Middletown finance director: revenues up, pension investments down for Q1 2022
April 18, 2022 | Middletown, Bucks County, Pennsylvania
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MIDDLETOWN, Pa. — At the April 6 meeting, Middletown Township Finance Director Mabindari presented the township’s first‑quarter financial results for 2022 and a pension update, saying the township’s revenues are tracking ahead of the comparable 2021 quarter and overall performing near budget for the year to date.
Mabindari said the general fund was at roughly 18% of expected revenue and about 20% of expected expenses for Q1, a typical seasonal pattern where revenue timing lags some expense outflows. He cited stronger earned income tax receipts and increased real estate transfer tax income as drivers of the year‑over‑year improvement and noted increased permit and inspection revenue tied to higher construction activity.
On capital and investment funds, Mabindari said the capital fund typically relies on grants and transfers; the township is using remaining proceeds from a 2020 bond and expects RDA grant funds. The township’s investment portfolio had a market‑value decline due to rising interest rates, while Univest money‑market holdings showed modest improvement.
Regarding pensions, Mabindari reported an investment loss of about 4.4% for the investment side of the pension plan, a figure he called temporary and partially offset by the plan’s cash holdings. Board members asked about downstream budget impacts; Mabindari said the trend is being monitored and PFM is advising on investment management.
The board thanked staff for the report and raised no immediate action items; Mabindari said he would provide further updates on capital projects and pension performance as the year progresses.
Mabindari said the general fund was at roughly 18% of expected revenue and about 20% of expected expenses for Q1, a typical seasonal pattern where revenue timing lags some expense outflows. He cited stronger earned income tax receipts and increased real estate transfer tax income as drivers of the year‑over‑year improvement and noted increased permit and inspection revenue tied to higher construction activity.
On capital and investment funds, Mabindari said the capital fund typically relies on grants and transfers; the township is using remaining proceeds from a 2020 bond and expects RDA grant funds. The township’s investment portfolio had a market‑value decline due to rising interest rates, while Univest money‑market holdings showed modest improvement.
Regarding pensions, Mabindari reported an investment loss of about 4.4% for the investment side of the pension plan, a figure he called temporary and partially offset by the plan’s cash holdings. Board members asked about downstream budget impacts; Mabindari said the trend is being monitored and PFM is advising on investment management.
The board thanked staff for the report and raised no immediate action items; Mabindari said he would provide further updates on capital projects and pension performance as the year progresses.
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