The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2015 is now available online.
The CAFR summarizes the city’s financial activity for the year and includes the unmodified opinion of the City’s independent auditor – Brickley DeLong, PC.
Highlights from the FY15 CAFR include:
- The assets/deferred outflows of resources of the City of Muskegon exceeded its liabilities/deferred inflows of resources by $115,068,399 as of June 30, 2015. Of the City’s total net position, $6,915,454 (6.0%) 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 $15,182,423, an increase of $2,195,191 (16.9%) from the prior year.
- The City’s General Fund reported a total fund balance of $7,803,496, an increase of $307,399 from the prior year balance of $7,496,097. The favorable increase is primarily the result of higher than anticipated income taxes, conservative budgeting and tight budget controls.
- For the year ended June 30, 2015, General Fund revenues were $427,474 higher than the final amended budget estimate. This variance is primarily due to higher than expected local income tax revenues.
- General Fund expenditures were $608,522 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) position turnover and the accompanying lag in replacement hiring time.