The Upper Pottsgrove new Board of Commissioners is moving toward hiring a financial advisor after key administration leadership left the Township following the election of three members of the new Board: Al Leach, Elwood Tayor and Tyrone Robinson. The move to hire an adviser seems to indicate that the new Board has challenges in understanding basic financial matters, including audits and investment strategy.
This misunderstanding was apparent when Board President Al Leach claimed that approximately $2 million is “missing” from township accounts—a claim that independent audits show is incorrect. A review of township balance sheets and audit reports indicates that all funds are fully accounted for and have been reviewed annually by an independent auditor. The misread most likely resulted in comparing older balance sheets to newer financial statements without understanding the audit report.
What is striking as well is the lack of understanding of the two senior members of the board: Cathy Paretti and Dave Waldt. Both have been on the board for six years and seem not grasp basic financial reporting or accounting. Waldt even parroted Leach’s statement, stating that he wants to know where the “$2 million” went. Reading the independent audits and the monthly reports would have provided him with this information, as well as the repeated reviews in board meetings.
More to this point, Paretti and Waldt have repeatedly claimed that no one told them anything and that they didn’t know what was going on while on the prior board. All commissioners get the same board packet; all commissioners have the same access to the township staff.
Compounding concerns, the township investment account that previously generated nearly $1,000 per day in interest through U.S. Treasury securities is now partially idle. These accounts require routine rollovers as bills mature to continue earning better interest rates.
According to individuals familiar with the investments, the current board has either failed to roll over several mature Treasury bills or elected not to reinvest them. As a result, taxpayer funds that once generated reliable revenue are not maximizing returns—lost income that may ultimately be offset through future property tax increases.
“We repeatedly warned the incoming board that every day these funds sit uninvested is money lost,” said one former board member, Don Read. “We explained the rollover process and even offered to help with how funds need to be unwound when needed. We never received a response.”
Former board member Trace Slinkerd commented that “It is the responsibility of the board to take a leadership role in formulating and monitoring investment strategy. Funds don’t invest on their own.”
Additionally, the board made statements that they intended to reopen the 2026 budget to add additional spending advocated by Elwood Taylor, including $30,000 to the Pottstown Library. The prior board phased out the expense after Cathy Paretti’s push to defund the line item in 2021. However, the board missed the date to amend the budget. So, it looks like they will be spending outside the budget from the beginning.