5 Things to Know About Lower Mac's Financial Health
Auditors attended the Board of Commissioners' meeting June 21 to present the township's annual report.
Representatives of Reinsel Kuntz Lesher, a Wyomissing-based accounting firm, presented its 2011 independent audit findings of Lower Macungie Township to the Board of Commissioners at its June 21 meeting.
The township "had a good year," according to Donal Renninger, a principal in the firm.
Her report included figures as of Dec. 31, 2011:
1. Lower Macungie Township had net assets of $76.7 million.
2. The year-end net asset figure represents an increase of $1.8 million or 2.3 percent.
3. The total fund balance for the township's general fund, its primary operating fund, was $8.2 million in 2011, up $197,250 from Dec. 31, 2010.
4. Total liabilities for the year were $7.3 million, a 1.6 percent drop from the year earlier period.
5. Revenue for 2011 was $17.3 million, a drop of a little more than $2 million.
You can read the complete results of the township's independent audit, under 2011 Annual Audit & Financial Statement from the township's website.