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Mr. Valente explained that he had two options for paying the legal overruns on the Busa and Cotton Farm accounts; one, to pay the overages from the Selectmen’s budget; or two, to request payment of the fees from the CPC Administrative budget. It was the consensus of the CPC that it would be acceptable to pay the legal fees out of the Administrative budget and there was support for leaving the Land Management and Land Planning monies intact by doing so. The amount of $50,000 was discussed as an amount to put toward the legal overruns. Mr. Valente thanked the Committee for their support, and said he would check the CPA statute and seek Town Counsel’s opinion on whether paying the legal fees from the Administrative budget would be allowable. In response to a question from the CPC about State Self- Help monies for Cotton Farm, Mr. Valente said the Town would be notified about their application in the coming weeks. Mr. Adler made a motion to allow the payment of up to $50,000 out of the CPC Administrative budget for the Leary, Busa and Cotton Farm legal fees, subject to the approval of Town Counsel. The motion was seconded and voted, (8-0) (Mr. McSweeney had left the meeting at 3:30). In the event Town Counsel ruled unfavorably, Mr. Cohen asked whether the additional monies might be requested at Special Town Meeting, should such a meeting be held this fall. 3.Financial Model – Mr. Addelson – Mr. Addelson presented the FY2012 CPA budget model to the Committee, explaining that there was a deficit in revenue due to an $83,000 shortfall in expected revenue from the state match and lower than expected returns on investment income. In addition, he noted that the projections for the 3% property surcharge might not meet expected amounts. He estimated the total shortfall at approximately $125,000. In order to account for the shortfall, there were two avenues for reconciling the deficit: (1) to reconcile it at the end of the year, or (2) to go to Special Town Meeting and make modifications to Article 11 and re-appropriate funds to the appropriate buckets or projects. Mr. Addelson said he would be meeting with a DOR official the following day and would get a better idea of how to handle the accounting for this matter. Mr. Cohen suggested it might be better to wait until Annual Town Meeting especially since the warrant for Special Town Meeting would have to be written in the next few days. Mr. Addelson presented the remainder of his budget model, noting that there was approximately $1.84 million available in the Undesignated Fund Balance for FY2012. With expected revenue from the surcharge, the state match and investment income, he estimated the total available for FY2012 at approximately $6 million. The figure of $6M figure, however, did not include: (1) the $2 million reserve, (2) debt service for Busa and Cotton Farm, or (3) the approximate $125,000 revenue deficit. Mr. Kanter questioned whether the $217,000 return on the premium from the Busa bond sale had been accounted 3