DOR Issues Estimate for Fall 2017
CPA Trust Fund Distribution
The Department of Revenue's annual budget memo to municipalities was released today and it includes an estimate of 15% for the November 2017 first round CPA Trust Fund distribution. Cities and towns that adopted a surcharge of 3% will receive additional funding in rounds two and three. Here is the text on the CPA portion of the memo:
During FY2017, 162 cities and towns collected the local Community Preservation Act (CPA) surcharge and are eligible for state matching grants in FY2018. DLS estimates that the balance in the state trust fund will be sufficient to provide a first round match of 15% of the surcharge levied by each city and town.
 
In FY2017, there will be equity and surplus distributions for those cities and towns that have adopted the maximum 3% surcharge. With these additional distributions, the total state reimbursement for qualifying cities and towns will increase, depending on their decile and total surcharge amount. The above estimates are subject to change depending on Registry of Deeds collections between now and October.
Does this 15% estimate include Boston and all of the other new CPA communities?
Unfortunately, no. Boston, Springfield, Holyoke, Pittsfield and all those other large cities and towns that recently adopted CPA won't receive their first match until the fall of 2018. So, unless the legislature acts to support the CPA Trust Fund, the match will take another big drop next year.
 
Please take every opportunity you can to remind your legislators that the time to act on House Bill 2615 is now!  "An Act to Sustain Community Preservation Revenue" would adjust the recording fees at the Registries of Deeds to provide a higher match to all 172 CPA communities. There were substantial developments on the progress of our CPA legislation in April, and we'll recap all of those in our CPA Update newsletter next week.  
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