BOA FY18 CPA Budget Adjustment Explanation v2 — File 205214

Community Preservation Committee 1 February 22, 2018

FY18 CPA Fund Revenue 2 FY18 Budget Update Difference FY18 Estimated Revenue $1,984,489 $2,030,890 $46,401 Surcharge revenue $1,660,425 $1,660,425 $0 City appropriation* $0 $0 $0 State match of FY17 local revenue $324,064 $370,465 $46,401** *FY18 City CPA appropriation will be requested in June 2018 as part of the budget process **Additional state match revenue accepted by the BOA on November 21, 2017

FY18 CPA New Funds Adjustments (Budget v. CPP) 3 FY18 Budget CPP Allocation with new FY18 funds Difference Admin 5% $99,224 4.9% $99,224 $0 Open Space/Rec Reserve 10% $198,449 15% $304,634 $106,185 Historic Resources Reserve 10% $198,449 15% $304,634 $106,185 Community Housing Reserve 10% $198,449 45% $913,901 $715,452 Budgeted Reserve 65% $1,289,918 20% $408,498 -$881,420 Total 100% $1,984,489 100% $2,030,890 $46,401

Unappropriated FY17 Funds Available for FY18 4 Funding source Amount FY17 City Appropriation $500,000 Additional FY17 Income $136,670 Assessment revenue difference $129,010 Tax title redeemed $2,513 Tax title interest $551 CPA interest $2,651 Investment income $1,947 Total $636,670

FY17 Total Revenue & Actual Allocations 5 FY17 Total Revenue Amount Budgeted $1,924,661 Additional state match on FY15 funds $31,819 City appropriation $500,000 Additional Revenue $136,670 Total $2,593,150 CPA Category FY17 CPP Minimum Allocation (%) FY17 Required Minimum Allocation ($) FY17 Award Difference (Required Minimum Allocation – Award) Affordable Housing 45% $1,166,918 $880,416 $286,502 Historic Resources 15% $388,973 $585,467 -$196,494 Open Space/ Recreation 15% $388,973 $777,239 -$388,266

Total Reserve Adjustments 6 FY18 (CPP) FY17 (Extra revenue) Total Open Space/Rec Reserve $106,185 $0 $106,185 Historic Resources Reserve $106,185 $0 $106,185 Community Housing Reserve $715,452 $286,502 $1,001,953 Total $927,821 $286,502 $1,214,322 Undesignated -$881,420 $350,169 -$531,251 BOA vote

Board of Aldermen request 7 1. Vote: recommend that the Board of Aldermen transfer CPA funds totaling $1,214,322 from the CPA Fund Budgeted Reserve to designated CPA reserves, including: a. $106,185 from the Budgeted Reserve to the Open Space/Recreation Reserve b. $106,185 from the Budgeted Reserve to the Historic Resources Reserve c. $1,001,953 from the Budgeted Reserve to the Community Housing Reserve