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Accounting & Financial Reports

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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, 2023  is now available.

Report on Compliance for the U.S. Department of the Treasury Coronavirus State and Local Fiscal Recovery Funds Program (CSLFRF)
The Requirements for an Alternative CSLFRF Compliance Examination Engagement is for recipients that would otherwise be required to undergo a Single Audit or Program-Specific Audit as a result of receiving Coronavirus State and Local Fiscal Recovery Funds.  The Report on Compliance for the U.S. Department of the Treasury CSLFRF for fiscal year ending June 30, 2023 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, 2023, 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)13 documents

  • ACFR for fiscal year ending June 30, 2022
    document _recordid 1135
  • ACFR for fiscal year ending June 30, 2021
    document _recordid 932
  • CAFR for fiscal year ending June 30, 2020
    document _recordid 550
  • CAFR for fiscal year ending June 30, 2010
    document _recordid 64
  • CAFR for fiscal year ending June 30, 2011
    document _recordid 63
  • CAFR for fiscal year ending June 30, 2012
    document _recordid 62
  • CAFR for fiscal year ending June 30, 2013
    document _recordid 61
  • CAFR for fiscal year ending June 30, 2014
    document _recordid 60
  • CAFR for fiscal year ending June 30, 2015
    document _recordid 59
  • CAFR for fiscal year ending June 30, 2016
    document _recordid 58
  • CAFR for fiscal year ending June 30, 2017
    document _recordid 57
  • CAFR for fiscal year ending June 30, 2018
    document _recordid 56
  • CAFR for fiscal year ending June 30, 2019
    document _recordid 55