AUDIT REPORT FOR 2013 CONFIRMS TOWNSHIP STILL IN GOOD FINANCIAL SHAPE:
A recent review of the finances of Upper Providence Township conducted by the Board of Supervisors and representatives of Maillie, the Township’s appointed audit firm, has confirmed that the Township continues to enjoy excellent financial wellness. The highlights of the 2013 audit report are : no debt, no real estate tax, and a net position (assets exceed liabilities) in excess of $89 million. It was noted that the Township is fortunate to have many high-quality employers. Job growth rose by 226% in Upper Providence during the period 1990 to 2010. These factors are a key ingredient for the Township’s very stable tax base. As the audit report stated, “Collections of the earned income taxes are also a good indicator of local economic conditions. For 2013, the Township’s collection of these taxes was $7,847,803”. The Earned Income Tax is by far the largest percentage of the Township’s revenue, which relieves the burden on property owners, who pay $0 in real estate tax to the Township.