2022-11-03-CPC-min - Laserfiche WebLink

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4 the Committee that there is an $8,600,000 carry-forward and a projected revenue of $8,100,000. The Committee will also receive interest on revenue still in the accounts. Ms. Kosnoff projects that at the conclusion of FY23 the Committee will have a balance of $8,900,000. Ms. Kosnoff also stated that the state match is projected to be approximately 35%, however this will not be known for sure until November 15 th. Ms. Kosnoff also described the Committee’s debt servicing obligations, including $1.78 million in debt servicing in the next financial year. She noted that there is considerably less debt in FY25 --only $681,200. Ms. Kosnoff stated that the amount available to fund projects would be diminished by application of the Committee’s policy of retaining a balance. Ms. Fenollosa acknowledged the Committee’s desire to retain a $2 million balance in reserve for emergency requests, but noted that with projected revenues of S14.9 million against total requested new projects of $13.3 million, if all projects were recommended, the CPF fund would still have a sizeable balance of $1.6 million. In response to a question by Mr. Pressman, Ms. Kosnoff agreed that balances in the open space and community housing buckets would not be available to fund recreation and histor ic resources projects. Ms. Kosnoff was asked whether the Munroe Center project could be funded by debt. She answered that it could be funded by debt. Mr. Pressman mentioned statements he heard regarding the Stone Building project during the Select Board meeting of September 12, 2022. One statement was that there was not enough information available to estimate the total cost of the project. The second statement was that a design cost could be several hundred thousand dollars. Ms. Kosnoff also stated that the Stone Building project, which is currently slated to cost $11,000,000 to complete, could be financed by debt. Ms. Kosnoff then went on to state the Finance Department’s requirements for a debt-serviced project. Any type of study would not qualify, nor would costs of upkeep. The cost of a debt-funded project also would need to be at least $1,000,000, especially since with increasing interest rates and inflation it would be imprudent to use debt financing for projects with small price tags. Minutes: The approval of minutes from 9/20 will be postponed until the next meeting. Committee Business: The next meeting of the Committee will be Thursday, November 10th beginning at 4:00 over Zoom. Ms. O’Brien left the meeting at 6:08; Mr. Creech left the meeting at 6:16. After a motion was made and duly seconded the committee voted by roll call (7 -0) to adjourn the meeting at 6:17. Respectfully submitted, Christopher Tierney, Administrative Assistant