Agenda Text
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Requesting the appropriation or reserve of $3,862,866 in estimated FY 2023 Community Preservation Act revenue for CPA projects and expenses.
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Official Text
To the Honorable City Council:
I respectfully request that your Honorable City Council approve the FY2023 Community Preservation Act (CPA) Fund budget, per the Community Preservation Committee, which recommended the following appropriation and transfers of $3,862,866 in estimated FY2022 CPA revenue, with each item to be considered a separate appropriation or reservation:
1. Appropriate $193,143 from estimated FY2023 CPA Fund revenue for Committee Administrative Expenses.
2. Reserve $772,573 from estimated FY2023 CPA Fund revenue for the Open Space/Recreational Land Reserve
3. Reserve $451,286 from estimated FY2023 CPA Fund revenue for the Historic Resources Reserve.
4. Reserve $1,618,683 from estimated FY2023 CPA Fund revenue for the Community Housing Reserve.
5. Reserve $386,287 from estimated FY2023 CPA Fund revenue for the Budgeted Reserve.
6. Appropriate $312,750 from estimated FY2023 CPA Fund revenue to fund the debt service on the $6 million 100 Homes project bond, with $125,000 for principal and $187,750 for interest payments.
7. Appropriate $128,144 from estimated FY2023 CPA Fund revenue to fund the debt service on the West Branch Library project bond, with $60,000 for principal and $68,144 for interest payments.
My staff will be available to address any questions you may have. Thank you for your consideration of this item.
Respectfully Submitted,
Katjana Ballantyne, Mayor