2023-09-21-CPC-min - Laserfiche WebLink

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1 Minutes of the Community Preservation Committee Thursday, September 21, 2023 Remote Zoom Meeting Meeting ID: 964 5855 7942 4:00 PM Committee Members Present: Marilyn Fenollosa (Chair); Jeanne Krieger (Vice-Chair), Kevin Beuttell, Robert Creech, Lisa O’Brien, Robert Pressman, Mark Sandeen, Melinda Walker. Administrative Assistant: Thomas Case Other Attendees: Melissa Battite, Director of Recreation and Community Programs (arrived at 4:16 PM); Sandhya Beebee, Liaison, Capital Expenditures Committee (arrived at 4:32 PM); Carolyn Kosnoff, Assistant Town Manager for Finance; Sarah Morrison, Executive Director, LexHAB; Kathryn Roy (arrived at 4:04 PM), Town Meeting Member. Ms. Fenollosa called the meeting to order at 4:03 PM. Vote to elect Chair and Vice-Chair- After a motion duly made and seconded, the CPC voted by roll call vote (8-0) to reappoint Ms. Marilyn Fenollosa as Chair of the CPC. After a motion duly made and seconded, the CPC voted by roll call vote (8-0) to reappoint Ms. Jeanne Krieger as Vice-Chair of the CPC. CPA Fund Balance- Ms. Kosnoff presented the CPA Summary FY Budget dated 09-20-2023 and explained that the “Community Preservation Fund Balances” in the spreadsheet are rough estimates because the books have not closed yet for FY2023. Ms. Kosnoff shared that the state and the Community Preservation Coalition are now predicting a state match closer to 20%, as opposed to the 30% match projected at the 2023 ATM. Total revenue would then be lower than the $8,075,000 projected at the 2023 ATM. At this time, the FY24 budget will not change and $807,500 will still be allocated to each of the Open Space, Historic Resources, and Community Housing funds, but there will be a smaller Undesignated Fund balance at the end of the fiscal year. Mr. Sandeen asked what the difference would be between a 20% and 30% match. Ms. Kosnoff calculated about $600,000. For FY25, available funds are projected using the fund balance and projected revenue for FY25. Ms. Kosnoff estimated the revenue from the Town’s surcharge and projected a 17% state match totaling $8,045,000 in estimated FY25 revenue. For debt service obligations, $681,200 of Historic Resource funds are allocated for the last payment for Cary Memorial construction and $490,000 from Unbudgeted Reserves is projected for the Munroe Center for the Arts project.