Town of Phippsburg 2012 Annual Report

TOWN OF PHIPPSBURG
were combined into one dedicated account managed by the Phippsburg Town Administrator.
The balance in this account as of June 30, 2012 was $8,950 (last year the balance was $8,420).
Phippsburg Memorial Account (Audit Schedule A-13) - This account was established in 1996
for the construction and maintenance of a Memorial site in honor of veterans who were residents
of the Town at the time of their original enlistment and also for mariners of Phippsburg
who have perished at sea. Funding for this account has been through public donations, which
have been deposited in a dedicated account managed by the Town Administrator. The balance
in this account as of June 30, 2012 was $4,149 (last year the balance was $3,989).
Major Reimbursements, Donations and Grants
Each year the Town receives financial reimbursements and donations for various accounts
and strives to obtain grants to offset the cost of providing services.
Major Reimbursements - None
Major financial donations were:
$5,015 in donations for the Town’s Goodwill Account.
$281 in donations for the Bike Rodeo Safety Account.
$1,634 in donations for the Hatch Point Flagpole (Eagle Scout Project).
$2,305 in donations for the Richard Lemont Memorial Account (for purchase and
installation of a memorial bench in honor of Richard Lemont at Parker Head Landing).
$250.00 in donations for the Memorial Account.
$250.00 in donations for the Historic Preservation Commission.
$250.00 in donations for the Recreation Commission.
$100.00 in donations for the 200 th Celebration Committee.
Major Grants received – None.
Town Employee Pension Plan
The Town participates in the Consolidated Plan for Participating Local Districts of the
Maine Retirement System. It covers employees who work at least 15 hours per week. The system
provides retirement, disability and death benefits. Employees are eligible for normal retirement
upon reaching age sixty and early retirement after completing twenty-five or more years
of credited service. Employees (other than Police) are enrolled in plan (AC) and are required to
contribute 6.5% of their annual salary to the system and the Town contributes 2.8%. Police Department
employees are enrolled in Plan (3C) and contribute 5.3% of their annual salary to the
system and the Town contributes 8%. The Town’s contributions are determined using an actuarial
valuation report prepared by the MSRS. No cash contributions from the Town were required
this year or last year.
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