NORWAY — Town Manager Dennis Lajoie said Thursday afternoon Norway is in “good financial shape,” based on a visit from the town’s auditor.

Lajoie said auditor Timothy Gill told the Board of Selectmen, “Compared to other towns your size, you’re doing very well.”

Lajoie said the town has kept its property tax collection rates around 94 percent for the past five years, a number that the auditor considered good.

“He said that some towns might be a little bit higher and that a lot of them are in the 80s,” Lajoie said.

The auditor also said the town’s unassigned fund balance, which Lajoie said roughly translated to “the town’s rainy day fund,” was larger than usual this year.

The town’s tax revenue was also greater than normal due to an increase in the number of vehicle registrations, Lajoie said.

“The auditor said that when the economy is in an OK spot, more people buy cars, and when more people buy cars, more people register, which means more tax revenue,” Lajoie said.

 


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