02/21/06 — MEADVILLE TRIBUNE
CONNEAUT LAKE — Conneaut Lake Park still has a lot of red ink on its books, but recent reviews of the park’s finances show it’s not as debt-filled as officials had previously estimated.
Instead of being roughly $2.9 million in debt, officials are now estimating the park’s debt is about $2.1 million.
But it wasn’t a magic wand that made around $848,000 in listed debts disappear, Leroy Stearns, court-apponted overseer, and General Manager George Deshner said at a packed-house meeting on the park’s future Monday.
Reviews of the park’s financial records over the past several months have shown dual entries on multiple occasions and listings of bills which in fact have already been paid, according to Stearns and Deshner.
Among errors found were:
n A 30-year PENNVEST loan of $426,000 listed twice.
n Past payroll liabilities for $13,225 listed in error as the liabilities were handled through a transfer from the general account to the payroll account.
n An outstanding debt listed for $150,000 to Lakeview Ford. That debt was repaid in three installments in 2004.
n An outstanding loan for $50,000 to First National Bank listed as an outstanding debt. That loan was rolled over into a separate $250,000 loan with the bank. The debt list had two loans for the bank — one for $50,000 and the second for $250,000. Thus, the $50,000 figure was included twice.
n Certificates totaling $174,000 listed as a collective figure to be paid, then listed in other individual vendors’ accounts, meaning that figure too was duplicated.
n A $20,000 loan from Meadville Area Industrial Commission remained listed as outstanding despite the fact it had been paid. Stearns noted the park does still owe MAIC roughly $25,000 from another loan.
Reviewing the park’s current $2.1 million debt owed, Stearns and Deshner said $810,000 of that sum is for payment of two major bills.
The first is a PENNVEST loan of $426,000, a 30-year low-interest loan to upgrade the park’s sewer system. That loan was made to the Conneaut Lake Area Municipal Authority with an agreement that the park will pay the authority monthly payments.
In addition, the park owes back real estates property taxes of $384,000.
Deshner said Monday he is still reviewing all park records and making contact with individual vendors to determine the exact amounts of money that may be owed for past services. He said there could be some instances where the vendor is owed more than is listed in the park’s accounts payable file, so financial numbers could vary in the future.
The 114-year-old local amusement park has been under court supervision since it was declared a charitable trust in 2004.
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Park not as debt-filled as officials previously estimated.
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