CPC Budget
The CPA funds collected have been allocated to CPA reserve accounts with 10% being allocated to the three reserves described above and the balance allocated to a reserve for future appropriation to provide maximum flexibility in the fund's utilization. The CPC has established an operating budget, as authorized by law, to contract for professional services such as appraisals and cost estimates to assist in developing proposals for presentation to Town Meeting and for clerical services.
The four reserve balances going into the October 30, 2006 Town Meeting are shown in the table below.
| Community Housing Reserve |
$77,232 |
| Open Space Reserve |
71,002 |
| Historic Resources Reserve |
84,601 |
| Community Preservation Fund Balance Reserve |
204,975 |
| Undesignated | 1,012,308 |
| Total |
$1,365,517 |
Community Preservation Revenues and Expenditures
FY 2002 - FY 2007
The Community Preservation Act was implemented in Holliston starting in fiscal 2002 and in the first five years from fiscal 2002 through fiscal 2006, the Town received $2.4 million in preservation revenue. The 1.5% surcharge on property values generated $1.3 million followed by state matching funds of $1.0 million. The state matching funds lag the surcharge since the first match of the fiscal 2002 surcharge was not received until the next fiscal year. Other revenue sources of bank interest and other penalties and interest made up the difference. Thus in five years, Holliston received over $1.0 million from the
Commonwealth for preservation projects that otherwise would not have been available.
In fiscal 2007, the current fiscal year, Holliston will receive an additional $308,110 in state matching funds bringing the six-year total to $1.3 million. The surcharge is estimated to raise $310,000, bringing its total to $1.6 million for an overall revenue total of $3.0 million.
CPA Revenues
The Town of Holliston received $3.0 million in CPA receipts primarily from the CPA surcharge and state matching funds in the six years from fiscal 2002 to fiscal 2007. The two revenue tables below show the receipts in two different ways but both total the same $3.0 million through fiscal 2007. The first table shows the final receipts for each fiscal year. This differs from how receipts were actually appropriated due to the fact that at each October Town Meeting, the CPA surcharge appropriation was an estimate and this table shows the actual year-end receipts. Also bank interest and other penalties actually received each fiscal year and shown in the table were not appropriated in fiscal years 2002 through fiscal 2006. The additional surcharge and other receipts, totaling $165,629, will be appropriated at the October 30, 2006 Town Meeting. Thus, while the actual receipts of some revenues do not reflect the appropriation of these revenues by year, the six-year total is the same. In future years, the difference between the CPA surcharge estimate and actual receipt and receipts from bank charges and penalties will be appropriated at each October Town Meeting.
Town of Holliston
Final CPA Receipts by Category and Fiscal Year*
| Category | FY02 | FY03 | FY04 | FY05 | FY06 | Total Actual
FY02-FY06 | Percent | Budget
FY07 | Total
FY02-FY07 | Percent |
| CPA Surcharge | $215,891 | $233,611 | $269,721 | $285,737 | $306,302 | $1,311,261 | 54.6% | $310,000** | $1,621,261 | 53.7% |
| State Match | 0 | 218,494 | 235,716 | 269,739 | 284,723 | 1,008,672 | 42.0% | 308,110 | 1,316,782 | 43.6% |
| Bank Interest | 908 | 4,785 | 8,070 | 19,095 | 45,206 | 78,065 | 3.3% | NA | 78,065 | 2.6% |
| Other Penalties | 134 | 330 | 577 | 878 | 703 | 2,622 | 0.1% | NA | 2,622 | 0.1% |
| Total | $216,934 | $457,220 | $514,084 | $575,449 | $636,934 | $2,400,620 | 100.0% | $618,110 | $3,018,730 | 100.0% |
* Receipts are final numbers by fiscal year. However, the surcharge was an estimate when appropriated and bank interest
and other penalties were not appropriated in prior fiscal years.
In fiscal 2007, additional revenue from FY02 to FY06 totaling $165,629 and not previously taken into receipt will be appropriated
at the October 30, 2006 Town Meeting.
** Estimate
The second table reports how CPA receipts actually were appropriated by fiscal year by reserve account. The totals by fiscal year will differ from the table above since not all funds were appropriated each year as explained. The percent of each reserve by total from fiscal 2002 through fiscal 2007 with the undesignated reserve allocated 70% of the total reflects the Community Preservation Committee's (CPC) intent of providing maximum flexibility in the Town's ability to address preservation needs. The CPA law requires that the Town appropriate a minimum of 10% of CPA receipts to each of the reserves for Community Housing, Open Space and Historic Resources. The CPC has followed that practice each fiscal year in its recommendations to Town Meeting.
Town of Holliston
CPA Receipts by Reserve Account
FY02 - FY07
|
Reserve | FY02 | FY03 | FY04 | FY05 | FY06 | FY07* | Total | Percent |
| Community Housing | $24,150 | $43,700 | $47,494 | $54,114 | $57,000 | $78,374 | $304,832 | 10.1% |
| Open Space | 21,039 | 44,354 | 47,494 | 54,114 | 57,000 | 78,374 | 302,375 | 10.0% |
| Historic Resources | 21,039 | 44,354 | 47,494 | 54,114 | 57,000 | 78,374 | 302,375 | 10.0% |
| Undesignated | 139,166 | 311,119 | 332,448 | 378,797 | 399,000 | 548,618 | 2,109,148 | 69.9% |
| Total | $205,394 | $443,528 | $474,930 | $541,139 | $570,000 | $783,740 | $3,018,730 | 100.0% |
* Includes $165,629 of additional revenue from FY02 to FY06 not previously appropriated
CPA Expenditures
On the expenditure side, Holliston has appropriated $1.7 million for community preservation projects through the May 2006 Town Meeting. The largest share of CPA funds was approved by Town Meeting for open space purchases at 48.1% of the total, followed by community housing at 30.6%. Historic resources and recreational open space accounted for 8.5% and 8.3% respectively and the Community Preservation Committee's administrative expenses represented 4.5% of the total.
The Town of Holliston has been successful in increasing the preservation of open space from the appropriation of $200,000 of CPA funds to assist with the purchase of the 210 acres from David Fairbanks in 2002 and $477,000 to assist with the purchase of 29 acres from the Estate of Susan Finn in 2006. Community housing makes up the second largest category at 30.6% primarily for the appropriation of CPA funds for the Cutler Heights project for 30 affordable rental housing units and the Andrews School project for 16 units of one and two bedroom affordable condominium units. The appropriation of CPA funds by preservation category since fiscal 2003 is shown below.
Town of Holliston
CPA Appropriations By Category
FY02-FY07
| Category | FY03 | FY04 | FY05 | FY06 | FY07* | FY03-FY07
Total | Percent |
| Community Housing | $24,150 | $122,950 | $60,000 | $97,600 | $201,000 | $505,700 | 30.6% |
| Open Space | 201,000 | 59,785 | 55,088 | 480,000 | 0 | 795,873 | 48.1% |
| Historic Resources | 8,400 | 83,000 | 0 | 49,000 | 0 | 140,400 | 8.5% |
| Recreational | 42,000 | 80,000 | 0 | 15,500 | 0 | 137,500 | 8.3% |
| Administration | 13,740 | 10,000 | 15,000 | 20,000 | 15,000 | 73,740 | 4.5% |
| Total | $289,290 | $355,735 | $130,088 | $662,100 | $216,000 | $1,653,213 | 100.0% |
* Includes May 2006 Town Meeting appropriations only
Holliston received CPA revenues of $3,018,730 since fiscal 2002 and appropriated $1,653, 213 through the May 2006 Town Meeting which leaves a total of $1,365,517 available for the October 2006 and May 2007 Town Meetings.
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