Town of Phippsburg 2012 Annual Report

2012 ANNUAL REPORT
Taxes owed to Town as of June 30, 2012: Table T-2
(Audit Schedules A-7 and A-8)
Year Real Estate Personal Property
2012 $215,943 (Receivables) $350 (Receivables)
2011 $36,813 (Liens) $124 (Receivables)
2010 $14,271 (Foreclosed) $109 (Receivables)
2009 $9,425 (Foreclosed) $158 (Receivables)
Prior years $18,746( Foreclosed) $212 (Receivables)
Total $ 295,198 (FY 11 - $275,003) $953 (FY 11 – $997)
Cash and Investments
OTHER ITEMS OF INTEREST
The Town’s cash (Audit Note B) consists of savings and checking deposits with Androscoggin
Bank. This year the June 30, 2012 cash bank balance was $2,462,653 which is covered by
federal depository insurance (last year it was $2,102,832).
Expenditures in Excess of Appropriations (Overdrafts)
During FY 2012 the Town Administration Account expenditures exceeded the total appropriations
by $1,460.47. Last year no accounts were in overdraft.
Fiduciary Funds
These are assets held in a trustee or agency capacity for others. The Town has three funds as
indicated below.
Debery Scholarship (Audit Schedule A-13) - This is a scholarship that was established in 1991
in memory of Helen K. Debery. The income that accrues each year (approximately $200 to
$500 – depending on interest rate) is awarded to a graduating Phippsburg high school student
who is going to college and whose mother was a resident of the Town of Phippsburg at the time
of the student’s birth. Payment is sent during the second semester of studies. The balance in
this account on June 30, 2012 was $11,493 - of which $1,493 is unrestricted (last year the balance
was $11,371 with $1,371 unrestricted).
Winnegance Alewives (Audit Schedule A-13) - This account was established in FY 2006 by the
municipalities of Phippsburg, West Bath, and Bath for the rebuild of the Winnegance Alewife
Fishway. All monies (account balances, appropriations and income) associated with the operation
and maintenance of the Winnegance Alewife Fishway that were held by each municipality
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