Map of Pennsylvania highlighting Montgomery County (Photo credit: Wikipedia)
NORRISTOWN — Chief Financial Officer (CFO) Uri Monson’s quarterly report highlighted a couple key points — the first time the county’s fund balance grew at all since 2007 and the first Annual Required Contribution (ARC) to the pension fund since the same year.
Details were laid out during Thursday morning’s bi-monthly meeting of the Montgomery County Board of Commissioners.
“Based on the Q1 revenue results, the county now projects to have an annual operating surplus for the year of over $2.6 million, on top of the nearly $2.6 million in reserves set aside to grow the fund balance,” said Monson.
“This would mark the first year-over-year increase in the fund balance since 2007.”