2022-06-23-AC-min-att - Laserfiche WebLink

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TO:Appropriation Committee & Board of Selectmen SUBJECT:Request for Increase of Authorization of Departmental Revolving Funds 1.Revolving Fund to be Increased: 2.Original Authorization 3.Amount of Increase Requested 4.Revised Authorization 5.Explanation for purpose of authorization increase: Department Head Action of Select Board: Approved Disapproved Authorization voted in the sum of: Action of Appropriation Committee: Approved Disapproved Authorization voted in the sum of: Chair, Appropriation Committee $50,000 $840,000 The Lexington Compost Facility has had a remarkable year, with product sales exceeding $715,000 and more than $175,000 in permit revenue. Accordingly, a number of expenses exceeded original forecasts, and the fund will need to spend more than originally authorized. This is due to a number of factors - sales tax on the higher product sales and additional costs for grinding brush. The Compost Fund balance as of 6/30/2021 was $504,232 and is expected to end the year in a surplus which will add to fund balance. Date $840,000 Chair, Select Board Date $840,000 Town of Lexington Request is hereby made for an increase in the authorization of a Departmental Revolving Fund authorized via vote of Annual Town Meeting in accordance with MGL, Chapter 44, section 53E½. Compost Operations $790,000 Revolving Fund Increase ALLBudgetTransfers_YE_FY2022_6.23.22