City receives top marks on financial audit
Plymouth District Library
Jan. 20, 2015 PLYMOUTH EAGLE.
Plymouth Michigan News
City of Plymouth officials received some good news last week from the outside auditing firm charged with the review of the municipal financial activity and reporting practices.
Not only did the municipality do a good job, revenue was “up slightly” for the 2013-14 fiscal year, according to Rana Emmons from Post, Smythe, Lutz and Zeal.
Emmons, a Certified Public Accountant, told city officials there were no significant issues to bring to their attention in her detailed review of the financial activity of the city for the fiscal year, including a review of assets, revenue and debts.
The slight increase in tax revenue was due, according to a memo from city offices, to an increase in property values, “after years of declines and flat trends.”
The city received about $6.84 million in property tax revenue, and a total of $16.2 million, according to the reports.
“We’re hoping that this is a sign than things are turning around,” Emmons told officials. She said that the City of Plymouth is emerging from the economic downturn in better shape than many surrounding communities. The net position of the city was $31.42 million, meaning city assets, including buildings and real estate, exceeded liabilities by that amount. Those capital assets were listed at more than $22 million.
The current fund balance was listed at $2.27 million with $1.68 million of that total in the general fund. Unfunded liabilities in the defined-benefit pension system were listed at about $7.98 million, a drop of $313,000, the first decrease since 1999.
Emmons praised the city financial reporting and said she found no errors or questionable accounting to report and had no suggestions for any changes to the city accounting procedure.