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HomeMy WebLinkAbout2023-03-02 SB Packet - Released SELECT BOARD MEETING Thursday, March 2, 2023 Select Board Meeting Room, 1625 Massachusetts Avenue, Lexington, MA 02420 - Hybrid Participation* 9:00 AM AGENDA ITEMS FOR INDIVIDUAL CONSIDERATION 1. C o ns id er and Ap p ro ve Amendments to the F Y2024 R ec o mmend ed Bud get and 9:OOam F inancing P lan ADJOURN 1. Anticipated Adjournment 10:00am Meeting Packet:https://lexington.novusagenda.com/agendapublic/ *Membe�s of the public can attend the meetz'ng f�om thei�compute�o�tablet by clicking on the following link at the time of the meeting: https://zoom.us/j/92482764382?pwd=SFFvYWo3MmVkODF laGSETmNsRDVoZz09 iP ho ne o ne-tap: +13092053325„92482764382#,,,,*380743# US +13126266799„92482764382#,,,,*380743# US (Chicago) Telep ho ne: +1 309 205 3325 US +1 312 626 6799 US (Chicago) +1 646 931 3860 US +1 929 205 6099 US (NeW York) +1 301 715 8592 US (Washington DC) Meeting ID: 924 8276 43 82 Passcode: 380743 An Act Relative to Extending C ertain S tate o f Emergency Ac c o mo datio ns:http s://uTww.mas s.go v/the-o p en-meeting-law The next regularly scheduled meeting of the S elect Board will be held on Wednesday, March 8, 2023 at 6:30pm via hybrid participation. Hea�ing Assistance Devices Available on Request ��� All agenda time and the o�der of items a�e app�ximate and � � �,�,,, subject to change. Recarded by LexMedia AGENDA ITEM SUMMARY LEXINGTON SELECT BOARD MEETING AGENDAITEM TITLE: Consider and Approve Amendments to the FY2024 Recommended Budget and Financing Plan PRESENTER: ITEM Jim Mallo Town Mana er• Carol n NUMBER: y� g � y Ko sno ff,As s istant Town Manager for I.1 F inanc e S UMMARY: Category:Decision-Making The S elect Board is being asked to consider and vote to approve amendments to the F Y2024 Recommended Budget and F inanc ing P lan. The Board initially voted to approve the F Y2024 Recommended Budget on Monday, F ebruary 13, 2023, and the budget was subsequently transmitted to Town Meeting members on Friday, February 17, 2023. O n F eb ruary 2 3 rd, the G o verno r releas ed e s timated S tate aid figure s fo r F Y2 024 whic h fo r L exingto n were signif'icantly higher than staff s estimates in the Recommended Budget($2.3 million). In addition, on F ebruary 22nd, the Town received FY2024 gasoline and diesel fuel bids through our consortium agreement. The actual fuel bid prices Were lower than staff s FY2024 estimates resulting in lower projected fuel expenses for FY2024 ($75K). The FY2024 recommended budget has been revised to include additional revenue from State aid, which was allocated between the Town($598K) and S chool($1.70 million). The Town has accordingly adjusted expenses in several areas of the budget to reverse cuts originally recommended by the Town manager, eliminate the use of free cash for operations, to fund additional program improvements, and to reflect actual bid prices for fuel. A R evis ed P ro gram S ummary fro m the F Y2024 R ec o mmend ed Budget and F inanc ing P lan is attac hed, alo ng with supporting documentation and detailed changes to the budget. SUGGESTED MOTION: Move to approve the revised FY2024 budget as presented in the attached Program Summary. FOLLOW-UP: Staff to release and transmit a Revised Recommended Budget and Financing Plan(Brown Book)to Town Meeting members on Friday, March 2, 2023. DATE AND APPROXIMATE TIME ON AGENDA: 3/2/2023 9:OOam ATTACHMENTS: Description Type ����':�C�:�,����M������r���f���������c�.����.�"Z;.�a"�����f��f����,�����m�.......��'�~���,��°����������rm��a����y......��.�,�������;�� � � v , v �:��������� I[���,��;���°����� v:�v�.v�,t�.�,:�, " �' � .�=9�'�(�"������.,����a��a���fm������.�:����������� ,,,���M���������ai`�������.�� ��°���������� .�:�������:���� IC��,��-����.� �.::���,;���:�r�����;�������;�i�����;���������;���;����� �����,,���;�ia:��� ..v:�v�.a.�,���,� �I�������:�� I[��,�u;������ � .���:,��,������ .�:�p.������.������������r�������y.f����i���,������i������ .�::���c���:����: IC���,��:����� � � � � � � ri� � ��" ,� . . Section I Bud et Overview Town of Lexin ton MA 9 g , Summary of Revenues and Expenditures The summary below shows revenues & expenditures for the Town of Lexington for FY2021-FY2024. It reflects actual results of FY2021 and FY2022, FY2023 estimated revenues and budgeted expenditures submitted to the Department of Revenue for the certification of the FY2023 tax rate, and the budget recommendations of the Town Manager and School Superintendent for FY2024 budget and projected revenues to support those recommendations. FY2021 FY2022 FY2023 FY2024 Revenue Summary Actual Actual Recap Projected Tax Levy $ 194,329,878 $ 204,228,739 $ 216,187,220 $ 224,625,572 State Aid $ 16,221,363 $ 16,683,885 $ 17,056,598 $ 19,638,632 Local Receipts $ 15,358,065 $ 16,714,478 $ 13,835,445 $ 14,569,104 Available Funds $ 11,805,351 $ 17,825,379 $ 17,463,018 $ 18,528,585 Revenue Offsets $ (1,773,854) $ (1,971,196) $ (1,902,341) $ (2,359,862) Enterprise Funds (Indirect) $ 1,749,435 $ 1,432,356 $ 1,805,613 $ 1,894,067 Total General Fund $ 237,690,239 $ 254,913,641 $ 264,445,552 $ 276,896,099 General Fund Expenditure Summary Education Lexington Public Schools $ 114,464,314 $ 120,636,545 $ 128,254,447 $ 134,730,244 Minuteman Regional School $ 2,863,147 $ 3,130,038 $ 3,223,898 $ 3,501,977 Subtota/Education $ 117,327,461 � 123,766,583 � 131,478,345 $ 138,232,221 Municipal Departments $ 39,481,849 $ 41,023,558 $ 44,812,553 $ 47,117,941 Shared Expenses Benefits &Insurance $ 35,996,400 $ 37,832,472 $ 42,787,638 $ 45,622,435 Property Insurance &Solar $ 1,408,990 $ 1,440,965 $ 1,485,000 $ 1,582,000 Debt (within-levy) $ 10,237,538 $ 10,364,264 $ 7,254,509 $ 6,854,101 Reserve Fund $ — $ — $ 1,250,000 $ 750,000 Facilities $ 11,141,011 $ 12,183,930 $ 13,069,307 $ 13,975,403 Sub to ta/Shared Expenses $ 58,783,939 $ 61,821,631 $ 65,846,454 � 68,783,939 Capital Cash Capital (designated) $ 7,812,019 $ 10,136,491 $ 14,251,037 $ 16,342,464 Subtota/Capital $ 7,8�2,0�9 � �0,�36,49� $ �4,25�,037 � �6,342,464 Other Other (allocated) $ 1,368,916 $ 6,541,910 $ 8,057,163 $ 5,419,533 Other (unallocated) $ — $ — $ — $ 1,000,000 Subtotal Other � �,368,916 $ 6,541,910 $ 8,057,�63 $ 6,419,533 Total General Fund $ 224,774,184 $ 243,290,173 $ 264,445,552 $ 276,896,098 General Fund Surplus/(Deficit) $ 12,916,055 $ 11,623,468 $ — $ — FY2024 Recommended Budget& Financing Plan March 2, 2023 I-1 Q N � O � N � � � L � � o � � ° � � � � � \ � � \ � � � � � \ � \ � ° � � o � �� � o o � o 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 � o o � � V � I� M � O I O I O M � I � I I N � � N O O M �p O � �p � �� � O � �..� M I� O �D 00 � N 1.1� N � O O � � 00 l� N �I W � u�i co � oo � o l� O � � O u�i � o� o � � cv o° �p � � V � '� � � � � � � � � I � I O a1 O I O I I � � M O O O � � 00 CO � � � � O � u") N O � O O � O M �I' O O O � �O � M �\ � � � � � � � � � � � � � � � � � � 11� 00 � 11� � 11� CI' I� � M I� O O O O � � �O N � � W V = I� I� M � d� N M a1 d1 M � � O o O o ^ M ,-� 01 � � � N I� � N � � � � � � � � � � ^ s �C N V � � � � � � � � � � � � � � � � � � � � � � � � � � � I� rl O I 1.1� O O � O O O O O M CO O ti O O M Q1 �--i 00 a1 � � I� N O M O O M O O O O O M I� .--i O O O O M 00 N � •� N d� N 00 l� O O �l' O O O O O M � M ti O O � � l� 00 � � � � � � � � � � � � � � � � � � � � � � O �--� � � I� O O N N O N O O O O M Cl` O O � � � N � N � c� o N oo c� o o �V rn o rn a� v� � .� o �n u� � � M ,� p I� I� L!") 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O . . . 00 I� 01 . . . . . . . . . 01 N � � tp � � o � N �O N oMo o � � � � � o�o � O � ,--� LA N O � � � �"� M I� � 00 M Lf) L.f) L.P) � �"� Q �y �' ,� . . � �p N p . . . . . � . . . p � V N � � N � rl ,--i 0�0 M I� ,� N cV 11� ,--i rl I.L a ,..� � ^ '� �• N N � � � � � � � � � � � � � � � � � � / ^ i O � � �-_� ■� Q � � � � � � � w � d� � � � � � � � C � c � Q �' .� O m � � � � � � *, � H a � � � � � �..i " � � _ � C7 N � � •V � � � � � � � � � � � � � G�7 � � �' � �' — � ,O � � � � � � � a.+ � _ i m � a� � � � � � � oZS i � � � � = G� � p w � � � � m � L c �, �, � a �- _ � W � ,_ � � -� fl- � �Q �; Q � � � � U O (' = ca N .V �, � � {/1 � � � = c�a �G � � � c`�n � � � � � � � � � � � Q � � � � L �+ � � c� a) +� _ � V -a � � ra +-+ � a� � x �r 1"1 L � � �7 p � � cn � p O Q a7 w cn � U O w � U w p � a W c� � W � z � cc � � = o O � �— � a.+ V N � o � � Section I Bud et Overview Town of Lexin ton MA 9 g , Summary of Revenues and Expenditures The summary below shows revenues & expenditures for the Town of Lexington for FY2021-FY2024. It reflects actual results of FY2021 and FY2022, FY2023 estimated revenues and budgeted expenditures submitted to the Department of Revenue for the certification of the FY2023 tax rate, and the budget recommendations of the Town Manager and School Superintendent for FY2024 budget and projected revenues to support those recommendations. FY2021 FY2022 FY2023 FY2024 Revenue Summary Actual Actual Recap Projected Tax Levy $ 194,329,878 $ 204,228,739 $ 216,187,220 $ 224,625,572 State Aid w, $ 16,221,363 $ 16,683,885 $ 17,056,598 ......W�...........................................�..............�:.....m�..�.............�............�..�........... „ ,,,,,,,,, ���„�,,,, .�� .��� ,,,,,,,,. . ,,,,,, ,,,,,,,,,,�„� ����,,,��,,,,,,,,, Local Receipts $ 15,358,065 $ 16,714,478 $ 13,835,445 $ 14,569,104 Available Funds �° °���m��� $ 11,805,351 $ 17,825,379 $ 17,463,018 :....�...........................................�..��.�.',"�....:�...........�...�.............:.�..',"�........... ,, �,� � ,,,,,,,, � ,,,,,,,,, � ,,,,,, �,,,, ����,,,�� �� . Reve n u e offsets $ ( , , ) � ( , , ) � ( , , ) � ��...�:..�...�����.�.....�..�'......:......°m 1 773 854 1 971 196 1 902 341 ..................................................... ����,..... �� �N„ �,,,,,,,, ,,,,,,,,, �, ,,,,,,,,, ���,,, ��� � � . .,,,,, � Enterprise Funds (Indirect) $ 1,749,435 $ 1,432,356 $ 1,805,613 $ 1,894,067 Total General Fund $ 237,690,239 $ 254,913,641 $ 264,445,552 �������������""""""" ���� �� °....................................................��........................�.....................�............�................. �� ����������� ���������� .���� ���������� �������.�...................I � ,�������.. General Fund Expenditure Summary Education Lexington Public Schools $ 114,464,314 $ 120,636,545 $ 128,254,447 .,,�...............................:::.�,,,,,...�......�.�:.............�..��.�.�,.�.�.......... ,,,,,,..������..�,,..�......�..",,,,,,,,,.�u.��,,..'...lii'''�''"".............. Minuteman Regional School $ 2,863,147 $ 3,130,038 $ 3,223,898 $ 3,501,977 Sub to ta/Educa tion $ 117,327,461 � 123,766,583 $ 131,478,345 ....................................�..:...mm.......��....�:......:�.�......��:.......:....::.................... � ,a w�, � . ,,, . �,,,,.�� ,� ,,,,,,,. � ,�� Municipal Departments $ 39,481,849 $ 41,023,558 $ 44,812,553 �......................................�........�..�....�..........�............�..�........... ��������� „���������� � �m ,,,,,,,,. � ��,�� ,�� ,,.,�-���,�� Shared Expenses ...................................................�. ......�..�..�.�..�...����........... Benefits &Insurance 35,996,400 37,832,472 42,787,638 �"",� � �,,,,,,,, .,� ���m ,,,,,,,,,,,,,,,,,,, . ,,,,,,,. ,�� ,,,,,,,,. . �'�, ����„� �i Property Insurance &Solar $ 1,408,990 $ 1,440,965 $ 1,485,000 $ 1,582,000 Debt (within-levy) $ 10,237,538 $ 10,364,264 $ 7,254,509 $ 6,854,101 Reserve Fund $ — $ — $ 1,250,000 $ 750,000 ����� ��...:..:......................... Faci ities 11,141,011 12,183,930 13,069,307 .....�..........................................:�...��..�...............°1�.. ,��u , n�„� �,,,,,,,, �,,,,,,,, � , , � , ,,,,,,u� � � �, ..... � �� Su to ta S are Expenses 58,783,939 6�,82�,63� 65,846,454 ...............................................��.��...�.......�......:°...:..........:�:..��............................. , � p � � ... , ................................ ��, � � Capital Cash Ca ital desi nated :....�..........................................:........m�. ���� � � p� ( �g ) $ 7,812,019 $ 10,136,491 $ 14,251,037 �,.. �........................:..�.................�...:.............. �� ��,,,�„ , „ � ,,, ,,,����,,,,,,,,,�,,,,,, � Sub to tal Ca i tal � p� $ 7,812,0�9 � 10,136,49� � 14,251,037 .......�.............................................:�.............�:..�.......:........�m��:.......:.............ml..:..:.......... �„� �,,, � . m� ,,,,,,.. u,� ,,. �� � ,,,. ,,,,,,,,, FY2024 Recommended Budget& Financing Plan March 2, 2023 I-1 Section I Bud et Overview Town of Lexin ton MA 9 g , Other Other (allocated) $ 1,368,916 $ 6,541,910 $ 8,057,163 $ 5,419,533 Other (unallocated) $ — $ — $ — $ 1,000,000 Subtotal Other � �,368,9�6 � 6,54�,9�0 $ 8,057,�63 $ 6,4�9,533 Tota I G e n e ra I F u n d $ 2 24,7 74,184 $ 24 3,2 9 0,17 3 $ 2 64,44 5,5 5 2 .�.................M�m��,',',,,,,,,,,,�..��������������...........;,�,�,,����................������......................�................,,,,,�....................'........... � ���������� ���������� .. �������............... �������.. 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