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2016-09-21-CPC-STM5-rpt
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2016-09-21-CPC-STM5-rpt
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Minutes - CPC - Community Preservation Committee
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Community Preservation Committee <br />Special Town Meeting #5 <br />September 21, 2016 <br />Summary of recommendation to amend the FY17 Community Preservation <br />Budget <br />The Community Preservation Committee recommends a $40,000 supplemental <br />appropriation to the FY2017 debt service budget under Article 6 of the September 21, 2016 <br />Special Town Meeting #5. <br />Article 8(p) of the 2016 Annual Town Meeting appropriated $3,289,721 for FY2017 CPA <br />debt service. Included in that appropriation was money for estimated interest expenses on bond <br />anticipation notes (BANs) to be issued in June 2016, coming due in February 2017 at which <br />time it was assumed the notes would be converted to bonds with the first principal and interest <br />payments to begin in FY2018. <br />In June, a $40,000 BAN was issued for the final stages of renovations to the Community <br />Center. Available CPA funds have been identified that will enable the retirement of the $40,000 <br />note instead of converting it to a bond in February 2017, resulting in the avoidance of issuance <br />costs for the bond and long -term interest costs. <br />In order to retire the BAN, the FY2017 debt service approved by the 2016 Annual Town <br />Meeting will need to be increased. The Community Preservation Committee voted (7 -0) to <br />recommend that $40,000 be appropriated from the Undesignated Fund Balance for this purpose. <br />Summaries of the Community Preservation Fund available balances are listed on the <br />following pages. <br />1 <br />
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