Sections 3 to 7 of chapter 44B of the General Laws of Massachusetts, 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 farm land and forests from future development, restore and preserve historic properties, and help meet local families' housing needs. In the City of Gloucester, the Community Preservation Act will be funded by an additional excise of one (1%) percent on the annual tax levy on real property commencing in fiscal year 2010 and by matching funds provided by the state. EXCLUSIONS: property owned and occupied as a domicile by any person who qualifies for low income housing or low to moderation income senior housing in the City of Gloucester, as defined in Section 2 of said Act, One Hundred Thousand ($100,000.00) Dollars of the value of each taxable parcel of residential real property. Any other taxpayer receiving an exemption of real property authorized by Chapter 59 of the General Laws shall receive a pro rata reduction with respect to the portion exempt. A Community Preservation Committee composed of local citizens will make recommendations on the use of the funds and all expenditures will be subject to an annual audit.