2010-10-25-CPC-min - Laserfiche WebLink

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$500,000 would be used to offset the Town’s (CPC’s) debt service for this project. The Committee was extremely pleased with the news. 4.equest for Supplemental Funding for Busa Farm and Cotton Farm R Budgets - Mr. Addelson presented a spreadsheet to the Committee which detailed the additional needs in both land acquisition budgets. The Busa budget he noted required $10,000 for the open space and housing restrictions, and $19,450 for the Master Plan. The Cotton Farm budget needed supplemental funding for the following: $4,000 for the legal fees associated with the conservation restriction; $20,795 for legal fees for September and October; $2,000 for survey costs; $25,000 for the Land Management Plan and $6,000 for closing costs. The total shortfall was $71,990, approximately $21,990 more than Mr. Valente had estimated at the previous CPC meeting. In its October 13 meeting, the CPC had voted to allow use of its administrative funds to cover the additional legal expenses, partly because it appeared that the additional funds would be needed before a separate additional allocation could be approved by Town Meeting. Mr. Addelson said that he and Mr. Valente had not been comfortable with using administrative expenses for the overruns to the Busa and Cotton Farm budgets. They were still awaiting word from Town Counsel on this matter, but had decided to th submit an article for the November 15 Special Town Meeting (now confirmed) to cover the overages. The shortfalls would be paid from the Undesignated Fund Balance, should the CPC vote favorably on the request. (Mr. Kanter noted at this point that the CEC had supported the use of CPC Administrative funds for the overage as previously voted by the CPC. Mr. Addelson then went on to clarify the revenue shortfalls that he discussed with the CPC at their October 13th meeting. At that time, he had estimated a $125,000 shortfall due to reduced state matching funds, lower than expected returns on investment income and potential shortfalls in the property tax surcharge. Mr. Addelson reported that he had spoken with officials from the Department of Revenue, and that they would allow these shortfalls to be justified at the end of the budget cycle in June of 2011. He said he would need to look more closely at the shortfalls, but that in round numbers, there might be a $100,000 shortfall in revenue and $75,000 in overage costs associated with Busa and Cotton Farm acquisitions. The figure of $1.8 million in available funds, he noted, would therefore be closer to $1.6 million. Mr. Cohen made a motion to recommend that the CPC approve up to $75,000 in supplemental funding from CPA funds to cover the overage costs associated with the Busa and Cotton Farms projects. The motion was seconded and approved 6-0. 3