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Township finance director: bridge operations showing surplus but bond and insurance costs loom
Summary
Financial director told the commission that operating revenue has exceeded expenses so far but large bond interest and insurance payments and accounting transitions will require budget amendments and monitoring.
Teresa McLaughlin, the township’s financial director, briefed the commission on the bridge’s initial fiscal reports and warned that one-time and timing issues make headline numbers misleading.
McLaughlin told commissioners, “The bottom line is that we have revenue in excess of expenditures of $1,300,000.” She immediately added that some receipts recorded at purchase — notably $7.5 million held for engineering work — are bond proceeds not operational revenue and that tag deposits and prepaid bridge-pass balances are not recognized as revenue until used.
Why it matters: the township sold bonds in February 2025 to…
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