The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2011 is now available online.
The CAFR summarizes the city’s financial activity for the year and includes the unqualified opinion of the City’s independent auditor – Brickley DeLong.
Highlights from the FY11 CAFR include:
- The assets of the City of Muskegon exceeded its liabilities by $134,502,902 as of June 30, 2011. Of the total net assets, $21,809,807 (16.2%) was unrestricted and may be used to meet the City’s ongoing obligations to citizens and creditors.
- The City’s governmental funds reported combined ending fund balance of $10,926,340, a decrease of $1,185,458 (9.8%) from the prior year. The decrease is primarily attributable to a $1.0 million, one-time supplemental contribution made to the City’s defined benefit program to keep the program at a 100% actuarial funding level.