8/19/04 and 11/17/04. AL will send a final version of the minutes to the Town Clerk, with a copy to David Kaufman for posting on the TMMA web site. . Campaign Participation Policy. 6EM circulated a draft policy on participation in local political campaigns designed to accommodate concerns that had been expressed in the prior meeting. After extensive discussion, the Committee voted 6:1 to adopt the policy statement as drafted by EM. RE initially opposed the motion on the ground that he would have preferred a more stringent policy, but indicated that he would be willing to vote to adopt the policy by acclaim. A revote was then taken, and the policy was adopted by acclaim. Override Referendum Timing 7.. AL summarized the email he had circulated on 12/8/04 addressing “high level fiscal policies,” in particular the development and maintenance of reserves and the timing of overrides, and asked for comments. There ensued an extended discussion of: (a) the relative advantages and disadvantages of having override referenda every year, every two years or every three years; (b) whether overrides should be planned on a fixed schedule or dictated by financial needs as they arise; (c) the need to engage in longer-term financial planning; and (d) the need to include in fiscal planning the development and maintenance of adequate reserves. 2020 Budget Task Force Request 8. . There was a brief discussion of the request from the Lexington 2020 Budget Task Force for input on a proposed series of forums with financial directors from other towns to exchange information about budgetary and financial challenges and responses. The consensus was that this might be a valuable exercise in the long run, but that there would not be sufficient time to give it serious attention until after the conclusion of this year’s Annual Town Meeting. SE pointed out that the 2020 committee had gathered some useful information from other communities. In particular, the Town of Brookline has recently published a set of fiscal policies dealing with reserves, etc., and also has published a very informative set of “trend reports” comparing its financial performance with that of other Aaa-rated communities. JB added that these materials are available on the Town of Brookline web site and promised to circulate a link.