Borough Council authorized the 2020 Budget for public review at their November 19, 2019 meeting. A public hearing on the proposed 2020 Budget was conducted on December 3, 2019 and the final 2020 Budget was adopted by Borough Council on December 17, 2019. Below is a summary of the 2020 Budget:
|Sewer Capital Reserve Fund||$1,294,166||$135,000|
|Capital Reserve Fund||$4,492,942||$2,834,769|
|Highway Aid Fund||$318,308||$210,000|
A copy of the 2020 Budget may be accessed on this website.
Annual Budget Information
Malvern Borough’s fiscal year operates as a calendar year (January to December). The Borough Manager is charged with preparing and submitting the budget to Borough Council for consideration each year. The 2019 Budget was adopted by Borough Council on December 18, 2018.
Once a first draft of the budget is completed, the Finance & Administration Committee of Borough Council begins their review. When the Committee believes that the budget is in a place that it may be presented to Borough Council for an initial presentation. Borough Council authorizes the advertisement of the budget once it is in a format where it may be considered for adoption. The Borough’s Home Rule Charter requires that a public hearing on the proposed budget be held and that the preliminary budget be adopted prior to final adoption. Borough Council must adopt the final budget by December 31st of each year.
The Borough’s budget is divided into five (5) funds, two (2) operating and three (3) capital funds. The operating funds serve to allocate costs for standard Borough operations, whereas the capital funds act as a savings account for larger projects. These funds are the General, Sewer, Sewer Capital Reserve, Capital Reserve, and Highway Aid Funds.
The 2019 Budget is allocated as follows:
|Sewer Capital Reserve Fund||$1,268,545||$430,000|
|Capital Reserve Fund||$3,951,232||$3,123,836|
|Highway Aid Fund||$308,547||$87,100|
The full budget may be accessed below:
Annual Financial Report & Audit Information
Each year, the Borough Council must provide for an independent annual audit of all Borough receipts, expenditures, accounts, and reports. This audit must be completed by a Pennsylvania Certified Public Accountant or a Certified Public Accounting Firm. The appointed auditing firm for the Borough is George Fieo, CPA of the firm Peterson, Fieo, & Co. LLP located in Media, PA. Borough Council approved the 2018 audit at the May 7, 2019 meeting. Audits for the Borough may be accessed below.