9358-R3_LGP_MechanicFalls_2024AnnualReport

Budgetary Highlights The only difference between the original and final budget for the general fund was the use of committed fund balance. The general fund actual revenues were over budget by $247,559. This was the result of all revenue categories exceeding budgeted amounts with the exception of property taxes. The general fund actual expenditures were under budget by $102,137. All expenditure categories were within or below budget. Capital Asset and Debt Administration Capital Assets As of June 30, 2025, the net book value of capital assets recorded by the Town increased by $839,300 for governmental activities and decreased by $98,174 for business-type activities from the prior year. The increase for governmental activities was the result of capital additions of $1,132,867, less net disposals of $58,061 and current year depreciation expense of $235,506. The decrease for business-type activities was the result of capital additions of $13,833 less current year depreciation expense of $112,007.

Table 4 Town of Mechanic Falls, Maine Capital Assets (Net of Depreciation) June 30/December 31,

Governmental Activities

Business-type Activities

2024

2023

2025

(Restated) $ 546,916

2024

(Restated) $ 224,240

Land

$ 546,916 93,251 29,225 843,944 533,530 1,323,496 558,544

$ 224,240

Construction in progress Land Improvements Buildings and improvements Machinery and equipment

-

- - - - -

- - - - -

20,314 860,122 612,283 468,324

581,647 4,052,453

4,150,627

Vehicles

Infrastructure

Total

$ 3,928,906 3,089,606 $

$ 4,276,693 4,374,867 $

Debt As of June 30, 2025, the Town’s governmental activities had $115,707 in a bond payable and a note from direct borrowings payable versus $229,485 in the prior year. As of December 31, 2024, the Town’s business-type activities had $85,990 in a bond payable versus $127,978 in the prior year. Refer to Note 7 of Notes to Financial Statements for more detailed information.

11

77