The Buckingham Township Auditors presented their audit for 2009 to the Buckingham Township Board Supervisors Tuesday evening, Feb. 2nd.
Presented by Auditor Rick Hoff, “the Township remains in a strong fiscal position even though in 2009, the Township purchased a new plow truck for $140,000 utilizing much of the accumulated capital reserve.”
He continued that “the Township finished the 2009 year with $165,000 in the combined accounts, a 46% decrease from the prior year end total of $305,000. This is due to the expenditure on the truck and a decrease of 80% in the amount of transfer tax revenue received by the Township, from about $41,000 in 2008 to about $8,000 in 2009.”
Hoff also stated that Secretary/Treasurer Laurie Travis’s records are in order and balanced to the dollar.
As recommended in the 2008 Auditor’s Report, the majority of the Township's general funds were kept in a higher yielding PLGIT account during 2009. The Auditors suggest that in the future all general fund expenditures be paid from a single commerical bank account and that the funds kept in the higher yielding PLGIT accounts are only used for interfund transfers.
“We found that the practice in 2009 of expenditures being paid out of both the commercial bank general funds account and the PLGIT general funds account to be confusing,” explainded Hoff. “We also note that interest rates paid on the various accounts should be regularly monitored as they fluctuate and that the bulk of the general funds accounts should always be kept in the highest yielding accounts.”
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The Buckingham Township Auditors presented their audit for 2009 to the Buckingham Township Board Supervisors Tuesday evening, Feb. 2nd.
Presented by Auditor Rick Hoff, “the Township remains in a strong fiscal position even though in 2009, the Township purchased a new plow truck for $140,000 utilizing much of the accumulated capital reserve.”
He continued that “the Township finished the 2009 year with $165,000 in the combined accounts, a 46% decrease from the prior year end total of $305,000. This is due to the expenditure on the truck and a decrease of 80% in the amount of transfer tax revenue received by the Township, from about $41,000 in 2008 to about $8,000 in 2009.”
Hoff also stated that Secretary/Treasurer Laurie Travis’s records are in order and balanced to the dollar.
As recommended in the 2008 Auditor’s Report, the majority of the Township's general funds were kept in a higher yielding PLGIT account during 2009. The Auditors suggest that in the future all general fund expenditures be paid from a single commerical bank account and that the funds kept in the higher yielding PLGIT accounts are only used for interfund transfers.
“We found that the practice in 2009 of expenditures being paid out of both the commercial bank general funds account and the PLGIT general funds account to be confusing,” explainded Hoff. “We also note that interest rates paid on the various accounts should be regularly monitored as they fluctuate and that the bulk of the general funds accounts should always be kept in the highest yielding accounts.”
