(Lamoine) — As the town wraps up the fiscal year, the initial budget reports look very strong. Revenues, with one exception, have exceeded budget. Expenses, with one exception, have come in slightly under budget.

On the revenue side, with two days remaining in the fiscal year, automobile excise tax was $47,000 ahead of what was budgeted, or about 21% higher than projected when the budget was drawn up in the fall of 2002. The town now collects over a quarter million dollars in excise taxes. The only major exception to the revenue line has been investment income, which is off about $2,200, though interest income for June has yet to be recorded. The low interest rates on money market and other accounts are to blame for the lower than projected interest income. Interest collected on unpaid taxes, up about $2,100, just about makes up for the lower investment interest. Other major sources of income that came in over budget were State Education Funding, Municipal Revenue Sharing and Code Enforcement Permit Fees.

On the expense side, solid waste costs have gone through the roof, and will exceed budget significantly. Increased population has led to increased tonnage sent to the PERC facility. A renegotiated recycling contract led to higher costs, and cleanup of the old metal pad cost $3,000 more than budgeted. Overall, solid waste expenses could exceed budget by $7,000 or just under 10-percent. Other general fund expenses were either at or under budget toward year’s end. Bills will continue to straggle in during July.
The town will have enough cash to operate during traditionally lean summer months, ending the fiscal year with over a half million dollars in the bank. Copies of the Treasurer’s bi-weekly reports are now posted on line at www.lamoine-me.gov.