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Township CFO reports balanced Q2 finances; 2024 audit found no material misstatements
Summary
Chief Financial Officer Michael Pitts told the township committee revenues are roughly on target, property‑tax collection remains near 99.4%, and the independent 2024 audit found no material misstatements; the committee adopted the audit‑review resolution and moved routine bills on consent.
Michael Pitts, the township’s chief financial officer, presented the second‑quarter 2025 financial report and summarized revenue and appropriation trends. He said general revenues are near projections, noting year‑to‑date increases in property‑tax receipts of about $575,000 compared with the prior year and growth in construction‑code fees of about $135,000; interest income was down roughly $40,000. Pitts reported a property‑tax collection percentage of 99.43% versus 99.71% a year earlier and about $17.8 million in appropriations remaining (roughly 54% of the annual budget) as of June 30.
Pitts said the township adopted its 2025 budget on May 1 and previewed the 2026 budget calendar (department requests begin mid‑September; finance‑committee work in January). He also flagged external cost pressures — notably rising state health‑benefit premiums — and ongoing labor contract negotiations.
Regarding the independent audit for calendar year 2024, Pitts said the auditors reported no material weaknesses, no significant deficiencies and no compliance findings for major federal or state programs: “They found no material misstatements,” he said. The committee adopted resolution 25‑7‑241 to review the annual audit report.
On the bills list, Pitts noted several large items included with the payment resolution: Ben Schafer Recreation (grant fund) $744,664.63 for inclusive playground equipment and installation; the township’s August 2025 Aetna health‑insurance invoice at $168,794; a Timmerman Co. purchase of a street sweeper (capital fund); and Allied Construction $528,625.20 for Stage 2 flood‑protection work. The committee adopted the payment resolution (25‑7‑242) and passed the consent agenda for routine resolutions.
Next steps: staff will post the full audit report online and proceed with the 2026 budget timeline; the committee scheduled town‑hall sessions for August to discuss the housing plan and other items that could affect future budgets.
