Kennett Township's assets nearing $24 million
05/03/2016 01:09PM ● Published by Richard Gaw
A 12-month financial report for 2015, presented by Kennett Township Manager Lisa Moore on April 20, showed that the township's total assets stood at $23,841,668 at the start of this year.
A simple breakdown of the township's assets showed that its current assets stood at $10.6 million, which included $6.1 million in its general fund, and close to $4 million in its open space fund. On the fixed assets side, the value of the township's property, plant and equipment stood at $12.7 million at the beginning of the year.
The township's 2015 revenue was $3.85 million, seven percent lower than the previous year, while its expenses were just short of $4 million, just one percent less than 2014. A look at the township's general fund revealed that taxes in the township totaled $3 million in 2015, which accounted for 78 percent of total revenue.
On the township's liabilities and equity side, there were six primary categories that accounted for 90 percent of all township expenses in 2015. Wages and benefits cost $1.2 million; general government cost $626,511; police expenses cost $304,426; fire and emergency services cost $420,090; road maintenance and repair cost $275,964; and township for the insurance cost $114,669. The remaining $1 million in expenses came from different sources, such as $7888,132 toward the Kennett Bikeway Project and $123,255 toward the township's maintenance garage.
The only primary liabilities currently on the township's books are $86,273 in general liabilities, and a $546,240 loan taken from the township's general fund to its sewer fund. At the beginning of 2016, the township had an opening balance equity of $5.3 million; a net income of $1.2 million; and retained earnings of $16.6 million.
In other township news, the board passed a motion to enter the township into an application to acquire a Transportation Community Development Initiative (TCDI) grant which, if received, would be earmarked toward the creation of a master plan for the Kennett Greenway Trail System and sidewalks. The grant would help increase opportunities or residents to walk or bike, as well as provide active transportation options that would retain the area's rural character and improve the quality of life in both Kennett Township and the Kennett Borough.
The township and the borough applied for a TCDI grant in the amount of $100,000, and if it is received, the township would provide matching funding toward the development of the study, to the tune of half of the grant amount.
Matthew J. Gordon was officially sworn in as the township's newest police officer by Scudder Stevens, the township's board chairman.
“We are fortunate to have the ability to hire someone who has a wealth of experience and will bring a wealth of experience to the municipality,” said township police chief Lydell Nolt. “The community wins here today. After several years in Coatesville, (Officer Gordon) ultimately retired as a lieutenant and then worked as a county detective for Chester County, and moved to the Attorney General's office.”
Gordon's swearing in was attended by several of his colleagues in Chester County law enforcement.
Nolt announced that the police department is now a participant of the county-wide Project Naloxone, a life-saving measure that enables police officers to be trained in how to recognize and reverse opioid overdoses through the administration of naloxone. To date, Nolt said, the program has saved more than 50 lives in the county since it began in late 2014.
To contact Staff Writer Richard L. Gaw, e-mail email@example.com.