Township Finances and Taxes
2008 Budget
The 2008 Budget (18 Pages, 370 KB) has been finalized and approved by the Township Board of Supervisors.
Budget Message (7 Pages, 104 KB) from the Township Manager.
Township Monthly Financial Report
On a monthly basis a financial report is presented to the Board of Supervisors. The report provides a means to communicate the financial condition and outlook of the Township. The report includes updates on the following subjects: year-to-date financial performance versus budget, cash & investment position, debt, pensions, and general headlines as appropriate.
The current monthly report is available via the following link:
- March 2008 Financial Report (13 PAGE, 650 KB)
Township Budget
The real estate of Tredyffrin provides the primary township tax base. Properties have been assessed at a certain percentage of market value. All of the properties of Chester County were reassessed in 1973, and again in 1996-7 for the 1998 tax year. New properties are assessed by the county when built. Those that were reevaluated during the 1998 reassessment still have the same assessments since that time unless they were appealed or some improvement or addition caused the County Assessor to come out to assess the improvement. Assessments of property can be obtained from the Chester County Assessor’s Office. This tax assessment serves the school district and the county as well. Tredyffrin's tax rate in 2008 are 2.18 mills. The "Mills" are the amount each property is taxed per $1,000 valuation. A property with an assessed value of $100,000 would pay $100,000 x .00218 = $218.
Other Township income derives from the Local Services Tax, State and County funds, licenses and permits, fines and penalties, real estate transfer taxes, some miscellaneous income and the cash balance remaining from the previous year.
Major debts for capital expenditure are financed through the sale of bonds or other forms of borrowing.
Local Services Tax
In 2007, the "Local Services Tax" replaced Tredyffrin Township's "Emergency and Municipal Services Tax". Please see the following documents and resources for more information.
- Local Services Tax Ordinance (6 pages, 94 KB)
- Link to other Township Ordinances
- Local Services Tax Return Form (1 page, 88 KB)
- Local Services Tax Return Instructions (1 page, 46 KB)
- Memo to Business Owners (1 page, 64 KB)
- Local Services Tax Application for Refund (2 pages, 20 KB)
- Exemption Certificate (2 pages, 140 KB)
- Emergency and Municipal Services Tax Refund Form (1 page, 48 KB)
- Emergency and Municipal Services Tax Return Form (1 page, 88 KB)
Moody's Investors Services
Rating: Aaa
As of February 1, 2002, Tredyffrin Township is the second township in the Commonwealth of Pennsylvania to ever be assigned a Aaa grade rating by Moody's Investors Service. The Aaa rating is the highest of all Moody's bond ratings.
This rating is based on Moody's assessment of the Township's ability to meet its financial obligations and reflects its strong financial operations, tax base growth, high wealth levels and moderate debt burden. Moody's expects the Township's financial operations to remain very strong, given firm fiscal management that has led to reserve levels.
A multi-year trend of surplus operations has increased the Township's General Fund balance, which has been driven by larger than anticipated real estate transfer taxes. While the majority of the General Fund balance is designated for capital projects, the undesignated portion remains significant. Citing strong financial management, Moody's forecasts that the Township's reserves will remain healthy for years to come.
The Aaa rating will help the Township achieve lower interest rates on bond issues for such purposes as highway construction, park acquisitions, and other infrastructure expenditures. It equates to a savings of approximately five basis points (.05 percent) over the term of a 25-year bond issue.
Moody's Investors Service is a global credit rating, research and risk analysis firm that publishes credit opinions, research and ratings on fixed income securities, issues of securities and other credit obligations, including corporate, municipal, investor-owned and structured finance. It is recognized as the premiere rating service in the industry. www.moodys.com/cust/
Township Auditor
The Township Auditor is elected at-large and serves for a 4-year term beginning on the first Monday of January following the year in which he/she is elected. The Township Auditor must be a resident of the Township and must be qualified by education, training, or experience in accounting or financial management to perform the duties of the office.
The current Township Auditor, Rob Miller, was elected in 2008. His role is to provide oversight to the annual independent audit process by:
- Meeting with the outside auditors at the beginning phase of the audit to discuss procedures and any concerns the outside auditors have
- Receiving and reviewing copies of the audit reports and associated letters
- Attending an audit exit interview with the Board Of Supervisors to discuss the results of the audits and provide comment on how well it went and any issues
Other Financial Reports:
TOWNSHIP'S 2006 ANNUAL AUDIT AND FINANCIAL REPORT (1 PAGE, 36 KB)
2006 General Fund Executive Summary (1 PAGE, 60 KB)
