Finance Committee
Sept. 1, 2009
7:30 PM
Present: Peter Braun, Karl Geiger, Sanj Kharbanda, John Koenig, Ellen Meyer Shorb, Laura
Sander, Robert Steinbrook
The Committee discussed the updated calculation of the budget shortfall for FY ’10 based on the
following reconciliation:
FY10 Budget Reconciliation
Revenue Reductions
State Aid reduction (175,845)
Deaconess reduction (269,000)
Total Reductions (444,845)
Potential Add Backs
Wood Chipper 55,000
LS Stabilization 89,863
Hartwell Curtain Wall Design 21,000
Fieldhouse Roof Return 30,000
School Asbestos Abatement
Return 46,000
School Pre-Spending 125,000
Total Addbacks 366,863
Variance (77,982)
The Committee discussed possible approaches to close the deficit: (i) use free cash, or (ii) require
budget cuts from the town budgeting agencies, on a proportionate basis, based on their
percentage of the town operating budget, or (iii) some combination of the first two approaches.
The Committee further discussed whether only a proportionate part of the LS Stabilization Fund
should be used to help close the deficit, based on LS’ percentage of the total operating budget, or
whether the LS Stabilization Fund should be considered equivalent to free cash that could be
used entirely. The Committee determined that it needed more information, and raised a number
of questions to ask Tim Higgins and Colleen Wilkins at the Committee’s next meeting. Finally,
the Committee decided to request that the town budgeting agencies propose budget cuts on a
proportionate basis.
Peter Braun and John Koenig reported that they had learned at a recent liaison meeting with
representatives from the LSRHS School Committee and the Sudbury Finance Committee that
LS’ administration expects funds available for reapportionment in FY’11 to be significantly less
than in recent years, due primarily to decreases in interest earned on construction funds, which
could increase Lincoln’s assessment by approximately $75,000 regardless of any other budget
changes.
The Committee unanimously approved the minutes of its June 25, 2009 meeting (Sanj
Kharbanda abstaining as he was not present at that meeting).
The Committee made the following liaison assignments:
Affordable Housing Trust Meyer Shorb
Capital Planning Kharbanda
Community Preservation Committee Braun
GASB 45 Koenig
Green Energy Technology Comm Koenig
Hanscom Meyer Shorb
K-8 Schools Steinbrook
Library Geiger
LSRHS Braun
Minuteman Geiger
Pierce House Koenig
The Model Sander
Town Koenig
Water Board Kharbanda
The Committee scheduled its next meetings for:
Wednesday, September 16, 2009
Thursday, October 1, 2009
Wednesday, October 7, 2009
Thursday, October 15, 2009.
There being no further business, the meeting was adjourned at 9:10 PM.
Submitted By: John L. Koenig
Approved: September 16, 2009
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