By Jessica Mathews /

Tyrone Township has received a glowing audit.

The board heard an audit presentation at a recent virtual meeting from Joe Verlin with Gabridge & Company, who provided an overview of the 56 page annual financial report. He commented it was a unique year given the COVID-19 situation and they weren’t on site as they typically would be but the entire audit process went smoothly. He said everything was very well organized and it was a clean audit process. In their opinion, Verlin said the financial statements were presented fairly and the financial position of the township for the year ending March 31st, 2020. He said a clean opinion was rendered on the financial statements, which is an achievement and means controls are being carried out effectively to ensure timely and accurate financial statements.

Verlin said Tyrone has a very clean bill of health when it comes to finances and is doing everything prudent that local units do. He said that includes committing and assigning fund balance as well as putting aside some money for long term project and future expenses. Verlin said the total net position was up for the year and the township has been very predictable in terms of revenue and expenses for the last two years. He said total revenue came in at $5.2 (m) million and both revenues and expenses from 2019 to 2020 were similar and consistent year over year. Verlin said they also like to know how well clients are monitoring their financial condition throughout the course of the year.

One board member asked how Tyrone Township compared to other similar municipalities. Verlin said Tyrone has a significant advantage over many local units of government in that they don’t have a long–term retiree health care plans or defined benefit pension plans being provided. He said the township is in very strong financial condition and doesn’t have long term obligations. Verlin noted many other units are reporting deficit unrestricted net positions and are writing corrective action plans trying to explain how they’ll fund retirement, pension and retiree healthcare liabilities.

Verlin commented Tyrone is well ahead of the game and doesn’t have those unpredictable liabilities on the books and long term debt is in line with resources. He said Tyrone is in significantly better shape than others – liabilities are known and predictable, revenues are healthy and the township doesn’t have the contingencies many clients are dealing with right now.