2019-01-17-CPC-min - Laserfiche WebLink

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Mr. Pinsonneault left the meeting at 5:11PM and did not return. 3) Debt Service- Ms. Kosnoff reviewed the project requests for FY20 and stated that the projects will all be funded through cash and that the Committee will not be incurring any new debt. Ms. Kosnoff discussed the excel spreadsheet "Community Preservation Fund Balances" and stated that the amount of debt service for FY20 is $3,094,680. After a motion duly made and seconded, the Committee voted (9-0) to recommend $3,094,680 to the 2019 Annual Town Meeting (ATM) for debt service. As previously discussed during the CPC meeting on 1-17-19 the amount of debt service for FY20 is approximately 55%to 56% of new income. Ms. Kosnoff recommends not exceeding 50% of revenue as a policy. At the meeting on 1-10-19 Mr. Hornig had suggested that a guideline be put in place similar to the guideline that the CPF endeavors to maintain an undesignated and unbudgeted fund balance of$2 million after each year's projects.The proposed guideline would be that the CPC should not take on debt resulting in debt service of more than 50% of its annual revenues in any given year. After a motion duly made and seconded, the Committee moved to establish a guideline that the CPC should not take on total debt service of more than 50% of its annual revenues in any given year. The Committee voted (9-0) to support the guideline. 4) 2019 ATM Citizens Article to reduce the CPA surcharge tax from 3%to 1%-The proposed citizen's article to reduce the CPA tax surcharge from 3%to 1%was discussed. It was the general consensus of the Committee with guidance from Ms. Kosnoff that a reduction in the CPA surcharge to 1%would limit the Committee's funding abilities for future projects. Incoming CPC funds would all have to be allocated to debt service. Ms. Fenollosa asked for the Committee's permission to speak on behalf of the CPC at the Board of Selectmen's meeting when the citizen's article proponent presents. The Committee supported the request. 5)Vote for FY20 CPA Funding Request-After a motion duly made and seconded, the Committee voted to approve dollar amounts for FY20 funding. The CPC issued votes on the projects as follows: (a) Conservation Land Acquisition-TBD- (9-0) (b) Willard's Woods Site Improvements- $138,273- (9-0) (c) Archives & Records Management- $20,000- (9-0) (d) Battle Green Master Plan- Phase 3- $253,394- (9-0) (e) 9 Oakland Street Renovations and Adaptive Re-Use- $70,000- (9-0) (f) Inter Municipal Agreement with Minuteman- $1,000,000- (9-0) (g) Old Reservoir Bathhouse Renovations- $620,000 (9-0) (h) Park Improvements- Hard Court Resurfacing- $70,000 (9-0) 3