FY17 CPA Mid-year Transfers — File 202630

Community Preservation Committee December 13, 2016 1

FY17 CPA Fund Revenue 2 FY17 Budget Update Difference FY17 Estimated Revenue $1,924,661 $1,956,480 $31,819 Surcharge revenue $1,535,799 $1,535,799 $0 City appropriation $0 $0 $0 State match of FY16 local revenue $388,862 $420,681 $31,819 Appropriated to Budgeted Reserve by BOA on 11/22/16

FY17 CPA New Funds Adjustments (Budget v. CPP) 3 FY17 Budget CPP Allocation* with new FY17 Difference Admin 5% $96,233 5% $96,233 $0 Open Space/Rec Reserve 10% $192,466 15% $293,472 $101,006 Historic Resources Reserve 10% $192,466 15% $293,472 $101,006 Community Housing Reserve 10% $192,466 45% $880,416 $687,950 Budgeted Reserve 65% $1,251,030 20% $392,887 -$858,143 Total 100% $1,924,661 100% $1,956,480 $31,819 *includes additional state match on FY16 revenue BOA vote #1

Affordable Housing Trust Appropriation 4 Amount Jun. 2016 initial reserve $192,466 FY17 CPP addition $687,950 Total $880,416 BOA vote #2

Board of Aldermen requests 5 1. Vote: recommend that the Board of Aldermen transfer CPA funds totaling $889,962 from the CPA Fund Budgeted Reserve to designated CPA reserves, including: a. $101,006 from the Budgeted Reserve to the Open Space/Recreation Reserve b. $101,006 from the Budgeted Reserve to the Historic Resources Reserve c. $687,950 from the Budgeted Reserve to the Community Housing Reserve II. Vote: recommend that the Board of Aldermen appropriate $880,416 from the CPA Fund Community Housing Reserve to the Affordable Housing Trust Fund