Sections 3 to 7 of the Massachusetts General Laws, also known as the Community Preservation Act, establish a dedicated funding source to acquire and preserve open space, parks and conservation land, protect public drinking water supplies and scenic areas, protect farmland and forests from future development, restore and preserve historic properties, and help meet local families' housing needs. In Newburyport, the Community Preservation Act will be funded by a surcharge of 2% on the annual property tax assessed on real property and by matching funds from the Commonwealth of Massachusetts distributed on an annual basis from a state trust fund established pursuant to the Act. The following exclusions shall be permitted: Exclusion No. 1. Property owned and occupied as a domicile by any person who qualifies for low income housing or moderate income senior housing in the City of Newburyport, as defined by section 2 of the Act; and Exclusion No. 2. $100,000.000 of the value of each taxable parcel of residential real estate in the City of Newburyport. A taxpayer receiving an exemption of real property axes authorized by chapter 59 of the Massachusetts General Laws, or any other law, shall be exempt from a surcharge under the Act. A Community Preservation Committee shall be established by city ordinance to be composed of local citizens and shall make recommendations to the mayor and city council on the expenditure of Community Preservation funds by the City of Newburyport. All expenditures of Community Preservation funds by the City of Newburyport shall be subject to annual audit.