Groveland Twp.- On Monday night the township board of trustees approved an audit presented by Ken Palka, from the accounting firm of Pfeffer, Hanniford and Palka.
Palka reported on the township finances following the completion of the yearly audit. The board approved the audit ending March 31, 2015. The township ended the year with $393,396 of additional funds. The township fire department fund is $1,239,631 with $164,125 in reserve.
State shared revenues to the township increased to $422,072 compared to $404,925 for the 2013-14 fiscal year despite a drop of 11 percent in population in the 2010 Census.
Total for the year ending March 31 included $974,622 in revenues, down slightly from $1,009,733 for the 2013-14 fiscal year. Expenditures were $667,770 ‘a small increase from $663,305 for the 2013-14 fiscal year.
The township fund balance grew to $2,775,059 for the 2014-15 fiscal year, up from $2,381,663 in the 2013-14 fiscal year. In addition, $1,350,104 million was reported in the 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. The combination of the general fund balance and infrastructure fund is $4,125,163.
Bob DePalma was pleased with the results of the audit.
‘The audit went about as smooth as it could have,? he said. ‘I was thrilled with the report.?
DePalma said that adding about $400,000 to a general fund balance of more than $4 million is necessary in the event funding is needed for an infrastructure improvement to township property near Dixie Highway. In 2013 the board of trustees OK’d the sale of 41.8 acres of township property off Shields Road near Dixie Highway, however, about 150 acres are still for sale.
‘If the right deal comes along and the right company makes an offer we could be in a position to upgrade the property for them.?