HomeMy WebLinkAbout1968-11-04-AC-MIN.pdf 21
Meeting of the Appropriation Committee, November 4, 1968, 7:30 p.m.
Present: D. Grant, Chairman; J. Blaisdell; R. blomfield; L. Burnell;
R. Gary; R. Perry, Comptroller; L. Zeheer; R. Souza
Moody Rating - Dick Perry talked with someone from Moody's. Ability to
pay and willingness to pay seem important; Lexington is second in
ability to pay (second to Wellesley which is rated AAA) . Dick will
send them further information on these two points.
Junior High School -some information was given by Logan Clarke and Mr.
Fobert after our last meeting. Enrolment projections are running ahead
of estimates now. Building plans for the new school have been altered
in the interest of economy; they have moved toward a square and a
2-story rather than a 3-story school. However the inflationary cost
r.� of construction is out of their control. The cost will be in excess of
$4 million, they suspect.
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Ci Town Office Buildings - Architect says cost is going up 1% per month
Structure of Government Committee
Marge Battin , Chairman, requests a transfer of $1800 from the Reserve
Fund for printing and mailing to each household a copy of the bill as
passed by Town Meeting. This was unanticipated because they could not
know whether the plan would be changed from that proposed last March.
They feel there has been a change in substance as well as in words
from the copy sent in March. They wish to send a copy ofthe plan and
an abridgment by the end of January so there will be time for a meeting
before the plan is voted on. Don Grant suggested that the state
printers, Wright and Potter, probably have the type set up and that
using them might save money. Yrs. Battin agreed to look into this.
Request is held until final price is known.
Information :fleeting with Needham Finance Committee member
Bond Issue - Issuing bonds for 20 years rather than 15 years adds 35%
to the interest cost.
Overlay Reserve- has over $150,000 balance. Dick Perry has written
asking assessors to release some bslances especially since no taxes
are owed prior to 1966 ($100,000 balance for the years before 1966) .
Committee hopes to get Reserve Fund moneyfrom this source next year.
Sewer Charges Needham uses a different formula. Is Lexington's formula
the best possible? Is the sewer charge adequate?
Capital ExpendituresCommittee came in to discuss capital projects.
Junior High School. - cost may be $4 to $5 million
Land Use - CEC favors a large expenditure in 1969, possibly $500,000,
andwould consider borrowing for this purpose. Conservation Commi.siion
proposes to bring in a series of Articles each for a specific piece of
land, then appropriate a lump sum at the end raised either by borrowing
or from available funds or otherwise.
Capital Expenditures Committee will meet with¢ us again in another month.
Respectfully submitted,
Ruth F. Souza, secretary