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.