2020-12-03-CPC-min - Laserfiche WebLink

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