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Cities and towns that adopt the CPA obtain community preservation funds from two sources - a local property tax surcharge and a yearly distribution from the statewide CPA Trust Fund. In 2012, the CPA legislation was amended to allow communities the option to dedicate additional municipal revenues to their local CPA fund, on top of their surcharge revenue, if they adopt the provision known as "Blended CPA." Statewide CPA Trust fund revenues are derived from a surcharge placed on all real estate transactions at the state's Registries of Deeds. The Department of Revenue reports monthly on these collections, and each March they provide an estimate of the next trust fund distribution percentage. Each CPA community receives their distribution from the trust fund at a formula-based percentage of what they raised locally. Learn more about how the statewide trust fund works. The number of communities that have adopted CPA has risen at the same time that the slowing economy has caused the trust fund revenues to decline. Funds from the statewide CPA Trust Fund were distributed to CPA communities at the match rate of 100% from 2002 until 2007. In more recent years however, the base trust fund distribution has fallen to below 30%. The distribution percentage should rise dramatically in the Fall of 2013 with the addition of $25 million from the state's FY13 budget surplus. This additional funding was approved by the state legislature in July 2012, as part of the legislation to update CPA. Statewide CPA Trust Fund - Distribution History
Grand Total Statewide CPA Trust Fund Distribution: $414.8 million |
