The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2016 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 FY16 CAFR include:
- The assets/deferred outflows of resources of the City of Muskegon exceeded its liabilities/deferred inflows of resources by $109,700,415 as of June 30, 2016. Of the City’s total net position, $1,620,153 (1.5%) was unrestricted and may be used to meet the City’s ongoing obligations to citizens and creditors.
- The City’s total combined net position decreased by $5,367,984 during the year ended June 30, 2016.
- The City’s governmental funds reported combined ending fund balance of $13,997,959, a decrease of $1,184,464 (7.8%) from the prior year.
- The City’s General Fund reported a total fund balance of $8,031,309, an increase of $227,813 from the prior year balance of $7,803,496. The favorable increase is primarily the result of conservative budgeting.