The purpose of the Finance Department is to ensure that the financial aspect of municipal government runs efficiently. The Finance Department collects, manages and invests municipal funds under the direction of the Town Manager, to ensure the continuation of consistent, high quality programs and to provide services to the citizens of the Town of Rangeley. The Finance Department consists of the Treasurer/Tax Collector, acting as the Finance Director and Front office Administrator and the Finance Assistant.
Programs and services provided by the Finance Department include, but are not limited to the following:
- Financial Reporting, Analysis, Distribution and General Oversight of Any and All Financial Transactions On a Monthly and Daily Basis: All month end financial reports for the town.
- Property Tax Bills: Updating and maintaining via the computer all tax information on properties by mailing, receipting, collecting, liening, and foreclosing on those properties assessed within the town.
- Excise Taxes: Collection of excise taxes through registrations for vehicles and boats on a daily basis.
- Sewer Bills: Updating and maintain via the computer program all sewer information on properties which use Town sewer, then mailing, receipting, collecting, liening, and foreclosing of those properties.
- Plantation and County Billings: Computing, mailing and collecting the fees for services provided by Rangeley to surrounding communities. These fees are collected on a yearly basis.
- Payroll Processing: For town employees, including weekly distribution of payroll deductions and required tax deposits as well as posting the tax deposits online and filing the necessary tax reports to the state and federal governments. This also includes the bookkeeping tasks associated with these functions.
- Accounts Payable Processing: Paying invoices on a weekly basis. Town invoices paid are about 25 per week.
- Accounts Receivable Processing: Computing and mailing invoices as well as collecting monies that are owed to the town.
- Bank and Reserve Accounts: Maintaining approximately 20 bank accounts, consisting of checking accounts, reserve accounts and trust accounts.
- Trust Accounts - Various Scholarship Programs: Oversees the funding and disbursement of the bank accounts, and submits recommendations for investing excess funds of the Seasonal Friends scholarship.
- Department Finance and Budget Oversight: Oversee the general accounting of each department’s budget by verifying that entries to those accounts are correctly coded.
- Parks and Recreation Programs: Overseeing the receipting of fees for recreation programs and maintain the subsidiary account for fees.
- Registrations: Including boat, ATV, Snow Mobile, etc.
- Licenses: We are able to provide citizens and visitors hunting and fishing licenses.
The town would like to add to the proposal a possible consolidation with our current construction loan of $2.1 million dollars with a current interest rate of 3.3%.
Can I get the last two years audits.
*Audit statements are under "Documents" tab.
Can I get a list of the top ten largest tax payers
*10 Highest Valuations list is under "Documents" tab.
Is the proposed debt qualified as tax exempt?
Who is the Town using as its bond counsel?
The structure appears to be a bond anticipation note followed by a termed out general obligation bond? As I am reading it, the Town wants to draw down for 2 years without making payments and then repay over 10 years?
Yes the it would be tax exempt and our bond counsel is PretiFlaherty. With our current construction loan we had it set up where the first payment was interest only and then proceeding was principal and interest. We would like this to be set up the same with the interest only payment in March of 2021.
What is current draw on $2.1 million dollar loan
What is your interest rate