PI finances — 2010 in review
IN THE CITY
by Pat Webb
Hello Springtime! The weather is getting warmer, the snow is melting, things are looking up.
For those of us in the Finance Department this time of year means the books for the past year are finally officially closed, the auditors have come and gone and we are very pleased they have once again given the city a “clean” audit opinion and we can now move on to other things.
Here’s a brief overview of the city’s finances for the past year.
Revenue for the year totaled $21.2 million:
• $13.4 million came from you the citizens in the form of taxes — $12 million in property taxes and $1.4 million in excise taxes;
• $3.9 million came from the federal, state, and local governments;
• $1.4 million from the Federal Aviation Administration to purchase equipment and improvements at the airport;
• $1.7 million from the state in the form of revenue sharing, tax reimbursements, reimbursements for General Assistance and Police Special Duty, and
• Another $1 million from the state and federal governments in the form of grants.
The remaining $3.9 million was earned by the city including the airport ($1.1 million), Secured Landfill ($918 thousand), Industrial Rentals ($560 thousand), the city’s recreational facilities ($400 thousand), and interest earned ($162 thousand).
Total city expenses were $24.3 million including:
• $10.6 million to cover the operating costs of the city including general government ($3.1 million), public safety ($2.2 million), public works ($2 million), the airport ($1.3 million) and for the city’s recreational facilities ($1.3 million);
• $5.4 million was MSAD 1’s share of the tax assessment;
• $562 thousand was paid for county taxes;
• $4.6 million was spent for Capital Expenditure Projects including $1.8 million for work at the secured landfill, $1.2 million for equipment and improvements at the Airport, $670 thousand for downtown improvements and the library expansion, and $440 thousand for street repair;
• Debt Service was $468 thousand, and
• The cost of operating the secured landfill was $900 thousand.
The shortfall between revenues and expenditures is primarily costs of the Secured Landfill Expansion, part of which will be reimbursed when the loan closes into permanent financing with the U.S. Department of Agriculture in 2011.
Capital surplus decreased by $549 thousand in 2010. $24 thousand was returned to surplus as the result of operations and the Council spent a total of $573 thousand for one-time major expenditures including a contribution to the Library Expansion and the purchase of additional properties for the new Community Center.
The city of Presque Isle remains financially sound. We should be receiving our audited financial statements by June 30. At that time they will be available in the Finance Department at City Hall to anyone interested in reviewing them. The financial statements will also be posted on the City’s website.
Pat Webb is finance director for the city of Presque Isle. She can be reached 764-2517 or via e-mail at pwebb@presqueisleme.us.
