Finance Committee Meeting
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Event Date:
Oct 27, 2011 from 7:30 PM - End
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(The fourth of every 1 month(s) to occur 0 time(s))
Event Description:
The Finance Committee meets every fourth Thursday of each month.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.