CPA State Matching Funds Announced
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The Sudbury Community Preservation Committee (CPC) announces that it has received a 56% match from the state for funds raised under the Community Preservation Act (CPA). Based upon Sudbury’s FY13 CPA surcharge revenue of $1,587,599, the state funding for FY14 comes to $895,751. These funds are part of the roughly $55 million that the Massachusetts Department of Revenue distributed on November 15th to the 148 communities currently participating in the CPA.
Increases in the state CPA fund this year were due to several factors:
1) $25 million from the state's FY13 budget surplus was added to the CPA Trust Fund last week, as a result of the passage of "An Act to Sustain Community Preservation" in July of 2012.
2) Collections for the trust fund from recording fees at the state's Registries of Deeds have rebounded strongly this year due to the improvement in the real estate market.
3) The shift in the distribution date from October to November allowed DOR to include one additional month of revenue from the Registries of Deeds recording fees. Past distributions have included 12 months of registry recording fees, but for this year only, DOR included 13 months in the distribution.
This is the 11th year that Sudbury has received funds from the state Community Preservation Fund. The Town has approved 64 CPA projects in the eligible categories of Open Space, Historic Preservation, Affordable Housing and Recreation since the program’s inception in 2002 .
Projects for funding at the 2014 Annual Town Meeting are currently under review by the committee, with public hearings scheduled for November 20 and December 4, 2013.