Audited Financial Report for 6/30/12 Fiscal Year Now Available
November 13, 2012
The City of Muskegon Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2012 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 FY12 CAFR include:
- The assets of the City of Muskegon exceeded its liabilities by $133,007,035 as of June 30, 2012. Of the total net assets, $21,798,286 (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 $13,438,058, an increase of $2,511,718 (23%) from the prior year. The increase is attributable to the receipt of proceeds from a $2.0 million bond issue for street projects and to favorable General Fund operating results.
- For the year ended June 30, General Fund revenues 2012 were $353,135 higher than the final amended budget estimate. This positive revenue variance is due to higher than expected local income tax and state shared revenues.
- General Fund expenditures were $297,286 less than projected in the 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.