To see if the Town Meeting will authorize the Select Board to form a committee to oversee financial expenditures for the BLOOM project (new Lexington High School). Additionally, for the committee to periodically report back to the Town Meeting Members Association, and/or the Select Board, School Committee, and financial committees on the fiscal progress of the project, or to act in any other manner in relation thereto.

MOTION: That the Select Board, in collaboration with the School Building Committee (SBC) and Permanent Building Committee (PBC), be authorized to establish a temporary, independent Financial Accountability and Transparency Committee for the new LHS building project, composed of volunteer Lexington residents with relevant expertise in construction finance, auditing, public procurement, or large-scale construction project delivery.

This Committee would serve as a resident-focused body, centering the best interests of the Town residents in its actions, with care and good faith.

This Committee is intended to function as a communication, as well as a learning mechanism for the town people, not as a decision-making body, and not as a replacement for any existing Town committee or staff responsibility.

The purpose of this Committee shall be to periodically engage with LHS Building project finances and expenditures, within the town and macro financial context, and then provide timely:

(a) easy to understand, accessible, frequent and periodic communications to all Lexington residents explaining expenditures, financial control procedures and their impact, financial tradeoffs, progress towards timelines, any impending issues, interesting facts, trends, town debt levels, etc. as regular status reports.

(b) non-binding, advice on project expenditures and progress to town committees and staff.

For the average town resident, information on:

1. ongoing project expenditures is hard to find

2. information on audit mechanisms for outgoing payment streams and results is unavailable

3. any key performance measurements pertaining to the management of funds and financial clarity for the taxpayers is unavailable.

The Citizen’s Petition hopes that an independent lens on the expenditures will serve as a learning and early-warning mechanism for all.

It intends to complement and support the existing committee structure, inform outreach, and expand financial clarity for Lexington residents, while fully respecting the statutory authority and operational responsibilities of the Select Board and town administration. 

The petitioners’ Article 26 is trying to give voice and create a space for nuanced discussion.

Asking about how our tax dollars are being spent can coexist with desiring a high school that our children deserve.

It can also coexist with a desire to live in town as empty nesters, while paying college tuition and mortgage bills.

Read more here: https://docs.google.com/document/d/1cT2f37JHFkpHl8D4aIB9mEAEWgoffe5G4rMrPipNmR4/edit?usp=sharing

There are two types of costs that if managed very carefully can reduce the overall cost of the project. These are Contingencies and Ineligible Costs.

An explanation of contingency costs

https://docs.google.com/document/d/1UCiEDdNTXwLTfSwJ31ls6oIkg7-TFIz1jBVoCwUwfvQ/edit?usp=sharing

An explanation of ineligible costs

https://docs.google.com/document/d/1-L5TIS6kBMzaYLr_2l7xTQHjRRUqtqN6J39kr93rHp0/edit?usp=sharing

Answers to Laura Swain’s questions

https://docs.google.com/document/d/1VZK1QEhT8zv60weVmNburuNf2bmMTp4B/edit?usp=sharing&ouid=115482867296380355037&rtpof=true&sd=true

Answers to Resident Manos Questions

https://docs.google.com/document/d/1byPNFH7aGVCZ5G79cJrqLtWMWeOU083XhIKPzh0dY_o/edit?usp=sharing

Answers to Peter Shapiro’s questions

https://docs.google.com/document/d/1zGwd6PEnXBxG7bhPc8DEE4-GNFbmQnm8/edit?usp=sharing&ouid=115482867296380355037&rtpof=true&sd=true

Answers to Avram Baskin Questions

https://docs.google.com/document/d/1xPbmVGgcCtWZTc7h2roK2lYzWvxYeSKs/edit?usp=sharing&ouid=115482867296380355037&rtpof=true&sd=true

The following vendor contracts are provided here as they are not available on the Town or SBC websites.

Owner’s Project Manager

https://drive.google.com/file/d/1UyQEs95jkR8bmRWqxOPVfmFzTkvG5Vh5/view?usp=sharing

Architect-Designer

https://drive.google.com/file/d/17kulK2hyRKbym_GYjqsXhjzseLmXZMhF/view?usp=sharing

Construction Manager at Risk

https://drive.google.com/file/d/1gnHQqGuUT3XZSM_eWsbbZEv3J4_QfTT9/view?usp=sharing

https://drive.google.com/file/d/1CsDOI2XURRvCohWA9MiCdmZyJxPsgW9B/view?usp=sharing

https://drive.google.com/file/d/19RO9vg6CA1PuztlrkLpO4384f8FgTBRL/view?usp=sharing

https://drive.google.com/file/d/17D6vqkKM41rTZ7raibDxTTgGhXEcvjA6/view?usp=sharing

Lexington was successful in it’s most recent bond issuance. This is an example of the document Lexington takes to the market for funding its debt obligations.

https://prospectus.bondtraderpro.com/$LXNGTN26.PDF

Research article on municipal bonds https://www.governing.com/finance/boom-times-for-muni-bonds?_hsmi=405167454

MSBA Audit Closeout report: Each MSBA project is audited during the project and at the end.

Estabrook school https://drive.google.com/file/d/1BsjS45LJLxLVcCLOZuzHpIZU4jTqz0oh/view?usp=sharing

Hastings Elementary School still not MSBA board approved, hence the report is not available.

MSBA memo on closeouts

https://massschoolbuildings.org/sites/default/files/edit-contentfiles/Building_With_Us/Funding_Project/DLS%20Memo%20re%20Project%20Cashflows%20and%20Impact%20on%20Free%20Cash.pdf

Massachusetts School Building Authority (MSBA)