City Council FY20 CPA Budget Adjustment — File 209277

Community Preservation Committee November 19, 2019 1

FY20 CPA Fund Revenue 2 FY20 Budget Update Difference FY20 Estimated Revenue $2,220,788 $2,333,471 $112,683 Surcharge revenue $1,944,167 $1,944,167 $0 City appropriation* $0 $100,000 $100,000 State match of FY19 local revenue $276,621 $289,304 $12,683** *FY19 City CPA appropriation will be allocated to the designated reserves as part of this process. FY20 City CPA appropriation will be requested in June 2020 as part of the budget process **Request pending to City Council to appropriate additional state match revenue

FY20 Additional State Match Allocation 3 Additional State Match Allocation* Admin 0% $0 Open Space/Rec Reserve 20% $2,537 Historic Resources Reserve 15% $1,902 Community Housing Reserve 50% $6,342 Budgeted Reserve 15% $1,902 Total 100% $12,683 *Percentages established by FY20 Community Preservation Plan

Unappropriated FY19 Funds Available for FY20 4 Funding source Amount Additional FY19 Income $194,033 Assessment revenue difference $171,440 Tax title redeemed $2,517 Tax title interest $546 CPA interest $16,642 Investment income $2,888 Total $194,033

FY19 Total Revenue & Actual Allocations (FY19 revenue only) 5 FY19 Total Revenue Amount Budgeted - Surcharge $1,781,590 Budgeted- State match $204,883 Additional state match on FY18 funds $227,459 Additional Revenue $194,033 Total $2,407,965 CPA Category FY19 CPP Minimum Allocation (%) FY19 Required Minimum Allocation ($) FY19 Award Difference (Required Minimum Allocation – Award) Affordable Housing 50% $1,203,982 $1,106,966 $97,017 Historic Resources 15% $361,192 $747,175 -$385,980 Open Space/ Recreation 20% $481,593 $613,675 -$132,082

Requested Reserve Adjustments 6 FY19 (Extra Revenue) FY19 (City Approp.) ArtFarm Adjustment Total Open Space/Rec Reserve $0 $20,000 $0 $20,000 Historic Resources Reserve $0 $15,000 $0 $15,000 Community Housing Reserve $97,016 $50,000 $0 $147,016 Budgeted Reserve $97,016 $15,000 $174,776 $286,792 Total: $468,808

Total CPA Funding Available for FY20 7 FY20 Budgeted FY19 City Approp. Additional State Match Returned Additional FY19 Debt Service Total Open Space/ Recreational Land $444,158 $20,000 $2,537 $1,225* $0 $0 $467,920 Historic Resources $333,118 $15,000 $1,902 $11,498** $0 $0 $361,518 Community Housing $1,110,394 $50,000 $6,342 $0 $97,017 $(312,153) $951,599 Budgeted Reserve $222,079 $15,000 $1,902 NA $97,016 $0 $335,998 Admin $111,039 $0 $0 NA $0 $0 $111,039 Total Available $2,220,788 $100,000 $12,683 $12,723 $194,033 $(312,153) $2,228,074 * Returned from FY19 Community Growing Center Project ** Returned from FY19 Elizabeth Peabody House Project ($3,083.60) & FY20 Grace Baptist Church Project ($8,415)

City Council request 8 1. Vote: recommend that the City Council transfer CPA funds totaling $468,808 from the CPA Fund Undesignated Fund Balance to designated CPA reserves, including: a. $20,000 from the Undesignated Fund Balance to the Open Space/Recreation Reserve b. $15,000 from the Undesignated Fund Balance to the Historic Resources Reserve c. $147,016 from the Undesignated Fund Balance to the Community Housing Reserve d. $286,792 from the Undesignated Fund Balance to the Budgeted Reserve 2. Vote: recommend that the City Council transfer CPA funds totaling $10,781 from the CPA Fund Budgeted Reserve to designated CPA reserves, including: a. $2,537 from the Budgeted Reserve to the Open Space/Recreation Reserve b. $1,902 from the Budgeted Reserve to the Historic Resources Reserve c. $6,342 from the Budgeted Reserve to the Community Housing Reserve