State Announces CPA Matching Funds for 2014
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The Sudbury Community Preservation Committee (CPC) announces that it has received a 34% match from the state for funds raised under the Community Preservation Act (CPA). Based upon Sudbury’s FY14 CPA surcharge revenue of $1,646,001, the state match for the current year comes to $559,382. These funds are part of the roughly $36 million that the Massachusetts Department of Revenue will distribute on November 15th to the 155 communities currently participating in the CPA.
Decreases in the state CPA fund this year were due to a couple factors:
1) Like in FY13, $25 million from the state’s budget surplus was proposed to be added to the CPA Trust Fund. Ultimately however, budget pressures over the summer led the legislature to pass an $89 million FY14 supplemental spending bill on October 31st, resulting in the smaller-than-expected surplus of $11.4 million into the CPA Trust Fund. Last year the Trust Fund had received the full $25 million from the surplus.
2) A decline in collections for the trust fund from recording fees at the state’s Registries of Deeds.
This is the 12th year that Sudbury has received funds from the state Community Preservation Fund. The Town has approved 70 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 2015 Annual Town Meeting are currently under review by the committee, with public hearings scheduled for November 19 and December 17, 2014.