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2020-12-03-CPC-min
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2020-12-03-CPC-min
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Minutes of the Community Preservation Committee <br /> Thursday, December 3, 2020 <br /> Remote Zoom Meeting <br /> Meeting ID: 976 2099 2158 <br /> 4:00 PM <br /> Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David <br /> Horton, Jeanne Krieger, David Langseth, Joe Pato, Bob Pressman, Lisah Rhodes, Melinda <br /> Walker. <br /> Administrative Assistant: Gina Federico <br /> Other Attendees:Jeri Foutter, President, Lexington Housing Foundation; Jill Hai, Special Permit <br /> Residential Development Zoning Bylaw Amendment Member; David Kanter; Vice-Chair, Capital <br /> Expenditures Committee; Carolyn Kosnoff; Assistant Town Manager for Finance. <br /> Ms. Fenollosa called the public meeting to order at 4:05 PM. <br /> Debt Service/ CPA Finance- Ms. Kosnoff distributed two Excel spreadsheets to the Committee <br /> detailing CPA funds, projected revenues, and debt service (CPA-Funds Projected Revenues and <br /> Debt Service) and (Community Preservation Fund Balance). The first spreadsheet Ms. Kosnoff <br /> presented was the Community Preservation Fund Balance and stated that $7.43 million is the <br /> projected revenue for FY22 including a state match calculated at 30%. The total amount of debt <br /> projected to be paid in FY22 is $2,989,550. Preliminary estimates suggest that the Community <br /> Preservation Fund balance will be $7,341,362 after debt service and funding all FY22 project <br /> requests. <br /> Ms. Fenollosa asked if the Committee should consider paying down more debt since the CPF <br /> ending balance is higher than anticipated due to the lack of FY22 projects. Ms. Kosnoff stated <br /> that three of the four debt service obligations are actual debt services and have to be paid on a <br /> schedule. The only debt project that has flexibility to be paid early is the Highland Ave. land <br /> acquisition. Ms. Kosnoff stated that the Capital Expenditures Committee (CEC) held a public <br /> meeting on 12-3-2020 and discussed with the Department of Public Facilities (DPF) why they <br /> only requested one project out of their ongoing annual program to be funded with CPA funds. <br /> DPF explained that they wanted to be conscious of available CPA funds and would be willing to <br /> request more funding to accelerate future projects. Mr. Hornig stated that he is comfortable <br /> with the Committee carrying a large CPF balance forward because it is a one-time large balance <br /> due to COVID-19 and the lack of funding requests. Mr. Hornig stated that the Committee should <br /> not spend for the sake of spending. Ms. Kreiger stated that she agreed with Mr. Hornig but <br /> would also feel comfortable advancing playground projects because of the safety aspect. Mr. <br /> 1 <br />
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