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particularly to the introduction. She asked members with particular constituencies to review the sections they had originally drafted, and to update information accordingly. The following sections were assigned to the following members; Historical, Ms. Fenollosa; Housing, Mr. Cohen and Mr. McSweeney; Open Space, Mr. Wolk; and Recreation, Ms. Shaw. 6.Financial Discussion with Rob Addelson, Assistant Town Manger of Finance – Mr. Addelson met with the Committee at the request of the Chair to discuss the financial balances in the Community Preservation Fund. He handed out a summary of the balances in the various accounts, and explained the source of each of the balances. In the case of the “three buckets” (historic preservation, open space and community housing) and the Undesignated Fund Balance, the balances included monies from closed out projects. (Any unexpended funds from projects are returned to the “buckets” from which they were appropriated.) Mr. Addelson estimated that approximately $7,034,740 will be available for FY12. This figure does not include the $2m reserve which the CPC keeps in the Undesignated Fund Balance, or the debt service from the Busa and Cotton Farm land acquisitions. The debt service for FY12 is estimated at approximately $2.2M, but is dependent upon (1) the timing of the closing for the Cotton Farm land acquisition and (2) whether the Town receives State Self-Help funds for the purchase. Mr. Addelson also explained that the CPC will have approximately $244,000 returned to the Undesignated Fund Balance – the prorated portion of the premium the Town received from the Busa Farm bond sale. This money will need to be transferred from the General Fund to the Undesignated Fund Balance after a vote of Town Meeting in March of 2012. 7.Timing of Capital Projects, Carl Valente, Town Manager - Mr. Valente met with the Committee at the request of the Chair to explain the timing of capital projects, with specific attention to how information is provided, updated and finalized during CPC review. Mr. Valente explained that capital projects were currently in the process of being reviewed and that appropriate th projects would be submitted to the CPC by October 15. He noted that every project is different, and that most do not involve design stages and changing estimates as was the case in the Town Office Building (TOB) project. He noted that the difficulty of the TOB project was due to the fact that the Town had to await the 75% design estimate, and that only portions of the project were approved for funding with CPA funds. He suggested that the Town’s budget formulation process is easier when the CPC decides to completely fund or not fund a project, and that, in any case, early information on the CPC’s policies, information needs, and intentions is helpful to the staff. 3