TR-2010-35 CPA FUNDS - - I
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TR-2010-35
A RESOLUTION AUTHORIZING THE RESERVATION AND APPROPRIATION OF
FUNDS FROM THE COMMUNITY PRESERVATION FUND
WHEREAS, the voters of Agawam chose to form a Community Preservation
Committee, and
WHEREAS, one of the Community Preservation Committee's requirements is that it C')
reserves funds for specific uses under the Community Preservation Act;
WHEREAS, the Community Preservation Committee's has recommended that I
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should be reserved for Open Space from the Community Preservation Fund estimated ansual ,f—
fund revenue for fiscal year 2011
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WHEREAS, the Community Preservation Committee's has recommended that $4177. -n
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should be reserved for Historic Resources from the Community Preservation Fund estimated
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annual fund revenue for fiscal year 2 011
WHEREAS, the Community Preservation Committee's has recommended that S59,177
should be reserved for Community Housing from the Community Preservation Fund estimated
annual fund revenue for fiscal year 2011
WHEREAS, the Community Preservation Committee's has recommended that $29,589
should be appropriated for Administrative Expenses from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2011
WHEREAS, the Community Preservation Committee's has recommended that $387,655
should be reserved for Budgeted Reserve from the Community Preservation Fund estimated
annual fund revenue for fiscal year 2011
NOW THEREFORE, BE IT RESOLVED BY THE AGAWAM CITY COUNCIL
that funds from the Community Preservation Fund estimated annual fund revenue For Fiscal
Year 2011 shall be reserved as follows:
$59,177 reserved for Open Space;
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$59,177 reserved for Historic Resources; A,
$59,177 reserved for Community Housing;
$29,589 for Administrative Expenses
$384,655 for Budgeted Reserve
PER ORDER OF THE AGAWAM CITY COUNCIL
Donald M. Rheault, City Council President
APPD4%VED AS T FORM AND LEGALITY
Vince Gioscia, City Solicitor
CERTIFIED AS TO FUNDS AVAILABLITY
Cheryl St. Jog, Audito'r U
MAYORAL ACTION
day of I rj)I VLt- , 20 10 from Council Clerk.
Received this
LCUD
Signed by Council President this Q07 day of 32010.
APPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agaw
& Charter, as
ended, I hereby approve the passage of the above legislation on this \3 day of
2010.
Richard A. Cohen, Mayor
DISAPPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Charter, as
amended, I hereby veto the passage'of the above legislation on this day of
2010 for the following reason(s):
Richard A. Cohen, Mayor
RETURN OF LEGISLATION TO COUNCIL CLERK.
Returned to Council Clerk this day of 2010.
0
Interoffice Memo
Date: June 30,2010
To: City Council
Fronr Jenn ifer Bonfig I io,C PA Administrator
RE. Community Preservation Reserves
Each year the CPA committee must reserve the annual CPA revenues as follows: 10 % for
Historic, 10%for Open Space, 10%forAffordable Housing, 65%to a Budgeted Reserve and
5%for administrafive expenses.
Since the reserves must be done prior to the end of the fiscal year to allow for access to the
administrative funds for payroll purposes and anticipated administrative expenses, we have
submitted this resolution for an emergency preamble.
Sincerely,
60/L)
(4"J=nife eonfiglio
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