By Shelby Stewart
Staff Writer
Brandon Twp.-On June 4 at the board of trustees meeting, Ken Palka of Pfeffer, Hanniford, Palka CPAs presented the township’s annual financial statements and auditor’s report for the fiscal year ending Dec. 31, 2017.
The board voted 6-0 to approve the audit. Trustee Kris Kordella was absent with notice.
“Overall the township is in a good financial position,” said Palka.
According to the audit for the fiscal year 2016-17 the general fund revenues of $2,257,843 with expenditures of $1,958,639 increased the fund balance by $299,204. The total fund balance is $1,278,755, and $731,191 in the designated ‘rainy day’ fund.
“The audit shows the township general fund to be in a strong position,” said Township Supervisor Kathy Thurman. “Now that our pension is 80 percent funded and OPEB is 87 percent funded we are in a good position to save for capital improvements and other projects needed in the township.”
The current fund balance is at 65 percent funded, meaning 65 percent of the township expenditures could be covered by the general fund.
“I look at the general fund as a checking account and the rainy day as a savings account,” said Thurman. “If you add them together our combined carry forward is over 100 percent of our expenditures.”