2019-12-12-CPC-NEEDS.rpt - Laserfiche WebLink

Browse Search

Community Preservation Committee(CPC) A nine-person committee with individual members appointed by the Conservation Commission, Historical Commission, Housing Authority, Housing Partnership, Planning Board, Recreation Committee, and three at-large members appointed by the Board of Selectmen. The Committee reviews funding applications and makes recommendations to Town Meeting for the appropriation of CPA monies to support approved projects. It consults broadly with Town organizations, boards and committees. Community Preservation Fund (CPF) A separate Town account for the deposit of all surcharges collected and State matching funds. Sub-accounts of CPF (sometimes referred to as "buckets") have been established to ensure that required shares of the annual revenue added to the CPF are either spent each year or allocated to the appropriate reserve funds. These are: • Open Space Reserve Fund (minimum of 10% annually) • Historic Resources Fund (minimum of 10% annually) • Community Housing Reserve Fund(minimum of 10% annually) • Unbudgeted Reserve Fund(remaining 70% of funds, less administrative costs) • Undesignated Fund Balance • Administrative/Operating Fund (up to 5%) The CPC is permitted to appropriate up to 5% of the funds for administration and operational expenses of the Committee. For example, these funds can be used to hire support staff,purchase office supplies, do mailings and cover the cost of professional services as needed. Any administrative monies not used in a given fiscal year are returned to the CPF Undesignated Fund Balance. Recreation projects are eligible for CPA funding but there is no minimum amount specified by the Act. Beyond these required disbursements, Town Meeting, acting upon the recommendations of the CPC, will decide the allocation of the remaining 70% of annual CPA revenues. For example, the CPC could recommend and Town Meeting could allocate the remaining 70% of annual revenue to one purpose, spread it evenly among all four, or set the funds aside for future spending. These allocations can be changed each year. Community Preservation Surcharge The locally raised share of CPA revenue comes from a surcharge (additional amount based on the real-estate tax) on real estate tax bills. Lexington voted a 3% surcharge which is separately stated on each tax bill. 27