8.19.2024 Community Preservation Committee - Annual Meeting

welcome to the community preservation committee meeting held at the city council hearing room one government center Fall River it's uh Monday uh August 19th 2024 6 o'clock it's our annual meeting pursuant to the open meeting laws any person may make an audio or video recording of this public meeting or may transmit the meeting through any medium attendees are there for advis that such recording and

Transmissions are being made whether perceived or unperceived by those present and deemed a knowledge and permissible uh we'll start with roll call to my left Michael farz here Alex Silva here Kristen Cana Olivera here John brand here James Hornsby Rick manini here and we're missing uh Joan Bentley she's over in Scotland on vacation we're missing a city council appointee and the uh parks department

we're missing a uh a person um any citizens input okay then we're going to move right on to financial report hi everybody for those who don't know you I'm the C for the city microphone thank you so I was asked to just come and present um the the close of the fiscal 24 and there was $1.8 Million that was would you speak into of the microphone please thank you can you hear hear me

now I don't know I this I couldn't hear what you said then oh I'm sorry so for the fiscal 24 there was $1.8 Million collected in CPC money where the search charge in the receipts that came was from the state is 1.4 1, 465,000 and the state trust fund was 293,000 that's the largest portion of the CP PC money that comes in and as of right now with the projects um that

closed out there is just under $3 million sitting in fund balance and I think um everybody was provided one of the annual reports by Sandy and I just want to say that we conservatively budget um the revenue is going forward because there's been more communities that have come on to take advantage of the program as well so then that pot of money there's less that gets distributed to everybody so I don't know

if anybody has any questions for me I don't have any the only one question I would like is our um administrative cost could you break that out uh as far as what we salaries advertising expenses like that is that possible yes I but I think most of it is just salary but I will I'll get that I know we have our dues and signage and stuff we do yeah Alex yep um hi thanks for coming uh

I was just wondering if you could break down the state of the committee's bond payments and kind of what uh a picture of that looks like at this moment in time so I can get the bond payments that are CPC related I can get you the ammonization schedules we've provided those to Sandy in the past okay but um I don't know if you recollect like uh do you know if we're in kind of good

position for some of them coming off soon or I think we have 78,000 getting ready to come yeah um I don't know that off the top of my head like I have to look at it I know there was one that was fine there was one that should be coming off after a few years yeah yeah um and then I just had another question regarding um The process by which uh unused CPC funds are returned

to the committee or the city um or the committee I guess uh by what uh mechanism is that done is that uh return through a bylaw or can you just kind of go through the process about how so any of the funds that are not spent stay within the CPC fund they don't go back to the general fund so they stay within the fund balance and that's what's making up most of your like 2 point

right now that's sitting in the unreserved community the CPC fund there's 2.6 million that was sitting as of June of 24 there's only a small amount that's left sitting in the open space fund and the housing fund balance has 249,000 there's actually right now no fund balance in the historic preservation amount so all of the money that goes unspent stays within the CPC so I just want to make sure we're

doing everything that's required when uh funding gets returned to the committee um I think we're just kind of sending them letters right now saying that there's unused funds and you know if they've gone past its expiration date will be return to the committee and I just want to make sure all the mechanisms that are required for that to be you know unallocated I guess are in place and being followed okay so none of

the money actually leaves unless it gets spent so the other projects if they don't spend it all it never actually left the CPC fund and what happens is we close out the budget and don't allow it to be spent so in your opinion does the letters that we send out suffice or like I just want to make sure we're not so once the letters go out and then we um

have a meeting with Sandy she then we go through and we close out those projects and they just remain in your fund balance okay okay thank you okay yeah we just did that a month ago right M yeah what was that balance again in the housing fund 249,900 okay thank you y I heard that one no other further questions I thought that was supposed to be higher actually from this past Year's um appro I guess

allotment for it is that up to date for FY 20 I was under the impression it was going to be 400,000 after FY 24 or something around there um I can check on what the appropriation for you are you thinking the 25 and adding the oh yeah maybe it was FY 25 because there wasn't any projects awarded in the community housing category so 10% of the funds had

to go over to that and I think it added to around 4 so it that may I have to I would check on that but I think you might be including fiscal 25 and with the 24 okay could you let us know I mean somehow an email or whatever it is cuz I quoted the 400,000 figure to someone and I was wrong I may be wrong yeah she's just giv

me end of 24 end of 25 is not fiscal year so yeah fiscal year so I didn't understand we didn't spend any in housing so that money will go to the 249 part which brings it up to almost four oh so so it is 400,000 no I I I don't off the top of my head I don't know what the appropriation was that you appropriated for housing did you add another 200,000 this year yeah I think

it comes up to so then if you added the appropriation of another 20000 and then you have this from June of 24 left over you will by the time you get to the end of June of 25 as long as you don't spend any of it you'll have around 400,000 but you don't have 400 there's not 400,000 of cash sitting there just yet because the money has to come in over the whole year yeah oh okay

so you're counting the the other extra monies okay I'm sorry I'm new on the commission and I really this is something I just don't okay have not learned about yet maybe I can just a quick question where are the funds actually allocated to are they into like a high yield savings account I'm I'm assuming they were all liquid but um is there just it seems like it it stays in there for a long

period of time until it gets used I the funds it's my understand they're not in a separate account because what happens is as you're allocating funds for your fiscal 25 the city will front the cash on a lot of projects okay depending so the but all of our money um we have done this across um all of our accounts is we've negotiated with the banks so we have we are getting like the highest

interest rates possible so they're over four some of them are in 5% okay perfect yeah we do have we have interest coming in every year yeah no that's what I wanted to do cuz you going CPC uh website and click it'll show you the amount of money coming in and the interest that over the years okay perfect and then we we will Pro if any of that is sitting in we do prate it

back to the right funds okay so sounds good okay oh thank you thank you thanks nice meeting everybody you good evening enjo uh next is a letter from the chair um let me take this opportunity to thank each and everyone who continued support and commitment to the community preservation committee serving on this committee as though your hard work and dedication helping to make the community

a better place I'd like to personally extend my gratitude to each and every one of the CPC members and efforts into coming together and accomplishing the work in a timely thoughtful and effective manner it is through all of our hard work it's helped the community preserve open space historic sites create affordable housing develop outdoor recreational facilities this community has funded over the committee has funded

over 100 projects that include historic preservation open space recreation community housing has made a real difference in improving for Parks restoring preserving our historic buildings assets protecting preserving our precious open space and creating affordable housing although 2024 was a challenging year with funding this committee was still able to recommend eight projects to city council for

funding our involvement on this committee is an example of the value that we can contribute an incredible unique opportunity of giving back to the community uh I look forward to working with the committee and our Community Partners in the next year FY 26 funding and I also forgot to put in there I would like to a special thank you to uh the taxpayers of Fall River with your hard work um we've been able

to uh fund uh 100 projects which is close to 13 million going back into the city uh to help it uh rebuild preserve uh create more open space so uh thank you without you we couldn't do this let's see next we move on to election of officers where do we normally start with the clerk or the chair I think chair uh do we have a nomination for chair I'd like to nominate John Grant second any others

yes Jim horn okay uh vote on that yes yes yes yes yes well thank you very much I look forward to the upcoming year uh Vice chair I'd like to nominate Chris Al I'll second yes call yes yes yes yes Rick manen yes and then uh clerk I would like to nominate Alex Silva I'll second I I couldn't hear uh Alex fine just made the motion it's just a question I thought she was s she's Administrative

Assistant she's like a are keeps us all of us going okay yeah and she does the minutes or the clerk does the minutes well it it she normally does it okay thank you so Michael FIS says yes checking I'm learning yes yes yes yes okay with that Alex yes okay thank you very much all righty uh can I have a motion to close out the annual meeting I'll make a motion to close the meeting

I'll second the motion roll call Michael ferrish yes Alex syva yes CHR K oliv yes John brt yes James Hornsby Yes Rick manen yes