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Accounting & Financial Reports

Updated: Sep 9, 2021
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The Finance Department performs accounting functions in accordance with generally accepted accounting principles (GAAP) to maintain the financial records of the City. As part of the accounting function, accounting systems are established for new funds, grants, projects, or other needs.

Assets, liabilities, equity, revenue and expenditures are recorded and detailed records of all property and equipment are kept and reconciled with a physical inventory. Monthly financial reports are sent to all departments and periodic financial and budget status reports are prepared and submitted to the City Commission. In addition, Finance processes payroll for all City employees and accounts payable. The Finance Department is also responsible for budgeting, debt administration, and purchasing activities.

Annual Comprehensive Financial Report (ACFR)
As required by the City charter and State statute, an annual comprehensive financial report (ACFR), formerly called comprehensive annual financial report (CAFR), is prepared and an independent audit is performed annually. Approximately forty support schedules for account analysis are prepared in conjunction with the City's annual audit. The ACFR for fiscal year ending June 30, 2021  is now available.

Single Audit Report
The Single Audit Act establishes reporting requirements when a non-federal entity expends $750,000 or more in federal award funds during its fiscal year.  The Single Audit Report for fiscal year ending June 30, 2021 is now available.

Act 202 of 2017 Protecting Local Government Retirement and Benefits Act

Under this Act, the State of Michigan requires local governments to report the financial status of their defined benefit plans to the State using Form 5572.  The form's purpose is to determine whether a local government's defined benefit plan is "under-funded" as defined by the Act.  As of June 30, 2021, the City's defined benefit retirement and retiree health care plans are not "under-funded" as defined by the State.

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Prior Year Comprehensive Annual Financial Reports (CAFR)11 documents

  • CAFR for fiscal year ending June 30, 2019
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  • CAFR for fiscal year ending June 30, 2018
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  • CAFR for fiscal year ending June 30, 2017
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  • CAFR for fiscal year ending June 30, 2016
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  • CAFR for fiscal year ending June 30, 2015
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  • CAFR for fiscal year ending June 30, 2014
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  • CAFR for fiscal year ending June 30, 2013
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  • CAFR for fiscal year ending June 30, 2012
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  • CAFR for fiscal year ending June 30, 2011
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  • CAFR for fiscal year ending June 30, 2010
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  • CAFR for fiscal year ending June 30, 2020
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