The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2013 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 FY13 CAFR include:
- The assets of the City of Muskegon exceeded its liabilities by $130,838,669 as of June 30, 2013. Of the City’s total net position, $21,791,371 (16.7%) 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 $13,656,058, an increase of $503,648 (3.8%) from the prior year.
- The City’s General Fund reported a total fund balance of $7,353,558, an increase of $1,119,161 from the restated prior year balance of $6,234,397. The favorable increase is the result of sharply reduced costs due to position eliminations, tight budget controls and lower required contributions to fund legacy costs.
- For the year ended June 30, General Fund revenues 2013 were $201,735 lower than the final amended budget estimate. This variance is due to lower than expected local income tax and interest revenues.
- General Fund expenditures were $590,784 lower than projected in the final amended budget. Most city departments spent less than expected due to a combination of 1) tight budget controls, 2) conservative budget projections and, 3) cost savings realized from budget cuts made in the prior year.