Township Finances 'Heatlhy,' Township Manager Says
According to Ferguson, the township has a year-end fund balance of $950,000. The budget had estimated a $680,000 year-end fund balance.
Newtown Township's finances are healthy, Township Manager Kurt Ferguson reported to the Board of Supervisors on Wednesday.
According to Ferguson, the township has a year-end fund balance of $950,000. The budget had estimated a $680,000 year-end fund balance.
If everything comes in as budgeted, Ferguson expects the township to have a fund balance of more than a million dollars at the end of 2013.
The trend of "healthy" earned income tax in February continued through the month, Ferguson said. As of Wednesday, the township has collected $1,083,700 in earned income tax.
"We are in very good shape," Ferguson said.
The Illuminati
8:16 am on Friday, March 1, 2013
Yeah...right. And we are in an "economic recovery" too...
jay sensibaugh
10:17 am on Friday, March 1, 2013
Illuminati,
I understand your pessimism. It is well founded. Over the last six years after two months the township EIT collected taxes were similar to this year (2007- $ 1,009,339) (2008- $ 923,429) (2009- $ 1,048,270) (2010- $1,102,205) (2011- $ 1,256,010) (2012- $1,045,319) and still the last five years had deficient spending that lead to a Moody's downgrade of the township's financial condition. I am pleased that Kurt is optimistic at this point. If we are financially healthy then we should forego the selling off of township assets just to get more to spend.
the VOICE
11:48 pm on Friday, March 1, 2013
Hey Downer JAY, Glad to see you are awake !