2023-09-21-CPC-min - Laserfiche WebLink

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2 Mr. Pressman asked about changes in the projected fund balance for FY25 in the current Fund Balance Spreadsheet from page 54 of the CPC’s Report to the 2023 ATM and CPA Fund Balance Summaries dated 12/15/2022 and 8/8/23. Ms. Kosnoff answered that the differences are due to changes in revenue, removed/failed projects, and changes in cost estimates. Additionally, there is an inaccuracy in the current spreadsheet’s fund balance because the FY23 books have not been closed. The $6,745,350 in Undesignated Fund Balance projected as of 6/30/2023 is about $2 million over the actual balance. Mr. Sandeen asked if after the expected adjustments, would the project balance for Undesignated & Unbudgeted for FY25 be about $6.7 million. Ms. Kosnoff confirmed that his calculation is correct. Annual Town Report FY23- The Committee discussed the draft submission of the FY23 CPC Annual Town Report. The Committee planned to take a Zoom screenshot/photo after the meeting for the Report’s photo submission. Mr. Pressman commented that the project “Affordable Housing Trust Funding” is listed as such because that was its name in the 2023 ATM Motion, but the FY24 Brown Book and the Capital Expenditures Committee’s Report to the 2023 ATM list the project at “pre-funding.” Mr. Pressman also added that in his opinion, the funding was in substance pre-funding and wanted to note that there is precedent for pre-funding allocations to the Affordable Housing Trust. Ms. Fenollosa commented that the “Affordable Housing Trust Funding” and the “LexHAB Property Acquisition Prefunding” were named as such at the request of the Town Counsel. After a motion duly made and seconded, it was voted by roll call vote to approve the draft (8- 0). FY25 Application Announcements- The Committee discussed the application announcement for FY25 proposals. Wicked Local no longer publishes community-specific news but an announcement was published on the Town’s website and announcements were submitted to the Lexington Observer and the Lexington Colonial Times. Ms. Battite left the meeting at 4:44. Minutes- After a motion duly made and seconded, the Committee voted by a roll call vote to approve the minutes from the Public Meeting on 3-28-2023 (8-0). After a motion duly made and seconded, the Committee voted by a roll call vote to approve the minutes from the Public Meeting on 3-28-2023 and the Executive Session Meeting on 3-28- 2023 (7-0-1). Ms. Krieger abstained.