HomeMy WebLinkAbout2017-01-05-CPC-min
Minutes of the Community Preservation Committee
Thursday, January 5, 2017
Parker Meeting Room
Town Office Building
1625 Massachusetts Avenue
4:00 PM
Committee Members Present: Marilyn Fenollosa (Chair), Dick Wolk (Vice-Chair), Norman
Cohen, Charles Hornig, David Horton, Jeanne Krieger, Robert Pressman, Sandra Shaw, Melinda
Walker.
Administrative Assistant: Elizabeth Mancini
Other Attendees: Wendy Manz, Capital Expenditures Committee liaison to the CPC; Rob
Addelson, Assistant Town Manager for Finance; Carolyn Kosnoff, Incoming Assistant Town
Manager for Finance.
Ms. Fenollosa called the meeting to order at 4:07 PM.
1)Introduce new Assistant Town Manager for Finance- The CPC welcomed Carolyn
Kosnoff, the incoming Assistant Town Manager for Finance who will replace Rob
Addelson.
2)Final FY18 Debt Service- Mr. Addelson presented a revised FY18 debt service model
which detailed final amounts. The final debt service he presented totaled $2,391,648
(up from the projected $2,259,783). His final debt service projections included a
prospective borrowing sum that would allow for the retirement of two bond
anticipation notes (BANs) in their entirety instead of issuing long-term debt. The CPC
questioned the process of having to issue short-term debt in the form of BANs only to
pay them off. Mr. Addelson explained that the Town is bound by the Town Meeting
motion which identifies the funding source (including debt) that the appropriation must
come from.
The CPC also discussed financing sources for several other FY18 projects, including the
Town Pool Renovation, potential Center Streetscape improvements and an affordable
housing purchase. The Committee also asked Mr. Addelson how issuing debt versus
paying cash for projects is determined. Mr. Addelson explained that there is no
threshold amount for when debt is issued; that decision is based on current availability
of funds and potential demands over time. After a motion duly made and seconded, the
CPC voted, 9-0, to approve the final debt service figure of $2,391,648.
1
At the conclusion of the debt service discussion, the CPC extended their appreciation
and gratitude to Mr. Addelson for his work and collaboration with the Committee over
the last ten years. A motion was made, seconded and approved to formally extend this
expression of gratitude to Mr. Addelson upon his departure from the meeting.
3)Committee Business-
a.After a motion duly made and seconded, the CPC voted, 9-0, to approve the
minutes from the meeting on December 1, 2016 as amended.
b.Ms. Fenollosa provided a re-cap of the final votes issued on December 15, 2016
and the Committee discussed several projects that are still in progress.
After a motion duly made and seconded, the meeting was adjourned at 4:49 PM.
ŷĻ ŅƚƌƌƚǞźƓŭ ķƚĭǒƒĻƓƷƭ ǞĻƩĻ ƭǒĬƒźƷƷĻķ ğƷ ƷŷĻ ƒĻĻƷźƓŭʹ
1)CPA Fund- Projected Revenues and Expenditures
2)FY18 Debt Service Break-Down
Respectfully submitted,
Elizabeth Mancini
Administrative Assistant
Community Preservation Committee
2