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Unaudited Q4 2021: Middletown reports higher revenues, $1M transfer to capital fund and pension gains
Summary
Finance director presented unaudited Q4 2021 results showing revenues above budget—driven by ARPA and stronger transfer and earned‑income taxes—an internal $1,000,000 transfer to the capital fund and pension investment gains reported at about 12% year‑over‑year.
At the Feb. 22 meeting the board received an unaudited fourth‑quarter 2021 financial and pension update from the township finance director (identified in the transcript as Mega Bendari). The director noted the figures are unaudited and still subject to minor change pending the audit.
Key points presented: revenues exceeded budget primarily because of federal ARPA funding and stronger local tax receipts; the director said real‑estate transfer taxes exceeded budget by roughly $1.2 million and earned‑income taxes exceeded budget by about $1.1 million, and the general fund transferred $1,000,000 into the capital fund as planned. The director said total investments had a nominal market‑value decline year‑over‑year due to market movements and that the township is monitoring portfolio performance. On pensions, the nonuniform pension bucket was described as increasing from about $10.6 million to $11.0 million and the uniform side from about $49.0 million to nearly $51.0 million, representing cited investment gains of roughly 12% year‑over‑year.
The director said expense performance was generally better than projected and noted some timing differences on the farm fund rent related to a new lease. The presentation closed with an offer to provide hard copies of the report for board members and an invitation for questions; none were raised on the floor.
