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Nazareth, Pa., United States

Wednesday, April 29, 2015

Auditor: Hanover Township in Strong Financial Shape

While many municipalities are struggling to stay afloat and even to meet payroll, Hanover Township is in strong financial shape. Independent auditor Todd Bushta told Supervisors at their April 28 meeting that the Township actually had a $1 million profit last year, although $732,000 of that money was used to pay off a note and reduce debt. He offered a clean and unqualified opinion, and was unable to find any instances of noncompliance with governmental accounting standards.

The Township's pension fund is 100% funded and fully liquid as well. Overall, there's a $7.5 million fund balance.

The only debt left is a $700,000 note from 2006. Township Manager Jay Finnigan recommended paying it off to escape interest payments.

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