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SUPPLEMENT I APPROPRIATION COMMITTEE 2020-2 AND 2020-3 SPECIAL TOWN MEETINGS 2 NOVEMBER 2020 <br /> As outlined in the CPC report,the following fund balances are available to support an open space acquisi- <br /> tion. Note that this table does not include any of the anticipated FY2021 revenue from the Community <br /> Preservation Act. <br /> CPA Funds Balance Withdraw Remaining <br /> Open Space Reserve $884,835 ($880,000) $4,835 <br /> Unbudgeted Reserve $803,294 - $803,294 <br /> Undesignated Fund Balance $3,264,540 ($1,680,000) $1,584,540 <br /> Total $4,952,669 ($2,560,000) $2,392,669 <br /> Town staff have recommended that this purchase be funded with $2,560,000 in cash and $1,000,000 in <br /> debt. This will maintain a recommended level of reserves in CPF accounts. The $1,000,000 in debt would <br /> be raised using short-term bond anticipation notes that could be paid off using CPA money in a few years, <br /> with relatively modest interest overhead. We agree that this a prudent funding plan. <br /> The Committee recommends approval of this request (5-0). <br /> 2 <br />