The 2010 audit for Limerick Township was heard at Tuesday night's Board of Supervisors meeting.
Don PIerce of Maillie, Falconiero & Company, LLP presented the audit in layman's terms to the board and said that the firm's "clean opinion" is that the township's books and records are "generally acceptable to county principles."
Although the audit is conducted in a professional and thorough manner, the data analysis system that the firm employs does not check every single line and/or statement, as noted by Pierce. The system automatically generates and pulls necessary data to ensure the accuracy of the statements.
The "real meat" of the audit came in the analysis of government-wide financial statements that showed assets and liabilities of the township as of Dec. 31, 2010. These statements include cash and receivables for government and business activities.
Government assets generally include public works and safety, as well as parks and recreation, while business assets consist of mostly sewer expenses and capital.
The audit showed the township as having government related assets of $30 million with $3 million in debt. The business assets also showed a debt.
"Although you do have these assets, they aren't always easily convertable to cash," Pierce said. "A lot of the business assets are infrastructure for sewage."
Overall, that section of the audit showed that the township has been able to "maintain and improve [its] financial position as of 2010" according to Pierce's report.
Net assets listed in the report showed an increase in both the government and business categories. On the business side, $663,998 in assets were recorded - again, a lot in sewer lines.
Pierce did note a shortfall in budget, where expenses "were expected to exceed revenue of $92,000, but exceeded $334,000 in actuality."
The board was mising vice chair Kara Shuler and supervisor Joseph St. Pedro. At the meeting, the bills list from June 4 - 17 was approved. May's monthly reports were also approved. They consisted of the code enforcement office, public works department, police department, parks and recreation department and sewer department superintendent.