2014-03-31-CEC-ATM-STM-rpt (Final- incorporates Updates and Errata 03-31-14)

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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2014 ATM & 2014 STM (Mar 24'x') This has been the history of distributions at the State level under the CPA in the years relevant to Lexington: For Communities Having Adopted CPA (out of total of 351) Prior -Year's CPA Surcharge Collected' Year in which supplement distributed Number Percentage of Massachusetts Total of all CPA Surcharges ($M) Total Supplement Amount ($M) Percentage FY2008 113 32.2% $68.1 $68.1 100.0% FY2009 127 36.2% $74.1 $54.6 73.7% FY2010 135 38.5% $78.2 $31.6 40.4% FY2011 142 40.5% $82.0 $25.9 31.5% FY2012 143 40.7% $84.8 $26.2 30.9% FY2013' 148 42.2% $89.2 $27.7 31.1% FY20142 3 148 42.2% $92.5 $54.9 59.3% $3,572,460 52.2% Totals $569.0---7 $289.0 50.8% ' Distribution in FY2013 was net of $9,577 as an adjustment was made across the distribution to correct for a prior - year error for Phillipston. 2Seven communities that have previously voted to accept the CPAwill be eligible to receive their first supplement in FY2015. 3The source of the supplement (the State's Community Preservation Trust fund) received a $25 million infusion from the State's surplus at the end of FY2013. And here is the supplemental funding received by Lexington from the State, along with a projection for FY2015: Year in which supplement received Prior -Year's CPA Surcharge Collected' 1st Round State Supplement Percentage 2nd Round 3rd Round Total Total Suppl Amount FY2008 (Actual) $2,556,362 100.0% N/A N/A 100.0% $2,556,362 FY2009 (Actual) $2,777,882 67.6% 1.8% N/A 69.4% $1,927,708 FY2010 (Actual) $2,931,678 34.8% 0.9% 0.5% 36.2% $1,060,390 FY2011 (Actual) $3,042,587 27.2% 0.6% 0.4% 28.2% $858,729 FY2012 (Actual) $3,206,117 26.6% 0.6% 0.4% 27.6% $885,463 FY2013 (Actual)' $3,344,371 26.8% 0.6% 0.4% 27.8% $929,507 FY2014 (Actual)' $3,572,460 52.2% 1.1% 0.7% 54.1% $1,932,347 Total Actual: $21,431,457 Received to date: 47.4% $10,150,506 FY2015 (Projected)' $3,709,240 TBD TBD F TBD 25.0% $927,310 Totals including projected: $25,140,697 44.1% $11,077,816 ' The "actuals" are the net amounts as used by the State; the "projected" is the Town's projection for the gross collection. 2 The Total Suppl Amount includes $255 to correct an underpayment in FY2012 from an error with Phillipston's surcharge. 3 The Total Suppl Amount reflects there was a $25 million addition to the State's CPA Trust Fund because the State finished FY2013 with a surplus of at least that amount -thereby permitting the maximum amount authorized by the State Legislature to go into that Fund. 4 The projected percentage does not include any increase that would result from the State deciding to continue to infuse the State's CPA Trust Fund with additional funding from a prior -year budget surplus. At this time, the latest estimate of the potential supplement percentage for FY2015 by the Massachusetts Department of Revenue (DOR) Division of Local Services (DLS) is that the I" Round should be 23%. As shown above, our experience in the 2nd & 3rd rounds has been at least an additional 1.0%. For the FY2015 projections in the above table, we are using about the same percentage as being used by the Town -which is without any additional funding from a State surplus. So while the supplement level had fallen substantially since our first year, our Town will continue to receive significant help from the State toward the cost of our CPA -funded projects.