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11 <br /> Community Preservation Committee <br /> Minutes <br /> November 8, 2018 <br /> COMMUNICATIONS & CORRESPONDENCE <br /> Financial Reporting_ <br /> To maintain due diligence, the Community Preservation Committee reviewed project balances <br /> and future revenue projections. Funds for previous projects voted favorably by Town Meeting <br /> have been encumbered. <br /> Funds set aside in the 10%Reserves of the Community Preservation Committee are as follows; <br /> Open. Space/Recreation: $397,922.31 <br /> Affordable Housing: $605,496.05 <br /> Historic Purposes: $971,097.85 <br /> Available funding in the Budgeted for Appropriation Reserve to be used for the calendar year <br /> only: $1,008,051. <br /> Is anticipated the cut-rent debt from former Land Bank purchases would be paid off by FY2026. <br /> Paying off the debt was considered, but it is not known if this is acceptable. It was agreed the <br /> debt payment would be reflected in the cash balance. <br /> It was also agreed that additional financial assumptions would be reviewed and further analyzed <br /> in December. This includes the frill 3% CPA surcharge, and the potential for a reduction of 2%, <br /> maintaining the levy at 9 8.1%. <br /> LIASON REPORTS <br /> Update on CPA Projects_& Expenditures; <br /> Payment has been authorized to fund the following accounts; <br /> Pickleball Courts Project; $105, $300, $1,269, $297 <br /> MM/MHS Tennis/Basketball Court Project; $2100.99 <br /> Great River Boat Ramp Improvement Project; $9,531 <br /> It was agreed Catherine Laurent would be consulted regarding project closures, and available <br /> funding to be returned to the reserves of the CPC. <br /> NEXT MEETING <br /> Thursday,November 15, 2018—7:00 p.m. Ockway Bay Meeting Room <br />