The Board of Commissioners and Township Administration are pleased to present summary reports on the Township's financial position, activities, and plans to the stakeholders of Radnor Township. The Stakeholder's Financial Summary Report is the product of several months of collaborative review with the Citizens' Audit Review and Financial Advisory Committee (CARFAC). The genesis for these reports was the need for additional financial reporting aimed at highlighting significant financial matters in a manner that is easy to read and understand. If you should have any questions about the report or its contents, please contact the Finance Department.
Special Report: Financial Metrics, Financial Position and Bond Issuance -- December 2015 At the Board of Commissioner meeting on November 23, 2015, CARFAC was asked to respond to two separate requests from Commissioners: (1) To identify metrics that determine if the Township’s financial position is better today versus prior years with an emphasis on the amount of debt being carried by the Township. (2) To recommend if bonds are the most appropriate mechanism to raise the capital needed to complete the various improvements included under Park | Trail | Library bond ordinance. CARFAC held a special working-group meeting on December 3, 2015 and developed this special report.
Update on Recent Bond Issue -- April 2015 This memorandum is meant to provide the Board of Commissioners with a financial summary of the two recent bond transactions. More specifically, we want to assure that the Board understands the success of the pricing process with these two issues. The team that analyzed the transactions and provided the recommendations to the Board during the approval process included the Township Administration, CARFAC, PFM and Boenning & Scattergood. PFM served as the pricing agent and Boenning & Scattergood served as the underwriter. The two transactions included the December 2014 Open Space Bond Issue and the March 2015 Current Refunding of the 2009 Open Space Bonds. CARFAC and the Administration met with PFM during our March meeting to review the pricing results. A summary of the pricing was prepared by PFM and is attached to this memo.
Update on OPEB Situation -- June 2013
CARFAC has continued to work with the Administration in analyzing various funding alternatives for the OPEB funding problem. Building off of the Committee's presentation to the Board in December 2012, the Committee, at the request of the Board of Commissioners, worked with the Township's actuary benefits firm and the Administration for the past 3 months to develop 5 funding alternatives that span the spectrum from continuing to fund the minimum (pay-as-you-go) to the maximum (paying the fully loaded annual required contribution). Being that both extremes are not ideal, the working group found 3 alternatives that land somewhere in-between. CARFAC does not take a specific position on any of the plans, other than to note that they have been vetted appropriately and are accurate in their solutions. The Administration's presentation to the Board from June 24, 2013 can be accessed here.
Report on Pension and OPEB -- December 2012
CARFAC has invested 8 months working with the Township Administration, the Township's labor attorney, and the Township's actuary firm to study, quantify and make recommendations with regard to the current and long-term impact of the pension and other post-retirement benefits. Their report was submitted to the Board of Commissioners and publicly presented on December 10, 2012. Click the links below for copies of their report and presentation: