ANDOVER—Andover citizen Dick Merrill spoke to the Board of Selectmen about the town’s Comsat Trust, saying that while looking at the figures for the beginning and ending balance for this year [year ending December 31, 2015], he “noticed that we lost $8,021.04.”

After noticing the losses he spoke with Treasurer Barbara Simmons and she created a chart to show the past six years’ beginning and ending balances of the trust’s investments. “In 2010 is when it started going south; since 2010 to 2015, six years, we’ve lost over $61,000 off our principle,” Merrill said.

Seventy-five percent of the interest is put back into the trust and twenty-five percent goes back into the principle, Merrill added. From 2014 to 2015 the principle went down $1,000.00, he said. “That’s a lot of money,” commented selectman Jane Rich.

Following more discussion about the financial losses, the selectmen decided to schedule a meeting with Bangor Savings Bank to discuss possible changes to the town’s Comsat Trust investments. Selectman Keith Farrington said that a two-thirds vote is needed to change the investing guidelines for the town.

Mexico’s Region 9 School of Applied Technology will take over Andover’s school payroll accounts beginning July 1, Treasurer Barbara Simmons informed the Board of Selectmen at their meeting on March 8. She said that the school department was voted in at the Region 9 school board meeting which took place the week prior to the selectmen’s meeting.

“They’re supposed to pick us up on July 1 but there’s a transition period, and Jack [Andover school superintendent Jack Turcotte] will be handling the transition period with them, but as of July 1 we can go right on board,” Simmons said.

She also said that since both Eustus and Andover school departments are going to Region 9 for their payroll accounts services, Region 9 will be able to hire another part-time person for their accounts payable department.

Town Clerk Melinda Averill gave the selectmen the warrant to sign for the upcoming Town Meeting on March 19. She said it would be posted on the town’s web page on Wednesday or Thursday of that week.

Code Enforcement Officer Robert Folsom gave the selectmen an update on Donald Morin’s camp renovations which were made in order to be in compliance with shore-land zoning regulations. Folsom said he felt Morin was now in compliance with the requests to adjust the roof’s overhang and he showed selectmen photos of the camp’s roof and other changes made to the camp.

The selectmen accepted Richard Harriman’s bid of $801 for the Deuce and a Half truck that the town had for sale, noting that it was the only bid that they had received.

[email protected]

Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.