Kennett Township is really a bank
09/03/2014 07:21PM ● Published by Lev
By Uncle Irvin
Kennett Township has released a six-month 2014 financial report compiled by township manager Lisa Moore.
Kennett Township supervisors should be commended for preparing and making public a six-month report which is not required by the state. It is interesting to note that the new regime, led by supervisor Scudder Stevens, is continuing to run the township like a bank.
The township's net income for the first six months was $244,000, and they are on target for a year with another large surplus. Kennett Township annually collects around $1.2 million in taxes and has an operating surplus of $120,000 -- that's a 15 percent surplus.
Moreover, the township has around $12 million sitting in a bank account slush fund, $700,000 of which is not even FDIC-insured.
Kennett Township has become a gigantic cash machine instead of having maybe a more modest surplus of one year of operating expenses, like most municipalities. Apparently, Kennett Township taxpayers prefer to “donate” excess money to the township instead of keeping more of their property tax and earned-income tax, or donating it to a charity.
At the very least, Kennett Township taxpayers should be issued shares in their private bank.