9/6/2018 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

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5 Community Preservation Committee Minutes September 6, 2018 NEW BUSINESS Discussion of State Guidelines for CPC Fund Management and Project Administration: Members of the Community Preservation Committee reviewed an updated version of the Community Preservation Act under M.G.L. Chapter 44B provided by the Department of Revenue dated January 2013 and Community Preservation Fund, Informational Guideline Release (IGR)No. 00-209 dated December 2000, and amended by Chapter 165 of the Acts of 2002. It was recommended the Community Preservation. Committee review page 23 of the IGR reflected as D. Role of Membership; The Community Preservation Committee is responsible for evaluating the community preservation needs of the city or tonin and making recommendations to the community's legislative body as part of the annual budget process. Its role is analogous to that of a capital planning committee in developing a multi-year capital improvement plan for a community and presenting an annual capital budget to its legislative body. As-noted, the CPC should familiarize with 5(b) of the Community Preservation Act as reflected on page 16 and 17. Discussion followed with respect to the Community Preservation Act, and the option to amend the terms after fiscal year 2020. If a community would opt to remain as status quo, no action is required. Exemptions after 2020 would allow a CPA program to reduce its surcharge below 3%. Changes would be done in the same process used to adopt the CPA. If an article was to be considered to opt out or to reduce the surcharge percentage, there was a question regarding sponsorship, (Community Preservation Committee and/or Board of Selectmen) or by citizen petition and the need to place the matter before the voters as a ballot question. It was noted the Community Preservation Fund has ample monies to pay off the balance of the Land Bank debt by 2020. The 10% Reserve Funds would be required to be utilized for projects within their respective categories. The CPC would therefore be required to remain in operation until all reserve funds have been expended. Under the IGR,page 16: If a community revokes its acceptance of the Community Preservation Act, all outstanding obligations, including future debt service payments and deficits must be identified and a determination made-Whether there are sz fficient uncommitted monies available within the fund to meet those obligations.