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Home My WebLink AboutFinancial Summit III Jan 20081775 Vil r m k_ x p \ V � APRIL IT" i Budget Collaboration- Summit Meeting 3 January 16, 2008 7:30 p.m. Selectmen's Meeting Room Agenda 1. FY2009 Operating Budget • Budget Overview: Projected Revenues v. Proposed Budget (Town Manager's and Superintendent of Schools) • Agreement on Revenue Split between Municipal &School Departments 2. FY2009 Capital • A consensus decision on the use of $ 1,525,750 for cash capital. • Status of School Committee priority list for cash capital projects. 3. Outstanding Administrative Issues 4. Budget Schedule & Next Steps • Budget Reductions and /or At -Risk Budget List • Budget to Financial Committees • Budget to Town Meeting Members • Tentative Dates for Future Summit Meetings 5. Outstanding Policy Issues for Summit Consideration • Level of State Aid • Reserve Recommendations • Use of remaining Free Cash ($461,516) • Level of Debt Service /Cash Capital ;$ - s _ Town of Lexington �� Summit III - FY 2009 Item I: FY 2009 op erating Budget January 16, 2008 Town of Lexington Summit III - FY 2009 Bottom Line Budget Shortfall: $1, 290, 949 January 16, 2008 us MOq <o 177s N�tic ° y Town of Lexin d em W �FXINGtp� FY 2009 Budget Development Option: Straight Expense Distribution Purpose: To divide revenues according to current expense allocation (Fall Town Meeting) Step 1: Reconciliation Total General Fund Revenue 134 Less 2008 Municipal $ 24,450, 067 Less 2008 Education $ 61 Less 2009 Minuteman $ 1 Less 2009 Shared $ 39 Less 2009 Capital $ 1 Less 2009 Other /Reserves $ 1 Less 2008 Operating Reserve (FC) $ - Incremental Revenue $ 3,645,631 Step 2: Split Incremental Revenue $ 3 Municipal Split (28.5 %) $ 1 School Split (71.5 %) $ 2 Municipal Revenues for 2008 $ 1,037,429 School Revenues for 2008 $ 2,608,202 Step 3: Gap Determination Municpal Request Increment $ 1 School Request Increment $ 3 Less Incremental Revenues $ (1,037,429) Less Inc. Revenues $ (2,608,202) Municipal Gap $ 271,814 Education Gap $ 1,019,136 $ 1,290,949 FY 2009 Base 2009 Base Bud_ ets FY 2008 LPS Budget $ 61 FY 2008 Municipal Budget $ 24 ( +) Incremental Revenues $ 2 ( +) Incremental Revenues $ 1 FY 2009 Base LPS Bud. $ 64,078,163 FY 2009 Base Municipal Bud. $ 25,487,496 VS MOq 1776 N�tic ° y Town of Lexin d em W �FXINGtp� FY 2009 Budget Development Fall 2007 (Special Town Meeting - POST Facility Breakout) Municipal School $ 24 28.46% $ 61 71.54% Total $ 85,920,028 100.00% 4 Town of Lexington Summit III - FY2009 Revenue Changes IMEMEMOOM (General Fund) Increase over FY 2008 Revenues Change from Nov. 16t" Projection Change $6,967,000 $ 269,000 Change 5.5% January 16, 2008 4 Town of Lexington Summit III - FY2009 FY09 Budget Summary Summary IFY 2008 Adjusted IFY 2009 Recd $ Change Chang Education $61,469,961 $65,097,299 $3,627,338 5.9% Shared Exp. $37,576,821 $39,802,546 $2,225,725 5.9% Municipal $24,450,067 $25,759,310 $1,309,243 5.4% Cash Capital $ 1,335,000 $ 1,525,750 $ 170,750 12.6% January 16, 2008 s Town of Lexington Summit III - FY 2009 Reserve Recommendations • Reserve Fund increase by $80,132 to • Continuing Bal. Res. increase by $99,800 to: • Stabilization Fund increase by $1,000,000 to: • Special Education • Post - Employ. Benefits $ 550,000 $ 450,027 $6 $ 350,000 $ 400,000 January 16, 2008 6 Town of Lexington & ' Summit III - FY 2009 Item 2: FY 2009 Capital January 16, 2008 Town of Lexington Summit III - FY 2009 Outstanding Capital Issues • Clarke School Project • Munroe Center Fire Prevention Project • Woburn Street Reconstruction • School Capital January 16, 2008 8 Town of Lexington Summit III - FY 2009 Item 3: Outstanding Administrative Issues January 16, 2008 Town of Lexington }... Summit III - FY 2009 Outstanding Administrative Issues • Minuteman Voc -Tech Assessment • CPA Funding • School& Municipal Capital • Overlay Surplus January 16, 2008 10 t Town of Lexington Summit III - FY 2009 Item 4. ff Budget Schedule &Next Steps January 16, 2008 11 `O VS MOg o� 1775 m w Town o Lexington - FY 2009 Budget Schedule & Process f APRIL IT �FXIN6S Budget Schedule 2007 2008 Significant Dates September 2007 Early February Summit I - Financial Indicators & Projections - Discuss Guidelines & Drivers September 26th October 2007 February 14th Special Town Meeting (FY 2008 Revisions /Shire) October 10th November 2007 FY 2008 Recommended Budget Submitted to Town Meeting Summit II - Revenue Model & Revised Projections November 15th December 2007 Municipal Election Municipal Budget Workshops with Selectmen December 3rd -14th Submittal of FY 2008 Superintendent's Recommended Budget to SC December 18th January 2008 April 2008 Submittal of FY 2008 Manager's Recommended Budget to BOS January 14th Summit III - Revenue Split, Expense Review & Gap Defining January 16th BOS - Public Hearings on Budget Late January School Committee - Public Hearings on Budget Late January February 2008 BOS - Public Hearings on Budget Early February School Committee - Public Hearings on Budget Early Feburary Summit IV - Progress Report /Official Approval of FY 2009 Rec'd Budgets (Municipal /Schools) February 14th Budget Decisions & Deliberations concluded February 14th Budget Printing & Distribution Week of February 17th FY 2008 Recommended Budget Submitted to Town Meeting Februrary 29th March 2008 Municipal Election March 3rd Summit V - Revenue /Expenditure Revisions & TM Planning 2nd Week of March Town Meeting Commences Mid -March April 2008 Town Meeting April July 2008 Start of FY 2008 July 1, 2008 12 t Town of Lexington Summit III - FY 2009 Item 5: Outstanding Policy Considerations January 16, 2008 13 Town of Lexington ... Summit III - FY 2009 Outstanding Policy Issues • State Aid (Governor's Budget: House 2 — January 24) • Reserve Recommendations • Free Cash —Use of $461,516 Available • Debt Service /Cash Capital levels January 16, 2008 14