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HomeMy WebLinkAbout2011-03-30-AC-min March 30, 2011 Minutes Town of Lexington Appropriation Committee March 30, 2011 Time and Location Ellen Stone Room, Cary Hall, 6 45 p m Members Present Glenn Parker, Chair; John Bartenstein, Vice Chair and Secretary; Joe Pato, Vice Chair; Robert Cohen, Alan Levine, Eric Michelson, Susan McLeish, Richard Neumeier; Rob Addelson (non-voting, ex officio) The meeting was called to order at 6 45 p m 1 Article 19 (Rescind Prior Bond Authorizations) Rob Addelson made a short presentation on prior bond authorizations proposed to be rescinded because the capital projects in question have been completed and the full amount of borrowing originally requested is no longer necessary He explained that although there is no legal requirement to rescind these authorizations, it is a good practice to get them off the books because they clutter the general ledger He also provided the Committee with a seven-page table of "Available Balances of Prior Years' Capital Authorizations," sometimes referred to as "open money articles " The prior authorizations to be rescinded, from articles approved at the 2007, 2008 and 2009 Annual Town Meetings, total approximately $82k. A motion was made and seconded to recommend approval of Article 19 Vote Approved 8-0-0 In response to an inquiry by Mr Bartenstein, Mr Addelson said that an authorization made under Article 34 at the 1999 Annual Town Meeting for $3,000,000 in borrowing to fund potential land acquisitions was not among those proposed to be rescinded because the Conservation Commission had objected to rescinding this item several years ago There was general agreement that this is an issue that should be revisited next year since the principal source of funding for land acquisition is now the CPA and any land acquisition would require Town Meeting approval in any event. 2 Article 10 (Municipal Capital). Mr Addelson explained that where bonds have been issued for previously approved projects and the projects have been completed without spending all of the funds, the excess bond proceeds are available for re- appropriation for any other purpose for which funds could be borrowed for an equal or greater term It will be proposed in the motion under Article 10 to re-appropriate excess bond proceeds totaling $42k from a number of prior-year articles This will also free up additional free cash, bringing the balance that is available to apply toward the snow and ice deficit from $200k to about $242k. 3 Article 10(i) (South Lexington Transportation Master Plan). Mr Addelson advised that this item will be indefinitely postponed as it was already funded at the 2010 ATM The $125k will be held in the Traffic Mitigation Stabilization Fund 1 March 30, 2011 4 Article 23 — Prior Years' Unpaid Bills As there are no prior years' unpaid bills, this article will be indefinitely postponed and no committee vote is necessary 5 Article 6 — Senior Service Program Because there is a substantial carry-over balance in the continuing balance account for this program, the Town Manager has recommended an appropriation of$10,000, which should bring the total available funds as of the end of the year to approximately $45,000 A Motion was made and seconded to recommend approval of an appropriation of $10,000 Vote Approved 8-0-0 The Committee discussed article presentations and comments for Town Meeting this evening and the meeting was adjourned at 7 15 p m A list of documents and exhibits used at the meeting is attached Respectfully submitted, Andrea Yepez Recording Secretary Approved April 20, 2011 2 March 30, 2011 Exhibits Town of Lexington Appropriation Committee March 30, 2011 1 Meeting Agenda, posted by Glenn Parker, Chair 2 Available Balances of Prior Years' Capital Authorizations, distributed by Rob Addelson, Assistant Town Manager for Finance 3