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<br />Minutes of the Community Preservation Committee <br />Thursday, January 5, 2017 <br />Parker Meeting Room <br />Town Office Building <br />1625 Massachusetts Avenue <br />4:00 PM <br /> <br />Committee Members Present: Marilyn Fenollosa (Chair), Dick Wolk (Vice-Chair), Norman <br />Cohen, Charles Hornig, David Horton, Jeanne Krieger, Robert Pressman, Sandra Shaw, Melinda <br />Walker. <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; Carolyn Kosnoff, Incoming Assistant Town <br />Manager for Finance. <br /> <br />Ms. Fenollosa called the meeting to order at 4:07 PM. <br /> <br />1)Introduce new Assistant Town Manager for Finance- The CPC welcomed Carolyn <br /> <br />Kosnoff, the incoming Assistant Town Manager for Finance who will replace Rob <br />Addelson. <br /> <br />2)Final FY18 Debt Service- Mr. Addelson presented a revised FY18 debt service model <br /> <br />which detailed final amounts. The final debt service he presented totaled $2,391,648 <br />(up from the projected $2,259,783). His final debt service projections included a <br />prospective borrowing sum that would allow for the retirement of two bond <br />anticipation notes (BANs) in their entirety instead of issuing long-term debt. The CPC <br />questioned the process of having to issue short-term debt in the form of BANs only to <br />pay them off. Mr. Addelson explained that the Town is bound by the Town Meeting <br />motion which identifies the funding source (including debt) that the appropriation must <br />come from. <br /> <br />The CPC also discussed financing sources for several other FY18 projects, including the <br />Town Pool Renovation, potential Center Streetscape improvements and an affordable <br />housing purchase. The Committee also asked Mr. Addelson how issuing debt versus <br />paying cash for projects is determined. Mr. Addelson explained that there is no <br />threshold amount for when debt is issued; that decision is based on current availability <br />of funds and potential demands over time. After a motion duly made and seconded, the <br />CPC voted, 9-0, to approve the final debt service figure of $2,391,648. <br />1 <br /> <br /> <br />