Old Town staff report revenues running ahead of budget; audit prompts hangar-reserve correction

A staff member, Bill, told the Old Town City Council on Nov. 18, 2024, that several recent receipts have left the city's revenues ahead of what was budgeted year to date.

Bill said the city has built out a $215,000 police-agreement payment from the Penobscot Nation (approximately $53,000 per quarter), recorded a $360,000 annual payment from the Juniper Ridge pilot program for the year, and recently received just over $60,000 from Cassell for paper-bag sales. "It looks like we're ahead of what was budgeted so far for the year," Bill said.

The report also noted a bookkeeping issue identified in the audit involving the airport hangar accounts. Bill said some hangar-related dollars, including proceeds tied to the solar farm and other hangar receipts, need to be returned to the hangar reserve so the reserve balance is properly recorded. "There is some looking at the audit going back — there should have been some from the solar farm and some of the hangar dollars that are there that need to get put back into the hangar reserve," he said.

Finance Director Edmund Minen was not present at the start of the meeting; staff said he was ill and expected to return on Wednesday, when any outstanding questions about revenues and the audit adjustments will be addressed. The council did not take formal action on the audit note at the Nov. 18 meeting beyond approving a separate small bookkeeping transfer to correct hangar revenue accounting.

The finance update also referenced the city's ongoing work moving investments and related administrative steps after transferring funds from a trust account to a municipal bank relationship.