PRESQUE ISLE, Maine — Presque Isle municipal officials are pleased to announce that the city has received a dividend check in the amount of $10,659 from the Maine Municipal Association as a result of its good loss experience and loss prevention programs.
Presque Isle City Manager Martin Puckett said, “This dividend came at an opportune time, as all businesses including municipalities are looking at potential losses and budget cuts due to the COVID-19 pandemic.”
The Maine Municipal Association offers three self-funded pools for municipal and quasi-public entities in Maine: the Workers Compensation Fund, formed in 1978; the Property and Casualty Pool, formed in 1987; and the Unemployment Compensation Fund, formed in 1978.
The programs are overseen by governing boards of elected and appointed municipal officials. At its May meeting, the board approved another dividend distribution. Actual allocation and eligibility is based on the individual member’s own loss experience.
Michelle Pelletier, director of risk management services for MMA, said more than 79 percent of the program participants received a dividend his year for their good risk management practices and favorable loss experience.
This year, the Workers Compensation Fund has distributed almost $650,000 in dividends to participants and the Property and Casualty Pool has paid dividends of nearly $600,000 for total payments of just over $1.2 million returned directly to MMA members.
Maine Municipal Association has been paying dividends since 1997, with the programs returning more than $24 million to participating members.
