Updated Citizens Guide to City Finances Available
November 26, 2014
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 firstname.lastname@example.org.