2016-01-28-CPC min - Laserfiche WebLink

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from the unassigned reserves. This practice could burden a statutory reserve and hinder the issuance of additional funds for worthy projects in subsequent years. Mr. Addelson pointed out that the same amount of funds would be available for allocation, they would just be in different 'buckets.' Mr. Kanter thought that the statutory reserves should be burdened as debt comes due. The CPC then unanimously supported having debt service payments being made, at least initially and to the extent balances permit, from the applicable statutory reserve. Mr. Horton asked about the adequacy of funding for worthy projects in the future given the present debt service request. Mr. Addelson did not foresee the debt service request burdening the CPC's ability to make future recommendations given current and projected reserve balances. Mr. Kanter mentioned that the Town's finance committees (Appropriation Committee and Capital Expenditures Committee) prefer that debt financing be as front - loaded and short as possible, not driven out to the maximum allowable term. Mr. Addelson mentioned that some debt service payments, like those made on the Community Center, are done on a ten -year basis because there is concern about the ability to fund other projects. Mr. Canale thought that Mr. Kanter offered important input and the CPC should consider all opinions but he felt the CPC shouldn't sacrifice worthy projects that may come before them because of aggressive debt service payment schedules. Mr. Kanter assured the CPC that the advice from the finance committees only applied to any proposed financing after the CPC had made its own decision to recommend a project to Town Meeting. Ms. Krieger thought Mr. Addelson's financial model indicated flexibility for the Committee and that the CPC was in good shape. Ms. Fenollosa pointed out that there is almost a $2 million balance in the account which is something the CPC always aims to do. After a motion duly made and seconded, the CPC approved the total FY17 debt service amount of $3,295,359. The vote was (8 -0). 2) Committee Business- Minutes- The CPC voted to approve the minutes (8 -0) from their December 17, 2015 public hearing and meeting, as distributed. FY15 Administrative Expenses- The Committee reviewed a copy of the FY15 administrative expenses and Ms. Fenollosa asked for Ms. Lane to circulate a copy of the FY16 administrative costs expended to date. Ms. Fenollosa also provided updates on some FY17 projects: Keeler Farm Acquisition- Ms. Fenollosa reported that LexHAB was denied the HOME funds they sought to finance the purchase of the Keeler Farm community housing acquisition. LexHAB will 2