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�y w-AOR yrry. Minutes of the s \�� Lexington Capital Expenditures Committee (CEC) Meeting Y ry June 5, 2019 APRIL&", II,E XI NGT'O 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; Wendy Manz; Frank Smith Member Absent: Rod Cole Others Present: Kate Colburn, Vice-Chair, School Committee; Sara Arnold, Recording Secretary Documents Presented: • Notice of CEC Meeting, June 5, 2019 • Draft #3 Minutes of the CEC Meeting, May 13, 2019 • Draft Minutes of the CEC Meeting held as part of the Financial Summit, May 15, 2019 • Fiscal Policy Review Memorandum from Jim Malloy, Town Manager; Carolyn Kosnoff, Assistant Town Manager for Finance; Jennifer Hewitt, Budget Officer, to Board of Selectmen; Appropriations [sic] Committee, Capital Expenditures Committee, School Committee, May 7, 2019 Call to Order: Mr. Lamb called the meeting to order at 7:47 A.M. Approval of Minutes: Mr. Kanter discussed proposed amendments for the Draft #3 Minutes of the CEC Meeting, May 13, 2019. He moved that the Draft #3 Minutes for the CEC meeting on May 13, 2019, be approved as amended, and the Motion was seconded. Vote: 5-0 Mr. Kanter moved that the Draft Minutes for the CEC meeting on May 15, 2019, be approved as presented, and the Motion was seconded. Vote: 5-0 Follow-up Discussion of the Financial Summit Meeting held on May 15, 2019: Mr. Kanter praised the Fiscal Policy Review Memorandum prepared by staff, expressing particular appreciation for its organization and thoroughness. In addition to outlining the planned discussion for the May 15th Summit, the document was created to provide the basis for more in-depth discussion by a working group that is being created by Mr. Malloy to review, clarify, and potentially make recommended changes/additions to current policies. Mr. Kanter initiated a page-by-page review of this document, which resulted in comments that included, but were not limited to, the following- 1. Overarching ollowing:(. Overarching Policies: • Page 3; a: Long-Term Forecast-10-15 Years: Mr. Kanter endorsed an effort to produce 10-15 year forecasts. The document did not mention the five-year plan prepared by this Committee for its report to the Annual Town Meeting. The document also did not identify plans for projecting multiple year forecasts for the operating budget. • Page 3; is Pension funding: Mr. Kanter said he did not expect all the Massachusetts municipalities to be fully funded by the current legislated date of 2040, but would expect that date would be moved out as has been done in the past. Currently the Town is allocating approximately $4.0 million into this fund annually. Lexington expects to be fully funded by 2024. Page 1 of 4