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West Norriton reports $3.15 million surplus as taxes come in
Summary
At the May 12 meeting officials said 33% of the fiscal year has elapsed and the township shows a $3,148,144 surplus driven by real estate tax collections (91.5% collected to date). Officials noted EIT is slightly behind last year and fuel costs and vacation sellbacks are up.
Township staff reported a notable positive variance in the General Fund at the Board of Commissioners meeting on May 12. Jason Bobst told the Board that 33% of the fiscal year has elapsed and the township currently has a surplus of $3,148,144.00, which staff attributed to strong real estate tax collections (91.5% collected to date).
Bobst cautioned that earned income tax (EIT) receipts are slightly behind the prior year and that fuel usage and vacation sellbacks have increased "with no end in sight," indicating pressure on operating budgets going forward. The Treasurer's written summary, entered into the record, lists fund-by-fund balances for March 31 and April 30, including a General Fund increase from $5,446,127.68 to $8,923,533.00.
