2022-03-28-AC-ATM-STM-rptrev - Laserfiche WebLink

Browse Search

2022 ATM,2022-1 STM APPROPRIATION COXMTTEE 21 MARCH 2022 Article 10 Appropriate the FY2023 Community Preservation Committee Operating Budget and CPA Projects Funds Requested Funding Source Committee Recommendation See below CPA [a-j,l-n] Approve (8-0); [k] IP Community Preservation Act (CPA) projects are funded using the Community Preservation Fund (CPF), which is managed as four separate sub-funds: Affordable Housing, Open Space & Recreation, Historic Resources, and Unbudgeted Reserves. As stipulated by the Community Preservation Act, the CPF has two sources of revenue; a 3% surcharge applied to property tax bills, and a variable annual state match of surcharge revenues collected by the Town. In the 15 years since the Town enacted the CPA, the state match has averaged out to roughly 38%, and only once met the full 100% allowed by the Community Preservation Act. Increases in the fees charged on all real estate transactions, as well as a FY2021 state budget surplus,have boosted the total match of FY2021 surcharges to over 45%. The funds available for appropriation in the CPF total $16,523,252. The reduced spending in FY2022 resulted in a carry-forward balance of$8,387,252. The local surcharge revenue and an estimated FY2023 state match of 38% results in budgeted revenue of$8,136,000. The CPC appropriations requested in this article total $7,873,191, which would leave a balance of over $8.5 million. This conforms to the CPA policy to maintain a minimum $3 million balance in reserve for unanticipated time-sensitive requests, such as purchasing a parcel of land for conservation. Annual CPA Revenue& State Matching Rate 100% $8,000,000 € 75% $6,000,000 $4,000,000 "" 50% $2,000,000 25% ......... .......... o $0 0/o N .Cb >.> > ' a ter• .> rV r" rV c rV ry rV rV rV rv. rv. rV rv. rV rV rv. rV rV rv. ❑ Local Surcharge ❑ State Match Match% Lexington has received$2,500,261 in matching funds for FY2022, a 45.5%match from the state. This exceeded the 30%rate projected in the FY2022 budget, and it is the highest percentage match since FY2014. Revenues in excess of the budget projections will be appropriated as an adjustment to the FY2022 budget under Article 21. Funding requests for the FY2023 CPA projects are detailed below. It is noteworthy that none of these requests will rely on debt-financing. CPA expenditures from the prior year were well below normal, resulting in large cash balances in each of the four CPA accounts. Art- Item Funding CPF icle Request Funding Account 10(a) Archives and Records Management $ 20,000 Historic Resources 10(b) Wright Farm Barn Stabilization $ 155,000 Historic Resources 25