Recapping city finances
The auditors have come and gone again. The city was once again recognized by the Government Finance Officers Association for Excellence in Financial Reporting, receiving the Certificate of Achievement for the city’s Comprehensive Annual Financial Report (CAFR) for the 18th consecutive year in a row.
Now that the books are officially closed for 2018, it’s time to give you an overview of the city’s finances for the year.
The city took in $22.5 million in revenue for the year:
— $15.0 million came from you the citizens in the form of taxes–$13.3 million in property taxes and $1.7 million in excise taxes;
— $3.35 million came from the federal, state, and local governments; $1.9 million from the state in the form of revenue sharing, tax reimbursements, reimbursements for general assistance, and $1.45 million from the state and federal governments in the form of grants for various capital improvements throughout the city.
— $103,000 came from donations for the community center;
— The remaining $4 million was earned by the city for various services including the secured landfill ($800,000), the airport ($2.2 million), Industrial Rentals ($535,000), the city’s recreational facilities and Library ($405,000), and interest earned ($92,000).
The city paid out $22.56 million in expenses including:
— $12 million to cover the operating costs of the city, including general government ($3.4 million), public safety ($2.7 million), public works ($2.3 million), the airport ($2.3 million) and for the city’s recreational facilities and library ($1.3 million);
— $6.2 million to SAD 1 for its share of the tax assessment;
— $2 million was spent for capital expenditure projects and equipment, including $.4 million for the Riverside/Splash Pad project, $.3 million for street repair, and $1.1 million for airport equipment.
— $723,00 was the cost of operating the secured landfill;
— $731,000 was paid for County taxes; and
— $911,000 was paid in loan payments.
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 in the Finance Department at City Hall to anyone interested in reviewing them. The financial statements will also be posted on the city’s website.
Bradley Turner is finance director for the City of Presque Isle. He can be reached at 764-2517 or email@example.com.