BOA FY19 CPA Budget Adjustment — File 207094

Community Preservation Committee February 22, 2018 1

FY19 CPA Fund Revenue 2 FY19 Budget Update Difference FY19 Estimated Revenue $1,986,473 $2,713,932 $727,459 Surcharge revenue $1,781,590 $1,781,590 $0 City appropriation* $0 $500,000 $500,000 State match of FY18 local revenue $204,883 $432,342 $227,459** *FY18 City CPA appropriation will be allocated to the designated reserves as part of this process. FY19 City CPA appropriation will be requested in June 2018 as part of the budget process **Request pending to BOA to appropriate additional state match revenue

FY19 Additional State Match Allocation 3 Additional State Match Allocation* Admin 0% $0 Open Space/Rec Reserve 20% $45,492 Historic Resources Reserve 15% $34,119 Community Housing Reserve 50% $113,730 Budgeted Reserve 10% $34,119 Total 100% $227,459 *Percentages established by FY19 Community Preservation Plan

Unappropriated FY18 Funds Available for FY19 4 Funding source Amount FY18 City Appropriation $500,000 Additional FY18 Income $144,489 Assessment revenue difference $134,083 Tax title redeemed $1,890 Tax title interest $656 CPA interest $4,301 Investment income $3,560 Total $644,489

FY18 Total Revenue & Actual Allocations (FY18 revenue only) 5 FY18 Total Revenue Amount Budgeted $1,984,489 Additional state match on FY17 funds $46,401 City appropriation $500,000 Additional Revenue $144,489 Total $2,675,379 CPA Category FY18 CPP Minimum Allocation (%) FY18 Required Minimum Allocation ($) FY18 Award Difference (Required Minimum Allocation – Award) Affordable Housing 45% $1,203,920 $913,901 -$290,019 Historic Resources 15% $401,306 $304,633 -$96,673 Open Space/ Recreation 15% $401,306 $713,131 $311,824

Requested Reserve Adjustments 6 Vote 1: FY18 (Transfer from Undesignated) Vote 2: FY19 (Transfer from Budgeted Reserve) Total Open Space/Rec Reserve $0 $45,492 $45,492 Historic Resources Reserve $96,674 $34,119 $130,793 Community Housing Reserve $290,020 $113,730 $403,749 Budgeted Reserve $257,795 NA $257,795 Total $644,489 $193,340 $837,829

Total CPA Funding Available for FY19 7 FY19 Budgeted Additional FY19 Additional FY18 Returned Total Open Space/ Recreational Land $397,295 $45,492 $0 $0 $442,787 Historic Resources $297,971 $34,119 $96,674 $2,626* $431,390 Community Housing $993,236 $113,730 $290,020 $0 $1,396,985 Budgeted Reserve $198,647 $34,119 $257,795 NA $490,561 Admin $99,324 $0 $0 NA $99,324 Total Available $1,986,473 $227,459 $644,489 $2,626 $2,861,047 *Returned from FY18 Elizabeth Peabody House Roof project, which ended under budget

Board of Aldermen request 8 1. Vote: recommend that the Board of Aldermen transfer CPA funds totaling $644,489 from the CPA Fund Undesignated Fund Balance to designated CPA reserves, including: a. $96,674 from the Undesignated Fund Balance to the Historic Resources Reserve b. $290,020 from the Undesignated Fund Balance to the Community Housing Reserve c. $257,795 from the Undesignated Fund Balance to the Budgeted Reserve 2. Vote: recommend that the Board of Aldermen transfer CPA funds totaling $193,340 from the CPA Fund Budgeted Reserve to designated CPA reserves, including: a. $45,492 from the Budgeted Reserve to the Open Space/Recreation Reserve b. $34,119 from the Budgeted Reserve to the Historic Resources Reserve c. $113,730 from the Budgeted Reserve to the Community Housing Reserve