Regular meeting (P&L YTD 3.13.24)

Centerville Township’s financial performance from April 1, 2023, to March 13, 2024, reveals a net income deficit of $25,371.74, which is significantly lower than the budgeted net income of $33,522.85, resulting in a negative variance of $58,894.59. The township’s total income for the period was $614,332.23, surpassing the budgeted amount of $598,477.00 by $15,855.23, achieving 102.6% of the budget. Key revenue sources that exceeded expectations included Cable Franchise Fees, State Shared Metro Revenue, Tax Admin Fee, Charges for Services, Interest Earned, and Reimbursements. However, property taxes and fire operating revenues fell short of their respective budgets, indicating a need for further analysis to understand these discrepancies.

Expenses during this period totaled $639,703.97, which was $74,749.82 over the budgeted amount of $564,954.15, representing 113.2% of the budget. Significant overspending was observed in several categories, most notably in Township Hall upgrades, which exceeded the budget by $71,671.27, and Planning, which overspent by $20,797.75 due to higher-than-expected legal fees and part-time wages. Other areas of concern include Elections and FICA & Medicare Taxes, both of which exceeded their budgets by $737.13 and $2,919.37, respectively. These overspends contributed significantly to the negative net income, highlighting the need for more stringent budget controls and possibly reallocating funds to better align with actual expenditures.

Despite the overall budget variance, some expense categories managed to stay within or under budget, such as Street Lighting, Insurance & Bonds, and various administrative and operational expenses. These areas of fiscal discipline provide a model for managing other parts of the township’s budget more effectively. Moving forward, Centerville Township should focus on adjusting its budget forecasts to more accurately reflect revenue trends and control spending in areas prone to overspending. Additionally, exploring new revenue streams or optimizing existing ones could help mitigate the current deficit and improve financial stability.