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Treasurer reports dip in year-to-date tax revenues; capital balances available for projects
Summary
Finance staff reported about $41.4 million in the general fund and roughly $725,000 in capital-projects funds; year-to-date tax revenue is lower than last year (reported drop from about $7 million to $5 million) and staff attributed part of the reduction to delayed payments by a third-party processor (CoreLogic).
At the Jenkintown School District work session, finance staff reported the district's general-fund balance at about $41.4 million and the capital-projects balance at about $725,000, while noting the capital balance will decline as ongoing construction projects proceed.
The treasurer's year-to-date comparison showed tax collections down from roughly $7 million last year to about $5 million so far this year. Finance staff attributed the timing difference in part to delayed payments by a mortgage servicer/processor, which they identified as CoreLogic; administrators said a large chunk of the delayed revenue is expected to arrive in September.
Staff also noted routine items: a donation from a local contributor, routine facility-use requests, and an ongoing three-year arrangement for snow removal that continues the district's existing vendor.
Board members asked for clarification about a few assessment entries that listed properties as exempt and asked staff to follow up with more detail.
