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Montgomery Township Supervisors Move $1.1M to Reserves

Supervisors voted unanimously Monday to move almost all of the $1.3 million surplus from the 2012 budget to its reserves fund

With a $1.3 million surplus at the end of the fourth-quarter 2012, Montgomery Township Supervisors voted unanimously Monday night to transfer $1.1 million into the reserves fund.

According to The Reporter’s Dan Sokil, Montgomery Township Finance Director Shannon Drosnock reported the surplus was due to strong revenues in 2012 from building permits and earned income taxes from the Wegmans project at Montgomery Mall and several housing permits.

Total revenues in 2012 increased from the year prior by about $400,000 to $12.1 million, Sokil reports. The increase is attributed to $345,000 in building permit revenues and $159,000 more in earned income tax revenues, according to the report.

Expenses in 2012 were in line with or below estimates, according to the article. Montgomery Township Police had spent $5.6 million in 2012 in higher personnel costs as they related to the collective bargaining agreement, according to the article.

Read more at this link.

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