John Mack - Newtown Supervisor
Finances Category

How's the Newtown Township Financial Garden Doing?

Budget season is upon us! The draft 2019 budget is currently being worked on by Newtown Township officials and will be presented to the Board of Supervisors (BOS) for discussion at a public meeting later this month. The public, as always, is invited to attend this meeting. Refer to the Events calendar to find out when this meeting is scheduled.

Meanwhile, two financial reports were presented to the BOS at the September 26, 2018, public meeting:

  • 2017 Audit Report
  • Newtown Township Finance Committee Report

The 2017 Audit Report

Edward Furman, a partner at Maillie, LLC, presented a summary of the 2017 audit to the Newtown Board of Supervisors at the September 26, 2018, public meeting. Furman's opinion can be summed up thusly: "As long as non-resident Earned Income Taxes are not severed, all is well in the Newtown Township financial garden."

Some Data

The following table is a summary of the 2017 Government Funds Revenue vs. Expenditures as reported in the 2017 Annual Audit. Refer to the complete audit here

 

Finance Committee Report

Jack Brod, Chair of the Newtown Township Finance Committee (NTFC), presented the Committee's first-ever report to the Newtown Board of Supervisors. The major point made by the NTFC is that the Township is "rapidly approaching [a] fiscal precipice." Some recommendations made by the Committee include the need for benchmarking, implementation of a multi-year planning and budgeting cycle, and increased public education and awareness of the Township's financial issues.

The Committee's Report

The September 20, 2018, report is based on a preliminary and limited analysis of Township budgets and financial documents by committee members. It represents the Committee's first attempt to identify:

  1. potential fiscal issues and concerns;
  2. needed benchmarking of township services, staffing, income and expenditures against other municipal governments and accepted standards; (3) possible implications of the fiscal issues we have estimated; and
  3. initial recommendations for future consideration and actions.

Download the complete report here.

Posted on 01 Oct 2018, 10:51 - Category: Finances

Volunteer to Serve on the Newtown Finance Committee

It is the mission of the Finance Committee, in cooperation with the Board of Supervisors and the Township Manager, to make recommendations to the Board of Supervisors related to matters associated with finance, budgeting, debt service, investments and long-range planning. The Committee may perform such other functions as requested by the Board of Supervisors from time to time. The Finance Committee shall meet as need be, but at least quarterly, at a time and date to be published in the public meeting notices of Township meetings.

If you are interested in serving on this committee, please send a Letter of Interest and/or resume by February 15, 2018, to Olivia Kivenko, Administrative Assistant to the Township Manager, Newtown Township Administrative Offices, 100 Municipal Drive, Newtown, PA  18940, Fax:( 215) 968-5368 or email oliviak@newtownpa.gov

Find more details about the mission, residency requirements, term, and the powers and duties of this committee here.

Posted on 27 Jan 2018, 11:23 - Category: Finances

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The opinions expressed here are solely those of John Mack and do not represent the opinions of any other person or entity.
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