The Middletown Township Bucks County Board of Supervisors meeting on July 17, 2023, featured a comprehensive financial report for the second quarter of 2023, presented by Ms. Bendari. The report highlighted the township's positive financial standing, with revenues at 66% of the target and expenses at 34%, indicating a healthy balance between income and expenditures.

Ms. Bendari noted that the township's revenue is primarily driven by Earned Income Tax (EIT), increased interest rates, and service revenues from parks and recreation, which have exceeded last year's figures. Despite the implementation of EIT taxes by neighboring municipalities, the township has managed to maintain stable revenue levels, largely due to salary increases contributing to higher tax collections.

The financial report compared the second quarter of 2023 to the same period in 2022, revealing a 3% increase in revenue when adjusted for prior year ARPA funding. This increase is attributed to stronger-than-expected EIT collections and higher interest earnings from investments. On the expense side, the township is on track, with a 2% increase compared to last year, significantly lower than the anticipated 15.8% increase due to wage adjustments and rising costs.

In addition to the financial overview, Ms. Bendari provided insights into the township's capital projects, noting that revenue from grants has exceeded expectations, contributing to a capital fund revenue increase of 112%. However, many capital projects are still in the early stages, with expenses currently at 25% of the budget.

The meeting also included discussions on the township's pension plans, which have shown gains of 6.3% for non-uniform employees and 6.1% for uniform employees, reflecting the stabilization of the market and rising interest rates.

Overall, the financial outlook for the remainder of 2023 appears stable, with expectations to remain within budget. The board will continue to monitor revenues and expenses closely as the year progresses. The meeting concluded with a transition to discussions on capital improvement projects, emphasizing the importance of ongoing funding and project management for future developments.