DOR Issues Updated FY2011 CPA
Trust Fund Distribution Projection
The Massachusetts Department of Revenue (DOR) has issued an updated projection of the first round CPA Trust Fund distribution that communities can expect to receive this coming October. DOR is estimating the first round distribution will be between 31% and 32% of the amount that communities raise locally from their CPA surcharge.
This projection is higher than DOR's previous estimate of 28%, as Trust Fund revenues collected at the Registry of Deeds are up slightly from last year. Below is the text from the DOR Bulletin, FY2011 Budget Issues and Procedures (2010-02B):
During FY2010, 142 cities and towns collected the local Community Preservation Act (CPA) surcharge and are eligible for state matching grants in FY2011. As a result of recent positive trends in the collection of Registry of Deeds fees that provide state funding for the CPA program, and given the relatively slow increase in the number of cities and towns participating in the program, the Division of Local Services (DLS) estimates that the balance in the state trust fund will be sufficient to provide a first round match of between 31 and 32 percent of the surcharge levied by each city and town. This will trigger a second round or equity distribution for those cities and towns that have adopted the maximum three percent surcharge. With the equity distribution, the total state reimbursement for qualifying cities and towns will increase, depending on their quartile and total surcharge amount. Please note that these estimates are subject to change depending on Registry collections between now and September.
Click here for an explanation of the formula used to distribute CPA trust fund payments
Questions? Call the Coalition at 617-367-8998, email us, or visit our website.