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Home My WebLink About2016-09-21-CPC-STM5-rptTown of Lexington Community Preservation Committee Report to 2016 Special Town Meeting #5 September 21, 2016 Article 6: Amend FY2017 Operating, Enterprise Fund and Community Preservation Budgets Submitted by: Marilyn Fenollosa, Chair Richard Wolk, Vice Chair Norman Cohen Charles Hornig David Horton Jeanne Krieger Robert Peters Robert Pressman Sandra Shaw Elizabeth Mancini, Administrative Assistant Approved September 6, 2016 Community Preservation Committee Special Town Meeting #5 September 21, 2016 Summary of recommendation to amend the FY17 Community Preservation Budget The Community Preservation Committee recommends a $40,000 supplemental appropriation to the FY2017 debt service budget under Article 6 of the September 21, 2016 Special Town Meeting #5. Article 8(p) of the 2016 Annual Town Meeting appropriated $3,289,721 for FY2017 CPA debt service. Included in that appropriation was money for estimated interest expenses on bond anticipation notes (BANs) to be issued in June 2016, coming due in February 2017 at which time it was assumed the notes would be converted to bonds with the first principal and interest payments to begin in FY2018. In June, a $40,000 BAN was issued for the final stages of renovations to the Community Center. Available CPA funds have been identified that will enable the retirement of the $40,000 note instead of converting it to a bond in February 2017, resulting in the avoidance of issuance costs for the bond and long -term interest costs. In order to retire the BAN, the FY2017 debt service approved by the 2016 Annual Town Meeting will need to be increased. The Community Preservation Committee voted (7 -0) to recommend that $40,000 be appropriated from the Undesignated Fund Balance for this purpose. Summaries of the Community Preservation Fund available balances are listed on the following pages. 1 2 HISTORIC RESOURCES RESERVE BEGINNING BALANCE FOR FY17 $604,199 Approved by 2016 ATM Art. 8(b) Munroe Center for the Arts Window Study - $30,000 Art. 8(c) LACS Parsons Gallery Lighting Renovation - $24,280 Art. 8(p) FY17 Debt Service Budget- Open Space Allocation - $410,050 Unspent Project Balances Returned at end of FY17 $138,824 Art. 8(d) 2014 ATM Historical Commission Inventory Forms for Listed Buildings $960 Art. 8(o) 2013 ATM Buckman Tavern Restoration and Renovation $12,755 AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $563,634 2 OPEN SPACE RESERVE BEGINNING BALANCE FOR FY17 $1,111,791 Approved by 2016 ATM Art. 8(a) Wright Farm Barn Needs Assessment and Feasibility Study - $35,000 Art. 8(o) Grain Mill Alley Design Implementation - $127,838 Art. 8(p) FY17 Debt Service Budget- Open Space Allocation - $410,050 AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $138,824 AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $538,903 2 COMMUNITY HOUSING RESERVE BEGINNING BALANCE FOR FY17 $587,074 Approved by 2016 ATM Art. 8(e) Keeler Farm Community Housing Acquisition - $185,000 Art. 8(f) Greeley Village Rear Door and Porch Preservation - $263,250 AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $138,824 2 UNDESIGNATED FUND BALANCE No FY17 appropriations have been made from this fund ESTIMATED BALANCE AS OF SEPTEMBER 1, 2016 $2,048,756 UNBUDGETED RESERVE BEGINNING BALANCE FOR FY17 $3,770,200 Approved by 2016 ATM $563,634 Art. 8(h) Antony Park Construction Funds - $60,000 Art. 8(i) Minuteman Bikeway Wayfinding Signs - $120,000 Art. 8(j) Town Pool Renovation Design and Engineering Costs - $166,000 Art. 8(k) Park Improvements- Hard Court Resurfacing - $61,000 Art. 8(1) Granite Forest Pocket Park at Lincoln Park - $30,000 Art. 8(m) Park Improvements- Athletic Fields - $120,000 Art. 8(n) Park and Playground Improvements - $75,000 Art. 8(p) FY17 Debt Service - $2,879,671 Art. 8(q) Administrative Budget - $150,000 AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $108,529 UNDESIGNATED FUND BALANCE No FY17 appropriations have been made from this fund ESTIMATED BALANCE AS OF SEPTEMBER 1, 2016 $2,048,756 3 COMMUNITY PRESERVATION FUND RESERVE TOTALS HISTORIC RESOURCE RESERVE $563,634 OPEN SPACE RESERVE $538,903 COMMUNITY HOUSING RESERVE $138,824 UNBUDGETED RESERVE $108,529 UNDESIGNATED FUND BALANCE $2,048,756 TOTAL AVAILABLE BALANCE AS OF SEPTEMBER 1, 2016 $3,398,646 3