Audited Financial Report for 6/30/14 Fiscal Year Now Available
November 4, 2014
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.