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<br />Minutes of the Community Preservation Committee <br />Thursday, December 1, 2016 <br />Parker Meeting Room <br />Town Office Building <br />1625 Massachusetts Avenue <br />4:00 PM <br /> <br />Committee Members Present: Marilyn Fenollosa (Chair), Norman Cohen, Charles Hornig, David <br />Horton, Jeanne Krieger, Robert Pressman, Sandra Shaw. <br /> <br />Absent: Robert Peters, Richard Wolk <br /> <br />Administrative Assistant: Elizabeth Mancini <br /> <br />Other Attendees: Wendy Manz, Capital Expenditures Committee liaison to the CPC; Rob <br />Addelson, Assistant Town Manager for Finance; Melinda Walker, Lexington Housing Authority. <br /> <br />Ms. Fenollosa called the meeting to order at 4:02 PM. <br /> <br />1)FY18 Debt Service- Mr. Addelson distributed a hand-out detailing FY18 debt service and <br /> <br />projected revenues and expenditures. He explained that the FY18 expenditures listed <br />on the model did not include the anticipated costs for the Town Pool Renovation and <br />Center Streetscape projects since both were likely to be bonded, if approved. Based on <br />the model, the total projected debt service for FY18 is $2,259,783. Mr. Addelson <br />explained that two of the items included in the projection (Community Center <br />Renovation and Cary Memorial Building Construction) could be paid off in their entirety <br />with available cash on hand. If this occurred, the FY18 debt service request would <br />increase to include the principal amounts instead of just the interest expenses on the <br />bond anticipation notes. <br /> <br />Mr. Addelson also provided the CPC with an overview of future state match scenarios <br />due to the number of communities recently adopting the CPA. The projections included <br />potential scenarios of 21%, 50% and 100% reductions in the state match. He explained <br />that he wanted to provide the Committee with a sense of the material significance such <br />decreases may have on the Community Preservation Fund in the future. Despite <br />potential decreasing amounts from the State, Mr. Addelson concluded that revenue <br />from the increasing surcharge would allow the fund to maintain a healthy balance. <br /> <br />The Committee discussed debt service allocations and the reserves from which they are <br />allocated and asked about the policy of borrowing to finance a project instead of paying <br />1 <br /> <br /> <br />