City Council FY21 CPA Budget Adjustment_11 18 20 — File 211466

Community Preservation Committee November 18, 2020 1

FY21 CPA Fund Revenue 2 FY20 Budget Update Difference FY20 Estimated Revenue $2,192,190 $2,192,190 $0 Surcharge revenue $1,971,394 $1,971,394 $0 City appropriation $0 $0 $0 State match of FY20 local revenue $220,796 $220,796 $0

Unappropriated FY20 Funds Available for FY21 3 Funding source Amount Additional FY20 Income $233,314 Assessment revenue difference $217,260.34 Tax title redeemed $3,012.45 Tax title interest $608.52 CPA interest $3,165.19 Investment income $9,267.95 Total $233,314.45

FY20 Total Revenue & Actual Allocations (FY20 revenue only) 4 FY20 Total Revenue Amount Budgeted - Surcharge $1,944,167 Budgeted- State match $289,304 Additional state match on FY19 funds $202,755 Additional Revenue $233,314 Total $2,669,540 CPA Category FY20 CPP Minimum Allocation (%) FY20 Required Minimum Allocation ($) FY20 Award Difference (Required Minimum Allocation – Award) Affordable Housing 50% $1,334,770.23 $1,110,394 $224,376.23 Historic Resources 15% $400,431.07 $333,118 $67,313.07 Open Space/ Recreation 20% $533,908.09 $444,158 $89,750.09

Requested Reserve Adjustments 5 FY20 (Extra Revenue) FY20 (City Approp.) Total Open Space/Rec Reserve $89,750 $0 $89,750 Historic Resources Reserve $67,313 $0 $67,313 Community Housing Reserve $224,376 $0 $224,376 Budgeted Reserve $54,630.07 $0 $54,630 Total $436,069

Total CPA Funding Available for FY21 6 FY21 Budgeted FY20 City Approp. Addition al State Match Additional FY20 Returned Debt Service Total Open Space/ Recreational Land $438,438.00 $- $- $89,750.09 $- $- $528,188.09 Historic Resources $328,829.00 $- $- $67,313.07 $- $(128,279.00) $267,863.07 Community Housing $1,096,095.00 $- $- $224,376.23 $- $(314,500.00) $1,005,971.23 Budgeted Reserve $219,219.00 $- $- $54,630.07 $- $- $273,849.07 Admin $109,610.00 $- $- $- $- $- $109,610.00 Total Available $2,192,191.00 $- $- $436,069.45 $- $(442,779.00) $2,185,481.45

City Council request 7 Vote: recommend that the City Council transfer CPA funds totaling $436069 from the CPA Fund Undesignated Fund Balance to designated CPA reserves, including: a. $89,750 from the Undesignated Fund Balance to the Open Space/Recreation Reserve b. $67,313 from the Undesignated Fund Balance to the Historic Resources Reserve c. $224,376 from the Undesignated Fund Balance to the Community Housing Reserve d. $54,630 from the Undesignated Fund Balance to the Budgeted Reserve