Regular Meeting (Budget Report)
Event Date: 2025-02-12
Summarized with ai model: gpt-4o-mini
Disclaimer: AI-generated summaries may contain errors. Please review the source document for accuracy.
### Executive Summary
#### Income Overview
The financial report for the period of April 2024 through January 2025 indicates total income of $254,835.86, which is significantly less than the budgeted amount of $535,919.00. The primary sources of income include taxes, state shared revenue, and various licenses and permits. Notably, the total revenues from taxes account for $49,055.76 against a budget of $80,600.00, reflecting a shortfall in expected tax revenue. Deferred revenues remain at zero, while other sources such as investment interests and rental income also contributed to the overall revenue.
#### Expense Analysis
Total expenses for the same period were recorded at $219,014.26 against a budget of $494,744.00, showing a substantial underspend. Major expense categories include salaries for township officials and employees, operational costs for the township board, and various departmental expenses. The township board alone accounted for $71,096.25 of the expenses, primarily due to salaries, audits, and legal services. Key areas of savings can be observed in categorically lower expenditures relative to budgets set for individual departments, particularly within the township administration and operational segments.
#### Net Income Evaluation
The net ordinary income stands at $35,821.60, compared to a target of $41,175.00. However, when factoring in other income and expenses related to fire services, the report shows a net loss of $84,773.55. This reflects an imbalance between the costs incurred by fire and rescue operations, which totaled $327,739.84, versus the $207,144.69 generated from fire-related revenue. Ultimately, the overall financial performance raises concerns regarding sustainability and budget adherence, emphasizing the importance of reassessing financial strategies moving forward.
#### Conclusion
In summary, this financial overview presents a detailed insight into the operational financial health of the Township for the specified period. With a significant disparity between projected versus actual revenues and expenses, attention must be directed toward addressing these discrepancies. Strategic planning and adjustments will be essential in aligning future budgets to ensure solid fiscal governance and resource allocation.