MEXICO – Town Manager John Madigan said Mexico ended its fiscal year on June 30 with a surplus of about $200,000 and only 92 percent of the year’s budget spent. Revenues for the year came in at 104 percent.
The rosy revenue picture means that when the tax rate is set next month, it will decrease to about $27.30 per $1,000 valuation, down from last fiscal year’s $28.50 per $1,000 valuation, Madigan said.
When he took over the reins of the town a year ago, Mexico had only $90,000 available, and money had to be borrowed to bridge the gap until property taxes started coming in a few months later.
This year, he said the town has just over $500,000, including reserves, and should not be required to take out a tax anticipation note prior to payment of the first half of the year’s taxes by residents in October.
“We’re in good shape,” said Selectman George Byam. “It’s amazing how John put these (numbers) together a year ago and then came out as good as it did.”
Madigan had set a goal of three years to build up a $300,000 surplus, the amount recommended for a town the population of Mexico. He said at Wednesday’s board meeting that he expects to reach that goal a year early, anticipating the $300,000 by the end of the just-started fiscal year.
He said he expects the town’s reserve accounts to also be increased by $90,000. But he won’t be completely sure of the numbers until the annual audit is conducted later in the summer.
Keeping a close watch on municipal costs and lowered SAD 43 monthly payments helped bring the books in line, he said.
In a related matter, the board signed a one-year contract with Madigan for 2006-07 at an annual salary of $53,560, up from $52,000 during the past year.
Also on Wednesday, the board viewed an antique weathervane donated by Todd Wardwell for use atop the new gazebo. Donated labor was used during the past few weeks by River Valley Home Improvements to build the gazebo in a grassy triangle located in the municipal parking lot at the rear of the town office.
Lucien Arsenault donated two picnic tables for the site. Madigan said he is looking into the possibility of extending electrical power to the gazebo.
Plans are to use the gazebo as a centerpiece for concerts and community events.
Comments are no longer available on this story