According to town auditor Fred Brewer, Boothbay Harbor is financially “in pretty good shape. You're consistent, and as an accountant that's what I like to see.”

Brewer gave a brief report to the town selectmen at their regular meeting on Monday, Nov. 9. According to his report, the town's finances are trending similarly to last year’s with the only notable change a slight uptick in parking revenue from $102,022.16 to $106,480.11.

While the town budget has increased slightly for the past four years, taxes have remained fairly steady and the undesignated fund balance has continued to grow. Selectmen took $250,000 out of the undesignated fund for taxes last year to keep property tax costs down for residents, and due to smart spending by the town's departments, a total of $280,000 was placed back into it.

“So you ended up adding $30,000,” Brewer said.

It was only a few years ago, in 2007, that Boothbay Harbor was in dire financial straits with an undesignated fund balance of negative $2,299, which has now grown to a positive $1,732,292.58 through careful budgeting and multiple controls in place.

Selectman Wendy Wolf asked about the controls in place at the town office when it comes to handling money. The town’s financial officer, Julia Latter, was in attendance and explained that for processing payroll and accounts payable, there are two people minimum involved, either her and town clerk Michelle Farnham or her and assistant town clerk Trish Fallon. She explained some simple rules, policies and procedures that are in place allowing for good internal controls at the town office, such as not being allowed to wait on relatives, separate cash drawers, numbered receipts and daily audit receipt reports that are performed. These measures would allow for any discrepancies to be traced. 

“There is a segregation of duties to protect everyone,” Latter said.

Brewer agreed. “The more eyes that look at everything, the better off we are,” he said.

Vice Chairman William Hamblen thanked Brewer and Latter for their work.

“Oh it was a lot of fun,” Brewer said as he left the room.

“Only for an accountant,” Hamblen replied.