News

Finances and Financial COVID Impact in Fairfield Township

Posted on: June 2, 2020 2:00 pm
Financial Update & Effects of COVID
Financial Update & Effects of COVID

Through 2020 Fairfield Township has continued to maintain financial stability,  improve every Department, and keep a Aa2 Moody's Bond Rating.  Since 2013 to present (7 1/2 years), expenses have outpaced revenues in only two years.  One of these years was 2019.  Expenses were greater than revenue in 2019 due to the Board's decision to use cash to pay for the new fire station.  While this was a smart decision and paying and monitoring debt is very important, maintaining cash is also very important in government financing.  This is due to the nature of how government financing is set up.

The Township's budget consists of funds, such as the Police Fund, Fire Fund, EMS Fund, and General Fund.  Each fund has restricted income, primarily levy money that the community votes to approve.  Use of funds is also restricted.  All spending is closely monitored by Department Heads, the Administrator, Fiscal Office, County Auditor, State Auditor, and independent auditors.  As a result, a very transparent and clear trail is set for all incomes and expenses.In addition to multiple layers of accountability,  Fairfield Township employees make it policy to do extensive homework before proceeding with purchases, whether capital, services, or investment in people.

For services and capital equipment, multiple quotes are obtained and all operations are reviewed annually to ensure that the Township is receiving the best possible services at the best possible price. Experts are called and due diligence is given, knowing that everything we do involves tax payer dollars. When building facilities or performing projects over $50,000, the bid process is used and experts in the field are involved.  The Ohio Revised Code (ORC) dictates much of how Townships do business and Fairfield Township is no exception, also relying on a Law Director to guide and approve decisions.

Below is a link that reviews the Township's current financial state which also explains the impact that COVID-19 has had on Fairfield Township.  Due to the way Townships are funded (they rely heavily on levy monies and property values), Fairfield Township has been in a much better position than surrounding cities and counties (they rely more on sales and income taxes).  Much of this is explained in the link/power point below.  Administrator Julie Vonderhaar can be contacted any time at 513-203-4441 if there are questions, concerns, opinions, or a desire to meet.

FINANCIAL IMPACT OF COVID POWER POINT PRESENTATION