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2007-05-17-AC-min
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2007-05-17-AC-min
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3/2/2022 3:26:25 PM
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3/9/2009 6:17:59 PM
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Year
2007
Department
Town Clerk
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Minutes - AC - Appropriation Committee
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<br /> May 17, 2007 <br />Minutes <br />Town of Lexington Appropriation Committee <br />May 17, 2007 <br /> <br /> <br />Place and time: Ellen Stone Room, Cary Memorial Hall, 7:30 PM <br /> <br />Members present: Alan Levine (Chair), Deborah Brown (Vice-Chair), John Bartenstein <br />(Secretary), Rod Cole, Rick Eurich, Pam Hoffman, David Kanter, Eric Michelson, Rob <br />Addelson (ex officio, non-voting) <br /> <br />Others present: Michael Young (Budget Officer) <br /> <br />The meeting was called to order at 7:40 PM. <br /> <br />Request for Reserve Fund Transfer. <br /> 1. Rob Addelson presented a four-page <br />packet to the committee, dated May 17, 2007, titled “Reserve Fund Transfer Request”. <br />The packet included: <br /> <br />a. cover letter; <br />b. summary of actions needed to close FY2007; <br />c. summary of the FY2007 Operating Budget (Article 17) with appropriated <br />amounts, adjustments, year-to-date expended, encumbered, remaining <br />balances, and percentages spent; and <br />d. Request to transfer $98,284 from the Reserve Fund to account # 10092002- <br />52110, Property & Liability Insurance Contractual Services. <br /> <br />The proposed actions to close FY2007 include $206,523 in Reserve Fund transfers, <br />$44,287 in transfers from the Salary Transfer account, and $232,473 in interdepartmental <br />transfers between municipal line items, using the 3% rule of Chapter 77 of the Acts of <br />th <br />2006, MGL c. 44, § 33B. The Committee will be asked to meet prior to June 28 to act <br />on these items. As there have not been any significant changes in anticipated expenditure <br />since April, the proposed actions are similar to those outlined at that time. <br /> <br />Rob Addelson requested immediate action on the request for a Reserve Fund transfer of <br />$98,284 to account # 10092002-52110, Property & Liability Insurance Contractual <br />Services (a portion of the above-mentioned $206,523 in proposed Reserve Fund <br />transfers.) This money is required to pay the final portion of premium bills on insurance <br />policies before the close of the fiscal year. The need for additional money in the current <br />fiscal year is due not to increased premiums or bad experience, but to a one-time move to <br />synchronize to the insurer’s billing cycle. Appropriate levels of funds have been <br />appropriated for FY2008. David Kanter recommended that in the near future the Town <br />should take the further step of aligning the policy term to the Town’s fiscal year. The <br />Committee voted unanimously to approve this transfer. <br /> <br />Letter Concerning Override. <br /> 2. Alan Levine and Deborah Brown circulated a <br />draft letter which they had prepared for submission to the editor of the Lexington <br /> - 1 - <br /> <br />
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