2016-01-28-CPC min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Thursday, January 28, 2016 Parker Meeting Room Town Office Building 1625 Massachusetts Ave 3:00 PM Committee Members Present: Marilyn Fenollosa, Chair; Richard Wolk, Vice - Chair; Richard Canale, David Horton, Jeanne Krieger, Leo McSweeney, Bob Pressman, Sandra Shaw. Absent: Norman Cohen Administrative Assistant: Elizabeth Lane Other Attendees: David Kanter, Vice - Chair, Capital Expenditures Committee and liaison to the CPC; Rob Addelson, Assistant Town Manager for Finance. Ms. Fenollosa called the meeting to order at 3:03 PM. 1) FY17 Debt Service Figures- Mr. Addelson distributed a hand -out detailing FY17 debt service and projected revenues and expenditures. He first reviewed projected FY17 debt service figures for the unissued debt on the Cary Memorial Building Upgrades and the Community Center Renovations. He recommended issuing short -term debt in the form of bond anticipation notes (BANs) for these amounts which would come due in July 2016. Projected debt service (including principal and interest) for the Cary Memorial Building Upgrades is $643,891 and $322,712 for the Community Center Renovations. Additional actual debt service payments for FY17 include $410,050 for the Wright Farm acquisition, $1,028,100 for the Community Center acquisition and $889,600 for the Cary Memorial Building Upgrade. Including a small FY17 issuance cost, the total FY17 debt service amount totals $3,295,359. Ms. Fenollosa encouraged questions and comments from the CPC regarding Mr. Addelson's presentation and debt service request. She asked about the capability of assigning debt service payments to the reserve from which the project was originally assigned (under CPA allowable spending purposes) instead of the payments coming from the unbudgeted reserve or undesignated fund balance, both of which maintain large balances. Mr. Addelson mentioned that the trend has not been to build balances in the statutory reserves since those funds are restricted for projects that qualify as historic resources, open space or community housing. The residual balance in the unbudgeted and undesignated buckets is not restricted for specific spending purposes like the statutory reserves. Mr. Wolk expressed concern about setting the precedent of making debt service payments from the statutory reserve under which the project was initially assigned instead of allocating funds 1