Lower Makefield Township Board of Supervisors Meeting Financial Audit Results 2023
Explore the detailed financial audit results of Lower Makefield Township Board of Supervisors Meeting held on April 2, 2025. The audit report provides insights into the net positions, fund balances, revenues, and expenditures of various funds, including governmental activities, business-type activities, general fund, sewer fund, and community pool fund for the year 2023.
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Presentation Transcript
Lower Makefield Township Board of Supervisors Meeting April 2, 2025 PRESENTED BY: ZELENKOFSKE AXELROD LLC
Lower Makefield Township 2023 Audit Audit Results We are expressing an unmodified opinion on the financial statements. The financial statements are fairly presented, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Management Letter (SAS 115) over: Bank Reconciliations Financial Reporting Golf Fund
Lower Makefield Township 2023 Audit Financial Results Governmental Activities - Net Position Total Net Position of $100 million Net investment in CA $80.9 million Restricted - $7.0 million Unrestricted $12.1 million This is a $0.5 million decrease from the prior year The Restricted Net Position is restricted for special revenue funds.
Lower Makefield Township 2023 Audit Financial Results Business-Type Activities - Net Position Total Net Position of $17.5 million Net investment in CA $14.3 million Unrestricted $3.2 million This is a $2.8 million decrease from the prior year
Lower Makefield Township 2023 Audit General Fund Total Fund Balance of $3.6 million decrease of $1.1 million Nonspendable - $63 thousand Unassigned - $3.6 million Total Revenues were $14.6 million - $622 thousand over budget Total Expenditures of $16.3 million - $200 thousand under budget Excess of Revenues over Expenditures ($1.7) million (Does not include $655K of Transfers In)
Lower Makefield Township 2023 Audit Sewer Fund Total Net Position of $3.3 million Unassigned - $3.3 million Change in Net Position Decrease of $2.3 million Total Revenues of $300 thousand Total Expenses of $2.6 million
Lower Makefield Township 2023 Audit Community Pool Fund Total Net Position of $361 thousand Net Investment in Capital Assets - $753 thousand Unassigned ($392) thousand Change in Net Position Decrease of $425 thousand Total Revenues of $1.1 million Total Expenses of $1.5 million (Includes Depreciation Expense)
Lower Makefield Township 2023 Audit Golf Course Fund Total Net Position of $13.8 million Net Investment in Capital Assets - $13.5 million Unassigned $231 thousand Change in Net Position Decrease of $73 thousand Total Revenues of $4.1 million Total Expenses and Transfers of $4.1 million
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