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0��g NgbT MPy�,Ake A Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting February 28, 2018 APRIL 1911 ��IIV 4I47t�r Location and Time: Town Office Building, Reed Room (111); 7:45 A.M. Members Present: Charles Lamb, Chair; David Kanter, Vice-Chair & Clerk; Sandy Beebee; Rod Cole; Wendy Manz; Frank Smith Members Absent: None Others Present: Sara Arnold, Recording Secretary Documents Presented: • Notice of CEC Meeting, February 28, 2018 • Stabilization Fund History—extract from the FY2018 Recommended Budget & Financing Plan ("Brown Book"), Page C-3 (distributed by Mr. Kanter) • Draft #3 Minutes of the CEC Meeting, February 21, 2018 Call to Order: At 7:46 A.M., Mr. Lamb called the meeting to order. Minutes: Mr. Kanter read an edit for the Draft #3 Minutes for this Committee's meeting on February 21, 2018, and noted there were some administrative edits elsewhere in the Minutes. A Motion was made and seconded to approve said Minutes, as amended. Vote: 6-0 Member Concerns and Liaison Reports: Using the "Stabilization Fund History" and some preliminary analysis, Mr. Kanter provided updated information regarding the General Stabilization Fund (GSF). He had learned since this Committee's last meeting that the Town fiscal guidelines identify the balance of the GSF was recommended to get to 7.0% of the prior-year's General Fund Revenues; not 5% of the Net Operating Revenue as he had previously reported. Using that guideline, the GSF will be about $4.3 million short of where it should be at the end of FY2018 and, with no further infusion into the GSF, would be about $5 million short at the end of FY2019. Mr. Kanter reviewed his plan, as a Town Meeting member, to submit Amendments to the 2018 Annual Town Meeting (ATM) that would: (1) infuse $1.0 million in discretionary funding in the GSF, and (2) fund that action with a $1.0 million reduction in the discretionary funding currently identified for the Other Post-Employment Benefits (OPEB) Fund. The $1.0 million represents nearly all the Free—Cash portion currently identified for OPEB funding. Mr. Lamb noted that the Amendments only have an indirect impact on capital projects, and if this Committee were to take a position on them, the Committee would be "forging new ground". Further discussion was deferred. Discussion of the process leading to the 2018 ATM and the Committee's report to that ATM This Committee reviewed the Articles on which it is taking a position, making comments and taking votes, as determined to be appropriate, as summarized below. (It is understood that all dollar amounts are subject to change when the FY2019 Brown Book is published.) It was acknowledged that, although where indicated there were votes—and they are formal votes— Page 1 of 5