Town of Phippsburg 2012 Annual Report

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2012 ANNUAL REPORT MANAGEMENT DISCUSSION AND ANALYSIS (Note: Comparison information from FY 11 is included in this Discussion) TOWN CATEGORIES & EXPENSE ACCOUNTS The Town currently divides funding into the following Categories and Expense Accounts (Audit Schedule A-4). The Revaluation and FEMA Emergency accounts have been eliminated for FY 2012 and new accounts are noted with an asterisk *. General Government - Salaries, Parking Enforcement, Administration Insurances and Benefits, Town Administration, Assessing, Selectmen’s Contingency, Consulting, Town Hall Maintenance and Capital Reserve, ADA Capital Reserve, Comprehensive Plan, Legal, Planning Board, Public Community Access Television (PCATV), Conservation Commission, Abatements, Town Lands Management, Computers & Communications Capital Reserve, Town Hall Improvements (Bond)*, and Computer (Bond)*. Highways and Bridges - General Roads, Special Road Maintenance, Winter Fund, Tar Fund, Road Improvements Capital Reserve, Town Landings Maintenance and Capital Reserve*, Basin & Parker Head Road construction (Bond)*, Town Hall Recycling Pad (Bond)* and Debt Service (Clifford Road paving & Projects Bond*). General Assistance - Assistance to those in need. Special Assessments - County Tax (determined by municipal state valuation), Regional School Unit #1 Education Tax (cost share formula for local share is 1/3 municipal population, 1/3 municipal state valuation, 1/3 municipal school enrollment), Overlay. Public Safety - Animal Control, Police Operations, Fire/Rescue Mileage, Fire Department Operations, Fire/Rescue Capital Reserve, Fire Department General, Ambulance, Harbor Commission, Shellfish Conservation, Emergency Management, E-911, Police Capital Reserve, Police Vehicle (Bond)*, Bike Rodeo Safety, and VOA Work Program. Libraries, Recreation and Public Agencies - Totman & Patten Free Library Operations, Totman Library Capital Reserve, Recreation Commission, Cemetery Improvements, donations to Public Agencies, Historic Preservation, Murphy House, 200 th Celebration Committee*, Lemont Memorial*, Totman Library Paving (Bond)*. Unclassified - Center Pond Alewives. Health and Welfare - Goodwill Donations, Transfer Station, Transfer Station Capital Reserve, Town’s Septic System Loan Fund, and New Meadows Watershed. Capital Reserve Accounts - The Town maintains Capital Reserve (savings) accounts that accumulate from year to year for funding high cost items, such as vehicle replacement. These include the accounts noted in the listings above as “Capital Reserve”. 184
TOWN OF PHIPPSBURG GOVERNMENT-WIDE FINANCIAL ANALYSIS Net Assets Net assets (Audit Exhibit A) may serve as a useful indicator of a government’s financial position. In the case of the Town of Phippsburg, assets exceeded liabilities by $7,997,698 at the close of this fiscal year (last year it was $7,874,015). The largest portion of the Town’s net assets, $5,856,113 (last year it was $5,620,429), reflects in capital assets (i.e. land, buildings, machinery, equipment and infrastructure), less any related debt used to acquire those assets that is still outstanding (which for this year only includes the Clifford Road paving bond). The Town uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Town’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the Town’s net assets represents resources that are subject to how they may be used (i.e. capital funds, such as those set aside for fire and rescue vehicles, road improvements, police vehicle, buildings, computer/communications, and bond payments). The remaining balance of unrestricted (unassigned) net assets, $1,456,756 (last year it was $1,567,669), may be used to meet the Town’s ongoing obligations. At the end of the current fiscal year, the Town is able to report a positive balance in the net asset of all activities (Audit Exhibit B). The Town’s net assets (Audit Exhibit B) increased by $123,683 during the fiscal year (last year it was an increase of $146,273). FINANCIAL ANALYSIS OF THE GOVERNMENT’S FUNDS The focus of the Town of Phippsburg’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the Town’s financing requirements. In particular, the undesignated fund balance (surplus) may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year. As of the end of this fiscal year, the Town’s governmental funds (Audit Exhibit C) reported combined ending fund balances of $2,452,607 (last year it was $2,110,996). Approximately 51% of this total amount, $1,242,779, constitutes undesignated (surplus) fund balance (last year it was $1,350,081 for 64%). The remainder of the fund balance is restricted to indicate that it is not available for new spending because it has already been committed for capital projects (i.e. future purchase of Fire or Ambulance vehicles) or carry forward operating accounts. There was a decrease in overlay (Schedule A-5) of $54,957 (last year the overlay was $141,043 and this year it was $86,086). $777,412 of the deductions from the undesignated fund balance (Audit Schedule A-3) consisted of funds the townspeople voted to: appropriate from surplus to reduce taxes ($650,000), provide for abatements ($15,000), provide additional funding for the Town Administration Account ($1,000), provide additional funding for Transfer Station Operations for removal of wood chips and building debris ($13,000), provide additional funding Transfer Station upgrades ($94,000), re-appropriate funds for the Septic Account that had mistakenly 185
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Town of Phippsburg 2012 Annual Report

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