Township's balance sheet tops $20 million
08/21/2013 08:24AM ● Published by ACL
By Richard L. Gaw
Kennett Township Manager Lisa Moore revealed that the township's total assets now stand at $20.75 million, based on figures she shared during her six-month financial report at the township's Board of Supervisors meeting on Aug. 19.
According to the report, the township's current general fund stands at $13.1 million, with $9.76 million in its general fund, and $2.6 million generated through the township's open space tax. In addition, the township's total fixed assets total $6.6 million, calculated by the value of its property, plant and equipment. On the opposite side of the ledger, the township's liabilities and equity for the first six months of 2013 stand at $893,831.
The township's revenue for the first six months of the year was $1.54 million which, because of the 50 percent reduction in the township's real estate tax, was $83,000 (18 percent) less than last year. Expenses totaled $1.73 million, a 30 percent rise from last year.
The report detailed that 83 percent of township expenses come from six categories: fire and emergency services; township wages; general government expenses; police; roads; and capital expenditures, which Moore said plans to include the purchase of a dump truck, a new gas pump at the maintenance garage, and a new floor at the maintenance garage.
Township police expenses were 156 percent higher than last year, due to the hiring of a new full-time officer and the purchase of a new police vehicle.
The revenue for the township's sewer fund for the first six months of the year stood at $726,000, much of which were from the connection fees received from the Granite Ridge development in the township. Expenses stood at $468,000, while overall, the fund stands at $258,000.
Net income from the township's open space fund totaled $347,000, derived from open space tax revenues that totaled $427,000 and expenses that were tallied at $80,000. As of June 30, the township's open space balance stood at $2.67 million.
Income received from the township's library tax totaled $145,000.