Presque Isle finances: 2009 in review

    Now that the audit is over and the books are closed, here’s a quick overview of the financial activity of the city for the year 2009.
    Revenues for the year 2009 totaled $26 million: • $13.2 million came from you the citizens in the form of taxes — $11.8 million in property taxes and $1.4 million in excise taxes.
• $7.3 million came from the federal, state and local governments. The largest amount came from the Federal Aviation Administration, $4.7 million for improvements to the airport runways and to build fencing around the airport; $2 million came from the state in the form of revenue sharing, tax reimbursements and grants, and $646,000 came from surrounding communities for the operation of the secured landfill.
• The remaining $5.5 million was earned by the City including $1 million from the airport, $733,000 from the secured landfill, $552,000 in industrial rentals, $268,000 from The Forum, $132,000 from Rec and Parks, $1.3 million in miscellaneous revenues and $206,000 in interest earned.
    Total City expenses were $27.3 million, broken down as follows:
• $10.9 million was used to cover the operating costs of the City including $2.5 million for general government, $2.2 million for public safety, $1.5 million for public works, $1.2 million for the airport, and $1.3 million to run the Forum, the library and the Recreation and Parks Department.
• $4.9 million was used to improve the airports runways and to build the fencing around the airport.
• $5.2 million was MSAD 1’s share of the tax assessment.
• $1.75 million was spent for Capital Expenditure Projects including $1.5 million for work on the secured landfill expansion project, and $250 thousand for street repair.
• County taxes account for $561,000.
• Of the remaining $4 million, $1.4 million is the cost of operating the secured landfill, $225,000 was spent for improvements to buildings in the Industrial Park, and $185,000 was for improvements to the indoor pool.
    The shortfall between revenues and expenditures which constitutes work on the landfill expansion was funded by interim bank financing. The project should be completed in 2010.
    It should be noted that twice in 2009 when the state announced that it would reduce the amount of funding it would give to the local governments in order to balance its budget, the city responded by reducing its expenses to meet those shortfalls — a total of $526,000. The budget was reduced by another $100,000 due loss of revenue because of the downturn in the local economy.
    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 at the Finance Department at City Hall to anyone interested in reviewing them. The Financial Statements will also be posted on the City’s Web site.
    Pat Webb is finance director for the city of Presque Isle. She can be reached at 764-2517 or e-mail  her at pwebb@presqueisleme.us..