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Warwick Township posts $630,000 General Fund surplus; auditors issue unmodified opinion
Summary
Auditors from Brown Plus gave Warwick Township an unmodified opinion on its 2025 financial statements and reported a roughly $630,000 General Fund surplus; the board unanimously approved the audited financial statements.
Scott Henry of Brown Plus presented the Warwick Township 2025 audit, telling the Board the firm issued "an unmodified audit opinion," the highest level of assurance, and that "no significant issues were identified" during their review of internal controls. He said the township ended 2025 with approximately $13 million in total fund balance and an estimated $630,000 surplus in the General Fund for the year.
Township Manager Brian Harris and Assistant Treasurer Greg Young answered board questions about fund balance composition. According to the audit presentation, about $1.4 million of the total fund balance is restricted, roughly $6.4 million is assigned for future projects and reserves, and approximately $5.2 million is unassigned and available for general use. Auditors also noted that a portion of restricted tourism grant funds will be returned to the state, which will reduce local availability.
The auditors reported that long-term debt declined, with the 2021 note balance at about $1.2 million and expected to be paid off in 2027, and that the township’s pension plan produced a net pension asset in the most recent actuarial valuation. The Board moved to approve the audited financial statements; Supervisor Jeff Tennis made the motion, Supervisor Kelly Gutshall seconded, and the minutes record the Board approved the audit.
