7998-R1_ML&P_Hollis_2020-2021_AnnualReport_Web

Unrestricted net position - the part of net position that can be used to finance day-to-day operations without constraints established by debt covenants, enabling legislation or other legal requirements - increased to a balance of $4,397,786 at the end of this year for governmental activities.

Table 1 Town of Hollis, Maine Net Position June 30,

Governmental Activities

2020

(Restated)

2021

Assets Current Assets

10,648,260 $ 10,251,387 20,899,647

9,090,396 $ 10,343,923 19,434,319

Noncurrent Assets - Capital Assets

Total Assets

Deferred Outflows of Resources Deferred Outflows Related to OPEB Total Deferred Outflows of Resources

22,523 22,523

19,841 19,841

Liabilities Current Liabilities Noncurrent Liabilities

353,651 2,200,074 2,553,725

374,870 2,480,172 2,855,042

Total Liabilities

Deferred Inflows of Resources Prepaid Taxes Deferred Inflows Related to OPEB Total Deferred Inflows of Resources Deferred Revenue

8,831 51,584 23,977 84,392

7,059 14,310 28,368 49,737

Net Position Net Investment in Capital Assets

7,851,387 6,034,880 4,397,786

7,643,923 5,152,749 3,752,709

Restricted Unrestricted

Total Net Position

18,284,053 $

16,549,381 $

Revenues and Expenses Revenues for the Town's governmental activities increased by 6.71%, while total expenses increased by 5.90%. The largest increase in revenues was in grants and contributions not restricted to specific programs. The increase in expenses was mainly due to public works and education.

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