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�y w-AOR yrry. Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting n May 13, 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; Frank Smith Members Absent: Rod Cole; Wendy Manz Others Present: Deepika Sawhney, School Committee Liaison; Sara Arnold, Recording Secretary Documents Presented: • Notice of CEC Meeting, May 13, 2019 • Financial Policies and Planning Presentation ("Presentation"), prepared by staff for the Spring Budget 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; Appropriation Committee, Capital Expenditures Committee, School Committee, May 7, 2019 • Town of Lexington Ad Hoc Financial Policy Committee Report to Board of Selectmen, March 15, 2006 • Extract from Board of Selectmen's 6 May 2019 Meeting Agenda; Agenda Item Title: Goal Setting Discussion; Presenter: Jim Malloy, Town Manager Call to Order: Mr. Lamb called the meeting to order at 7:50 A.M. Preparation for the May 15, 2019, Financial Summit: A page-by-page review of the Presentation resulted in comments that included, but were not restricted to, the following: Slide #4, Anticipated Summit Outcomes, Roadmap for Achieving Summit Outcomes, Item #2: It will be necessary to identify dates when this Committee is available to meet with staff, but the timeframe for such meetings has not been identified. Slide #5, Lexington's Financial Goals and Objectives: • Item #4: The Department of Public Facilities has considerable documentation regarding Town-owned buildings, but it isn't clear whether the Department of Public Works has comparable information on the venues for which it is responsible, including its Enterprise Funds. • Item #5: Mr. Kanter expressed concern with the goal of stabilizing the year-over-year fluctuations in residential tax bills when some taxing to less than the levy limit is being considered. Slide #6, Eliminating Use of Free Cash for Operating Budget: It was noted that in the past the Town has produced very-conservative budgets that usually resulted in significant Free Cash at the end of the year. Mr. Kanter questioned whether the Town Manager might be considering less-conservative budgeting thereby likely to result in less free cash. Slide #7, Tax to the Levy Limit vs. Creating Excess Levy Capacity: Mr. Lamb questioned whether it was within this Committee's purview to weigh in on the Pagel of 3