CPC flags overdue project closeouts and rebonding needs for library and townhouse

At the meeting the Community Preservation Committee identified several projects with outstanding closeout tasks and bond accounting issues that the committee said should be prioritized.

Staff reported the library project has more than $100,000 in bond funds still outstanding and that the townhouse project may need to be rebonded for “200 and something thousand” because the project is not yet complete. Committee members said that state and accounting procedures require reconciliation of project expenditures and that unresolved project‑reconciliation (PR) documentation is delaying return or reallocation of those funds. One member said the issue has caused the committee and accounting staff “to lose sleep” and characterized the situation as “out of compliance.”

Committee members discussed designating a liaison to follow up with facilities staff and trustees to get PRs completed and to determine whether funds can be returned to the CPC or must remain obligated. A member who had been designated previously said they would resume liaison duties and attempt to obtain a clear path forward within a month; committee members also suggested inviting facilities staff (John Parent was referenced) or trustees to a future meeting for an update.

The committee concluded that resolving these outstanding closeouts was a high priority because completing reconciliations could make several hundred thousand dollars available for future CPC projects.