Press Release – 11/23/20

November 23, 2020

FOR IMMEDIATE RELEASE

Warminster Township Supervisors Act to Save Over $1.25 Million

At their regular meeting of November 19, 2020, the Board of Supervisors took two actions that should save the taxpayers over $1,750,000 in future debt service. “I meant it when I said that it is high time that the taxpayer came first in Warminster and we need to get our financial house in order.”, said Supervisors’ Chairman Ken Hayes.

The Board voted to rescind Ordinance 764 and cancel closing on an $8,500,000 bank note and instead make application to the Delaware Valley Regional Finance Authority. This change in course will save the Township $1,181,496 over the life of the borrowing. Then the Board voted to submit another application to the Delaware Valley Regional Finance Authority to refinance $1,360,000 it borrowed in 2019 for improvements to Five Ponds Golf Club with a projected savings of $98,366.

Hayes said that this was simply sound municipal financial management. “We are taking advantage of historically low interest rates to benefit the taxpayer”, he said. The Chairman thanked the new Interim Township Manager, Bill McCauley, for proposing these two savings to the Board. “Mr. McCauley has been here for less than three weeks and has already saved us $1.25 Million in tax dollars. I would say that is a pretty good start”, he concluded.

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Contact:  Bill McCauley
Interim Township Manager
(215) 443-5414 ext.1311