Gary Stone, vice president-portfolio manager for First Advisors, the Trust and Investment Service division of First National Bank, presented the Boothbay Harbor Board of Selectmen with a 2016 year-end report on the town’s investment portfolio.

"I couldn't be more pleased and I think you will be, too," said Stone, at the board’s meeting Monday, Feb. 27. He said the portfolio had yielded returns in excess of four percent. The portfolio has 75 percent fixed income and 25 percent equity components. The fixed income part represents investments in bond funds, while the equity portion allows a growth component.

Stone explained to the board that the positive yield was due to cooperative equity markets in 2016. “"Both the S&P and Dow were up between 11 and 14 percent," he said. Since the portfolio is predominately fixed income, the lack of a substantial rise in interest rates played a part in the positive yield in returns, he explained.

Board chair Denise Griffin echoed Stone when she told him that yes, the board was pleased to hear the good news.

In other business, Town Manager Tom Woodin reported the town had received a $450 voluntary payment from Boothbay Region Land Trust. Woodin read a message from the trust that read in part, “Every year we make this voluntary contribution based roughly on the state of Maine's open land use program.” The board accepted the donation, in the words of Griffin, “Most readily.”

The board agreed to put William Coll on the budget committee. According to a resume submitted to the board, Coll served in the Navy and worked as a pilot for United Airlines.

Financial Officer Julia Latter reported that the town's revenue to date was $5,653,086; expenses totaled $4,910,929, to date. Latter said the town has spent about 65 percent of its winter operations budget. The bank balance is $2,639,940.94.

The Thistle Inn submitted a request for a special amusement license to play unamplified vocal or instrumental music outside from 5 to 9 p.m Tuesdays and Thursdays. Board members noted that a diagram supposed to have been attached to the proposal had been left off. They voted to accept the Inn's request for the license pending receipt of the diagram, as well as a start date for the activity.

After an executive session with human resources consultant Annalee Rosenblatt, Boothbay Harbor selectmen voted to raise Woodin's annual salary from $79,560 to $86,000. According to Griffin, the board reviewed a wide variety of town managers’ salaries in Maine, including many other coastal tourist towns with similar populations.

“Since it had been more than two years since the board had adjusted the town manager’s salary, it was clearly time to do so. We had an extremely successful year in 2016 implementing new programs and hope to continue that this year,” Griffin said.