Rockland surplus reaches record high

Posted May 08, 2012, at 2:24 p.m.
Last modified May 08, 2012, at 5:54 p.m.

ROCKLAND, Maine — The city kept a good handle on its expenses and took in more money than projected last year, leading to a record high surplus.

Auditor James Wadman of Ellsworth shared the news with city councilors as he met with them Monday night to review the audit for the 12-month budget year that ended June 30, 2011.

The city saw its surplus grow last year by more than $326,000, bringing its overall surplus to $1,165,425.

The city has seen its surplus increase in each of the past five years, said Business Manager Tom Luttrell. The surplus had dwindled to a low of $407,000 in 2006.

The City Council several years ago set a goal of keeping a surplus equal to 8 percent of the amount of property taxes billed each year. Luttrell said with the current surplus, the city is up to 6.7 percent of its billed taxes.

During the 2010-2011 budget year, the city took in nearly $222,000 more in revenues than it had projected. The biggest source of unexpected income was $149,000 more in motor vehicle registration fees.

In terms of spending, a few accounts were overspent but overall the city stayed within its expenditure targets.

SEE COMMENTS →

ADVERTISEMENT | Grow your business
ADVERTISEMENT | Grow your business

Similar Articles

More in Midcoast