HomeMy WebLinkAbout2009-11-12-AC-minNovember 12, 2009
Minutes
Town of Lexington Appropriation Committee
November 12, 2009
Place and time: Town Office Building, Room G-15,730 p.m.
Members present: Alan Levine (Chair), Richard Eurich, Mollie Garberg, Joe Pato, Glenn
Parker (Vice- Chair), Rob Addelson (ex officio, non - voting)
Also present: members of the Community Preservation Committee (CPC), Board of
Selectmen (BoS), and Capital Expenditures Committee (CEC), Carl Valente (Town
Manager), Nathalie Rice (CPC staff), and others
The meeting was called to order at 7:35 p.m.
The first part of this meeting was a joint meeting of the CPC, BoS, CEC, and
Appropriation Committee and roughly followed the agenda circulated by the CPC.
Rob Addelson led off this joint meeting by reviewing his projection of Community
Preservation revenues and currently foreseen expenses and how the various Community
Preservation reserve accounts would or could be affected.
Carl Valente presented a set of draft financing guidelines which included, among its
provisions, a target of maintaining $2,500,000 in total in the various reserves. There was
general discussion of how to allocate the funds to be held in reserve to the specific
designated accounts, i.e., those for open space, historic preservation, and affordable
housing, or to the unspecified community preservation reserve account. Many of the
comments indicated a preference that reserve funds be held in the unspecified account
when possible to maximize future flexibility as opposed to having target balances of
$500,000 in each of the specific reserves as stated in Carl's draft. The idea that there be a
target of approximately $2,500,000 for the balance of reserves after deducting the
appropriations made at an annual town meeting did not receive much criticism.
There was also general discussion of the use of debt vs. cash. George Burnell referred to
Rob Addelson's projection in which the 2010 Annual Town Meeting would have
approximately $10M available for Community Preservation project cash appropriations
and stated that it is not desirable to maintain cash reserves at a much higher level than the
target of $2,500,000 and that the use of cash rather than debt is appropriate when reserves
are so high. Many of the other comments indicated preferences that borrowing only be
done if necessary and that the terms be kept to five or ten years at most.
There was general discussion of the projects, such as the Stone building, the Fire Station,
and the Police Station among many others, that are on the CPC's future projects list. The
CEC urged the CPC to have a more concrete plan for future CPA spending.
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November 12, 2009
There was discussion of the financing of the Busa Farm. The Board of Selectmen will
make a decision on this, most likely in January or February.
This part of the meeting concluded and the CPC adjourned at approximately 9:30 p.m..
The committee then voted unanimously at 9:40 p.m. by roll call to go into executive
session to discuss the value and /or disposal of real property, and to return to public
session thereafter.
The meeting returned from executive session at 10:40 p.m. Given the lateness of the
hour, the Committee then voted to adjourn the meeting.
Respectfully submitted,
Alan M. Levine
Approved January 19, 2010
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