2018 11-29-CPC-min - Laserfiche WebLink

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Revenues and Expenditures) and CPC fund balances (Community Preservation Fund Balance). Preliminary estimates suggest that the Community Preservation Fund balance is $6,397,013 after debt for FY20. The figures are preliminary due to multiple factors, such as, the FY20 tax rate has not been set, the FY20 state match is estimated, and unspent money from previous CPC projects still needs to be returned. $3,094,680 is obligated to debt service including the cost of a 3-year Bond Anticipation Note (BAN) for the Center Track and Field Reconstruction. Mr. Hornig requested that a document be produced detailing the debt trend for the past 5 years and the projected trend for the next 5 years so that the Committee can visualize the implications of borrowing. Ms. Fenollosa asked Ms. Kosnoff for her recommendation of how much debt the Committee should take on. Ms. Kosnoff explained that if the Committee funded every project that was presented for FY20 it would limit their ability to fund projects in the future. 5) Needs Assessment-The Committee discussed the first draft of the Needs Assessment Report. It was determined that a few minor edits were necessary. A second draft of the Report will be distributed before the next meeting on December 13, 2018. Ms. Fenollosa requested that Ms. Walker, Mr. Hornig, and Mr. Pressman consult with one another to review the guidelines for use of CPA funding by LexHAB located in the Town of Lexington Community Preservation Committee Report to Annual Town Meeting and present their recommendations to the Committee at their meeting on January 10, 2019. 6) Committee Business- Ms. Federico updated the Committee regarding the return visit from the Recreation Department to discuss the Inter Municipal Agreement. Recreation will appear before the Committee on January 10, 2019. 7) Minutes-After a motion duly made and seconded, the CPC voted in a roll call vote (9-0) to approve the meeting minutes from the CPC meetings on 11-8-18, 11-15-18, and 11- 15-18 Executive Session but not to release the Executive Session minutes until authorized to do so. After a motion duly made and seconded, the meeting was adjourned at 5:47 PM. The following documents were used at the meeting: 11 Summary of costs for Bridge Playground by O'Brien &Sons 3D image of the proposed Bridge Playground Area site map of Bridge Playground 4) CPA Fund Projected Revenues and Expenditures 5) Community Preservation Fund Balances 6) Minutes from 11-8-18, 11-15-18, 11-15-18 ES 4