City of Somerville, Massachusetts - File #: 198230

• File #: 198230
• Version: 1
• Type: Mayor's Request
• Status: Approved
• File created: 12/9/2014
• In control: City Council
• On agenda: 12/11/2014
• Final action: 1/22/2015
• Enactment date: 12/11/2014
• Enactment #: 198230
• Title: Requesting to transfer CPA funds totalling $2,278,717 from the CPA Fund Budgeted Reserve and the CPA Fund Undesignated Fund Balance to designated CPA reserves per the recommendation of the Community Preservation Committee.
• Code sections: Transfer of Funds -

Date	Ver.	Action By	Action	Result
1/28/2015	7	BOA	Mayoral Approval
1/22/2015	6	City Council	Approved
1/14/2015	5	Finance	Approved
12/11/2014	4	City Council	Referred for recommendation

  Agenda Text

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Requesting to transfer CPA funds totalling $2,278,717 from the CPA Fund Budgeted Reserve and the CPA Fund Undesignated Fund Balance to designated CPA reserves per the recommendation of the Community Preservation Committee.

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Official Text

To the Honorable Board:

I respectfully request that your Honorable Board approve the following transfers of Community Preservation Act (CPA) funds from the CPA Fund Budgeted Reserve and CPA Fund Undesignated Fund Balance to designated CPA reserves, as recommended by the Community Preservation Committee on December 3, 2014, with each item to be considered a separate transfer:

1.                     $269,344 from the Budgeted Reserve to the Open Space/Recreation Reserve

2.                     $269,344 from the Budgeted Reserve to the Historic Resources Reserve

3.                     $989,833 from the Budgeted Reserve to the Community Housing Reserve

4.                     $750,196 from Undesignated Fund Balance to the Community Housing Reserve

Please see the attached document for an explanation of the CPA Fund and these requested transfers.

Respectfully,

Joseph A. Curtatone

Mayor