Daniel M. Lay, Managing Director, from H.M. Payson told Wiscasset selectmen Tuesday night the town closed out 2015 with a market value of $12.64 million in its investment portfolio.

Kay acknowledged there had been recent volatility in the stock market. Over the last six months the town’s portfolio lost $872,564. The decrease Kay explained was due to the drop in oil prices and commodity losses. On the positive side he said, that the town’s investments have increased every year except the current one.

If the stock market’s troubles continue, Kay said the town portfolio will suffer as well. The good news he added is that oil prices look as if they’ve bottomed out. He said Wiscasset was wise in adopting a policy of spending only a portion of the interest earned on the investments. The percentage has been roughly half the amount the town has earned in annual interest on its investments averaging between six and eight percent.

Audit reviewed

Selectmen also heard a financial review from Chris Backman from RHR Smith & Co. An audit of the 2014-2015 books revealed a number of overdrafts including the fire department budget. Backman said funds were available to cover all of the overdrafts.

In response, Selectmen’s Chairman Ben Rines said the town needed to keep a closer eye on all of its accounts including departmental budgets.

Backman said there were ways the town could simplify its budget. Selectmen plan to discuss this with him in greater detail at a future meeting.

Roofing bids opened

The board opened nine community center roofing bids. Prices for doing the entire building ranged from  $187,900 to  $290,118. The bids will be reviewed with Wright-Pierce, the town’s engineer before the contract is awarded. Selectmen may choose to do the project in phases.

Selectmen renewed the contract for the real estate listing of the former primary school building. The board will also meet with its real estate agent in executive session to discuss an offer on a piece of town-owned property on Route 1.

The board turned down a request to take $500 from the Carl Larrabee Fund to cover the cost of a guest musician at Wiscasset Middle High School’s Diversity Day. According to stipulations of the trust, monies must be spent on the school department’s band or music program. The vote was 3-1-1.  Selectman Jeff Slack voted in favor of allowing the expenditure and Selectman Judy Colby abstained.

Town Manager Marian Anderson announced Ted Snowdon was hired as town mechanic and Preston Dunning as harbormaster. Anderson noted the salary is an issue in the hiring of a new EMS director since it’s very low as far as what the market demands.

MDOT will present an overview of their proposed downtown traffic improvement plans 6 p.m. Tuesday, March 8. The meeting will be held in the community center gym.