A. 
The annual budget and the capital program for the ensuing fiscal year shall be prepared, adopted, revised or amended as required by §§ 7.02 through 7.09 of the Charter.
B. 
The annual budget shall include estimated income, including any proposed tax levy, and proposed expenditures by the Township. No annual budget shall project an excess of expenditures over receipts. Proposed expenditures shall be divided into those major classifications that most fully describe the financial operations of the Township. Revenues shall be shown in enough detail to indicate their sources. Capital improvement expenditures shall be identified and the method of their financing shall be described. A three-year capital program shall be submitted in accordance with § 7.06 of the Charter.
C. 
Payments to or income from the Radnor-Haverford-Marple Sewer Authority and the Municipal Authority[1] or any other authority established after the enactment of this chapter shall be included in the annual budget.
[1]
Editor's Note: See also Ch. 78, Sewer Authority, and Ch. 56, Municipal Authority.
D. 
The annual budget shall include a summary of debt service which shows the date, purpose, amount and maturity date of original issue; the interest rate; the balance outstanding at the beginning of the fiscal year; the principal and interest payable for the fiscal year; and retirement by year, principal and interest. It shall also conform to other requirements of § 7.05 of the Charter.
A. 
Major classifications of revenue accounts in the general fund shall include as a minimum:
(1) 
Beginning balance.
(2) 
Real estate taxes.
(3) 
Local enabling taxes.
(4) 
Licenses and permits.
(5) 
Fines and forfeits.
(6) 
Interest and rents.
(7) 
Grants and gifts.
(8) 
Departmental earnings.
(9) 
Transfers from other funds.
(10) 
Miscellaneous income.
B. 
Subdivisions within the major classifications shall be those in the adopted budget for the current year and may change from year to year. The classification of revenue accounts for other funds shall include the beginning balance and interest earnings; assessments, rents, fees, grants, bond revenue and donations, if applicable; and such other classifications as are used in the annual budget.
C. 
Major classifications (departments or offices) for expenditure accounts for all funds shall be those which most fully describe the financial operations of the Township. These major classifications shall be subdivided, where appropriate, into control accounts, as follows, and into such other classifications as may be needed. The classifications may be further subdivided for effective control.
(1) 
Personnel and personal services.
(2) 
Contractual services.
(3) 
Materials, supplies and minor equipment.
(4) 
Debt service.
(5) 
Equipment.
(6) 
Educational expenses.
(7) 
Maintenance of equipment.
(8) 
Contributions.
(9) 
Insurance.
(10) 
Pension expenses.
(11) 
Transfers to other funds.
D. 
Each of the above classifications in the adopted budget shall be treated as a control account for the current year. The Finance Director shall maintain a current list of account numbers. These account numbers shall be used for all financial records in the Township. Each control account for the current year shall be funded by an appropriation and may be revised, amended or transferred as provided in § 7.08 of the Charter.
A. 
Records and reports maintained and prepared by the Finance Director.
(1) 
The Finance Director shall supervise the preparation and maintenance of records of all financial transactions consistent with accounting procedures and practices of the American Institute of Certified Public Accountants (AICPA). Accounting records shall be maintained on the modified accrual basis. The financial statements at year-end shall be prepared on a modified accrual basis consistent with the procedures and practices of the AICPA. The Township shall record all transactions using a double-entry bookkeeping system.
(a) 
All transactions shall be recorded by the appropriate fund, including the following funds, and such other funds established by law or required by the Board:
[1] 
General fund.
[2] 
Special Assessment Fund.
[3] 
Capital Improvement Fund.
[4] 
Sinking Fund.
[5] 
Sewer Fund.
[6] 
Revenue Sharing Fund.
[7] 
Liquid Fuels Fund.
(b) 
There shall be continuous identification of assets, liabilities, revenues, expenditures and fund equity for each fund so established.
(2) 
The following books of account shall be maintained for each fund, where applicable, to record each financial transaction:
(a) 
General journal (general fund journal).
(b) 
Cash receipts journal (revenue fund journal).
(c) 
Cash disbursements journal (appropriation transaction journal).
(d) 
Payroll journal.
(e) 
Others as needed.
(3) 
The Finance Director shall be responsible for the safeguard, storage and retention of all Township financial records. Record retention and disposal practices shall conform to the Municipal Records Act.[1]
[1]
Editor's Note: See 53 P.S. § 9001 et seq. and Ch. 72, Records Retention.
(4) 
The Finance Director shall prepare as promptly as possible financial practices and procedures, in writing, for the Township. Practices and procedures shall describe procedures and forms necessary to record, preserve and report the financial transactions of the Township in accordance with the provisions of the Charter and this chapter. These written procedures and practices shall cover as a minimum the following areas:
(a) 
Budgeting.
(b) 
Capital assets.
(c) 
Chart of accounts.
(d) 
Disposal of property.
(e) 
Financial reporting.
(f) 
Insurance.
(g) 
Internal auditing.
(h) 
Pensions.
(i) 
Purchasing.
(j) 
Timekeeping.
B. 
Procedures covering the Township Treasurer.
(1) 
Receipts.
(a) 
As provided in § 4.05 of the Charter, all payments to the Township shall be received by the Treasurer. No other Township employee (elected or appointed) shall be authorized to receive money for the benefit of the Township unless specifically designated by the Treasurer. Money belonging to the Township shall be deposited each business day in the name of the Township in a depository previously designated.
(b) 
The Treasurer shall issue receipts for funds collected. At the end of each business day, copies of all receipts, plus duplicate deposit slips, shall be forwarded to the Finance Director. The Treasurer shall prepare a daily summary of the collections for the day by major classification, as set forth in § 5-45A. The original shall be retained by the Treasurer and a copy shall be forwarded to the Finance Director. The daily summary shall be signed by the Treasurer or his duly authorized designee. The Treasurer shall use the same chart of accounts as the Township.
(2) 
Disbursements. The treasurer shall disburse Township funds in the manner prescribed in § 5-48. The Treasurer shall maintain a file of disbursement authorizations in his office.
(3) 
Real estate tax. The Treasurer shall check for accuracy the real estate tax duplicate provided by Delaware County and shall advise the county of any errors or discrepancies. He shall keep accurate records of the real estate tax billings, receipts and accounts receivable.
A. 
Depositories.
(1) 
The Board of Commissioners shall designate, from time to time, by resolution, a depository or depositories for Township funds. Such depository or depositories shall be banks, banking institutions or trust companies located in the commonwealth.
(2) 
Depositories so designated shall, upon receipt of notice of their selection as a depository of Township funds, furnish a bond to secure payment of deposits of Township funds and any interest to the Township, with a proper warrant to confess judgment in favor of the Township, secured by a surety company or individual sureties to be approved by the Board, or deposit obligations of the United States or the commonwealth or any political subdivision thereof, with a bond rating of at least A by Moody's Investor Service, to secure the payment of Township deposits and any interest thereon. Such surety bonds shall be in a sum, to be fixed by the Board, at least equal to the probable greatest amount of such deposit at any one time. The market value of deposit bonds at all times shall be at least equal to 120% of the amount of Township funds to be secured. Such deposit bonds shall be accompanied by proper assignments or powers of attorney to transfer the same. In the event of the failure of the depository to pay to the Township the full amount of such deposits and interest thereon, such bonds and the proceeds of sale thereof shall belong to the Township until it shall receive therefrom the full amount of such deposits and interest thereon, and the Township shall have a prior standing as respects such bonds and be in all respects preferred to any and all claims except such as have heretofore been preferred by law.
(3) 
Nothing herein contained shall be construed to require a depository to furnish bond or collateral security to cover the amount of any deposit to the extent that the same is insured with the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.
(4) 
The Treasurer shall, upon the designation and qualification of such depository or depositories, thereafter keep Township funds only in such depository or depositories in the name of the Township.
B. 
Separation of funds. Whenever any moneys which have been pledged or assigned to a special Township fund are received by the Treasurer, the Treasurer shall deposit said moneys into the appropriate fund account and shall not disburse them or any part of them for any purpose other than that for which they were collected. Misuse of such moneys shall be an offense for which the authorizers and signers of the illegal checks, money orders or drafts shall be liable for surcharge for the sum misused or the loss of the Township.
C. 
Transfers and loans between funds. The Finance Director may borrow from one Township fund to another with the approval of the Board. All loans shall be repaid within one year. Any loans to or from the sewer fund shall be repaid with interest at 6% per annum. Loans and/or transfers between funds shall be accompanied by appropriate documentation.
D. 
(Reserved)[1]
[1]
Editor's Note: Former Subsection D, regarding temporary investment of funds, was repealed 7-21-2003 by Ord. No. 2003-11.
E. 
Escrow accounts. Any escrow funds or refundable deposits received by the Township shall be deposited in escrow accounts by the Treasurer. The Treasurer shall release said funds only after authorization by the Township official responsible for certifying that the conditions requiring the release of the escrow funds or refundable deposits have been met.
A. 
Check signing.
(1) 
Checks shall be prepared upon the authorization of the Finance Director after he is satisfied that the expenditure is proper.
(2) 
The Treasurer shall disburse funds of the Township by check, draft or other order of payment on a form of disbursement authorization adopted by the Manager and issued to the Treasurer by the Manager or, in his absence, by the Secretary. The Treasurer shall assure himself that each disbursement shall not exceed the applicable appropriation.
(3) 
All checks, drafts or other orders of payment drawn upon the Township shall be signed by two persons:
(a) 
The Manager or, in his absence, the Secretary.
(b) 
The Treasurer or his designee who has been approved by the Board.
(4) 
Individual payroll checks shall bear the actual signature or facsimile thereof of the Manager and the signature of the Treasurer or his approved designee. The Treasurer shall receive with the checks to be signed payroll authorization supporting the disbursements which have been approved by the Manager or, in his absence, the Secretary.
A. 
All purchases shall be made with a purchase order except those made from petty cash and regular bills that are paid upon presentation. A petty cash imprest system shall be used only for the purchase of small items, as defined in purchasing procedures, and shall be fully documented. Blanket purchase orders may be used on a monthly or annual basis for those vendors from whom regular purchases are made. Confirming purchase orders may be used for emergencies only. The Finance Director shall provide appropriate forms for purchase orders and control the issuing of the forms. All purchase orders shall be signed by the Finance Director or the Manager.
B. 
Vendors for nonbid items shall be selected based on quotations obtained by telephone, in writing or from current catalogs. Written quotations shall be obtained when specifications are used. All quotations and related documentation shall be submitted with the purchase order. Written justification shall be made when a quotation other than the lowest one is accepted.
C. 
If the purchase price is $300 or less and the price is considered reasonable, only one quotation need be obtained. If the purchase price is between $300 and $3,000, three quotations shall be solicited. Purchases of $3,000 or more shall be made in accordance with the procedures given in § 5-50 on competitive bidding.
D. 
The department receiving supplies, material, equipment or contractual services shall verify that they meet the specifications set forth in the order or contract. The Township shall have the authority to require chemical, physical and performance tests of materials submitted with bids and delivery samples to determine their quality. For such tests, the Township may make use of outside testing facilities.
E. 
The Township, with the approval of the Board, may enter into agreements to purchase cooperatively with other governmental entities.
A. 
General procedures.
(1) 
All purchases of labor, material, supplies or services, aggregating $3,000 or more in any fiscal year, shall be bought after the awarding of bids as provided in this chapter. In determining whether or not a purchase exceed $3,000, the definition of items to be bid shall be the class rather than specific items within a class, e.g., tires of different sizes or grades are all of one class. Exemptions from and restrictions on competitive bidding are governed by § 7.11 of the Charter.
(2) 
All bids in all cases, whether of straight sale price, conditional sale, bailment lease or otherwise, shall be for the entire amount which the Township shall pay to the successful bidder or his assigns in order to obtain the services or property, or both, and shall not be construed to mean only the amount which shall be paid to acquire title or to receive any other particular benefit or benefits of the whole bargain. All bids shall be sealed by the bidder. A bid bond may be required of all bidders on a contract at the discretion of the Board or the Manager.
B. 
Advertising.
(1) 
A legal advertisement shall be required for bids for each nonexempted purchase aggregating $3,000 or more. This advertisement shall state in general terms the material, labor, supplies or service needed; where and when the specifications and plans can be obtained and their price, if any; the time limit on receipt of bids; and the date, time and place for publicly opening the bids. This advertisement shall be published at least twice in the same newspaper. The first time shall be not less than 10 days before the opening date for the bids. Additional advertisements in appropriate trade or legal journals and notification of prospective bidders may be made at the discretion of the Board or the Manager.
(2) 
Specifications and plans must be available on the date of the first advertisement for bids.
C. 
Opening of bids. Bids shall be publicly opened and read aloud at the time and place specified in the legal advertisement. All bids shall be available for public inspection.
D. 
Performance bonds. The successful bidder may be required, at the discretion of the Board or the Manager, to furnish bond with requirements guaranteeing the performance of the contract or, as required by law, with surety in an amount sufficient to guarantee the completion of the contract. Performance bonds, if required, shall be given to the Township within 20 days after the contract has been awarded unless the Board shall prescribe a shorter period of not less than 10 days. Upon failure to furnish bond within such time, the previous award shall be void. The contract may then be awarded to another bidder or it may be readvertised for bids. Deliveries, accomplishment and guaranties may be required in all cases of expenditures, including negotiated contracts.
E. 
Bonds for protection of labor and material. The Township shall require any person, partnership, association or corporation entering into a contract with the Township for the construction, erection, installation, completion, alteration, repair of or addition to any public work or improvement of any kind whatsoever where the amount of the contract is $3,000 or more, before commencing work under such contract, to execute and deliver to the Township, in addition to any other bond which may now or hereafter be required by law to be given in connection with such contract, an additional bond for the use of any and every person, partnership, association or corporation interested, in a sum not less than 50% and not more than 100% of the contract price, as the Township may prescribe, having as surety thereon one or more surety companies legally authorized to do business in the commonwealth, conditioned for the prompt payment of all material furnished and labor supplied or performed in the prosecution of the work, whether or not said material or labor enter in and become component parts of the work or improvements comtemplated. Such additional bond shall be deposited with and held by the Secretary for the use of any part interested therein. Every such additional bond shall provide that every person, partnership, association or corporation that, whether as subcontractor or otherwise, has furnished material or supplied or performed labor in the prosecution of the work as above provided and that has not been paid therefor may sue in assumpsit on said additional bond, in the name of the Township, for his, their or its use and prosecute the same to final judgment for such sum or sums as may be justly due him, them or it and have execution thereon; provided, however, that the Township shall not be liable for the payment of any costs or expense of any suit.
F. 
Awarding of bids. All bids shall be awarded by the Board at a public meeting to the lowest responsible and qualified bidder after the bids have been publicly opened and have been evaluated by the Township staff. When the award is not given to the lowest bidder, a statement of the reasons for awarding the contract to another bidder shall be recorded in the minutes of the meeting at which the bid was awarded. The Board may award part or all of any bid or may reject all bids for any reason.
A. 
General.
(1) 
The terms of contracts for purchase of materials, supplies and services shall not exceed two years. All contracts of the Township involving sums in excess of $3,000 shall be in writing and approved formally by the Board. Single contracts for a project or program may be used at the discretion of the Board.
(2) 
No contract shall be made or obligation incurred unless there is a sufficient unencumbered balance in an appropriation and sufficient money is available to cover the contract or meet the obligation when it becomes due and payable. Any official who knowingly authorizes a contract to be made in violation of this provision shall be subject to removal from office and liable to the Township or its surety for any loss incurred as a result of such action. The Township Solicitor shall approve all written contracts before they are signed by any Township official.
(3) 
A special type of contract may be used whereby the Township does not obligate itself to purchase or to accept a commodity but furnishes the vendor with an estimate of its probable needs as a guide to the amount that may be purchased.
(4) 
No contract shall be awarded any contractor who has any other interests in the same project.
B. 
Procedures for specific categories of contracts.
(1) 
Purchase, sale, use or lease for three or more years of real property. The contract shall be authorized by ordinance. The written contract shall be signed by the President of the Board and the Manager.
(2) 
Construction of public capital improvements. The contract shall be awarded by competitive bidding if the amount is over $3,000. The contract shall be authorized by ordinance. The written contract shall be signed by the President of the Board and the Manager.
(3) 
Labor contract with a union. The contract shall be negotiated by the Board or its designee, and such contract shall be subject to approval by the Board. The written contract shall be signed by the President of the Board.
(4) 
Professional or unique services and supplies. Professional or unique services and supplies costing over $3,000 shall require public notice, including a request for proposals. Initial screening of the applicants shall be done by the Manager. The contract shall be approved by the Board at a public meeting. The written contract shall be signed by the President of the Board or the Manager if authorized by the Board.
(5) 
Insurance and surety company bonds. A contract shall be negotiated by the Manager or Finance Director. The Township shall seek additional proposals before renewing existing contracts. The contract shall be subject to approval by the Board at a public meeting. The written contract shall be signed by the President of the Board or the Manager if authorized by the Board.
(6) 
Contracts with other governmental entities, authorities, agencies or political subdivisions. Contracts shall be negotiated by the Manager subject to the approval of the Board. The written contract shall be signed by the President of the Board or the Manager if authorized by the Board.
(7) 
Emergency repairs or service and equipment required by emergency conditions. Approval shall be given by the Manager or Finance Director and the department head involved in the emergency. If the contract is for over $3,000, it shall be approved by a special meeting of the Board. The written contract shall be signed by the President of the Board or the Manager if authorized by the Board.
(8) 
Contracts for purchase of labor, material, supplies or services aggregating $3,000 or more in any fiscal year. A contract shall be awarded by the Board after competitive bidding as defined in § 5-50. The written contract shall be signed by the Manager.
(9) 
Negotiated contracts. A contract may be negotiated by the Manager if no bids are received after publicly advertising for bids twice as required in § 5-50. Approval shall be given by the Board at a public meeting. The written contract shall be signed by the Manager.
[Amended 5-14-2012 by Ord. No. 2012-04]
A. 
Real property.
(1) 
No real property of the Township shall be sold or disposed of without the approval of the Board of Commissioners. No real estate owned by the Township having a fair market value, as determined by a professional appraisal, in excess of $1,500 may be sold except to the highest bidder after due notice by advertisement for bids or advertisement of a public auction in one newspaper of general circulation in the Township. The advertisement shall be published once not less than 10 days before the date set for the opening of bids or public auction, and the date for opening bids or public auction shall be announced in the advertisement. The award of contracts shall be made only by public announcement at a regular or special meeting of the Board of Commissioners or at the public auction. All bids shall be accepted on the condition that payment of the purchase price in full shall be made within 60 days of the acceptance of bids or upon such other conditions of purchase price payment as determined by the Board of Commissioners at the time of bid advertisement.
(2) 
The Board of Commissioners may reject all bids if the bids are deemed to be less than the fair market value of the property. In the case of a public auction, the Board of Commissioners may establish a minimum bid based on the fair market value of the real property.
(3) 
All sale of real property by the Township shall comply with the requirements of the Donated or Dedicated Property Act, 53 P.S. 3381 et seq., if applicable, including any conveyances or leases of real property as identified in Subsection A(4) of this section.
(4) 
Conveyances or leases.
(a) 
The requirements of this section do not apply to conveyances or leases of real property by the Township to any of the following:
[1] 
A municipal corporation.
[2] 
The federal government.
[3] 
The commonwealth.
[4] 
An institution district.
[5] 
A school district.
[6] 
A municipality authority.
[7] 
A county.
[8] 
A public utility.
[9] 
A volunteer fire company.
[10] 
A nonprofit corporation engaged in community industrial, commercial or affordable housing development.
[11] 
A volunteer ambulance service or volunteer rescue squad located within the Township.
[12] 
A nonprofit corporation organized as a public library.
[13] 
A nonprofit medical service corporation.
[14] 
A nonprofit housing corporation.
[15] 
A nonprofit organization providing community service or development activities.
[16] 
A nonprofit corporation established for the preservation of historical, architectural or aesthetic sites or artifacts.
[17] 
A nonprofit association or nonprofit corporation organized to acquire and maintain real property for the preservation, conservation and stewardship of open space.
(b) 
Such conveyances or leases shall be at the sole discretion of the Township.
(5) 
When real property is sold to a nonprofit corporation organized as a public library or to a nonprofit medical service corporation, nonprofit housing corporation, volunteer fire company, volunteer ambulance service or volunteer rescue squad, the Board of Commissioners may elect to accept any nominal consideration for the property as it believes appropriate. Real property sold under this subsection is subject to the condition that when the property is not used for the purposes of the corporation or volunteer fire company, the property reverts to the Township.
(6) 
Any official or employee who sells or authorizes the sale of any Township real property without complying with the provisions of this section shall be subject to a surcharge in the amount of any loss sustained by the Township by reason of such sale, as well as any additional disciplinary action the Township deems appropriate.
B. 
Personal property.
(1) 
No personal property of the Township shall be sold or disposed of without the approval of the Board of Commissioners. No personal property owned by the Township, the estimated fair market value of which is $1,000 or more, shall be sold except to the highest bidder after due notice by advertisement for bids or for public auction in one newspaper of general circulation in the Township. The advertisement shall be published once not less than 10 days before the date set for the opening of bids or public auction, and the date for opening bids or public auction shall be announced in the advertisement. The advertisement for electronic auction sales authorized in Subsection B(4) shall include the Internet address or means of accessing the electronic auction and the date, time and duration of the electronic auction. If after attempting twice to receive bids or if at a public auction no bid was received, the Board of Commissioners may by resolution adopt a procedure by which the personal property may be sold without further action of the Board of Commissioners. A procedure adopted pursuant to this authorization shall be subject to and shall conform with the requirements of any law governing the sale of property by municipal corporations generally when no bids have been received. The award of contracts shall be made only by public announcement at a regular or special meeting of the Board of Commissioners or at the public auction. Except as provided in Subsection B(4), all bids shall be accepted on the condition that payment of the purchase price in full is made immediately upon acceptance of the successful bid. The Board of Commissioners may reject any bids received if the bids are believed to be less than the fair market value of the property. In the case of a public auction, the Board of Commissioners may establish a minimum bid based on the fair market value of the personal property.
(2) 
With respect to personal property, either individual items or lots of items, that have a fair market value estimated to be less than $1,000, the Board of Commissioners shall by resolution adopt a procedure by which the property may be sold without further action by the Board of Commissioners. The Board of Commissioners may arrange for the sale of the item or items at public auction.
(3) 
The bidding and advertising requirements of this section do not apply to the following transactions:
(a) 
If personal property of the Township is being traded in or exchanged for other personal property.
(b) 
The sale or lease of personal property to any one of the following:
[1] 
A municipal corporation.
[2] 
The federal government.
[3] 
The commonwealth.
[4] 
An institution district.
[5] 
A school district.
[6] 
A municipality authority.
[7] 
A county.
[8] 
A public utility.
[9] 
A volunteer fire company.
[10] 
A nonprofit corporation engaged in community industrial development.
[11] 
A volunteer ambulance service or volunteer rescue squad located within the Township.
[12] 
A nonprofit corporation organized as a public library.
[13] 
A nonprofit medical service corporation.
[14] 
A nonprofit housing corporation.
[15] 
Nonprofit organizations providing community service or development activities.
[16] 
A nonprofit corporation established for the preservation of historical, architectural or aesthetical sites or artifacts.
(4) 
A public auction may include an online or electronic auction sale. During an electronic auction sale, bids shall be accepted electronically at the time and in the manner designated in the advertisement. During the electronic auction, each bidder shall have the capability to view the bidder's bid rank or the high bid price. Bidders may increase their bid prices during the electronic auction. The record of the electronic auction shall be accessible for public inspection. The purchase price shall be paid by the high bidder immediately or at a reasonable time after the conclusion of the electronic auction as determined by the Township. In the event that shipping costs are incurred, they shall be paid by the high bidder.
(5) 
Any official or employee who sells or authorizes the sale of any Township personal property without complying with the provisions of this section shall be subject to a surcharge in the amount of any loss sustained by the Township by reason of such sale, as well as any additional disciplinary action the Township deems appropriate.
(6) 
When no bids are received for unserviceable or junk property, the Board may authorize the Finance Director or other authorized Township representative to dispose of such property in the manner most advantageous to the Township.
A. 
Fidelity bonds in the amount set by the Board shall be approved by the Township Solicitor for form and sufficiency and shall be with a surety company or other company authorized by law to act as a surety and approved by the Board. The bonds shall be conditioned upon the faithful performance and discharge of their respective duties and for proper application and payment of all money or property for which they are responsible by virtue of their offices or employment.
B. 
Officials and employees to be bonded before September 1, 1977, are the Treasurer, the Treasurer's employees and employees who are responsible for receipts or disbursements of funds. The Board may require bonds for other individuals. The cost of the bonds shall be borne by the Township. However, the Township shall not provide a bond for the collection of county or school taxes.
It shall be the duty of the Finance Director to cause accounts of any sinking funds and other accounts relating to the indebtedness of the Township to be kept and to see to the proper application and superintend the investment of moneys therein in accordance with law. Moneys in a sinking fund may be invested only in obligations of the commonwealth or the United States of America, in deposits in banking institutions or in shares of building and loan associations or Federal Savings and Loan Associations, the deposits or shares of which are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation and which deposits or shares shall at no time exceed the maximum amount so insured. The income derived from such investments or on any bank balances credited to the sinking fund shall be credited and applied only to the sinking fund.
A. 
Annual audit. An audit of the financial records of the Township shall be made annually by an independent auditor, as provided in §§ 4.05 and 7.13 of the Charter.
B. 
Appointment of independent auditor. Such independent auditor shall be appointed annually by the Board at least 30 days prior to the close of the fiscal year.
C. 
Audit due date. The annual audit shall be filed with the Board within 90 days of the close of the fiscal year.