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Y Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting June 25, 2018 APRIL 19'" �d N4i„'47�r Location and Time: Town Office Building, Reed Room; 7:45 A.M. Members Present: Charles Lamb, Chair; David Kanter, Vice-Chair & Clerk; Sandy Beebee;Wendy Manz; and Frank Smith Members Absent: Rod Cole Others Present: Sara Arnold, Recording Secretary Documents Presented: • Notice of CEC Meeting, June 25, 2018 • Draft #3 Minutes of the CEC Meeting, June 6, 2018 • CEC Input to the Board of Selectmen's (BoS's) Goals Setting for Fiscal Years (FYs) 2019 & 2020, May 28, 2018, with Commentary Prepared by Mr. Kanter, 24 Jun 2018 Based on BoS Comments at its 19 Jun 2018 Meeting Call to Order: Mr. Lamb called the meeting to order at 7:46 A.M. Approval of Minutes: Mr. Kanter presented three proposed edits to the Draft #3 Minutes of the CEC meeting, June 6, 2018. A Motion was made and seconded to approve those Minutes as amended. Vote: 4-0-1 (Mr. Smith abstained because he had not attended that meeting.) Member Concerns and Liaison Reports: Mr. Kanter reported the following regarding the June 191" meeting of the BoS: • The BoS approved Bond Anticipation Notes (BANs) totaling $12,116,855. Factoring in the $113,777.27 premium received from the winning bidder, J.P. Morgan Securities LLC, the net interest cost for the Town is 1.56%, which is an increase from the 1.40% on the BANs issued this January and the 0.94% on those issued last June. • The BoS continued its goals-setting efforts—the primary purpose the meeting. The BoS reviewed 52 recommended goals—some as carryovers from the FY2018 & FY2019 goals; most as inputs from the staff, Town committees, and other Town bodies. The inputs had been ranked based on the previously identified interests expressed by the individual BoS members. During the review, the Board agreed that a number of goals could be merged. The Town Manager's Office will prepare a goals list that reflects the Board's discussion and positions. This Committee's recommendations were addressed by the BoS, as follows: ➢ Overall Capital Planning: This was identified as a high-priority carryover and did not include addressing a separate policy regarding funding durations for capital projects as recommended by this Committee. ➢ Town-wide Facilities Master Plan: This was identified as a high-priority carryover. The BoS supported the creation of another Ad hoc Town-wide Master Planning Committee to ensure both Municipal and Schools planning are integrated so the result is a truly a Town-wide plan. Page 1 of 3