Millinocket repays $400,000 advance

By Nick Sambides Jr., BDN Staff
Posted Nov. 30, 2010, at 8:27 p.m.

MILLINOCKET, Maine — The town offset an expected cash shortfall by taking out a $400,000 tax anticipation note and repaying it in a few weeks, paying $559.11 in interest, Town Manager Eugene Conlogue said.

Conlogue told the Town Council during its meeting last week that the note was repaid on Nov. 17.

Defined as a short-term debt obligation issued by a state or municipal government in anticipation of future tax collections, the note helped Millinocket pay its bills or otherwise meet its short-term obligations, Conlogue said.

Such notes are commonly used and do not necessarily signal a looming budgetary shortfall or imbalance, merely a temporary lack of cash on hand that is remedied when an expected cash flow resumes or overcomes a temporary imbalance, Conlogue has said.

The council used a note in 2008, the first time in more than seven years that such a note actually provided funds, Conlogue has said.

In other council news:

• Town leaders will tell Millinocket’s state representatives their expectations and hopes of incoming Gov. Paul LePage, state Senator-elect Doug Thomas and re-elected state Rep. Herbie Clark when the council meets on Dec. 9.

Thomas and Clark will introduce themselves to new council members and outline their goals and priorities for the new state legislative session. The annual session allows the representatives to give town leaders a chance to hear what the state legislators want to accomplish.

Conlogue also wrote a letter to LePage congratulating him on his gubernatorial victory and expressing a desire to work in partnership with the Republican, currently the mayor of Waterville, when he assumes office in January.

“You understand many of the issues such as unfunded state mandates, revenue sharing, school funding, burdensome regulations, etc. that face our communities, and we look to you for leadership in helping to address them,” Conlogue wrote. “As a community, we ask you for no promises, but we respectfully ask that you consider allowing us the opportunity for input into some of your decision-making processes that will potentially impact local government.”

“We do not seek this privilege as a ‘special interest,’ but as a ‘specialized interest’ and municipal partner that may be of use to you,” Conlogue added.

• Conlogue has been re-elected as the Maine Service Center Coalition’s vice chairman, he told the council last week.

According to its Web page on the Maine Municipal Association website, memun.org, the coalition was formed in 2001 to provide a mechanism to articulate the needs of service centers to elected officials; to educate the citizenry as to the importance of healthy and thriving service centers; and to network and collaborate with all municipalities in the pursuit of promoting opportunities for all who visit, work or live in Maine.

Service center communities such as Millinocket and Lincoln generally are the economic, health care and governmental centers to a given area, such as the Katahdin and Lincoln Lakes regions. At one point the coalition had 44 municipal members.

http://bangordailynews.com/2010/11/30/news/millinocket-repays-400000-advance/ printed on August 27, 2014