Mr. Pollock provided the Committee with a high-level overview of the Township’s financial statements. He noted that the Township experienced a year-end deficit following the payment of outstanding invoices and reviewed the impact of grants, donations, and unanticipated expenditures that contributed to the Township exceeding its 2024 budget.
Mr. Pollock advised that a clean audit opinion had been issued, confirming the Township’s financially stable position. This conclusion was supported by a review of reserves and reserve funds as of the reporting date.
He further addressed discrepancies in year-over-year financial comparisons, attributing them to changes in reporting standards related to the Port of Johnstown. Mr. Pollock confirmed that the Port’s financials are now included in the Township’s consolidated financial statements. He also reviewed changes to accounts, liabilities, municipal debt, asset retirement obligations, and the resulting adjustments to net financial assets following the Port’s inclusion as a municipal asset.
The Committee discussed the key drivers contributing to the current deficit, noted that a forthcoming report will address water system deficits, and considered the potential implementation of a tax stabilization reserve, modeled after the United Counties of Leeds and Grenville (UCLG).
Committee thanked Mr. Pollock for his presentation.