Township receives positive fiscal report

For fiscal year ending 2019

By Teddy Rydquist
Leader Staff Writer
During their regular monthly meeting on July 8, the Oxford Township Board of Trustees and community members were given a thorough review of the township’s financial activity for the year ending December 31, 2019.
Plymouth-based PSLZ, LLP performed the audit and Rana Emmons, a certified public accountant (CPA) and graduate of the University of Michigan with over 28 years of accounting experience and a specialization in local units of government, joined the meeting, which was held via Zoom video conference because of the coronavirus (COVID-19) restrictions, to deliver the report.
The two largest takeaways were healthy increases in the township’s general fund balance and investment earnings.
“This year, you added $369,000 to the general fund balance, the prior year (2018), you had used up $186,000 of the fund balance, so, this year we added to it,” Emmons began.
Per C.J. Carnacchio, the Communications and Grants Manager for the township, the general fund began the 2019 fiscal year with a $1.31 million balance and ended at a shade under $1.68 million.
“Property tax revenues increased, you had a 5.07-percent increase in taxable value and your operating millage did not increase,” Emmons continued. “A 5.07-percent increase in taxable value is great, we’re happy to see one-to-two-percent, so, things were rolling right along at the end of the year last year.”
This figure is a 1.77-percent improvement over 2018, when the township experienced a 3.3-percent increase in taxable value.
As it pertains to the investment earnings, Emmons complimented the work of Treasurer Joe Ferrari, a 28-year veteran of the position.
“Interest income this year, $215,000, compared to $165,000 the year before. That’s $49,000 more, just in interest income, and thanks to Treasurer Ferrari. That’s a 30-percent increase and he’s in very safe, sound investments. You’re not in anything crazy or aggressive, that’s keeping the money safe. He’s not in any shaky banks or anything like that, it’s Federal Deposit Insurance Corporation (FDIC)-insured, for the most part.

Joe Ferrari

“He did that on less of a cash balance this year. Overall, in the township, you were $800,000 less in cash, so, hats off to Treasurer Ferrari.”
The entire 88-page audit report can be viewed on the township’s website, oxfordtownship.org, or accessed through a July 9 post by Carnacchio on the Charter Township of Oxford’s Facebook page.
The Board of Trustees’ next regular meeting is scheduled for Wednesday, August 12. As always, the beginning of the meeting will feature a public comment section for residents to provide their input.
For information on how to attend these virtual township meetings, contact Clerk Curtis Wright or his Administrative Assistant, Kelly Richter.

 

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