Report of the Treasurer for Fiscal Year 1999

My first full year as your Treasurer has been a learning and very challenging experience for me, but at the same time a rewarding one for the taxpayers and myself as I will explain in this report.

The first step was to look at all the predictions of cash flow and find where savings for the town could be made. I found that many bank accounts were yielding low rates of interest. I was able to communicate with the banking officials to raise these rates. For instance, the operating account was earning .50 per cent. Working cooperatively with banking officials, I was able to place this account into a business checking account. It is now earning 2.50 per cent interest. I have invested receipts into a Municipal Money Market Account, which yields 4.69 per cent, rather than interest rates as low as 3.50 per cent.

The Department of Revenue instantly approved my cash flow statement. The cash flow predictions I made enable me to borrow short term, as needed, thus saving $22,000.00 + of interest cost for the taxpayers. The previous year borrowing was for a long term. Cutting cost where and when I could did take a lot of planning and time, but the way I look at it, I am a taxpayer too, and I like doing business this way -- "saving our Tax Dollars".

As I stated in my campaign letter to you, "If the tax bills go out on time and the predictions are correct, Interest Expense should not be on going for the taxpayers".

The Education Assessments were also paid on time, thus a saving of Interest Expense to the School Districts, which translate again into a saving for the taxpayers.

Corrections were made to the employee deductions (i.e.: Health Insurance and County Retirement), and they are now in compliance with the Employee Policy.

I have computerized all Formats for the Treasurer’s Records giving instant information to those who request it. The Town Accountants, all of them, approved of my Formats, and we work in a very cooperative relationship. The Town Accountant’s and Treasurer’s records are in balance, and we intend to keep it that way.

When I was elected it was my desire to have a full Audit done, as it would be for anyone new in a position where monetary responsibilities are the key factor, but it was not allowed. Many of the "unknowns" account matters could have been identified had there been an Audit, however, I shall continue to correct these issues as they arise.

Listed below are the Trust Funds Balances in custody of the Treasurer as of June 30, 1999:

Sumner Taylor School Fund

$ 3,078.45

Jesse Foster School Fund

$ 1,215.53

Samuel P. Gates School Fund

$ 19,833.76

Roxanne Robbins Chapel Fund

$ 63,074.03

Perpetual Care Cemetery Fund

$ 64,808.28

Sales of Lots Fund

$ 25,826.09

Stabilization Fund

$ 104,106.68

Total

$ 281,942.82

I thank all the "Team Players" at Town Hall, and the community for their support, and I am looking forward to another good year of -- "saving our Tax Dollars".

Respectfully submitted,

G. Lillian Whitney, Treasurer