West Paris in strong financial position

WEST PARIS — A 2010 financial audit for the town revealed that it is in a healthy financial position, a contrast to many towns across the state.

The audit, conducted by Hoisington and Bean Public Accountants of Norway, showed that the town had no long term debt commitments and a healthy surplus.

Accountant Lance Bean reported that, despite drops in property tax valuation and depreciation of capital assets, the town has continued to be run at a surplus.

"This year, you budgeted a decrease to your surplus, your fund balance, but in actuality, your fund balance went up 35,000, so you were very efficient," said Bean.

According to the report, $125,000 was allocated from the town's general fund in 2010, going to ease the property tax commitment. Revenues that ended up exceeding budget expectations, however, resulted in the increase.

There were slight decreases to other funds, such as the road construction fund, as a result of investment in capital projects. The most significant of the projects was a road improvement project on Morse Hill that cost about $129,000.

In the end, however, the audit pointed to lack of debt and overall efficiency as strong economic indicators.

"The overall financial picture is that the town of West Paris is in very good shape. You target a surplus of about 25 to 33 percent of your tax commitment, but yours is at 50 percent," said Bean. "The town has no long-term debt."

Currently, he said, the state of Maine allows a town of West Paris's size to have up to roughly $13 million in debt.