Troy Township trustees review annual financial report, flag Gateway reporting errors

Steve presented the Troy Township 2025 annual financial report and told trustees that the Gateway printout used by the state contains multiple errors, particularly misstated certificate-of-deposit totals. "The Gateway report is not 100% accurate," he said, adding that he had produced a manual spreadsheet with corrected numbers.

The report summarized year-end cash positions and revenues. Steve said the townships checking balance rose from roughly $317,170 at the end of 2024 to about $347,759 at the end of 2025, and that total receipts for 2025 were about $189,834.67. He reported two CDs: CD1 grew from $163,000 to about $169,000 after earning $5,431 in interest (roughly a 3.3% return) and is reinvested for 13 months, maturing in August; CD2 grew from about $107,000 to roughly $112,460 (reported ~4.3% return).

Why it matters: trustees must reconcile the Gateway feed against their internal BookWiz ledger to ensure correct balances, track CD maturities, and decide where to reinvest funds when rates change. Steve warned that if reinvestment is not done carefully, rates could fall below 1% when a CD rolls over.

Trustees also raised questions about payroll withholding accounting. The presenter said payroll withholding (FICA and related employer portions) had not been clearly reflected in the adopted budget and appears to be handled through the townships accountant or payroll service. "I cant figure out why we have salaries and then payroll withholding" absent a clear budget line, one trustee said. Trustees agreed to verify remittance status with the accountant to avoid penalties.

On expenditures, the board saw total disbursements of about $178,177 compared with a budget of $175,390 (a modest overrun largely tied to payroll and assistance lines). The presenter emphasized that, excluding the unbudgeted payroll withholding, spending was essentially in line with the adopted budget. To manage township assistance spending, the board has reduced the maximum utility-payment limit from $300 to $150 per request; the presenter said the measure helped control early-year overspending.

Trustees discussed operational line items such as computer maintenance (a 2025 bill of $3,125) and affirmed a line item for software and maintenance in the budget. Steve urged trustees to shop around for better checking or interest-bearing accounts; other trustees noted that some banks advertise high-yield checking that could earn materially more on the townships balances.

The board received the presentation, asked clarifying questions about specific line items and receipts, and agreed to follow up with the accountant on payroll withholding and with banks before CD maturities in August. The trustees set a follow-up meeting for April to address outstanding reconciliations and any required appropriation adjustments.