available on the twenty first i think we could meet on monday if it's already been posted if we have business isn't monday so i think so i've my apologize gentlemen i didn't realize i was out of town on the twenty seventh and monday or a no because that twentieth president's day so i guess i'm just in terms of schedule for february the board is meeting monday february thirteenth troops and the budget so that is a business meeting we've restricted it to the twenty seventh i just can't be here what business would be conducted over i think i would suggest that the board and we can move it to the fifteenth i think that the board would probably would probably want to take a vote to a one item to today's topic which is a contract together we really just have some pro forma items for the gender on the sex so i think what we were trying to do was not have a media on monday have a meeting on the thirteenth to go over the budget when are you leaving do so life vishal last day is march thirteenth i am on holiday when we meet on monday and go about let's see how much we can conduct for that we may have a spill over this question for budget issues on monday then we can check here at this one of our prior meetings and we did get money from boosters on this always are split here in terms of two thirty five thirty three sure mr chairman so as you recall from lash town meeting we had a few pots of money so the capitol budget committee basically authorize and recommended to the board in town meeting that the unused funds that were available from the last renovation of the harris field in fiscal fourteen which was approximately one hundred twenty five thousand dollars would be allocated to completing the press box project which was part of harris field one project that was completed projects me ten years earlier so we basically have a total budget of two hundred forty thousand dollars we have one hundred twenty five thousand dollars from the latest eight compliance issues that press box construction was not implemented so we have one hundred twenty five forty thousand from prior have a field projects and we were requesting that the boosters club and the friends of high school sports do some fund raising to come up with seventy five thousand dollars which they did so we estimated the cost of the project to be to proxima two hundred forty thousand dollars of which seventy five thousand was funded through donations and the rest of the money was from prior preparations of unused balances for the harris field renovation projects gerri i went out to bid before the press box based upon professional  design and specs and we are asking the board to approve a contract to elizabeth contracting for two hundred twenty seven thousand eight fifty five which is within budget to begin the process of monday but i would suggest this guy perhaps david just to finish our discussion if it works for you and my colleagues the means poster for seven was closer to six thirty km right on the box and budget discussion to seven and then we can that's a great point agreed yes it is sure so what i've passed you out is a draft update from what we provided you at the beginning of the process we are still in the process of proofing numbers to make sure that we've missed nothing we have finished our meetings with our department heads so let me just give you some highlights here when we began the process we noted that the budget was in balance for fiscal eighteen and that included an allocation from the general stabilization fund which has a balance of approximately three million dollars we were at the beginning of the process using two point two million dollars in order to balance the budget as you recall monies were set aside in fiscal sixteen from excess levy capacity that was not needed from the overripe funds in order to balance the sixteen budget and was intended to be used in the out years to help  bridge the gap of available revenues understanding that when we began this process part of the task force for a three year look out we needed seven point seven million and we were fortunate to request to receive four point five so we understood we needed to do some savings from the original override and put it into a general stabilization so those revenues could be available and for years i'm pleased to announce through a combination of additional revenues and some expenditure reductions in terms of our estimates that at the moment we are now using only one point three million dollars of general stabilization instead of the two point two if you look if you look under other available which is in the middle of the page and you go to the end of those listings of other available you'll see other available gen i would also say that there is a still a possibility that additional revenues may be forthcoming that will allow us to reduce the amount needed to balance the eighteen  the assessors basically are being very prudent and methodical in making sure that when they come up with their new growth estimate that they've done their due diligence so that is happening right now we receivers that were in the middle of the page we received five hundred seventy six thousand dollars in additional state a i would point out in our original estimates we had already assumed one hundred thousand dollars so clearly the net was four hundred seventy six in terms of additional revenues that we do not anticipate that i'm sorry state of there it is ok so you're telling me that you budgeted so last year was nine million three hundred seventy six thousand and we were being informed that perhaps we should just level fund that we actually included a ninety three thousand we assumed a one percent increase and then what you what we're hearing now fortunately is that the governor's budget in or so but the good news is frankly is because so the two takeaways are is some of our expert revenue estimates are better than we anticipated which gets built into our base which helps us in the out years for fiscal nineteen and twenty so while we were projecting a significant shortfall we will have to update our projections based upon the eight hundred submission but it appears that a significant shortfall in nineteen will be mitigated by the fact that we've received additional revenues which is better than rich to sing the budget to expenditure reductions because you really don't have the benefit the board recalls that is part of the communication and conversation is part of the override vote that happened in fifteen is that we had a plan to deal with our roman at the school which in fiscal sixteen increased our teaching positions by ten f t e we increased them by five in fiscal seventeen and we're increasing them five in fiscal eighteen so the school allocation kluge the  third increase in teaching positions of five that was part of the plan that was communicated to the public it also includes in fiscal eighteen in additional boss based upon increased enrollment and it continues to fund our sidewalk allocation of two hundred ten thousand and our capital budget and our increased roe road roads money so as part of the override we made a commitment for the first three years to provide additional teaching positions that are included in the as communicated we've kept the sidewalk money and we've kept the pavement manage money as as communicated so let's just go through the revenues and then we can take you through maybe some of the expenditures so if you look at the top box where it talks about property taxes basically as i mentioned when we began the process we were estimating seven hundred and twenty thousand  d we were saying seven twenty based upon the memo nine hundred that we received from the assessors we believe we would be receiving an updated new growth memo from the board of assessors today or tomorrow which will formalize their estimates  and form you about additional possibilities but right now we have a nine hundred thousand dollar new growth estimate which is made up of our traditional new growth under could be could be higher and then the four hundred from it budget together what so when they finish their process they will provide it to the board of selectmen but still i mean the budget is the budget and there's a deadline so we can meet with them david i think typically in a budget here is that the board of assessors met with us and bob is always terrific in terms of walking through the nose no question you know system be helpful yes but i'm just informing you that they're doing their due diligence on the substation and that that will be another allocation of additional revenue horton calculations so you know i want to make sure they get it right went from seven to twenty eight nine hundred forty five which does not include anything other than the typical new growth and the uplands of the more that we so maybe you could put in a new growth substation and just not have a number there and put it in when you get it i mean that makes sense because i think that number's going to be around five more that we think it's going to be five hundred thousand so the more that ok thank you for that calculation it worked ok i think the more that we there are additional revenues and understand the need to be somewhat conservative on that david lee appreciate that the more of other revenues that we can identify probably taxes new growth that's not the revenue that other revenues increases in state aid will certainly help us basically local receipts and clearly the biggest number there is a motor vehicle excise tax and again i would just would remind the board that while we're increasing that allocation by one hundred  seventy thousand dollars based upon fiscal sixteen receipts that the commitment which is really what we built for fiscal seventeen came in general and substantially flat i think was a twenty thousand dollars increase so i just want to remind everybody that and again i said it often is that as you know from your personal bill your motor vehicle excise tax bill is based upon the value of your vehicle and is depreciated over five years so there is a built in reduction in values based upon that methodology that is offset by new vehicles which are purchased in town or additional vehicles that may get registered in town so at some point we've had experience significant growth in our motor vehicle excise revenue but understand at some point there is a leveling off of the value or a good reduction in the value of that if it isn't completely offset by the addition of new vehicles or more vehicles you aren't necessarily always going to have an upward trajectory on excise tax billing so we've pretty much budgeted the f y seventeen i'm sorry f y eighteen excise tax at what we've essentially collected in fiscal sixteen but i would just tell you the commitment for seventeen isn't as large of an increase if at all as in prior years so we're reaching that nexus where the the crease in the depreciation an increasing new vehicles may have now crossed so we just have to watch that closely so that i buy new cars buying new cars just to point out that in the out years you may not see or may not be prone to continue to budget increase lag between s that were registered in a prescribed time we get subsequent commitments for the rest of the fiscal year which take into account new vehicles so we treasure may get two or three commitments but the biggest one is the first commitment which is generally the but were in town and then whatever has been added at the register at certain point in time so there are amended commitments that excise tax revenue relates to what cars that are in service as of june thirtieth this year  commitment is issued by the registry of motor vehicles and that is outside our control so that commitment of excise bills is transmitted to the town about a month from the registry of motor vehicles they control the billing or the taxes so either that or the implication of what the taxes will be based upon the commitment that they generate so they do an initial commitment now and then they do supplemental commitments based upon additional vehicles that are recorded at the registry motor vehicles from belmont so there may be two or three commitments in a fiscal year all i'm trying to say to you is we've used a number that is very close to what our actual is are and that we should not expect it to increase significantly  based upon the fact that the first commitment was generally within twenty thousand dollars of what we received last year and typically spend one hundred thousand higher if not more this is ok this is a yes which is the way we're required to do it  they call revenue we have two million four hundred thousand in real estate taxes that were accrued but not that we're saying they get maybe paid in other subsequent fiscal years if it's if it's a levy for that particular year they  that's been identified within that year but it may not necessarily equate to cash collected but also i will point out that member in fiscal sixteen you raised one million six seventy four and you put that into a stabilization fund so a being higher than we anticipated i would also when you get to the free cash line if you see under the change between seventeen and eighteen you notice that we're using three hundred eighty five thousand dollars more in local receipts than we did in fiscal seventeen so what we've done is reduced our free cash by three hundred eighty five usage because again free cash is replenished by revenues that exceed budgeted estimates and expenditures which are below estimates you you typically want to make sure that if your free cash is being replenished it comes from revenues as opposed to assuming you're not going to spend your budget plan so because we're budgeting our revenues to our actual it's the ability to have significant overages is mitigated so again through a combination of some additional one time revenue such as a big building permit or excise taxes being a little bit better because we are collecting more of our prior outstanding commitments or the treasurer collecting tax title or deferred property taxes those kinds of things are not is shore so we're being conservative by making sure we don't estimate a free cash amount that cannot be replenished i would also point out that one of the conversations that the board will need to have as we go through the process is the purchase as i mentioned of modula classrooms at the elementary level the superintendent has reconstituted his space study committee one of the things that obviously has changed since last year or we spin informing the conversation is that the high school grade configuration includes three options a great seven through twelve eight through twelve and a nine through twelve one of the discussion points would be in the fall is where we fall out in terms of that great configuration as we hire a designer which then has implication long term about what our space needs will be at the elem entry level or the middle school level and the high school level the pain upon which configuration is chosen to move prudent in terms of the configuration of the modulars and how many we purchase and that will be somewhat informed by where we're going with the high school great configuration and and to make sure whether how many we purchase and and where they're located and are they located on one site or or two sites what is the total number and that's somewhat informed by the whole high school grade configuration and the and a process that he's going so i think what i would suggest it would be in the fall we will have better information about where we're going to have the modulars and how many and what the cost will be and i will only point out the in terms of the total cost even if we are purchasing less may be more expensive because the application at the middle school with the utilities in the site work was a relatively easy install  we if we put modules and it's not as if we will need modules for the eight hundred thousand nine hundred school year based upon the enrollment projections we just saw at the building committee it's a question of  the cost of doing the utility work in the site work the burbank and the butler sites a market challenging than the cherry school site just because of the logistics of installing the modules with utilities so the cost will be more than what we may have experience not in the aggregate but in terms of unit cost maybe more than what we anticipated or experience at the chattering so i think one of the things that the board will have to decide is how the process will unfold you may need to have a special town meeting in the fall to vote the appropriation of funds to purchase the module in light of the ok so if you want the  operational for the fall of eighteen they really need to be bid out and purchased by january of eighteen so while you may not have the modulus operational for the until the eighteen and nineteen school year you need to buy them in fiscal eighteen is it in the memory no so the options that will have to be flushed out over the next several weeks is depending upon how many we buy and whether we have one or two locations we may decide to fund them from free cash we may decide to bond them ok i think one of the things that we had talked about early in the budget process is to maybe use the cushion village sale proceeds of one million three hundred thirty five thousand dollars to use towards modular purchases the board can let that money fall to free cash in this fiscal year so then you in the fall you may make an informed decision whether to purchase them from free cash to pay upon what the cost is or you may decide to bond them and use some free cash to cover the increased cost of debt service but i would only just say that the bond issuance for the modulars depending upon the cost is going to be a five year bond issue in talking to the treasurer and depending upon what the cost is that is going to be a three hundred fifty thousand dollars to a five hundred thousand dollar cost each year for five years to two beyond the modulars so that needs to be funded from somewhere free cash or when you need to have it appropriated like genially of the heene and have said in order for them to be built by the fall you will need to have a proper a date in the fall of seventeen or in order for you to issue a contract modulars no it didn't and all that was the whole conversation that we had we were in the market for modulars we that was a whole conversation that decision ok ok was going to have to be made a module to continue this discussion on monday in which one of i can do it in and two seconds so i would just say on the fixed cost budget we had some process and minuses the biggest modification was great job and the only the only thing i'd like to add is we need to try to pull as little as possible from general stabilization to completely agree to seem to fund the spot git ok but going with david's recommendation and at the end of this process we believe that we're in a free cash position we know where we can propre additional funds at the general staff and we should do that because again i thought why take money out i'm making is that i'm open minded about an additional appropriation if it gets uprooted from quick action to the general staff and to stretch it out as i think we have to do everything we can to ensure that we stretch out that would be nice throughout nineteen and twenty if you're faced with a pretty significant tax problem sometime and just to let you go is is is is part of this whole process the reduction in the use of the general stabilization obviously was aided by additional revenues but also the superintendent as part of our original budget plan had a seven percent increase in special ed to asians and he lowered that to three point five percent which basically was worth one hundred sixty eight thousand dollars  true that i'm working with him or absolutely in the other thing is that they also recommend that we think about putting a traffic signal there which is i can talk to glenn about that but the reason for that is that you can hook that up with a train and then when the train comes the traffic signal will say you know stop and then no one can get into the heart of that it was thirty seconds ahead and as you know we had a second thing i'm working on the a cruel financials you we're not going to discuss this but this this this this is a brief presentation i'm not giving it today i'm just i accountants and really as they reported to us earlier it's very difficult to change the language that's in that management discussion in the analysis because it's all governed by the  requirements but what we could do is we can put in we can put in the transmittal like that but the three of us would sign which we would put in front of it and then also there is a space in the management discussion  analysis and you'll see when we have a chance to talk about this that we need to talk about the light department and the reason is that in the two thousand and sixteen financials they have all this cash on their balance sheet because they didn't that we issued the bond but they hadn't built the substation yet so you know if you look at it on a consolidated basis it looks like we have eighty three million dollars in cash and the question is where is all that money and he answers most of it in the light department so since the substation has been built we need to inform the reader of those financial plans that we've spent the money the cash is gone and you know it's not really right in the information do we need on the like get them in on the thirteenth already at six you get real challenge when we talk to jim david you know where george hall stands alone opinion he's working out because we had a detailed conversation last week about it ok so for your information david there's nineteen million dollars i think there's nineteen million dollars on the balance sheet in the light compartment and and then the question is do we do we keep that on the balance sheet and use it for dec the other stations or do we pay off i don't think there is ninety million but i think we have to go through the sources and uses we find out from jim palmer when you know and in a lyric i think the third is probably going to make sense because try to get another thirteen i did i say no i don't mean