Bridgton auditor gives report

By Lisa Williams Ackley
Staff Writer

The auditor for the Town of Bridgton gave his annual report to the selectmen and members of the public, last week.

During the fiscal year that ended June 30, 2010, the town’s total net assets increased by $437,216 to $10,611,888, according to Greg Chabot of Runyon Kersteen Ouellette Certified Public Accountants and Business Consultants, and net capital assets increased by $200,832.

Chabot said general revenues accounted for $12,605,907 in revenue, or 91.1% of all revenues. Program specific revenues consisting of charges for services and grants and contributions accounted for $1,229,610 in revenue, or 8.9% of $13,835,517 in total revenues.

At the end of the current fiscal year, the unreserved fund balance for the general fund was $2,769,247, of which $406,549 has been internally designated for specific purposes.

Summary & significant changes to general fund

General Fund assets — According to Chabot, the town’s cash and investments increased by $68,833 from 2009 from $2,671,797 to $2,740,630. He said that cash and investments is shown net of interfund loans which represents other funds share of the pooled cash account.

The property tax collection rate decreased slightly from 95.04% to 94.76%, Chabot said.

Meanwhile, accounts receivable decreased by approximately $184,000 due to a large Community Development Block Grant (CDBG) receivable on June 30, 2009.

General Fund liabilities — As for General Fund liabilities, Chabot reported that deferred revenue (which totaled $561,000 in 2010 as compared to $484,000 in 2009) represents taxes still unpaid 60 days after the end of the fiscal year. He added that these amounts are not recognized as revenues in the current year.

General Fund equity — The Undesignated Fund balance was $2,362,698 in 2010 and $2,482,000 in 2009, or a decrease of $119,302. Chabot said the Undesignated Fund balance is currently 17.29% of the budget compared to 17.14% in 2009. The Designated/Reserve fund balance stood at $466,555 in 2010 and $475,403 in 2009.

General Fund revenues — Overall, General Fund revenues came in $520,958 under budget in 2010, with $13,965,857 budgeted and an actual amount of $13,444,899. Chabot said significant changes include: that property taxes were under budget due to the change in deferred revenue of $77,000; intergovernmental revenues were under budget in State Revenue Sharing by $61,190, municipal rent by $66,688 and Community Development Block Grants (CDBG) by $50,791, but were partially offset by FEMA grant revenue of $106,175; licenses and permits were under budget due to building and plumbing permits coming in lower than anticipated; charges for services was over budget primarily due to transfer station and fire and police department fees exceeding budget; interest earned was below budget due to the lower rates; and other revenues was over budget due to the sale of property.

General Fund expenditures — According to Chabot, General Fund expenditures were budgeted at $13,965,857 but the actual was $13,573,049, for a variance of $392,808. He said the significant changes in this account were: Public Safety was over budget due to recording an accounts payable for the fourth quarter hydrant payment and due to police department payroll costs exceeding budget; Health and Welfare was over budget in solid waste disposal; and much of the positive variances in capital have been carried forward as Designated Fund balance.

Please follow and like us: