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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2014 ATM & 2014 STM (Mar 24th)
<br />For Projects and Administrative Budgets:
<br />Lexington Authorizations of CPF Relative to 2014 ATM & STM (March 24, 2014)
<br />Source
<br />CPA Categories
<br />Previous'2
<br />Approved Percentage
<br />Projected
<br />FY2015 Cumulative(if All Approved)
<br />Request Percentage Amount Percentage
<br />Community Housing
<br />$6,985,848
<br />15.6%
<br />$1,050,551
<br />7.9%
<br />$8,036,399
<br />13.9%
<br />Historic Resources
<br />$19,167,763
<br />42.9%
<br />$11,569,682
<br />87.3%
<br />$30,737,445
<br />53.0%
<br />Open Space
<br />$9,643,517
<br />21.6%
<br />Community Housing Reserve
<br />$388,485
<br />$9,643,517
<br />16.6%
<br />Recreation Use
<br />$3,717,8921
<br />8.3%
<br />$484,500
<br />3.7%
<br />$4,202,392
<br />7.2%
<br />Pending Assignment3
<br />$4,319,0001
<br />9.7% 1
<br />1
<br />Sub -Total
<br />$4,319,000
<br />7.5%
<br />Sub -Totals for Projects
<br />$43,834,020
<br />98.0%
<br />$13,104,733
<br />98.9%
<br />$56,938,753
<br />98.2%
<br />Administrative Budget
<br />$880,0001
<br />2.0%
<br />1
<br />$150,000
<br />1.1%
<br />1
<br />$1,030,000
<br />1.8%
<br />Totalsi
<br />$44,714,0201
<br />100.0%
<br />$13,254,733
<br />100.0%
<br />$57,968,753
<br />100.0%
<br />'Unless explicitly noted, does not reflect return to the CPF of any unneeded appropriation after the final accounting following
<br />completion of the project or, in the case of the Administrative Budget, at the end of the fiscal year.
<br />2The unspent $561,518 of CPF cash appropriated in the Historic Resources category at the 2012 ATM under Article 8(d) for the
<br />Muzzey Senior Center Upgrade design and engineering (D&E) and the initial construction were release back to the CPF and are
<br />not included.
<br />3Represents the authorization to purchase the Busa Farm property for which the allocation between Community Housing and Open
<br />Space is still pending.
<br />'Although an exact amount of the unused previous appropriation that has been returned to the CPF has not been reported, it is a
<br />very substantial sum so the indicated "Previous" amount, and thus its percentage, are significantly more than what has actually
<br />been used.
<br />The following table reflects what is available as a cash appropriation from the CPF at these Town
<br />Meetings.
<br />CPF Cash Available for Appropriation at the 2014 ATM &
<br />STM (March 24, 2014)
<br />Source
<br />Amount
<br />Percentage
<br />Estimated FY2015 Revenue
<br />CPA Surcharge
<br />$3,907,000
<br />47.2%
<br />State Supplement' °2
<br />$927,310
<br />11.2%
<br />Investment Income
<br />$14,0001
<br />0.2%
<br />Sub -Total
<br />$4,848,310
<br />58.6%
<br />Prior Available Funds
<br />Community Housing Reserve
<br />$388,485
<br />4.7%
<br />Historic Resources Reserve
<br />$82,427
<br />1.0%
<br />Open Space Reserve
<br />$504,730
<br />6.1%
<br />Unbudgeted Reserve
<br />$576,991
<br />7.0%
<br />Undesignated Fund Balance
<br />$1,875,730
<br />22.7%
<br />Sub -Total
<br />$3,428,363
<br />41.4%
<br />Total
<br />$8,276,673
<br />100.0%
<br />' This source is explained later in this section of the report.
<br />2 Calculated based on 24.6% supplement percentage.
<br />3 Any balance in this account that is unspent as of June 30, 2014 (the
<br />close of FY2014) is added to the unspent Undesignated Fund
<br />Balance and that total is what becomes a part of what is available for
<br />appropriation in FY2015.
<br />If all the projected requests for use of the CPF cash are approved at both the upcoming ATM and STM
<br />($6,163,190), that would leave a cash balance in the CPF at the end of the March 24, 2014, STM and the
<br />2014 ATM of $2,113,483.
<br />It is important to note that the projected available CPF cash is not a limitation on what the CPC can
<br />recommend to Town Meeting for approval. The method of paying for what the CPC recommends can -
<br />and now often does -include, in part or in total, the issuing of debt instruments. It remains the
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