FY23 CPA Transfer Explained.docxThe following amounts be appropriated or reserved from fiscal year 2023 Community Preservation Fund estimated revenues $2,298,518 ($1,596,193 FY23 local assessment estimate, plus $702,325
estimated state match) for fiscal year 2023 Community Preservation purposes:
Northampton’s FY22 local revenue from CPA surcharge, interest, etc. totaled $1,538,237. This is multiplied by 1.025 (Prop 2.5) to get approx. $1,576,693. Add on $19,500 for new growth
(3% of estimated $650,000 in new growth) The state match is estimated at 44% of FY22 local revenue; $702,325. This is the 35% base state match, with an estimate for the equity and
surplus rounds to be provided since Northampton’s local surcharge is the maximum 3%
$252,837 from FY23 Total Estimated CPA Revenue to the Community Preservation Fund Open Space Reserve (account # 2344930-359931)
$252,837 from FY23 Total Estimated CPA Revenue to the Community Preservation Fund Historic Preservation Reserve (account # 2344930-359932)
$252,837 from FY23 Total Estimated CPA Revenue to the Community Preservation Fund Affordable Housing Reserve (account # 2344930-359933)
$2,298,518 x 11% is $252,837. This will ensure we don’t underfund each of these set-asides (to be minimum 10%).
$75,000 from FY22 Total Estimated CPA Revenue to the Community Preservation Fund Administrative Account (account # 2344930-359934)
This is far less than the 5% maximum allowed by the CPA. Any unused funds will be returned to the undesignated fund at the end of the fiscal year.
$1,465,007 from FY23 Total Estimated CPA Revenue to the Community Preservation Fund Budgeted Reserve (account # 2344930-359930)
This is the balance left after subtracting the $833,511 total set-asides from $2,298,518 total estimated revenue
Also, the following amounts be appropriated from the Community Preservation Fund Budgeted Reserve (account #2344930-359930) for FY23 Community Preservation bonding repayment purposes:
$54,000 for principal and $9,993.53 for interest for Bean Farm bond (account #3100931-393102-11)
$90,000 for principal and $13,500 for interest for Florence Fields bond (account #3100931-393103-12)
$60,000 for principal and $10,200 for interest for Pulaski Park II bond (account #3100931-393105-16)
These figures from bonding re-payment schedule. Debt service totals $237,693.53. This will leave $1,985,824 from FY23 revenues available for projects.