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Centre County Finance Committee: December interest earnings dip as county spends 91% of budget through December
Summary
At its Jan. 29 meeting, the Centre County Finance Committee heard that December interest earnings were down and that countywide expenditures stood at approximately $123 million (91% of budget); the committee unanimously approved the Dec. 18, 2025 minutes.
The Centre County Finance Committee met on Jan. 29, 2026, at the Willowbank Office Building in Bellefonte. Commissioner Mark Higgins convened the meeting at 1:03 PM, and the committee adjourned at 1:34 PM.
Treasurer Colleen Kennedy reported that December interest earnings were lower than the prior year, attributing the decline to lower interest rates and reduced principal balances at year end. The committee reviewed the county-wide financial report through Period 12 of 13 (Dec. 2025). The cover page of the report showed total countywide expenditures of about $123 million, or roughly 91% of the annual budget.
The report noted that General Fund expenditures totaled $53.3 million, about 84% of that fund’s budget. Revenue through the period was running ahead of projections: the General Fund had received $41.9 million, about 71% of its budget, and several Magisterial District Judge offices recorded higher-than-expected service fee collections (approximately $78,000 above projections). Other funds combined showed $57.4 million in revenue, or about 82% of budget.
Overtime across departments was reported at $1.4 million, representing roughly 6% of salary — below the commonly cited best-practice threshold of 10%. The report also flagged that General Fund real estate tax collections were expected to exceed the $25.3 million budget target by about $577,000 (a 2.3% increase year over year), with an average year-to-date increase of about $370,000 (1.6%). Debt-service real estate tax receipts were reported at nearly $4.6 million, exceeding the $4.5 million budget for that category.
Committee members recorded no public comments and no additions to the agenda. On a motion by Controller Jason Moser, seconded by Treasurer Colleen Kennedy, the committee voted unanimously to approve the Finance Committee minutes from Dec. 18, 2025. Controller Moser moved and Deputy Controller Terri Fisher seconded the motion to adjourn; the meeting concluded at 1:34 PM. Administrator John Franek Jr. attested to the minutes.
Why it matters: The report indicates that — despite lower interest earnings at year end — county revenues were generally tracking above budgeted expectations through December and that overtime remains below benchmark levels. These trends affect year-end carryforward, cash-flow planning and the county’s short-term budget outlook; the committee scheduled its next meeting for Feb. 26, 2026, at 9:00 AM.
