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Middletown reports stronger-than-expected Q2 revenue; ARPA still pending
Summary
Finance director told the board Q2 revenue is ahead of budget and higher than Q2 2021, driven by earned income tax, transfer taxes and permits; ARPA funding has not yet arrived and pension returns are mixed.
Middletown Township's Director of Finance, Ms. Bhandari, presented a Q2 2022 financial report showing revenue and expense performance generally favorable to budget but with mixed investment returns.
Key figures from the presentation: year-to-date revenue is at about 64% of the annual target while expenditures are about 34% of the planned amount; year-over-year revenues are roughly $1.2 million higher…
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