2018-06-27-CEC-ATM-rpt (Combined Report with Updates & Errata)

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CAPITAL EXPENDITURES COMMITTEE REPORT TO 2018 ATM(incorporating Updates&Errata) Project Description(CPA Category) Amount Funding Committee Recommends Requested Source (k) CPA Debt Service $2,314,516 CPF (Cash) Approval (6-0) (Brown Book XI-16, Table Vi) CPA Debt Service Wright Farm Acquisition $380,550 Community Center Acquisition $954,100 Cary Memorial Building Upgrades $838,400 Community Center Renovations $47,166 Center Track & Field Reconstruction $94,300 Total $2,314,516 (Based on CPC Presentation to Board of Selectmen, March 7, 2018) The first four entries (totaling $2,220,216) are for already established obligations based on previous financing of CPA projects. The last is for what would be an initial obligation (likely one Bond Anticipation Note [BAN]) if that project were to be approved at this Annual Town Meeting. (Even if an appropriation were to be approved for the last entry,the funds would only be used if a BAN were issued.) Project Description(CPA Category) Amount Requested Funding Source Committee Recommends (1) Administrative Budget $150,000 CPF (Cash) Approval (6-0) (Brown Book XI-18, Table VIII) Of the request: $50,000 is for the planning, legal, survey and appraisal work associated with the acquisition of open space. Such funds will enable the Conservation Commission to complete the due diligence required to prepare for a land acquisition. While other Town projects use "study monies"to investigate the benefits of a particular project, the Conservation Commission does not have the advantage of this type of lead-time. It must often act quickly to evaluate a property through legal, survey and appraisal work. Without designating these funds for open space planning, the CPC's charge of allocating a portion of its revenues to open-space preservation would be hindered. The remaining $100,000 funds administrative, legal, membership, and advertising expenses. Included are funds for a year-round, 3 days/week, administrative assistant (the Town's GF covers the other 2 days) and $7,900 for membership in the Community Preservation Coalition, a Statewide, non—profit, organization working on behalf of communities who have adopted the CPA. if any of these appropriated Administrative Budget funds are not required by the end of the fiscal year, then that balance will become part of the Undesignated Fund Balance and, thus, part of the CPF's total amount available for later appropriation. 42