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02/05/2020 AC Notes Information Meeting Minutes Town of Lexington Appropriation Committee (AC) February 5, 2020 Place and Time: Cary Memorial Building, Hudson Room, 7:30 p.m. Members Present: Glenn Parker, Chair; Sanjay Padaki, Vice-Chair; Alan Levine, Secretary; John Bartenstein; Eric Michelson; Meg Muckenhoupt; Nick Nichols; Carolyn Kosnoff, Assistant Town Manager, Finance (non-voting, ex officio) Members)Absent: Lily Manhua Yan Other Attendees: David Pinsonneault; Director, Department of Public Works (DPW) The information meeting was called to order at 7:35 p.m. Announcements and Liaison Reports Mr. Parker reported that this meeting had not been posted 48 hours in advance, as required to make it an official meeting; therefore, this would be an information meeting only, without deliberation or votes being taken. Ms. Kosnoff reported the following: • The Town sold $9.57 million in 10-year bonds on Wednesday at a true interest cost(TIC) of 0.93%based on a higher coupon interest rate and a $1.5 million premium. The Town also sold $5.2 million in one-year Bond Anticipation Notes at the rate of 1.03%. These are considered extremely favorable rates that will result in budget changes. • The Minuteman Technical Regional High School Board met and reduced its budget, which will result in a reduction of Lexington's assessment by $129,000 to $2,863,147. • The Lexington Public School Department adjusted some assumptions, resulting in a funding request that is within the allocated budget. • The Finance Department is completing the FY2021 Town Manager's Budget& Financing Plan ("Brown Book"), which will include changes from the FY2021 Town Manager's Preliminary Budget& Financing Plan ("White Book"). A"crosswalk" spreadsheet to identify the changes between the two documents is being prepared. 2020 Annual Town Meeting (ATM) Financial Articles and Report Planning, including DPW Budget for FY2021 Mr. Pinsonneault reported on the warrant articles that include a DPW component, as follows: • Article 4: Appropriate FY2021 Operating Budget: ➢ There is a 3.1% increase in the DPW's requested operating budget as compared to FY2020, which includes three program improvement requests, as follows: ■ Upgrading a staff engineer position to senior engineer. ■ Purchase of a Roadway Decision Support System that will assist staff in determining the optimal treatment of roadways during inclement weather; currently the Town relies on weather reports from the Town of Bedford and Hanscom Air Force Base. ■ Purchase of software to supplement Lexington's work order system in an effort to increase efficiency in preparing information for contractors and the Federal Emergency Management Agency. 1