Uncle Irvin: Kennett Township trumps Trump
● By Richard Gaw
By Uncle Irvin
Being rich -- filthy rich -- is a daily topic in the American media.
Donald Trump is bragging about being the richest on the planet. No one is arguing with him.
Last week, the richest municipality under 10,000 population unveiled its balance sheet. Even with higher-than-expected spending on the police problem, Kennett Township continues to accumulate more money than they would need to run the township forever just on its half-percent share of the earned income tax.
They easily and responsibly could cut the property tax to zero. They could even give taxpayers back some of their past taxes. Kennett Township collects $2 for every $1 it spends.
As of June 30, Kennett Township had $7.75 million in its general fund, with $800,000 needed to fund the rest of 2015. As of June 30, Kennett Township had $12,650,000 in current assets, with a $5,676,000 investment portfolio with interest rates less than .5 percent.
The question residents should ask is: Is this over-accumulation good for them?
Most taxpayers want their money in their bank account, not the government's. If the state of Pennsylvania, or the USA, was sitting on this nest egg, it wouldn't be there very long.
(Uncle Irvin's column is his opinion only, and is not a news story.)