Audit: Lower Merion posts clean 2025 audit and shows positive general fund variance

At the June 22 workshop, the township’s 2025 financial statement audit was presented and received no significant findings.

"The audit was conducted in accordance with US generally accepted auditing standards and we had an unmodified clean opinion," Bill told commissioners and summarized key year‑end figures: governmental cash of $18,091,412; governmental investments of $12,030,461; receivables of $1,204,447; and capital assets, net, of $101,522,581. He said net position for governmental activities grew from $86,025,620 in 2020 to $106,281,158 in 2025. For business‑type activities the net position rose from $22,796,461 (2020) to $29,057,269 (2025).

Bill walked through the general fund budget vs. actual for 2025: budgeted revenues of $13,165,800 and actual revenues of $14,869,234 (a positive variance of $1,703,434), with total expenditures under budget producing an overall positive budget variance for the year of $1,899,717.

He also reviewed required communications and upcoming accounting standards the township will implement: GASB 103 (financial reporting model improvements) and GASB 104 (disclosure of certain capital assets) for 2026 reporting, and GASB 105 (subsequent events) for the following year. Bill said audit adjustments were posted by management and there were no disagreements with management.

Later in the meeting Anne Marie offered a year‑to‑date fund‑by‑fund review through May, noting the general fund had received roughly 45–49% of the year’s budget to date and earned income tax collections about 51%. She provided fund‑level detail on capital projects, open space debt service, liquid fuels receipts (964,400 received), enterprise funds (solid waste contract payments of about $408,500 through May), and sewer fund revenues and upcoming I&I projects.

Staff committed to providing more granular program‑level breakdowns (for example, Parks & Recreation program revenue vs. expenses) on request.