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The Finance Committee meets to review and monitor matters that may affect the financial condition of the Township.
These matters may include:
- Accountings and Financial reporting
- Annual audit report
- The Township's financial operations received a clean / unqualified audit from an independent certified public accounting firm.
- Internationally recognized Moody's Financial Services assigned the Township a financial rating of Aa2, one of Moody's highest financial rankings.
- Financial results-actual vs. budget
- Strategic Financial Plan-5-year financial projection
- Capital expenditures
- Earned Income, Business and Real Estate Taxes-collections, audits and rates
- Claimed its right to the one half of one percent Earned Income Tax in the Township. The more than $1 million in taxes that residents were previously paying to outside municipalities is now being collected by the Township.
- Created a Homestead Exclusion Act to lower real estate taxes for qualified homeowners. The Board of Supervisors approved the 2006 Homestead Exclusion to be $25,000. Approximately 75% of Montgomery Township residents are currently taking advantage of the Homestead Exclusion.
- Recommend the Board of Supervisors to lower local property taxes a cumulative 8% reduction over four years.
- Investment of excess funds-short-term and long-term
- Bond issues and debt management
- Refinancing of bonds, saving taxpayers $65,000 without increasing the length of the debt term.
