Radnor Township Finance Department

The Radnor Township Finance Department plays a vital role in ensuring the fiscal health and responsible management of public funds for Radnor Township, Pennsylvania. The department is responsible for a broad range of financial functions, from budgeting and accounting to tax collection and debt management. Its primary goal is to provide accurate, timely, and transparent financial information to residents, the Board of Commissioners, and other stakeholders.

The department’s core responsibilities include:

Budgeting: The Finance Department leads the annual budget process, working collaboratively with all township departments to develop a comprehensive financial plan that aligns with the community’s needs and priorities. This includes forecasting revenues, projecting expenditures, and presenting a balanced budget for approval by the Board of Commissioners. Citizen input is often a crucial component of the budget development process.
Accounting and Financial Reporting: Maintaining accurate and transparent financial records is paramount. The department manages all accounting functions, including accounts payable, accounts receivable, general ledger maintenance, and the preparation of financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Comprehensive Annual Financial Reports (CAFRs) are published regularly, providing detailed insights into the township’s financial performance.
Tax Collection: The Finance Department is responsible for the collection of various taxes, including real estate taxes, earned income taxes, and local service taxes. They strive to ensure efficient and equitable tax collection processes while providing excellent customer service to taxpayers. Information about tax rates, payment options, and deadlines is readily available to residents.
Debt Management: The department manages the township’s debt portfolio, ensuring responsible borrowing practices and minimizing interest expenses. This includes evaluating financing options for capital projects and maintaining compliance with debt covenants. Strategic debt management helps to preserve the township’s credit rating and reduce the long-term financial burden on taxpayers.
Treasury Management: The Finance Department is responsible for managing the township’s cash flow and investments. They strive to maximize investment returns while ensuring the safety and liquidity of public funds. Investment strategies are carefully aligned with the township’s risk tolerance and legal requirements.
Auditing: The Finance Department coordinates the annual independent audit of the township’s financial statements. This external audit provides an objective assessment of the township’s financial reporting and internal controls. The audit findings are presented to the Board of Commissioners and are publicly available.

Transparency and accessibility are key priorities for the Radnor Township Finance Department. Financial documents, including budgets, financial statements, and audit reports, are readily available on the township’s website. The department also strives to provide clear and concise explanations of complex financial information to ensure that residents are well-informed about the township’s financial affairs.

By upholding high standards of financial management and transparency, the Radnor Township Finance Department contributes significantly to the long-term financial stability and well-being of the community.