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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2013 STM(Nov 4th) <br /> Warrant Article Analysis and Recommendations <br /> CPF= Community Preservation Fund; GF= General Fund; SF=Stabilization Fund <br /> Fund <br /> Authorization Funding Source Committee Recommends <br /> Requested <br /> Article 2:Amend FY2014 <br /> Operating, Enterprise Approval(5-0) if any <br /> Fund and Community State's Community actions are proposed to <br /> Preservation Budgets TBD Preservation Trust increase the State- <br /> Fund(CPTF) supplement amount in the <br /> Community Preservation <br /> Budget(See below) <br /> "To see if the Town will vote to make supplementary appropriations, to be used in conjunction with <br /> money appropriated under Articles 4, 5 and 8 of the warrant for the 2013 Annual Town Meeting [ATM], <br /> to be used during the current fiscal year, or make any other adjustments to the current fiscal year budgets <br /> and appropriations that may be necessary; to determine whether the money shall be provided by the tax <br /> levy, by transfer from available funds, from Community Preservation funds or by any combination of <br /> these methods; or act in any other manner in relation thereto." [Town Warrant] <br /> This Committee would only report if there were any actions to the Community Preservation Budget <br /> (CPB). <br /> It is expected that this year's State supplement to the Town's CPF will be materially more than the <br /> $961,957 that was estimated when our fiscal-year (FY) 2014 CPB was approved. There are three factors <br /> that warrant that expectation: <br /> (1) To the extent the State ended FY2013 with some surplus—which is the usual case—up to <br /> $25 million will be added to the State's CPTF from which the distributions, using a formula, are made to <br /> the municipalities that had adopted the Community Preservation Act (CPA). (For more details on the <br /> State Legislative action on this provision, see this Committee's Report to the 2013 ATM, released <br /> March 25, 2013, page 6.) To put that potential addition in perspective, last-year's distribution to those <br /> municipalities was made from the CPTF when its balance was just under $30 million; therefore, another <br /> $25 million would be about an 83% increase to the balance that was then available for distribution. (As <br /> there is a formula involved, the percentage change in Lexington's amount is not necessarily the same as <br /> the change in the CPTF balance.) <br /> (2)Using the latest report from the State's Department of Revenue—its September 2013 "Blue <br /> Book"—on the collections of Registeries of Deeds fees which funds the CPTF, this trust-fund-year's <br /> collections are, in the aggregate,running nearly$1.7 million(5.8%)above the prior year's. <br /> (3)In conjunction with the State Legislative action to provide for the up-to-$25 million addition, <br /> the annual distribution date was made one month later(now to be not later than 15 November)to permit a <br /> determination of what was any prior-FY State surplus and move any addition into the CPTF. Therefore, it <br /> is expected, based on informal information from the State's Department of Revenue, that this year's <br /> distribution will include the CPTF having received an additional (13th) month of collections of the fees. <br /> That may provide an additional$2 million(or more)toward that CPTF balance. <br /> As the actual distribution of this year's supplement is expected to be after this Town Meeting has <br /> dissolved, whether there will be an action under this Article to include the additional revenue to the <br /> Town's CPB—with 10% into each of the specific reserves (Open Space/Recreation, Historic Resources, <br /> & Community Housing) and the balance into the unbudgeted reserve—will be based on whether the <br /> distribution amount is known before then. If it isn't, that doesn't affect the Town's receipt of the <br /> supplement; it only means any increase over the supplement amount include in the CPB would not be <br /> available for appropriation until a Town Meeting in FY2015 (or later). <br /> 1 <br />