Budgets & Audits


2021 Budget

At the November 17, 2020 meeting, Borough Council authorized the proposed 2021 budget for advertisement and public review.  A public hearing and consideration of the preliminary 2021 budget will occur at the December 1, 2020 meeting.  Borough Council will consider adoption of the final 2021 budget at the December 15, 2020 meeting.  A copy of the proposed 2021 budget is provided below.

Proposed 2021 Budget

The first public presentation of the 2021 budget occurred at the October 20, 2020 meeting of Borough Council.  A copy of the presentation is available below.

2021 Budget – First Presentation


2020 Budget

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:

 Fund Revenue Expenditures
General Fund $4,511,018 $4,511,018
Sewer Fund $872,009 $1,014,608
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
Total $11,488,443 $8,705,395

A copy of the  2020 Budget may be accessed on this website.

2020 BUDGET – ADOPTED DECEMBER 17, 2019

First Quarter 2020 Budget Report

Second Quarter 2020 Budget Report

Second Quarter 2020 Budget Report (Presentation)

Third Quarter 2020 Budget Report

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 2020 Budget was adopted by Borough Council on December 17, 2019.

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.

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 2019 audit at the July 7, 2020 meeting.  Audits for the Borough may be accessed below.

2019 Municipal Annual Audit and Financial Report

2018 Municipal Annual Audit and Financial Report

2017 Municipal Annual Audit and Financial Report

2016 Municipal Annual Audit and Financial Report

2015 Municipal Annual Audit and Financial Report