HomeMy WebLinkAbout2014-12-11-Summit3Packet
Budget Collaboration-Financial Summit 3
December 11, 2014
7:00 p.m.
Public Services Building Cafeteria
Agenda
1. Continue FY15 Tax Classification Hearing and Setting of the Tax Rate
2. Proposed FY16 Revenue Allocation Model
3. Preliminary Discussion of FY16 Capital Budget
4. Update on School Master Plan
5. Tentative Date: Budget Collaboration/Summit 4 – January 15, 2015
6. Executive Session: Exemption 6 – Fire Station/Public Safety Site Options Update
192,981,462$
(1)(86,623,929)$
(2)(31,957,311)$
(3)(1,300,000)$
(4)(5,255,537)$
(5)(13,810)$
(6)(23,919,102)$
(7)(200,000)$
(8)(620,000)$
(9)(860,309)$
(10)(200,000)$
(11)(6,778,150)$
(12)(900,000)$
(13)(9,911,631)$
(14)(14,346,134)$
(15)10,095,550$ Incremental Revenue
(16)73.1%
(17)26.9%
(18)
7,374,827$
(19)2,720,722$
FY15 School Spending as % of FY15 general fund budget
exclusive of Shared Expenses and Minuteman.
FY15 Municipal Spending as % of FY15 general fund
budget exclusive of Shared Expenses and Minuteman.
School Share of incremental FY2016 revenue (8.5%
increase over FY15 School Budget)
Municipal Share of incremental FY2016 revenue (8.5%
increase over FY15 Municipal Budget)
Set-Aside for Designated Uses: set-aside for unanticipated
FY15 needs ($200,000); set-aside for potential reduction in
federal/state grants ($110,000); set-aside to mitigate the
debt service impact of LHS modular classroom financing
($676,000); appropriation into Capital Project/Debt Service
Reserve/Building Renewal Stabilization Fund ($6,525,035);
cash capital ($2,500,000); appropriation to OPEB Trust
($1,862,194); Street Improvement Program ($2,270,145);
Municipal Building Envelope and Systems Program
($182,760); and, Senior Work-Off Program ($20,000).
FY2016 Debt Service
FY2016 Reserve Fund
FY2016 Facilities Department Budget
FY2016 Unemployment comp
FY2016 Workers' comp
FY2016 Property and Liability Insurance
FY2016 Uninsured Lossess
FY2016 Minuteman
FY2016 Contributory Retirement
FY2016 Non-Contributory Retirement
FY2016 Benefits
FY2016 Proposed Revenue Allocation
Projected FY2016 Revenues
FY2015 school budget
FY2015 municipal budget
Summit III - FY16
December 9. 2014
Town of Lexington - FY 2016 Budget
FY 2016 PreliminaryCapital Projects
TABLE I: FY2016 PROJECTS - GENERAL FUND DEBT
AMOUNT
FINANCED TERM
INTEREST
RATE FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
MUNICIPAL PROJECTS
1 Parking Meter Replacement ($500,000)-$ 5 4.0%
2 Fire Pumper $500,000)-$ 5 4.0%
3 Fire Station Design TBD 10 4.0%TBD TBD TBD TBD TBD
4 Cary Library Internal Reconfiguration ($375,000)-$ 5 4.0%
5 Software (Police & Fire/EMS)253,000$ 5 4.0%5,060$ 60,720$ 58,696$ 56,672$ 54,648$
6 Center Streetscape Improvements 4,000,000$ 10 4.0%-$ 80,000$ 560,000$ 544,000$ 528,000$
7 Equipment Replacement ($770,000)469,000$ 10 4.0%9,380$ 65,660$ 63,784$ 61,908$ 60,032$
8 Storm Drainage Improvements and NPDES compliance 194,425$ 10 4.0%3,889$ 27,220$ 26,442$ 25,664$ 24,886$
9 Comprehensive Watershed Storm Water Management Study and
Implementation
390,000$ 10 4.0%7,800$ 54,600$ 53,040$ 51,480$ 49,920$
10 Sidewalk Improvement 600,000$ 5 4.0%12,000$ 144,000$ 139,200$ 134,400$ 129,600$
11 Town Wide Culvert Replacement 100,000$ 10 4.0%2,000$ 14,000$ 13,600$ 13,200$ 12,800$
12 Hartwell Avenue Infrastructure Improvements 4,750,000$ 10 4.0%-$ 95,000$ 665,000$ 646,000$ 627,000$
13 Hastings Park Underground Wires 300,000$ 10 4.0%6,000$ 42,000$ 40,800$ 39,600$ 38,400$
14 Lincoln Park Field Improvements (Total project cost=$650,000)236,500$ 10 4.0%4,730$ 33,110$ 32,164$ 31,218$ 30,272$
Subtotal 11,292,925$ 50,859$ 616,310$ 1,652,726$ 1,604,142$ 1,555,558$
FACILITIES PROJECTS
1 Renovation & Update of Diamond Kitchen and Cafeteria 1,100,000$ 10 4.0%22,000$ 154,000$ 149,600$ 145,200$ 140,800$
2 Clarke Middle School Circulation and Parking Improvements 363,000$ 5 4.0%7,260$ 87,120$ 84,216$ 81,312$ 78,408$
3 LHS Phase 2 Overcrowding Completion 90,200$ 5 4.0%1,804$ 21,648$ 20,926$ 20,205$ 19,483$
4 Public Facilities Mechanical/Electrical System Replacements 463,000$ 5 4.0%9,260$ 111,120$ 107,416$ 103,712$ 100,008$
5 Elementary School Short Term Capacity Increase (Modular Classrooms)TBD 10 4.0%TBD TBD TBD TBD TBD
6 Lexington Public School Educational Capacity Increase - Design 1,000,000$ 10 4.0%20,000$
7 LHS Heating Systems Upgrade Phases 2 & 3 - Design 518,000$ 10 4.0%10,360$
Subtotal 3,534,200$ 70,684$ 373,888$ 362,158$ 350,429$ 338,699$
SCHOOL PROJECTS
1 LPS Technology Capital Request 1,378,000$ 5 4.0%27,560$ 330,720$ 319,696$ 308,672$ 297,648$
2 Additional Time Clock System Funds 208,000$ 5 4.0%4,160$ 49,920$ 48,256$ 46,592$ 44,928$
Subtotal 1,586,000$ 31,720$ 380,640$ 367,952$ 355,264$ 342,576$
TOTAL LEVY SUPPORTED GROSS DEBT SERVICE 16,413,125$ 153,263$ 1,370,838$ 2,382,836$ 2,309,835$ 2,236,834$
AUTHORIZED LEVY SUPPPORTED DEBT SERVICE FY14 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020
A Subtotal - Approved and Issued Levy Supported Debt Service 5,175,914$ 4,346,546$ 3,131,705$ 2,485,904$ 1,621,341$
B Subtotal - Estimated Debt Service - Approved and Unissued Levy
Supported Debt Service (short and long-term debt)
1,318,209$ 2,016,893$ 1,954,538$ 1,892,183$ 1,829,828$
C Summary - Debt Service on authorized debt 6,494,123$ 6,363,440$ 5,086,244$ 4,378,087$ 3,451,170$
D Subtotal - Projected New Levy Supported Net Debt Service 153,263$ 1,370,838$ 2,382,836$ 2,309,835$ 2,236,834$
E Subtotal - Other Debt-related costs 130,764$ 135,341$ 140,078$ 144,981$ 150,055$
F TOTAL - PROJECTED LEVY SUPPORTED DEBT SERVICE 5,534,823$ 6,730,641$ 6,778,150$ 7,869,618$ 7,609,158$ 6,832,903$ 5,838,058$
G (919,000)$ (676,000)$ (1,462,500)$ (882,000)$
H 5,811,641$ 6,102,150$ 6,407,118$ 6,727,158$ 6,832,903$ 5,838,058$
% Change Gross Debt Service 21.6%0.71%16.10%-3.31%-10.20%-14.56%
% Change net of Modular Mitigation 5.0%5.00%5.00%5.00%1.57%-14.56%
PROPOSED USE OF STABILIZATION FUNDS TO MITIGATE DEBT SERVICE IMPACTS OF LHS
MODULAR BUILDINGS CONSTRUCTION PROJECT
PROJECTED NET LEVY SUPPORTED DEBT SERVICE
Fund debt service from Parking Meter Fund
Fund from settlement Proceeds
Any general fund support to be requested in FY17 capital budget
Short term financing within levy limit/Design bond and
construction outside levy limit
Short term financing within levy limit/Design bond and
construction outside levy limit
Prepared by Finance Dept.12/10/2014