Gradual Improvement in Trust Fund Collections

RevenueNovember 23, 2015:  After suffering declines in revenue last year, the Massachusetts Community Preservation Trust Fund has made a comeback, confirmed by an overall increase of 8.5% from last year. The overall change in 2013-2014 was a 25.6% decrease. Click here for a full review of the trust fund revenue figures.

Since January, the Trust Fund has posted increases in every month but one, after sixteen months of decreases in collections compared to the previous year. According to data from the Massachusetts Department of Revenue (DOR), October 2015 revenue was 11% greater than October 2014, September was up 8.9%, August was up 17.4%, June and July were up 15%, May was up 15.3%, April was up 22.3%, March was up 6.3%, and January was up 12.3%. While February was down by 5.69%, overall for the year, collections are up 8.5% from this time last year.

Although the Trust Fund distribution was slightly lower this year than last year (29.7% compared to 31.46%), this is still a sufficient match. In order to sustain this funding, the Coalition continues to advocate for a two-part strategy on Beacon Hill. The legislature has overwhelmingly supported the transfer of state budget surplus funds to the Trust Fund, committing to a $10 million transfer, which was awarded to the Community Preservation Act after the state closed its books on October 31, 2015. In order to prevent the need for surplus funding in the future, the Coalition is also working on legislation, An Act to Sustain Community Preservation Revenue, which would stabilize the Trust Fund through an adjustment in the current funding source for the Trust Fund.

Further Resources:

>> Click here to learn more about the Community Preservation Trust Fund.

>> You can read more about our two-part legislative strategy and see what legislators supporting it here.