Jay board reviews audit report

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JAY – Monday night the Jay Selctboard heard from Ron Smith who reviewed the audit report with board members.

Ron Smith, who has just completed an audit of the town’s finances praised the board’s financial decisions and position. Smith told the board that the town of Jay has an above average financial position in comparison with other towns, partly because of the Town’s relationship with the mill.

“You have good foresight and reserves,” said Smith.

The town currently has two million dollars spread across various reserves accounts that contribute to the maintenance of projects, such as maintaining the sewer plant.

The Board unanimously voted to approve changing of the debt service finacianing for the North Jay Sewer Project. This will change the loan from interim financing to “level principal” financing.
This will keep the payments relatively the same for the duration of the loan and it will end up saving the town $5,000 over the course of the loan payment.

The first year of payment will be slightly higher, at $94,539.84, which is $4539.84 over what the town budgeted for. To cover the cost the town plans to keep a remaining balance in the Sewer Department budget.

The Board also discussed bids for converting to efficiency lights in the town office.

The two types of options for converting were to simply change the bulbs or to change the bulbs along with the light fixtures themselves. Just changing the bulbs will cost less, but won’t have the same long term savings. The board decided to go with the $9800 option of changing both the fixtures and the bulbs.

This investment will come out of the operating budget and the savings from the change will pay for the costs in three years time.

The Board signed a public notice for the hearing on the appointment of Jay resident, Benjamin Lower to the town’s planning board. In accordance with the environmental ordinance this must be done at least 14 days prior to the hearing.

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