03/02/2023 COMMUNITY PRESERVATION ACT COMMITTEE Minutes

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3 Community Preservation Committee Minutes March 2,2023 NEW BUSINESS Dawn Tha er Capital Improvement Program (CIPPresentatianw CPC member Dawn Thayer serving as the Finance Director for the Town of Mashpee updated the Community Preservation Committee on the Capital Improvement Program(CIP)budget. The Capital Improvement Program was adopted by the Town in 1982 The CIP Committee is comprised of the following membership; The Town Manager, a designee of the Select Board, and membership from the Finance Committee, School Committee,the Town Accountant/Finance Director and two Members at Large. All are appointed annually by the Select Board. The CIP studies proposed capital outlays involving the acquisition of land or any expenditure of $25,000 or more have a useful life of at least 3-years. The Committee prepares a CIP program for the ensuing 5-years, holding at least one public hearing annually. Projects and the 5-year plan are approved by Town Meeting action. As departmental requests are submitted the CIP collectively discusses the rationale and justification of the capital project submittals and of those within the 5-year plan to prioritize and determine what is necessary for funding. The Finance Director gives input of the revenues available for appropriation and other possible funding sources. At times, Community Preservation Act funding is requested to move a much needed project forward. As per the Select Board Policy No. 72, "Capital Improvement Policy", Town Meeting votes to appropriate and transfer revenue available for appropriation to be deposited into the Capital Stabilization Fund; 15% of"Certified Free Cash" is deposited into this account for future capital expenditures in an effort to ensure the Town will maintain its assets at a level adequate to protect the Town's capital investment and to minimize future maintenance and replacement costs.