TR-2016-31 RESERVATION OF CPA FUNDS
f TR-2016-31
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
$55,785.76 should be reserved for Open Space from the Community Preservation Fund estimated
annual fund revenue for fiscal year 2017
WHEREAS, the Community Preservation Committee's has recommended that
$55,785.76 should be reserved for Historic Resources from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2017
WHEREAS, the Community Preservation Committee's has recommended that
$55,785.76 should be reserved for Community Housing from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2017
WHEREAS, the Community Preservation Committee's has recommended that
$27,892.88 should be appropriated for Administrative Expenses from the Community
Preservation Fund estimated annual fund revenue for fiscal year 2017
WHEREAS, the Community Preservation Committee's has recommended that
$362,607.46 should be reserved for Budgeted Reserve from the Community Preservation Fund
estimated annual fund revenue for fiscal year 2017
NOW THEREFORE, BE IT RESOLVED BY THE AGAWAM CITY COUNCIL
that funds from the Community Preservation Fund estimated annual fund revenue For Fiscal
Year 2017 shall be reserved as follows:
$55,785.76 reserved for Open Space;
$55,785.76 reserved for Historic Resources;
$55,785.76 reserved for Community Housing;
$27,892.88 for Administrative Expenses
$362,607.46 for Budgeted Reserve
Dated this day of 32016
PER ORDER OF THE AGAWAM CITY COUNCIL
James Cichetti, City Council President
APPROVED AS TO FORM AND LEGALITY
Patrick Toney, City Solicitor
CERTIFIED AS TO FUNDS AVAILABLITY
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Cheryl St. Jo A, Audito
CPA FY2017 Estimated Revenue Calculations
$47,147,689.00 FY2017 Tax Levy
$41 ,970.00 Abatements (historical average)
$226,927.00 Exemptions (as submitted to DOR)
46 878,792.00 Net Tax Levy
$468,787.92 FY2017 estimated revenues (1% surcharge)
$89,069.70 19% FY2017 State Match (estimated per DOR)
$557,857.62 TOTAL FY2017 estimated revenues including state match
$55,785.76 Reserve 10% for Affordable housing
$55,785.76 Reserve 10% for Open Space
$55,785.76 Reserve 10% for Historic Preservation
$27,892.88 Reserve 5% for Administrative expenses
$362,607.46 Reserve 65% for budgeted Reserve