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Home My Public Portal AboutCommunity Preservation Committee DetailFY2018 BUDGET PROJECTION •COMMUNITY PRESERVATION COMMITTEE Town of Brewster 2198 Main Street Brewster, MA 02631 COMMUNITY PRESERVATION FUND BALANCE AND BUDGETARY TRANSFERS SPECIAL TOWN MEETING ARTICLE NO. 6: To see what sums the Town will vote to transfer into various line items of the Fiscal Year 2017 General Fund operating budget from other line items of said budget and from other available funds; or to take any other action related thereto. (Community Preservation Committee) (Majority Vote Required) Motion: Moved that the amounts listed below be transferred between the various funds, accounts, and expenditures as follows: Item #From:To:Amount 1 Reserve Fund Balance – Open Space Reserve Fund Balance - Community Preservation $300,000 2 Reserve Fund Balance – Housing Reserve Fund Balance - Community Preservation $ 60,000 3 Reserve Fund Balance – Historical Reserve Fund Balance - Community Preservation $ 60,000 4 Reserve Fund Balance – Open Space Community Preservation 2017 Operating Budget – Debt Service $313,453 5 Reserve Fund Balance – Housing Community Preservation 2017 Operating Budget – Professional Services Part Time Housing Coordinator $ 5,400 Total $738,853 Further, to sunset professional services authorization(s) at the close of the fiscal year and transfer any unused balance to their respective fund balance(s); And further, any revenues received in excess of the estimated receipts are transferred to their respective reserve fund balance(s) for future appropriation using the allocation formula of 50% Open Space, 10% Housing, 10% Historical Preservation, and 30% for Community Preservation Reserve. COMMENT In May of 2005, Brewster approved a ballot question which allowed for the adoption of the modified Community Preservation Act (CPA). The Act appropriates a 3% surcharge on the town’s real estate tax revenues, which are reserved in a special fund in order to finance projects and programs for the purposes of preservation of open space, recreation, community housing, and historic preservation. Every year the Town estimates the amount of the 3% surcharge that will be collected and estimates the amount of matching funds that will be received from the state. Brewster established, through a local bylaw, a distribution schedule for the CPA funds according to the following: 50% of the funds for open space, 10% for community housing, 10% for historic preservation, and 30% balance is available for housing, historic preservation and/or active recreation projects or programs otherwise known as the Community Preservation Reserve. Item #1, 2, and 3: In November of 2015, the Community Preservation Undesignated Fund Balance was transferred to Open Space, Historical, and Housing Reserve Fund Balance(s). Since special town meeting, a reconciliation of the Community Preservation Account identified an appropriation from the Special Town Meeting of November 2013 was closed out at the end of the fiscal year (June 30, 2016) to undesignated fund balance instead of to the Reserve for Community Preservation. The budgetary transfer reallocates the funds to the appropriate reserve account. Item #4: In the Spring Annual Town Meeting, Community Preservation related debt service was voted from an expense perspective, however didn’t provide the funding source. The budgetary transfer aligns the funding with the expenditure. Item #5: Part-time Housing Coordinator- The project request is to hire a part-time Housing Coordinator (approximately 15 hours per week). The position is necessary to provide programmatic and administrative support to the CPC, the Local Housing Partnership, and members of the public with the myriad of issues and organizations related to affordable housing and to help the Town work toward the goal of having at least 10% of its year-round housing stock be designated as affordable. COMMUNITY PRESERVATION ACT FUNDING ARTICLE NO. 9: To see if the Town will vote to act on the report of the Community Preservation Committee on the Fiscal Year 2018 Community Preservation Budget and to appropriate or reserve for later appropriation monies from the Community Preservation Fund annual revenues or available funds for the administrative and operating expenses of the Community Preservation Committee, the undertaking of Community Preservation Projects and all other necessary and proper expenses for the year; or to take any other action related thereto. (Community Preservation Committee) (Majority Vote Required) Motion: Move that the following sums be appropriated or reserved for later appropriation from the Community Preservation Fund Fiscal Year 2018 revenues or other available funds as indicated herein, for the administrative and operating expenses of the Community Preservation Committee, the undertaking of community preservation projects and all other necessary and proper expenses, for Fiscal Year 2018 community preservation purposes as set forth herein, with each item considered a separate appropriation to be spent by the Community Preservation Committee, as shown below: Purpose Amount Historic Preservation Professional Services $ 30,000 Designated Reserves for Historic Preservation $ 77,021 Sub-total $107,021 Community Housing Part-Time Housing Coordinator $ 30,000 Professional Services $ 10,000 Designated Reserves for Housing $ 67,021 Subtotal $107,021 Open Space Professional Services $ 50,000 Debt Service Principal & Interest $302,433 Designated Reserves for Open Space $182,674 Subtotal $535,107 Reserves for Community Preservation Brewster Housing Authority, Brewster Woods $550,000 Bikeways Committee $100,000 Professional Services $ 10,000 Administration Expense $ 15,000 Subtotal $675,000 Total $1,424,149 Funding Sources: Raised and Appropriated from FY2018 Community Preservation Surcharge $887,678 From state matching funds for FY2017, to be received in FY2018 $177,536 From Interest Earned $ 5,000 From Designated Reserves Community Preservation $353,935 Total $1,424,149 For Fiscal Year 2018 Community Preservation Purposes with each item considered a separate appropriation to be spent by the Community Preservation Committee; provided however, that the above expenditures may be conditional on the recording of the appropriate historic preservation restrictions for historic resources, open space restrictions for open space reserves, and housing restrictions for community housing; running in favor of an entity authorized by the Commonwealth to hold such restrictions for such expenditures; meeting the requirements of Massachusetts General Law Chapter 184, Section 12 of the Community Preservation Act; Further, to sunset professional services authorization(s) at the close of the fiscal year and transfer any unused balance to their respective fund balance(s); And further, any revenues received in excess of the estimated receipts are transferred to their respective reserve fund balance(s) for future appropriation using the allocation formula of 50% Open Space, 10% Housing, and 10% Historical. COMMENT In May of 2005, Brewster voters approved a ballot question which allowed for the adoption of the modified Community Preservation Act. The act appropriates a 3% surcharge on the town’s real estate tax revenues, which are reserved in a special fund in order to finance projects and programs for the purposes of preservation of open space, recreation, community housing, and historic preservation. Brewster is also eligible to receive up to 100% in matching funds from the State, although we anticipate a reduced reimbursement rate from the State for Fiscal Year 2017, which is projected at 22%. Brewster established, through a local bylaw, a distribution schedule for the CPA funds according to the following: 50% of the funds for open space, 10% for community housing, 10% for historic preservation, and 30% balance is available for housing, historic preservation and/or active recreation projects or programs. Historic Preservation: Professional Services- This money provides funding for project related expenses such as appraisals, consultants, grant application/administration, legal fees. Designated Reserves for Historic Preservation- This item will allocate the balance of the unused Historic Preservation funds for Fiscal Year 2018 into the Historic Preservation account. Community Housing: Part-time Housing Coordinator- The project request is to hire a part-time Housing Coordinator (approximately 15 hours per week). The position is necessary to provide programmatic and administrative support to the Town, CPC, the Local Housing Partnership, and members of the public with the myriad of issues and organizations related to affordable housing and to help the Town work toward the goal of having at least 10% of its year-round housing stock be designated as affordable. Professional Services- This money provides funding for project related expenses such as appraisals, consultants, grant application/administration, legal fees. Designated Reserves for Community Housing- This item will allocate the balance of the unused Community Housing funds for Fiscal Year 2018 into the Community Housing account. Open Space: Professional Services- This money provides funding for project related expenses such as appraisals, consultants, grant application/administration, legal fees. Debt Service Principal & Interest – These funds pay for the FY 2018 principal and interest on 1 Land Bank and 3 CPC open space acquisitions that were financed via long term bonding. Designated Reserves for Open Space- This item will allocate the balance of the unused Open Space funds for Fiscal Year 2018 into the Open Space account. Reserves for Community Preservation: Brewster Woods - The Preservation of Affordable Housing and Housing Assistance Corp. propose to develop 30 new units of affordable rental housing for family, elderly and disabled residents on property owned by the Brewster Housing Authority. The development will consist of four interconnected 2-story buildings, which include a common building. The residences will consist of one, two and three-bedroom apartments with three units (one of each bedroom type) designed to be fully handicapped-accessible and ADA compliant. The other units are designed to meet the needs of families with children or residents aging in place with single level living and ample clearances for mobility. All of the units will be affordable to households at or below 60% of Area Median Income (AMI) as determined by the U.S. Department of Housing and Urban Development. Seven of the units will be made available to households with incomes at or below 30% AMI. Any local preference allowed by the Massachusetts Department of Housing and Community Development will be for individuals and families who live or work in Brewster. Total Project Cost: $10,500,000 Requested CPC Funding: $550,000 Bikeways Committee - This funding will support the Brewster Bikeways Committee proposal to purchase and install warning lights at each crossing of the Cape Cod Rail Trail (CCRT), the most popular recreational biking facility in Brewster. CPA funding for $100,000 will enable the purchase and installation of the equipment by a licensed contractor at the CCRT crossings at Rt. 124, Rt. 137, Underpass Road, and Millstone Road. The warning lights are solar-powered and have been installed at many locations on the CCRT crossings on Cape Cod. The Town’s Department of Public Works (DPW) will oversee the procurement and installation phases of the project and will be responsible for maintenance. The total cost of the project is estimated at $129,500. This project is part of a broader effort to enhance biking in Brewster and part of the re-pavement program by the Town which includes improvements to CCRT crossings. Total Project Cost: $129,500 Requested CPC Funding: $100,000 Professional Services- This money provides funding for project related expenses such as appraisals, consultants, grant application/administration, legal fees. Administration- This money will provide the Community Preservation Committee and the Town Administrator the general administration and operating expenses related to carrying out the operations of the Community Preservation Committee. FY2013 ACTUALS FY2014 ACTUALS FY2015 ACTUALS FY2016 ACTUALS FY2017 BUDGET FY2018 PROJECTION FY2019 PROJECTION FY2020 PROJECTION FY2021 PROJECTION FY2022 PROJECTION 1 Community Preservation Surcharge (MGL Ch44B) (3%)758,511$ 795,958$ 819,852$ 861,778$ 787,252$ 887,678$ 915,120$ 942,498$ 969,810$ 997,806$ 2 235,599$ 476,816$ 301,307$ 291,928$ 168,971$ 177,536$ 183,024$ 188,500$ 193,962$ 199,561$ 3 6,077$ 6,551$ 4,987$ 7,135$ -$ 5,000$ 5,000$ 5,000$ 5,000$ 5,000$ 4 Community Preservation Gifts, Grants, Donations -$ 25,000$ 360,000$ 37,088$ -$ -$ -$ -$ -$ -$ 5 11,381$ 3,819$ 6,768$ 85,000$ -$ -$ -$ -$ -$ -$ 6 Community Preservation Proceeds from Bond Sales -$ 660,000$ -$ -$ -$ -$ -$ -$ -$ -$ 7 Offset: Community Preservation Abatements -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 8 Use of Fund Balance Reserves (ATM / STM Votes)-$ -$ -$ -$ 731,708$ 353,935$ -$ -$ -$ -$ 1,011,568$ 1,968,144$ 1,492,914$ 1,282,929$ 1,687,931$ 1,424,149$ 1,103,144$ 1,135,997$ 1,168,772$ 1,202,367$ FY2013 ACTUALS FY2014 ACTUALS FY2015 ACTUALS FY2016 ACTUALS FY2017 BUDGET FY2018 PROJECTION FY2019 PROJECTION FY2020 PROJECTION FY2021 PROJECTION FY2022 PROJECTION 1 3,209$ -$ 9,137$ 9,754$ 15,000$ 15,000$ 16,547$ 17,040$ 17,532$ 18,035$ 2 34,594$ 762,916$ 653,403$ 327,807$ 175,000$ 232,674$ 370,291$ 391,484$ 415,279$ 466,356$ 3 202,359$ 23,938$ 509,396$ 10,500$ 255,000$ 107,021$ 74,058$ 78,297$ 83,056$ 93,271$ 4 28,433$ 629,318$ 871,077$ 131,932$ 598,000$ 107,021$ 74,058$ 78,297$ 83,056$ 93,271$ 5 -$ 142,023$ 164,782$ 216,645$ -$ 660,000$ 222,174$ 234,890$ 249,167$ 279,813$ 6 Debt Service Principal & Interest 358,582$ 353,799$ 338,147$ 328,169$ 376,441$ 302,433$ 346,015$ 335,990$ 320,683$ 251,620$ 7 -$ -$ -$ -$ 10,000$ -$ -$ -$ -$ -$ 627,178$ 1,911,994$ 2,545,942$ 1,024,808$ 1,429,441$ 1,424,149$ 1,103,144$ 1,135,997$ 1,168,772$ 1,202,367$ 384,390$ 56,150$ (1,053,028)$ 258,122$ 258,490$ (0)$ -$ -$ -$ -$ 3,225,012$ 3,609,402$ 3,665,553$ 2,612,525$ 2,870,647$ 3,129,137$ 3,129,137$ 3,129,137$ 3,129,137$ 3,129,137$ 3,609,402$ 3,665,553$ 2,612,525$ 2,870,647$ 3,129,137$ 3,129,137$ 3,129,137$ 3,129,137$ 3,129,137$ 3,129,137$ Note: *Projection Year and End of Year Fund Balance are estimates for forecasting purposes only. TOWN OF BREWSTER FINANCIAL FORECAST SPECIAL REVENUE FUND - COMMUNITY PRESERVATION FUNDS FISCAL YEAR 2018 (April 18, 2017) 1. ESTIMATED REVENUES RESOURCES Community Preservation State Match Community Preservation Other Revenue Community Preservation Interest Open Space Other (Historic, Housing, or Recreation) 1. GRAND TOTAL ESTIMATED REVENUES 2. ESTIMATED EXPENDITURES 4. PRIOR YEAR FUND BALANCE* 5. END OF YEAR FUND BALANCE* 2. GRAND TOTAL ESTIMATED EXPENDITURES 3. PROJECTED SURPLUS OR (DEFICIT*) A. Operating Budgets Administrative Expenses Historic Resources Community Housing Budgeted Reserves 4/18/2017 Page 9 of 14 RESERVED FUND BALANCE Spring ATM and Fall STM Transfers ATM Appropriations / Transfers Projected End of Year Balance w/o FY17 Revenue Note FY17 Est. Revenue Projected End of Year Balance w FY17 Revenue Open Space 198,728.00$ (352,433)$ (88,087)$ 499,980$ 411,893$ Historic Resources 242,057.00$ (30,000)$ 116,156$ 99,996$ 216,152$ Community Housing 725,213.00$ (40,000)$ (2,435)$ 99,996$ 97,561$ Reserve For CPA 699,129.75$ (675,000)$ 271,497$ 271,867$ 543,364$ Assumptions: FY2018 PROJECTION FY2019 PROJECTION FY2020 PROJECTION FY2021 PROJECTION FY2022 PROJECTION Revenue: State Match 20%20%20%20%20% Expense Administration 1.50%1.50%1.50%1.50%1.50% (Split After Administration Expense and Debt Service Applied) Open Space 50%50%50%50%50% Historic Resources 10%10%10%10%10% Community Housing 10%10%10%10%10% Other 30%30%30%30%30% 272,367$ (25,000)$ 159,099$ (255,000)$ (89,648)$ (598,000)$ Start of Year Balance Spring ATM and Fall STM Appropriations 614,071$ (548,453)$ 4/18/2017 Page 10 of 14