2020-02-10-CPC-min - Laserfiche WebLink

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Minutes of the Community Preservation Committee Thursday, February 10, 2020 Parker Meeting Room Town Office Building 1625 Massachusetts Avenue 4:00 PM Committee Members Present: Marilyn Fenollosa (Chair); Charles Hornig (Vice-Chair), David Horton, Jeanne Krieger, Joe Pato, Bob Pressman, Lisah Rhodes, Melinda Walker. Absent: David Langseth Administrative Assistant: Gina Federico Other Attendees: David Kanter, Vice-Chair Capital Expenditures Committee; Carolyn Kosnoff, Assistant Town Manager for Finance (left at 4:53 PM). Debt Service/CPA Finance/ FY20 State Budget Surplus- Ms. Kosnoff presented the excel spreadsheet "CPF Funding Summary dated 1-23-20"and explained minor changes in Historic Resources, Community Housing and Unbudgeted Reserve. The Farmview Supplemental #2 was removed from Community Housing due to the application being withdrawn, Athletic Fields Feasibility Study was removed from the Unbudgeted Reserve because the project was deemed CPA funding ineligible and the amount requested for 116 Vine Street Design Funds was split allocated between Historic Resources and Community Housing. Ms. Kosnoff explained that the FY20 state match did not initially include the 2019 state budget surplus of$20 million dollars, as had been anticipated. In November 2019 the Town received $716,858 or 14.6% match. In January 2020, however, the DOR recalculated the state match to include the 2019 State budget surplus of$20 million, increasing Lexington's distribution by an additional $503,092 to a total of$1,219,950 for FY20. Ms. Kosnoff explained that the Committee can recognize the surplus funds in FY20 and amend the prior year's budget at Town Meeting or recognize the surplus funds in FY21. Recognizing the surplus funds in FY20 would change the excel spreadsheet "CPF Funding Summary dated 1-23-20". Line 7 FY20 Revenue Estimate would change from $5,686,000 (Estimated Revenue, State Match calculated at 11.5% and investment income) to $6,344,950 (Estimated Revenue, Actual State Match at 24.8% and investment income). Ms. Kosnoff would recommend to amend the FY20 budget if there was not enough money to fund FY21 projects. Ms. Kosnoff explained that if the Committee did not recognize the surplus funds in FY20 the money would appear on line 7 of next year's CPF Funding Summary excel spreadsheet. 1