MOUNT DESERT — In an effort to provide financial transparency to its citizens following a faultfinding financial audit in December of 2007, the town has reported a loss of $19,183 due to multiple issues discovered in the accounting review.
The audit, which led to the resignation of finance director Brent Hamor last June, revealed deficiencies with the town’s financial accounting and record keeping, including a lost bank deposit totaling $14,000 and the failure to transfer $2.3 million in town funds into the correct account. The audit also revealed a host of late payments and inaccurate record keeping, which led to a miscalculation of the property tax rate.
Due to the current economic climate and the decline of the stock market, the failure to invest the $2.3 million in a timely fashion resulted in a probable savings for the town, say town officials. Based on a rough calculation of the town’s investments, town manager Mike MacDonald estimates a savings of approximately $118,000.