TR-2015-27 CPA RESERVATION OF FUNDS APA
• TR-2015-27
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
reserves funds for specific uses under the Community Preservation Act;
WHEREAS,the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Open Space from the Community Preservation Fund estimated
annual fund revenue for fiscal year 2016
WHEREAS,the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Historic Resources from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
WHEREAS,the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Community Housing from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
WHEREAS,the Community Preservation Committee's has recommended that
$26,701.09 should be appropriated for Administrative Expenses from the Community
Preservation Fund estimated annual fund revenue for fiscal year 2016
WHEREAS,the Community Preservation Committee's has recommended that
$347,114.24 should be reserved for Budgeted Reserve from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
NOW THEREFORE,BE IT RESOLVED BY THE AGAWAM CITY COUNCIL
that funds from the Community Preservation Fund estimated annual fund revenue For Fiscal
Year 2016 shall be reserved as follows:
$53,402.19 reserved for Open Space;
$53,402.19 reserved for Historic Resources;
$53,402.19 reserved for Community Housing;
$26,701.09 for Administrative Expenses
$347,114.24 for Budgeted Reserve
PER ORDER OF THE AGAWAM CITY COUNCIL
ci4� 157
Christopher C. +wn,City Council President
LD AStAND LEGALITY U� V * of
y
Vincent F. Gioscia, City Solicitor
CERTIFIED AS TO FUNDS AVAILABLITY r�y�+-Ce- TQ C It(Ioc�
C e- ' Ca%wv4J
L c; Qud,t ur
44� Cc . CPA
Cheryl St. J Audito Cc ' Tt-�Wes'
Interoffice Memo
Daft May 11,2015
TO: Solicitor
CC: City Council,City Auditor
Fnai JenniferBonfiglio,CPA Adminisbmtor
RE: CPA Resolution
Attached Is a resolution for the reservation and appropriation of CPA funds. Each year the
CPA committee must reserve CPA revenues as follows: 10 % for Historic, 10% for Open
Space, 10% for Affordable Housing, 65%to a Budgeted Reserve and 5%for administrative
expensGrr
Below is the calculation used.
CPA FY2016 Estimated Revenue Calculations
$451536,171.00. FY2016 Tax Levy
$62,242.00 Abatements(historical average)
$217,836.00 Exemptions(as submitted to DOR)
45,256,093.00 Net Tax Levy
$452,560.93 FY2016 estimated revenues (1%surcharge)
$81,460.97 18% FY2016 State MWatch(estimated per DOR)
$534,021.90 TOTAL FY2016 estimated revenues including state match
$53,402.19 Reserve 10%for Affordable housing
$53,402.19 Reserve 10%for Open Space
$53,402.19 Reserve 10%for Historic Preservation
$26,701.09 Reserve 5%forAdmirt_istrati_ve expenses
$347,114.24 Reserve 65%for budgeted Reserve
Sincerely, ,Q
V
ennifer Bonfiglio
MAYORAL ACTION
Received this 2nd day of _ _ June 2015 from Council Clerk.
Signed by Council President this 1st day of June_, 2015.
APPROVAL OF LEGISLATION
By the powers vested in me pursuant to Article 3, Section 3-6 of the Agawam Charter, as
amended, I hereby approve the passage of the above legislation on this 2nd day of
June,2015.
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
2015 for the following reason(s):
Richard A. Cohen,Mayor
RETURN OF LEGISLATION TO COUNCIL CLERK
Returned to Council Clerk this 2nd day of June ,2015.
f
TR-2015-27
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
reserves funds for specific uses under the Community Preservation Act;
WHEREAS,the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Open Space from the Community Preservation Fund estimated
annual fund revenue for fiscal year 2016
WHEREAS, the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Historic Resources from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
WHEREAS, the Community Preservation Committee's has recommended that
$53,402.19 should be reserved for Community Housing from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
WHEREAS, the Community Preservation Committee's has recommended that
$26,701.09 should be appropriated for Administrative Expenses from the Community
Preservation Fund estimated annual fund revenue for fiscal year 2016
WHEREAS, the Community Preservation Committee's has recommended that
$347,114.24 should be reserved for Budgeted Reserve from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2016
NOW THEREFORE, BE IT RESOLVED BY THE AGAWAM CITY COUNCIL
that funds from the Community Preservation Fund estimated annual fund revenue For Fiscal
Year 2016 shall be reserved as follows:
$53,402.19 reserved for Open Space;
$53,402.19 reserved for Historic Resources;
$53,402.19 reserved for Community Housing;
$26,701.09 for Administrative Expenses
$347,114.24 for Budgeted Reserve
R
f
PER ORDER OF THE AGAWAM CITY COUNCIL
Christopher C. Johnson, City Council President
APP OVED AS O FORM AND LEGALITY
Vincent F. Gioscia, City Solicitor
CERTIFIED AS TO FUNDS AVAILABLITY
Cheryl St. Jan, Audito
, r
4
FA
ATEO MP interoffice Memo
Date: May 11,2015
To: Solicitor
CC: City Council, City Auditor
From: Jennifer Bonfiglio, CPA Administrator
RE: CPA Resolution
Attached is a resolution for the reservation and appropriation of CPA funds. Each year the
CPA committee must reserve CPA revenues as follows: 10 % for Historic, 10% for Open
Space, 10% for Affordable housing, 65% to a Budgeted Reserve and 5% for administrative
expenses.
Below is the calculation used.
CPA FY2016 Estimated Revenue Calculations
$451536,171.00 'FY2016 Tax Levy _
$62,242.00 Abatements (historical average)
t217,836.00 Exemptions (as submitted to DOR)
$45,256,093.00 .Net Tax Levy
$452,560.93 _ FY2016 estimated revenues (1% surcharge)
$81,460.97 18% FY2016 State Match (estimated per DOR)
$534,021.90 TOTAL FY2016 estimated revenues including state match
$53,402.19 Reserve 10%for Affordable housing
$53,402.19 Reserve 10% for Open Space
$53,402.19 Reserve 10% for Historic Preservation
$26,701.09 !Reserve 5% for Administrative expenses
$347,114.24 Reserve 65%for budgeted Reserve
Sincerely,
V
ennifer Bonfiglio