City of Somerville header
File #: 208337    Version: 1
Type: Mayor's Request Status: Approved
File created: 5/29/2019 In control: City Council
On agenda: 6/3/2019 Final action: 6/27/2019
Enactment date: 6/5/2019 Enactment #: 208337
Title: Requesting to appropriate or reserve $2,220,788 in estimated FY20 CPA revenue for CPA projects and expenses.
Code sections: Appropriation/Budget -

  Agenda Text

title

Requesting to appropriate or reserve $2,220,788 in estimated FY20 CPA revenue for CPA projects and expenses.

 

body

Official Text

To the Honorable City Council:

 

I respectfully request that your Honorable City Council approve the FY2020 Community Preservation Act (CPA) Fund budget, per the Community Preservation Committee, which recommended the following appropriation and transfers of $2,220,788 in estimated FY2020 CPA revenue, with each item to be considered a separate appropriation or reservation:

 

1. Appropriate $111,039 from estimated FY2020 CPA Fund revenue for Committee Administrative Expenses.

2. Reserve $444,158 from estimated FY2020 CPA Fund revenue for the Open Space/Recreational Land Reserve

3. Reserve $333,118 from estimated FY2020 CPA Fund revenue for the Historic Resources Reserve.

4. Reserve $798,241 from estimated FY2020 CPA Fund revenue for the Community Housing Reserve.

5. Appropriate $312,153 from estimated FY2020 CPA Fund revenue to fund the debt service on the $6 million 100 Homes project bond, with $110,00 for principal and $202,153 for interest payments.

6. Reserve $222,079 from estimated FY2020 CPA Fund revenue for the Budgeted Reserve.

 

My staff will be available to address any questions you may have. Thank you for your consideration of this item.

 

Respectfully Submitted,

Joseph A. Curtatone, Mayor