Meeting of the Lincoln Finance Committee
January 24, 2008
Lincoln Finance Committee
Present: S. Haber, M. Hartman, J. Koenig, J. Robinson, E. Shorb, R. Steinbrook (chair)
Absent: P. Giese
Minutes submitted by: R. Steinbrook
The meeting followed the joint meeting of the Lincoln Finance Committee and Sudbury Finance Committee. It was called to order at 8:30 pm in the Donaldson Room at Lincoln Town Hall.
The committee has determined that $317,000 in additional funds is potentially available for the FY '09 budget. The application of these funds to the budget would allow the committee to meets its goal for emergency reserves of $825,000 of "certified free cash remaining" and to avoid a "Proposition 2 ½" operating override.
The committee discussed the preferred budget requests of the Town, the K-8 schools and Lincoln Library. The amounts in addition to the base budget are $70,650, $22,744, and $80,000, respectively. The total is $173,394. The committee also discussed increasing the Capital Plan budget from $500,000 to $645,000. This would allow for several vehicles to be purchased outright, instead of through debt exclusion. The total is $318,394.
By a vote of 6-0, the committee voted in principle to increase the base budgets and Capital Plan budget as stated above. The final amount of the increase in the base budgets was not set--pending a determination of the Minuteman assessment.
The committee discussed the activities of the Affordable Housing Trust and the LSRHS budget, and the preparation of the Finance Committee report.
The committee will next meet on Thursday February 7, 2008.
The meeting was adjourned at 9:30 pm.
Note (submitted by R. Steinbrook, February 10, 2008): On January 31, 2008, the committee voted by e-mail (6-0, P. Giese not voting) to increase the base budgets and Capital Plan budget as stated above.
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