LIMESTONE, Maine — In a meeting held primarily via phone conference, the Loring Development Authority unanimously agreed to accept the 2015 audit report as presented.
Board member Dana Saucier of Wallagrass gave an overview over the phone and brought up a $1,940,715 revenue decrease for the current year.
“You will find the revenue decrease results from cutbacks at Maine Military Authority, increase in expenditures due to bad debt write-offs as well as increased utility costs,” said Saucier.
“This past year, financially, has been a difficult and challenging year for the administration. There’s no question that we have to be mindful of that. However, our overall revenue and cash situation remains positive, but the impact of a decrease for this past year is not a good sign and it doesn’t bode well for the future unless we are successful in bringing about a number of different projects.
“One or two of the projects in the future may stem the tide of decrease going forward into 2015-16. All of us, as members of this board, have to be sensitive to this fact. We have to figure out how to bring new revenue into the picture. We have to stop the bleeding before we can move forward. This is not a dire situation, but it is a serious situation,” he added.
According to Carl Flora, president and CEO of the Loring Development Authority, the 2015 audit report will become publicly available once it is filed with the state of Maine.
