HomeMy WebLinkAbout2016-12-01-CPC-min
Minutes of the Community Preservation Committee
Thursday, December 1, 2016
Parker Meeting Room
Town Office Building
1625 Massachusetts Avenue
4:00 PM
Committee Members Present: Marilyn Fenollosa (Chair), Norman Cohen, Charles Hornig, David
Horton, Jeanne Krieger, Robert Pressman, Sandra Shaw.
Absent: Robert Peters, Richard Wolk
Administrative Assistant: Elizabeth Mancini
Other Attendees: Wendy Manz, Capital Expenditures Committee liaison to the CPC; Rob
Addelson, Assistant Town Manager for Finance; Melinda Walker, Lexington Housing Authority.
Ms. Fenollosa called the meeting to order at 4:02 PM.
1)FY18 Debt Service- Mr. Addelson distributed a hand-out detailing FY18 debt service and
projected revenues and expenditures. He explained that the FY18 expenditures listed
on the model did not include the anticipated costs for the Town Pool Renovation and
Center Streetscape projects since both were likely to be bonded, if approved. Based on
the model, the total projected debt service for FY18 is $2,259,783. Mr. Addelson
explained that two of the items included in the projection (Community Center
Renovation and Cary Memorial Building Construction) could be paid off in their entirety
with available cash on hand. If this occurred, the FY18 debt service request would
increase to include the principal amounts instead of just the interest expenses on the
bond anticipation notes.
Mr. Addelson also provided the CPC with an overview of future state match scenarios
due to the number of communities recently adopting the CPA. The projections included
potential scenarios of 21%, 50% and 100% reductions in the state match. He explained
that he wanted to provide the Committee with a sense of the material significance such
decreases may have on the Community Preservation Fund in the future. Despite
potential decreasing amounts from the State, Mr. Addelson concluded that revenue
from the increasing surcharge would allow the fund to maintain a healthy balance.
The Committee discussed debt service allocations and the reserves from which they are
allocated and asked about the policy of borrowing to finance a project instead of paying
1
cash. Mr. Addelson advised that there is no hard policy regarding borrowing but a
determination is typically made upon an assessment of the project cost and the financial
condition of the Community Preservation Fund. Mr. Addelson concluded his
presentation by noting that the CPC faces no financial restraints in the current funding
cycle and that he does not foresee any prohibitive financial impacts moving forward.
2)Committee Business- The Committee briefly discussed the upcoming Needs
Assessment hearing, scheduled for December 22. A draft copy of the report would be
circulated for review as soon as possible.
The CPC also discussed scheduling through the rest of the calendar year.
After a motion duly made and seconded, the minutes from the CPC meeting held on
November 17, 2016 were approved as amended. The vote was 7-0.
After a motion duly made and seconded, the meeting was adjourned at 5:15 PM.
ŷĻ ŅƚƌƌƚǞźƓŭ ķƚĭǒƒĻƓƷƭ ǞĻƩĻ ƭǒĬƒźƷƷĻķ ğƷ ƷŷĻ ƒĻĻƷźƓŭʹ
1)CPA Fund- Projected Revenues and Expenditures
2)3 State Match Scenarios- Change in Net Balances Available
3)FY18 CPA Project List (as of 11/23/16)
4)Community Preservation Fund Reserve Balances
Respectfully submitted,
Elizabeth Mancini
Administrative Assistant
Community Preservation Committee
2