1968-09-21-AC-MIN.pdf - Laserfiche WebLink

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211 Meeting of the Appropriation Committee, Monday., October 21, 1968, 7:30 p.m. Present: R. Gary, Acting Chairman; J. Blaisdell, R. Blomfield; L. Burnell; E. Furash; R. Perry, Comptroller; D. White; L. Zehner; R. Souza Reserve Fund Requests Selectmen, Elections, Account #1900. $2,000 requested. Voted to transfer $2,000 to acct. #1900. Engineering Expenses, Account #5150. $2,200 requested. John McSweeney, Town Engineer, explained this request. $3850 was appropriated; Balance isnow $57.42. -Budget has been overspent in thi following areas: Field and office supplies r„i Photography LCD Equipment rental Miscellaneous (including charges for registering plans) 1:74 The greatest over-expenditure is for equipment rental. Mr. McSweeney stated that, when he came to this department, they were beingx charged for two vehicles although they were using four. They have added 1, a car for the inspector hired as a result of June Town Meeting, making a total of five. They are now being charged for 5 vehicles at about $225/month, compared with the $800/yr formerly charged for 2. They are using a survey truck, inspector's truck, sewer service truck4 and engineer's car, in addition to the construction inspector's car added in June. Committee decided that the two vehicles which had not been charged to Engineering in former years had probably been charged to Public Works - look for a balance in That budget at the end of the year. Dick Perry will write a note to Mr. Burke. Voted to transfer $2,200 to account #5150 Street Contract discussed with Mr. McSweeney Four streets were to be constructed this year. $98,000 was appropriated. Bid received was $138,000 to which must be added 12% for engineering - a total of $154,000 would have been necessary. These streets were resubmitted to bid, leaving out Hillcrest. The low bid for Grassland, Well and Vail was $91,000. Adding 12% gives a total of $107,000 needed; $95,000 is available. Selectmen may request additional money, but have not done so yet. Anticipated Receipts Dick Perry reported on a meeting he had attended at which state Tax Commissioner daillette stated that 2 million dollars more were received from sales tax than had been expected. This will be distributed to cities and towns by Dec. 31; therefore it should get on the cherry sheets. Mr. Perry also reported that the average lax increase in town budgets in Mass. was 9%; valuations were up 3.4%; and tax rates up 13.7% - Lexington's was up 14.5%, Moody Rating - Dick Perry reported that Moody had answered his request for a review of Lexington's rating, saying that in view of the anticipated 4 million bonding in 1969 they believed Lexington should keep its A rating. At the time of a bond issue, they would be glad to review it again. Dick will pursue this matter. Probably the greatest saving an upgrading of our ratingx would give us would be in the interest for tax anticipation borrowing. Winchester, with x AAA rating,pays 1.89%; Lexington, with an A rating, pays 2.4%. For long-term borrowing Lexington's bonds get a rate equivalent to AA. Town Office Building Committee will probably come in in March for engineering and plan money. Capital Expenditures discussed briefly. Departments had written letters in response to Dick Perry's request for information on capital expenditure requests.