2012-10-25-CPC-min (2) - Laserfiche WebLink

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Minutes of the Community Preservation Committee Thursday, October 25, 2012 3:00 pm Ellen Stone Room Cary Memorial Building Present: Board Members: Wendy Manz, Chair; Marilyn Fenollosa, Vice -Chair; Joel Adler, Norman Cohen, Jeanne Krieger, Leo McSweeney, Sandy Shaw, Betsey Weiss, Dick Wolk. Administrative Assistant: Nathalie Rice Also in attendance were David Kanter of the Capital Expenditures Committee (CEC), and Town resident, Robert Pressman. The meeting was called to order at 3:04 pm. by Ms. Manz. 1. Minutes — Approval of the minutes of 2/28/12, 2/28/12 Exec. Session, 4/9/12, 4/20/12, 5/02/12, 7/24/12, and 7/24/12 Exec. Session were approved with small changes requested by Ms. Weiss to the 4/20/12 and 7/24/12 minutes. The Committee will review the minutes from the Executive Session of 7/24/12 to see if they can be released. 2. Receipt of State Matching Funds — Ms. Manz informed the Committee that the State Match had been received in the amount of $929,507. This represented $44,044 more than the FY 2012 amount, and $161,597 greater than estimated. The Match represented a 27.79% match, where the Town had conservatively estimated a 22% match. Ms. Manz explained that the additional $161,597 would need to be returned to the CPA fund, and could either be returned to the Undesignated Fund or could be apportioned in 10% increments to the various buckets ($16,159 per bucket) with the remainder going to the Undesignated Fund. Ms. Manz said she had sought direction from the Community Preservation Coalition on this matter, and had been told that if the amount to be returned was "de minimis" it would not need to be returned to the individual buckets. Ms. Manz had also discussed this matter with Rob Addelson, Assistant Town Manager for Finance, who felt either action would be acceptable. The CPC discussed this matter, and after a motion by Ms. Fenollosa, agreed by a vote of (8-0) to return the State Matching Funds to the Undesignated Fund Balance. 3. Town Report — The CPC voted to approve the Town Report, which had been distributed previously to members.