News and announcements concerning City of Muskegon financial issues.

Audited Financial Report for 6/30/16 Fiscal Year Now Available

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.

You can view the FY16 CAFR by clicking here. You can view CAFR reports from prior years here.

2015 Citizens Guide to City Finances Available

Citzens-Guide-CVTRS-Submission-2015

The Michigan City, Village, and Township Revenue Sharing Program (CVTRS) sets specific requirements that local governments must meet to qualify to receive state revenue sharing funds. One of the key requirements of CVTRS is that cities make readily available to the public by December 1st “a citizen’s guide and a performance dashboard of their local finances, including a recognition of their unfunded liabilities.”

This Citizen’s Guide is published in accordance with the requirements of CVTRS. We have used the state-recommended reporting template in preparing the Guide. Because of the required time frame for submission, it is not possible to include audited financial data for the most recent fiscal year completed June 30, 2015.

Cities are to produce and make readily available to the public: 1) a Citizen’s Guide, 2) a projected budget report of revenues and expenditures including the current fiscal year and a projection for the immediately following year (including assumptions used) and, 3) a detailed listing of debt service requirements.

These CVTRS required reports are included in this Citizen’s Guide.

Also in accordance with CVTRS, the City has published on its website a performance measurement dashboard that monitors performance trends in four key areas: Fiscal Stability, Economy, Quality of Life, and Public Safety. The City’s performance dashboard can be accessed here.

We hope that the Citizen’s Guide to Local Finances together with the City’s performance dashboard enhances the City’s transparency and public accountability.

If you have any questions or comments, you can leave them in the comment section below or email finance@shorelinecity.com.

 

Audited Financial Report for 6/30/15 Fiscal Year Now Available

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.

You can view the FY15 CAFR by clicking here. You can view CAFR reports from prior years here.

Updated Citizens Guide to City Finances Available

2014 citizens guide

Click to View the Guide

The Michigan City, Village, and Township Revenue Sharing Program (CVTRS) sets specific requirements that local governments must meet to qualify to receive state revenue sharing funds. One of the key requirements of CVTRS is that cities make readily available to the public by December 1st “a citizen’s guide and a performance dashboard of their local finances, including a recognition of their unfunded liabilities.”

This Citizen’s Guide is published in accordance with the requirements of CVTRS. We have used the state-recommended reporting template in preparing the Guide. Because of the required time frame for submission, it is not possible to include audited financial data for the most recent fiscal year completed June 30, 2014.

Cities are to produce and make readily available to the public: 1) a Citizen’s Guide, 2) a projected budget report of revenues and expenditures including the current fiscal year and a projection for the immediately following year (including assumptions used) and, 3) a detailed listing of debt service requirements.

These CVTRS required reports are included in this Citizen’s Guide.

Also in accordance with CVTRS, the City has published on its website a performance measurement dashboard that monitors performance trends in four key areas: Fiscal Stability, Economy, Quality of Life, and Public Safety. The City’s performance dashboard can be accessed here.

We hope that the Citizen’s Guide to Local Finances together with the City’s performance dashboard enhances the City’s transparency and public accountability.

If you have any questions or comments, you can leave them in the comment section below or email finance@shorelinecity.com.

Audited Financial Report for 6/30/14 Fiscal Year Now Available

The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2014 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.

Highlights from the FY14 CAFR include:

  • The assets of the City of Muskegon exceeded its liabilities by $128,908,638 as of June 30, 2014. Of the City’s total net position, $21,188,945 (16.4%) 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 $12,987,232, a decrease of $668,826 (4.9%) from the prior year.
  • The City’s General Fund reported a total fund balance of $7,496,097, an increase of $142,539 from the prior year balance of $7,353,558. The favorable increase is the result of slightly higher than anticipated income taxes, licenses and permit fees revenues and tight budget controls.
  • For the year ended June 30, 2014, General Fund revenues were $502,874 higher than the final amended budget estimate. This variance is primarily due to higher than expected local income tax and licenses and permits revenues.
  • General Fund expenditures were $562,197 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.

You can view the FY14 CAFR by clicking here. You can view CAFR reports from prior years here.

Banking Services RFP

October 2, 2014

To All Interested Parties:

The City of Muskegon will be conducting interviews for the purpose of selecting a primary depository bank for 2015-2021 and invites your bank to participate. The City uses a wide range of banking services and is committed to implementing new cost-effective bank technologies. It is the City’s desire to select a bank that will provide the best overall value on a long-term relationship basis rather than simply choosing the “low bidder”. Accordingly, in addition to pricing, other factors will be considered including (but not limited to): availability of value-added service enhancements, availability and commitment to implementing new technologies, and financial strength. The process for selecting the City’s depository bank will consist of two components: interviews and pricing proposals. The interview process is by far the more important component. It is fully expected that (subject to reasonable and competitive pricing) the bank coming out on top after the interview process will be the bank selected by the City.

Banking Services Request for Proposal (pdf)