By David Fleet
Editor
Groveland Twp. — On Monday night the township board of trustees approved an audit ending March 31, 2023.
The yearly audit was presented by Ken Palka, from the accounting firm of Pfeffer, Hanniford and Palka.
“The township is in excellent financial condition,” said Palka.
The township ended the year with $250,339 of additional fund balance. In comparison, the 2022 fiscal year ended with an additional township fund balance of $360,383. The fund balance is now $6,366,886 which includes the general and infrastructure fund.
The infrastructure account, established in 2009, includes funds earmarked for projects such as road paving, property development and emergency reserves. A transfer from the infrastructure account requires board approval.
“You have some huge projects coming down the pipeline, the board has set it up very nicely to pay for these projects,” said Palka. In addition, the fire department had a good year with a surplus of $55,954. The fund balance is now 1,734,546.”
The building department fund balance is $1,004,517. With the addition of remaining ARPA or federal dollars from COVID the total township fund balance is $9,110,806.
“Overall the township is in excellent financial shape,” he said.
“The building will probably start taking off as the township property gets developed,” said Bob DePalma, township supervisor.
In addition, Palka emphasized the township stayed within the yearly budget
Total revenues the township budgeted were $1,161,579 and the actual was $1,243,404 over $81,825. Total expenditures budgeted $2,423,013 and the actual was $1,197,712 under $1,225,301.
“About $1,200,000 was budgeted for the new fire hall,” said DePalma. “However, that will not transfer out until next summer (2024).”