The Selectmen opted to put its banking services out to bid during the fiscal year, and as a result, consolidated all the town accounts with First National Bank of Bar Harbor. We look forward to a successful 3-year relationship with our new bank and thank our former banks, Union Trust Company and Bangor Savings Bank for outstanding services over the years.
The growth experienced by the town has proven to be positive in terms of excise tax collections, as incentives to purchase new vehicles at low interest rates combined with more vehicles to register resulted in higher than projected excise tax collections.
The budget committee’s target of $300,000 in undesignated fund balance (surplus) was met, despite using $55,000 to assist with the purchase of the Anderson home. Speaking of that purchase, the town was able to acquire help from the Maine Department of Environmental Protection to purchase the home near the old landfill. The house was sold to Ralph, Neil, Katherine and Patti Murphy who’ve relocated it to Buttermilk Road. A shed was delivered to the Lamoine School. The garage will be removed in the coming year. The Selectmen as of this writing have tabled a measure to request proposal for using the land.
The town automatically foreclosed on 3 properties in December 2003 for unpaid 2001 property taxes. As of this writing the Selectmen were working with one property owner on an installment plan to retain his property, and have contacted the former owners of the other two properties before deciding on disposal options.
Interest rates continued to be very low, thus lowering the revenue from investments. The rate of interest for unpaid taxes also lowered, representing a slight revenue reduction potential.
Our fiscal year ended with higher than budgeted revenues,
lower than budgeted expenses, and a slight increase in our fund balances.
We enjoyed another successful audit, and the highlights of the audit report
follow.