Auditor Says Mount Desert Is in Good Financial Shape
MOUNT DESERT—Right before the town heads toward town meeting next week, James Wadman, CPA, gave an efficient review of Mount Desert’s finances through an audit presentation and told the selecboard members that the town is in good shape.
Though there were no members of the public attending or watching via Zoom, Town Manager Durlin Lunt and selectboard members thanked Wadman for his work.
“I think it’s good to do this and go through it,” Wadman said of the 91-page document he presented.
The report has multiple pages of required disclosures. Approximately 30 pages are about pensions and post-employment benefits.
“It says that the accompanying financial statements present fairly in all material respects the financial position of your governmental activities your business type activities, which would be the marina fund, each major fund in the aggregate remaining fund information as of June 30th 2024. So again it's an unmodified or clean opinion,” Wadman said.
So, things are looking good. A clean and unmodified opinion is the goal.
The town’s balance sheet, or net position (page 11) shows all the town’s liabilities and debts of the town. There are $50 million in capital assets (land, building, vehicles, infrastructure assets). They are not in a liquid format and most are only of use to the town of Mount Desert.
“You can’t sell Sargeant Drive,” Wadman said. “You can’t take these infrastructure assets, the buildings of the town and so forth, and sell them for cash flow.”
But those assets are included in the report.
Page 13 is really where the financial statements start. The town’s balance sheet shows all the governmental fund and the unassigned fund balance of $3,637,174, which is the surplus. The town has stayed pretty consistent in that range, Wadman said.
“You’re in a healthy financial position,” Wadman said. “You’re showing strong budgetary control.”
Wadman also praised MDI RSS Business Manager Nancy Thurlow, calling her “extremely qualified.”
On May 5, voters can vote in uncontested elections for municipal officers, all are for three-year terms. On May 6, the town meeting resumes at 6 p.m. at The Neighborhood House in Northeast Harbor to vote on 75 warrant articles. The Community Café will provide a free meal at 5 p.m.
The warrant articles involve the budgets, the potential increases for some municipal salaries, and also amendments to the town’s land use zoning ordinance (LUZO).
LINKS TO LEARN MORE
The town’s audit letter is not yet on its website.
TOWN ELECTION AND MEETING DETAILS
Voting begins at 21 Sea Street, Northeast Harbor at 8:00 a.m. and lasts until 8:00 p.m. on May 5.
The open floor town meeting will be at Neighborhood House, 1 Kimball Rd, Northeast Harbor at 6:00 p.m. Tuesday, May 6, 2025.
Food will be served beginning at 5:00 p.m. on Tuesday and is free to the public.
Copies of the town report and warrant are available at the town office and on the town’s website at www.mtdesert.org.
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