Boothbay Harbor’s books look good, according to Town Manager Julia Latter and accountant Fred Brewer. Brewer gave his financial audit report for the fiscal year ending June 30, 2023 to selectmen April 8. Brewer and his team were on site to conduct the audit in October.

According to Latter, Brewer reported the town is in good financial shape, invests well in improvements and has an exceptional tax collection rate, 99.541%, and doesn’t overtax residents. The town’s 2023 budget was $9,481,470 with a $2,100,403 undesignated fund balance and $395,058 in reserves, according to town documents.

In his highlights, Brewer noted the town’s net position increased by $569,527 and its general fund revenues exceeded spending by $272,527. Revenues increased by $615,275 from the previous year, and the town increased its undesignated funds by $146,767 for the 2023 fiscal year end. The report attributed the growth to strong property tax collections, additional funds received from state revenue sharing and parking revenue. According to the town, parking brought in $215,935 in 2023, $21,642 more than 2022. In addition, the report said Fish Pier Enterprise Fund revenues increased by 0.7% from the previous year to $52,164.

Brewer said the town received donations to cover the $1,301,122 cost of the footbridge improvement project, borrowing $1,282,567; The town was also able to purchase $560,075 worth of vehicles and equipment through capital reserves.