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Minutes of the Lexington Capital Expenditures Committee (CEC) Meeting Date, Place, and Location: March 20, 2012, 8:45 A.M. Cary Memorial Building, Ellen Stone Room Members Present: Charles Lamb, Chair; Shirley Stolz; Bill Hurley; David Kanter Member Absent: Ted Edson Other Attendee: Rob Addelson, Assistant Town Manager for Finance Documents Presented: 1. Draft Minutes of the Capital Expenditures Committee Meeting, March 16, 22012 2. Draft #7 of the Capital Expenditures Committee Report to the 2012 Annual Town M eeting (ATM) & 2012 Special Town Meeting (STM)--,- April 2, 2012, distributed electronically, March 18, 2012 Call to Order: Mr. Lamb called the meeting to order at 8:45 a Approval of Previous Meeting's Minutes: It was moved and seconded that the Minutes of the Committee's March 16, 2012, be approved with Mr. Kanter to complete the name of the firm from which the insurance settlement (Article26 discussion). Vote: 4 -0 Disposition of Excess FY2013 Revenue: Mr. Addelson arrived at 9:00 A.m. and there was a discussion with him about the proposed allocation of the $3,379,821 of now - available revenue following the reduction in the FY2013 Employee Benefits /Health Insurance budget. Mr. Lamb stated that instead of being used the tax levy should be reduced by that amount so the taxpayers are relieved from having to pay it. He said he was uncomfortable with having it put in a Stabilization Fund or used, for example, to pay toward a major capital project that would likely need a debt exclusion such as the replacement or restoration of the Fire Headquarters. Other Committee members spoke about the possible alternative allocations, but in the end, the Committee concluded there had been insufficient information presented to permit the Committee to come to any consensus. Mr. Lamb suggested that this issue was of sufficient importance —as well as worth having a broadly supported decision —that it warranted being discussed at a Financial Summit before any decision was made on what to present to the upcoming Annual Town Meeting. Mr. Addelson left the meeting at 9:20 a Discussion of the Committee's Report to the 2012 ATM and 2012 STM (April 2, 2012): The Committee discussed the contents of Draft #7 with special attention to the updated draft of the Committee's Five -Year Capital Plan. The Committee also reviewed the Comments that Mr. Kanter had entered —with some being resolved and the rest assigned to members and to be addressed in the next draft. Adjourn: A Motion was made and seconded at 10:35 A.M. to adjourn. Vote: 4 -0 These Minutes were approved by the CEC at its morning meeting on March 22 2012. Page 1 of 1