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<br /> <br />FY2024 Budget Summit III <br />Select Board, School Committee, Appropriation Committee <br />Capital Expenditures Committee <br /> November 16, 2022 <br /> <br />The remote participation Budget Summit III meeting was called to order by Select Board Chair Jill Hai at <br />7:01 p.m. on Wednesday, November 16, 2022 via hybrid meeting services. <br /> <br />Present for the Select Board (SB): Ms. Hai, Chair; Mr. Lucente, Vice Chair; Mr. Pato; Ms. Barry; and Mr. <br />Sandeen as well as Mr. Malloy, Town Manager; Ms. Axtell, Deputy Town Manager; Ms. Katzenback, <br />Executive Clerk. <br /> <br />Present for the School Committee (SC): Ms. Cuthbertson, Chair; Ms. Jay; Ms. Lenihan; Ms. Sawhney, <br />Vice Chair; Mr. Freeman; Dr. Hackett, Superintendent of Schools; and Mr. Coelho, Director of Finance <br />for Lexington Public Schools. <br /> <br />Present for the Appropriation Committee (AC): Mr. Parker, Chair; Mr. Padaki, Vice Chair; Mr. Ahuja; <br />Mr. Bartenstein; Mr. Levine; Mr. Michelson, Mr. Osborne Ms. Yan \[late arrival\]. <br /> <br />Present for the Capital Expenditures Committee (CEC): Mr. Lamb, Chair; Mr. Kanter, Vice Chair and <br />Clerk; Mr. Cole; Ms. Rhodes; Ms. Beebee; Mr. Boudett. <br /> <br />Also present: Ms. Kosnoff, Assistant Town Manager for Finance; Ms. Labrecque, Budget Officer <br /> <br />Ms. Hai stated that the meeting was being conducted via Zoom as posted, with the agenda on the Town’s <br />website. Public comments were not taken during the meeting. <br /> <br />ITEMS FOR INDIVIDUAL CONSIDERATION <br /> <br />1. FY2024 Budget Summit III <br /> <br /> FY2024 Updated Revenue Projections <br />Ms. Kosnoff explained that one of the primary points for tonight is to try to finalize the revenue allocation <br />model for how the FY2024 revenue will be split between the Town and the School. She stated that the <br />total general fund operating revenues for FY2024 are just over $273M. This is an $8.2M increase over the <br />FY2023 estimated budget, representing approximately a 3.1% increase. <br /> <br />Ms. Kosnoff explained that this January multiple new solar panels will be turned on around Town at <br />many of the schools. Along with that power purchase agreement, the Town will be getting a pilot <br />payment. For the first year, the pilot payment can be included under the pilot revenue. In future years the <br />payment will move under personal property revenue. The amount of the pilot payment for this year was <br />just under $80,000. Regarding the Department municipal fees, a little extra money has been added to the <br />ambulance receipts, based on a renegotiated contract. Finally, since the last Summit, $50,000 has been <br />added to the investment income, based on rising interest rates. The revenue estimate was made a bit more <br />aggressively this year due to trends and the transition of free cash from the operating budget. <br /> <br />Ms. Kosnoff noted that the available funds are approximately $2M more than when presented at the last <br />Summit. This is primarily due to the free cash line. The original projection for free cash was $14.25M, <br />and it is now it is up to $16M. The primary reason for this is that the School circuit breaker was <br />previously not fully expended. Another minor adjustment was based on an addition of $50,000 to the <br />Visitor Center Stabilization Fund. This was made to help offset the debt service on the new Visitor Center <br /> <br /> <br />