Presque Isle finances: 2011 in review
IN THE CITY
by Pat Webb
The auditors have come and gone again. We are very happy to report that once again the City will receive a ‘clean’ or unqualified opinion, meaning that they found no significant deficiencies during their audit. Now that the books are officially closed for 2011, it’s time to give you an overview of the City’s finances for the year.
The City took in $21.9 million in Revenue for the year:
• $13.5 million came from you the citizens in the form of taxes — $12.1 million in property taxes and $1.4 million in excise taxes;
• $2.7 million came from the federal, state, and local governments, including — $1.6 million from the state in the form of revenue sharing, tax reimbursements, reimbursements for General Assistance and Police Special Duty, $0.6 million from the state and federal governments in the form of grants for various capital improvements throughout the city, and $0.5 million from the local, state and federal governments in payments for operations in various departments throughout the city;
• $1.2 million came from donations for the library addition; and
• the remaining $4.5 million was earned by the city for various services including the secured landfill ($1.6 million), the airport ($1.4 million), industrial rentals ($581 thousand), the city’s recreational facilities ($436 thousand), and interest earned ($95 thousand).
The City paid out $22.5 million in Expenses including:
• $11.3 million to cover the operating costs of the city including general government ($3.2 million), public safety ($2.2 million), public works ($2.2 million), the airport ($1.6 million) and for the City’s recreational facilities ($1.6 million);
• $5.4 million to MSAD 1 for its share of the tax assessment;
• $2 million was spent for Capital Expenditure Projects including: $1.1 million for work on the library expansion, $.4 million for street repair, and the balance for various other capital improvements throughout the city;
• $1.7 million was the cost of operating the secured landfill;
• $575 thousand was paid for County taxes; and
• $553 thousand was paid in loan payments.
Capital surplus decreased by $75 thousand in 2011. The city ended the year $94 below budget, however the Council authorized a total of $169 thousand to be spent from surplus for one-time expenditures including paying off $94 thousand in debt and $75 thousand to be transferred to the Retirement Reserve.
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 at 760-2717 or via e-mail at pwebb@presqueisleme.us.
