Middletown Township is set to enter 2024 with a robust financial foundation, as highlighted during the Bucks County Board of Supervisors meeting on November 13, 2023. The proposed operating budget stands at $41.9 million, with a capital budget of $6.9 million, reflecting a commitment to maintaining essential services while addressing ongoing financial challenges.

Despite a strong beginning fund balance exceeding $59 million across all funds, officials noted that expenditures in the general fund continue to outpace revenues. This year, the township plans to utilize $1.9 million from its fund balance to balance the budget, a strategy employed in previous years to ensure fiscal stability. The general fund, which primarily covers salaries, benefits, and pensions—accounting for 88% of its budget—faces pressures from rising costs without corresponding revenue increases.

The township's financial health is underscored by its triple-A bond rating and recognition for excellence in financial reporting, with the township receiving both the distinguished budget award and the financial reporting award for nearly two decades. These accolades reflect the township's prudent financial management and commitment to transparency.

Key discussions during the meeting also focused on the township's fire services, which have undergone significant changes. The introduction of paid firefighters and a new fire apparatus fund aims to enhance emergency response capabilities while supporting volunteer fire companies. This shift is expected to impact real estate taxes, as funding for these initiatives will be sourced from the newly established fire protection fund.

In terms of revenue, the earned income tax remains the largest source, contributing 36% of general fund revenues, while real estate taxes account for 14.6%. The township anticipates stable revenues from various sources, including amusement and mercantile taxes, despite fluctuations caused by external factors like the recent auto strike and the impact of the COVID-19 pandemic on local businesses.

As the township prepares for the upcoming year, officials emphasize the importance of maintaining a balanced budget while addressing community needs. The next steps include finalizing negotiations with the police union and filling key staffing positions to enhance service delivery. The township's proactive approach to budgeting and financial management positions it well for continued growth and stability in 2024 and beyond.