by Karen Mead-Elford, co-editor

   The city of Owosso received the completed audit from Gabridge & Co., PLC for the year ending June 30, 2019. Joe Verlin, a CPA with Gabridge & Co., presented the audit to the Owosso City Council during the regular meeting on Monday, Dec. 17. The city is required to have an independent auditor’s analysis completed annually.

   Verlin offered highlights from the audit to council members during his presentation, sharing that the overall fiscal health of the city is good. According to the audit, the “total net position for the city is $63,659,787. Of that amount, $5,310,373 or 8.3 percent, is unrestricted and available for city activity. The net position, increased $3,044,244 from the prior fiscal year.” The net position is a benchmark for determining the city’s financial position or fiscal health.

   General fund revenues “exceeded expenditures … by $439,311, causing the general fund’s balance to increase accordingly.”

    A memorandum provided by city finance director, Cheryl Grice, CPA, shared that the “Independent Auditor’s Report is a snapshot of what happened during the fiscal year ending June 30, 2019 and the balance sheets of that date. Nothing appears in the audit which we were not previously aware of and no improprieties were uncovered.”

   Grice continued by pointing out the general fund increase, also sharing that “interest income revenues increased and one time revenues were collected from the recreational marijuana library.” Ambulance revenues were lower than expected.

   Other considerations in the audit were a reflection of the delay in settling a union contract, forwarding related expenditures into 2020 for “contractual payments and retroactive wage increases.”

   Grice also shared in the memorandum that the “audit serves as part of the checking system by which the state makes sure that a municipality, which legally is a creature of the state, complies with all state financial regulations.”

   Owosso Mayor Chris Eveleth asked Verlin how the city compared to other municipalities that have been audited. In short, Verlin assured council that the city of Owosso scores in the mid to upper end of fiscal heatlh.

   The council approved accepting and “placing on file” on the city of Owosso financial report as presented by Gabridge & Co., PLC.

   Eveleth and city council members were appreciative of the work done by Grice and Gabridge & Co., PLC.

City of Owosso Accepts Audit for Fiscal Year Ending Last June was last modified: December 23rd, 2019 by Karen Elford