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1/18/2024 AC Minutes 4 Ms. Kosnoff reiterated that the Finance department staff keeps the books and performs the account- ing for the AHT, and that the CPA requires tracking and financial reports on all funded projects, and that the AHT will have grant agreements in place for any CPA-funded projects. The current request can be seen as seed funding to help launch the AHT’s work. The AHT is currently in the exploratory stage for a couple of projects, including a request under Ar- ticle 33 (Authorize Affordable Housing Trust to Seek Affordable Housing). It will be difficult to pro- vide an itemized budget while key approvals from Town Meeting are pending. Mr. Bartenstein suggested that an annual report on spending by the AHT should be presented to Town Meeting, and Ms. Kosnoff responded that her staff could provide that information, but it could not speak to the deeper issues of how the AHT decides to do its work. Mr. Parker responded that the AHT has not been in operation long enough to have any activities to report on. Article 10(j) Projected Debt Service The current request for $681,200 will close out the debt service for the Cary Memorial Building up- grades. An additional $2 million in debt was previously authorized for renovating Munroe Center for the Arts as part of a $6.6 million project. Ms. Kosnoff stated that the project is currently focused on de- sign and value engineering, so it will not be necessary to issue any debt in the coming fiscal year. Mr. Levine asked if the project had received bids exceeding the prior appropriation. Ms. Kosnoff replied that the Center had not yet put out a bid out for construction. After refining the original con- struction estimates using design and construction documents, the Center determined that the initial design proposal was too expensive. The current design and engineering is intended to bring the cost within the originally approved budget. Article 10(k) Administrative Budget Ms. Fenollosa stated that the request for $150,000 would cover administrative costs for the coming year, including administrative staff, legal expenses, land appraisals, and land planning. Mr. Michel- son asked if he could see a history of administrative expenses for the CPC. Ms. Kosnoff stated that the primary expense for the CPC is a single staff member, with occasional land appraisals, and other minor expenses. She suggested that the information might be available in the report of the Capital Expenditures Committee. Ms. Fenollosa located the information for prior years up to FY2022 and offered to send it to Mr. Michelson. Mr. Lamb complimented Ms. Fenollosa and the CPC on the publication of a 5-year capital plan, but noted that the total of $48 million in potential requests exceeds the projected $40 million in pro- jected revenue. Mr. Bartenstein asked about the projected CPC funding for affordable housing set forth in the slide deck, which jumps from $3.2 million in FY2025 to $6.5 million in FY2026. Ms. Fenollosa re- sponded that the projections were based on information from the Affordable Housing Trust and the Office of Economic Development. Ms. Fenollosa stated that she would research questions from this meeting and send what she could find to Mr. Parker to share with the Committee. Review of Warrant Articles for the 2024 Annual Town Meeting Mr. Padaki asked when the Committee would start voting on article recommendations. Mr. Parker responded that he would like to have some draft article writeups available that summarize the posi- tion of the Committee before formal voting but would be amenable to early straw votes if that