|
Lexington Home Page
|
Help
|
About
|
Browse
Search
2009-11-12-AC-min
Breadcrumb Navigation:
TownOfLexington-Public
>
WEB PUBLISHED-PUBLIC DOCUMENTS
>
MINUTES-REPORTS-COMMITTEES ARCHIVE
>
Appropriation Committee-AC
>
Minutes
>
2000-2009
>
2009
>
2009-11-12-AC-min
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/2/2022 3:26:53 PM
Creation date
2/25/2010 10:43:36 AM
Metadata
Fields
Template:
Archives
Year
2009
Department
Town Clerk
Keywords or Subject
Minutes - AC - Appropriation Committee
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
2
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
November 12, 2009 <br />Minutes <br />Town of Lexington Appropriation Committee <br />November 12, 2009 <br />Place and time: Town Office Building, Room G-15,730 p.m. <br />Members present: Alan Levine (Chair), Richard Eurich, Mollie Garberg, Joe Pato, Glenn <br />Parker (Vice- Chair), Rob Addelson (ex officio, non - voting) <br />Also present: members of the Community Preservation Committee (CPC), Board of <br />Selectmen (BoS), and Capital Expenditures Committee (CEC), Carl Valente (Town <br />Manager), Nathalie Rice (CPC staff), and others <br />The meeting was called to order at 7:35 p.m. <br />The first part of this meeting was a joint meeting of the CPC, BoS, CEC, and <br />Appropriation Committee and roughly followed the agenda circulated by the CPC. <br />Rob Addelson led off this joint meeting by reviewing his projection of Community <br />Preservation revenues and currently foreseen expenses and how the various Community <br />Preservation reserve accounts would or could be affected. <br />Carl Valente presented a set of draft financing guidelines which included, among its <br />provisions, a target of maintaining $2,500,000 in total in the various reserves. There was <br />general discussion of how to allocate the funds to be held in reserve to the specific <br />designated accounts, i.e., those for open space, historic preservation, and affordable <br />housing, or to the unspecified community preservation reserve account. Many of the <br />comments indicated a preference that reserve funds be held in the unspecified account <br />when possible to maximize future flexibility as opposed to having target balances of <br />$500,000 in each of the specific reserves as stated in Carl's draft. The idea that there be a <br />target of approximately $2,500,000 for the balance of reserves after deducting the <br />appropriations made at an annual town meeting did not receive much criticism. <br />There was also general discussion of the use of debt vs. cash. George Burnell referred to <br />Rob Addelson's projection in which the 2010 Annual Town Meeting would have <br />approximately $10M available for Community Preservation project cash appropriations <br />and stated that it is not desirable to maintain cash reserves at a much higher level than the <br />target of $2,500,000 and that the use of cash rather than debt is appropriate when reserves <br />are so high. Many of the other comments indicated preferences that borrowing only be <br />done if necessary and that the terms be kept to five or ten years at most. <br />There was general discussion of the projects, such as the Stone building, the Fire Station, <br />and the Police Station among many others, that are on the CPC's future projects list. The <br />CEC urged the CPC to have a more concrete plan for future CPA spending. <br />-1- <br />
The URL can be used to link to this page
Your browser does not support the video tag.