- Associated Press - Thursday, January 7, 2016

LEWISTON, Maine (AP) - An audit of Lewiston’s finances say the city is in solid financial shape despite paying off more than $3 million in Androscoggin Bank Colisee debt 10 years early.

The Sun Journal (https://bit.ly/1JufbLE ) reports the audit says the city ended the 2014-15 fiscal year with $12.9 million in its fund balance. Auditor Greg Chabot of RHR Smith & Co. says improved revenues and lower government spending aided the city.

City Administrator Ed Barrett says the city made the decision to pay down the Colisee debt a year ago. City Council members agreed at the time to use fund balance money to pay off 20-year bonds that were sold in 2005 for Colisee renovations.

Members of the City Council reviewed the financial report on Tuesday night.


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