Township’s assets exceed liabilities by $18.9M, includes fund surpluses
By Rick Marts, Staff Writer, The Times
KENNETT — Township Manager Lisa Moore reported Monday night in her quarterly financial report that the township continues to be in a very healthy financial state, with assets surpassing liabilities by $18,912,124.
Almost half of this positive balance is in the township’s General Fund, which is fed primarily by local enabling taxes and is used to fund township wages and benefits, fire and emergency services, and general government and police expenses. An observation from the floor referred to the fact that the township carries no long-term debt and, in fact, does not even have an account called “long-term debt.”
Other significant components of the township’s assets include the Open Space Fund, valued at $2.8 million, and the township building, valued at $2.5 million.
Moore’s financial presentation went on to preview the township’s 2014 annual budget by providing projected revenues and expenses for the budget’s six major funds: Capital (new for 2014), General, Library, Open Space, Sewer, and State. She also discussed the township’s new Capital Plan that looks out 20 years to forecast large spending for items such as donations to firehouses and replacement costs of items like road maintenance vehicles.
The capital plan is the product of the recently created Business Advisory Committee, whose role is to provide financial assistance and expertise to the township supervisors and manager.
“This is a wonderful committee, and it has been very useful to us in developing our budget and long-range capital plan,” Moore said.
More information on the township’s financial budgeting and planning can be found at www.kennett.pa.us/geninfoBudget.html .
In other news, Moore provided an update on the Penns Manor town house development located near the intersection of West State Street and Mill Road. She said the roads are now paved, the street lights are going in, and the sidewalks will soon be completed.
Board Chairman Michael Elling offered a motion to approve the new budget overage policy recommended by the Business Advisory Committee. The new policy has been on the website for review and comment and would require board of supervisors approval for expenditures that would exceed 10 percent of any budgeted amount or that would exceed a minimum of $5,000 per line item. The motion passed unanimously with no discussion.
John Haedrich, representing the township’s Planning Commission, asked the supervisors for additional guidance related to their charge that the Commission review and fine-tune the newly enacted (Sept. 8) gun ordinance. This ordinance has been controversial—not only among the supervisors but also with the public — but safety concerns prompted supervisors to approve a version of the measure earlier this year.
“We find that we need additional guidance on the scope of what you want us to do,” Haedrich said.
Elling did not provide specific additional guidance at that time. Moore noted that a second public hearing on the ordinance scheduled for December has been postponed until January. (To see public comments on the draft ordinance, visit www.kennett.pa.us/geninfoOrdinances.html .)
