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, 2014. The township ended the year with $318,926 of additional funds and $74,000 in the black for the fire department’for a total of about $400,000 in additional funds.
State shared revenues to the township increased to $404,925 compared to $397,738 for the 2012-13 fiscal year despite a drop of 11 percent in population in the 2010 Census.
Total for the year ending March 31 included $1,009,733 in revenues, down slightly from $1,031,623 for the 2012-13 fiscal year. Expenditures were $663,305 ‘a decrease from $823,820 for the 2012-13 fiscal year.
The township fund balance grew to $2,381,663 for the 2013-14 fiscal year, up from $1,965,024 in the 2012-13 fiscal year.
In addition, $1.5 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 of the general fund and the infrastructure fund is about $3.9 million this year,? said Palka. The township has a healthy fund balance. The have funding for some large projects set aside for the future. State officials like to see community reserve fund such projects as the paving of Oak Hill Road.?
Some of the infrastructure fund was used on paving about one mile of Oak Hill Road between Kier Road and Dixie Highway. The $2.2 million project will be paid for with 80 percent federal funding, shared dollars from Springfield Township and tri-party funding. In addition, work to the approaches on Perryville, Buckell Lake and Van roads is currently ongoing.
By a 5-0 vote in September 2013, the board of trustees OK’d the sale of 41.8 acres of township property off Shields Road near Dixie Highway to township based Bedrock Express for a new recycling facility for $501,720. Payments for the land purchased have also increased the revenue for the township about $30,000 per year.
In addition, the township natural gas line is now fully paid off. About $66,000 per year is eliminated in expenses.