IRON RIVER TOWNSHIP. Financial Report With Supplemental Information Prepared in Accordance with GASB 34 MARCH 31, 2016

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1 Financial Report With Supplemental Information Prepared in Accordance with GASB 34 1

2 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS... 8 BASIC FINANCIAL STATEMENTS STATEMENT OF NET POSITION STATEMENT OF ACTIVITIES BALANCE SHEET - GOVERNMENTAL FUNDS RECONCILIATION OF BALANCE SHEET OF GOVERNMENTAL FUNDS TO NET POSITION GOVERNMENTAL FUNDS - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES STATEMENT OF FUND NET ASSETS ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION ENTERPRISE FUNDS STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS STATEMENT OF FIDUCIARY NET POSITION REQUIRED SUPPLEMENTAL INFORMATION BUDGETARY COMPARISON SCHEDULE - GENERAL FUND BUDGETARY COMPARISON SCHEDULE ROAD REPAIR FUND OTHER SUPPLEMENTAL INFORMATION COMBINING BALANCE SHEET - NON-MAJOR GOVERNMENTAL FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - NON-MAJOR GOVERNMENTAL FUNDS COMBINING BALANCE SHEET - ALL SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND EQUITY - ALL SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET - ALL PROPRIETARY FUND TYPES COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES COMBINING STATEMENT OF CASH FLOWS - PROPRIETARY FUND TYPES BALANCE SHEET - GENERAL FUND STATEMENT OF REVENUES - GENERAL FUND STATEMENT OF EXPENDITURES - GENERAL FUND BALANCE SHEET - CEMETERY OPERATING FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE CEMETERY OPERATING FUND BALANCE SHEET ROAD REPAIR FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND EQUITY ROAD REPAIR FUND Page 2

3 TABLE OF CONTENTS (Continued) OTHER SUPPLMENTAL INFORMATION (Continued) BALANCE SHEET - CEMETERY PERPETUAL CARE TRUST FUND (PERMANENT FUND) STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE - CEMETERY PERPETUAL CARE TRUST FUND (PERMANENT FUND) BALANCE SHEET - WATER SUPPLY SYSTEM FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - WATER SUPPLY SYSTEM FUND STATEMENT OF CASH FLOWS - WATER SUPPLY SYSTEM FUND BALANCE SHEET - SEWER FUND STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN RETAINED EARNINGS - SEWER FUND STATEMENT OF CASH FLOWS - SEWER FUND STATEMENT OF CHANGES IN ASSETS AND LIABILITIES - TRUST AND AGENCY FUND INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SCHEDULE OF FINDINGS AND RESPONSES 151 Page 3

4 INDEPENDENT AUDITOR'S REPORT 4

5 DS Rostagno, CPA, P.C. Board of Trustees Iron River Township 102 McNutt Road Iron River, Michigan West Maple Street, Iron River, MI Tel (906) Fax (906) Report on the Financial Statements INDEPENDENT AUDITOR'S REPORT We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Iron River Township, Iron River, Michigan, as of and for the fiscal year ended March 31, 2016, and the related notes to the financial statements, which collectively comprise the Township's basic financial statements as listed in the Table of Contents.. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America and with the standards prescribed by the State Treasurer; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and with the standards prescribed by the State Treasurer. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 5

6 Opinions In our opinions, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Iron River Township, Iron River, Michigan, as of March 31, 2016, and the respective changes in the financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and budgetary comparison information on page 9 though 21, and on pages 115 and 116, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing information and comparing the information for consistency with management s response to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Iron River Township, Iron River, Michigan s financial statements. The combining and individual non-major fund financial statements are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual non-major fund financial statements are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures including, comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual non-major fund financial statements are fairly stated in all material respects in relation to the basic financial statements as a whole. 6

7 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated July 22, 2016, on our consideration of Iron River Township, Iron River, Michigan s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Iron River Township, Iron River, Michigan s internal control over financial reporting and compliance. Dianne S. Rostagno, CPA DS ROSTAGNO, CPA, P.C. July 22,

8 MANAGEMENT S DISCUSSION AND ANALYSIS 8

9 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ The management of Iron River Township provides this narrative overview and analysis of the financial activities of Iron River Township for the fiscal year ended March 31, As readers, you are encouraged to read this discussion and analysis in conjunction with the Township's financial statement information included in this report. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Township's basic financial statements. The financial section of this report includes management's discussion and analysis, the basic financial statements, and required supplementary information. The basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements The government-wide financial statements are designed to provide readers with a broad overview of the Township's finances, in a manner similar to a private-sector business. The Statement of Net Position presents information on all of the Township's assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the Township is improving or deteriorating. The Statement of Activities presents information showing how the government's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods. Both of the government-wide financial statements distinguish functions of the Township that are mainly supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their cost through user fees and charges (business-type activities). The governmental activities of the Township include general government, legislative, public safety, public works, cemetery, Township property, parks and recreation. The business-type activities of the Township are the Water and Sewer utility services. The notes to the financial statements are an integral part of this report. 9

10 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Fund Financial Statements The Township, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. In the basic financial statements, the emphasis of the fund financial statements is on major funds. All of the funds of the Township can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds Governmental Funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. This information may be useful in evaluating the Township's near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. In order to provide the reader with information to better understand the long-term impact of the government's near-term financing decisions, a reconciliation between the government-wide financial statements is included as part of the basic financial statements. The Township maintains four governmental funds. Information is presented separately in the governmental fund balance sheet and governmental fund statement of revenues, expenditures, and changes in fund balance for the general fund which is considered to be a major fund. The road fund is also classified as a major fund. The cemetery operation fund and the cemetery perpetual care fund (classified as a permanent fund) are nonmajor governmental funds. Individual fund data for each fund is presented separately in the "Other Supplementary Information" section of this report. The Township adopts an annual budget for its general and other special revenue funds. To demonstrate compliance with this budget, budgetary comparison statements have been provided for the general fund and the road fund (the Township s major governmental funds) which are included in the "Required Supplementary Information" section of this document. The notes to the financial statements are an integral part of this report. 10

11 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Proprietary Funds Proprietary Funds provide services for which the Township charges customers a fee. The Township has only one type of proprietary fund the enterprise-type fund. The enterprise funds of the Township are used to report the same functions as the business-type activities in the government-wide financial statements. The water and the sewer utility funds are presented separately in both the government-wide financial statements and the fund financial statements and both are considered major funds. Enterprise funds are used to account for operations very similar to business enterprises, where the intent of the governing body is that the cost of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges. Fiduciary Funds Fiduciary funds are used to account for resources held for the benefit of parties outside the government. The fiduciary fund for the Township is the tax collection fund. Fiduciary funds are not included in the governmentwide financial statements because the resources of those funds are not available to support the Township's own programs. This fund is presented separately in the fund financial statements section of the basic financial statements. Notes to the Financial Statements Notes to the financial statements are included in the basic financial statements, and provide additional information that is essential for a full understanding of the data provided in the government-wide and the fund financial statements. Supplementary Information Required supplementary information follows the basic financial statements, and includes budgetary comparison schedules for the general fund and the road fund (the only major governmental funds) as presented in the governmental fund financial statements. A separate financial statement for the Township's non-major governmental funds is also included in the Other Supplementary Information section of this document. The notes to the financial statements are an integral part of this report. 11

12 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Government-wide Financial Analysis In time, net position of a governmental entity may serve as a useful indicator of the government's financial position. In the case of the Township, assets exceeded liabilities by $6,660,498 at March 31. By far, the largest portion of the Township's net position is its investment in capital assets (land, buildings, machinery, and equipment), less any outstanding debt related to acquiring the asset. These capital assets are used to provide services to citizens and are not available for future spending. The Township had outstanding debt at March 31, 2016, in the amount of $1,516,275; hence, the Township reported $5,393,108 in net investment in capital assets. External restrictions of the Township's net position represent resources subject to existing external obligations or programmatic control on future use. The remaining balance of unrestricted net position of $503,621 may be used to meet the government's ongoing obligations to citizens and creditors. Total net position in excess of liabilities at March 31 for the governmental activities and business-type activities were $872,005 and $5,788,493, respectively. Following is a comparative summary of net position at fiscal years ended March 31, 2016 and March 31, 2015: March 31, 2016 Primary Government Governmental Business-type Activities Activities Total Assets Current and other assets $ $ $ Capital assets, net Total Assets $ $ $ The notes to the financial statements are an integral part of this report. 12

13 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ March 31, 2016 Primary Government Governmental Business-type Activities Activities Total Liabilities Long-term liabilities $ 0 $ $ Other liabilities Total Liabilities Net Position Net investment in capital assets Restricted Unrestricted Total Net Position $ $ $ March 31, 2015 Primary Government Governmental Business-type Activities Activities Total Assets Current and other assets $ $ $ Capital asset, net Total Assets $ $ $ Liabilities Long-term liabilities Other liabilities Total Liabilities $ 2979 $ $ The notes to the financial statements are an integral part of this report. 13

14 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Government-wide Financial Analysis (Continued) March 31, 2015 Primary Government Governmental Business-type Activities Activities Total Net Position Invested in capital assets, net of related debt $ $ $ Restricted Unrestricted Total Net Position $ $ $ For governmental activities, net position decreased by $71,095 during the fiscal year. For businesstype activities, net position decreased by $61,411 during the fiscal year. The following represents the comparative changes in net position for both governmental and business-type activities for the fiscal years ended March 31, 2016 and March 31, 2015: March 31, 2016 Primary Government Governmental Business-type Activities Activities Total REVENUES Program Revenues Charges for services $ $ $ Operating & capital grants/ 0 0 contributions Capital grants General Revenues Property taxes Other taxes and fees Unrestricted grants Other Total Revenues $ $ $ The notes to the financial statements are an integral part of this report. 14

15 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Government-wide Financial Analysis (Continued) March 31, 2016 Primary Government Governmental Business-type Activities Activities Total EXPENSES General government $ $ 0 $ Legislative Township property Public safety Public works Cemetery Parks and recreation Depreciation Total governmental expenses $ $ 0 $ Business-type activities Water Sewer Total business-type expenses TOTAL EXPENSES $ $ $ Increase (Decrease) in net position before transfers (71095) (61411) (132506) Transfers net Increase (Decrease) in net position (71095) (61411) (132506) Net Position, beginning of year Net Position, end of year $ $ $ The notes to the financial statements are an integral part of this report. 15

16 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Government-wide Financial Analysis (Continued) March 31, 2015 Primary Government Governmental Business-type Activities Activities Total REVENUES Program Revenues Charges for services $ $ $ Operating/capital grants/contributions Capital grants General Revenues Property taxes Other taxes and fees Unrestricted grants Other Total Revenues $ $ $ EXPENSES General government $ $ 0 $ Legislative Township property Public safety Public works Cemetery Parks and recreation Depreciation Total governmental expenses $ $ 0 $ Business-type activities Water Sewer Total business-type expenses TOTAL EXPENSES $ $ $ The notes to the financial statements are an integral part of this report. 16

17 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Government-wide Financial Analysis (Continued) March 31, 2015 Primary Government Governmental Business-type Activities Activities Total Increase (Decrease) in Net Position $ (92019) $ $ Net Position, beginning of year Net Position, end of year $ $ $ Governmental Activities Property taxes and other tax revenues comprise $142,445 or approximately 50 percent of total governmental revenues. The Township also collected $38,174 for services provided. And, at fiscal year-end, the Township reported $77,168 in grants and contributions not restricted for specific programs. This amount was due entirely to the State of Michigan's state sales tax distribution and comprises approximately 28 percent of total governmental revenues. The Township expended $355,586 on governmental programs and services. Some of the largest expense categories were for general government, where $125,616 or 36 percent of total governmental expenditures were reported. Public works expenditures were $131,837 or 37 percent of total governmental expenditures. A total of $10,254 was expended on the maintenance of Township property. The notes to the financial statements are an integral part of this report. 17

18 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Business-type Activities Business-type activities decreased the Township s net assets by $61,411. Charges for services for the Water and Sewer activities for the year ended were $233,123 and $99,575, respectively. Total expenses for the Water and Sewer activities for the year ended were $252,607 and $142,558, respectively. Financial Analysis of the Governmental Funds As previously noted, the Township uses fund accounting to ensure and demonstrate compliance with financerelated requirements. Governmental Funds The focus of the Township s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. This information is useful in assessing the Township s financing requirements. In particular, unreserved fund balances may serve as a useful measure of a government s net resources available for spending at the end of the fiscal year. The Township s governmental funds reported combined ending fund balances of $728,884, of which $448,999 is unassigned and is available for spending at the government s discretion. The Township primary governmental fund is its general fund. There are no reservations in the general fund s fund balance. On the budgetary basis of accounting, the Township ended the fiscal year with revenues slightly less than the final projection. Total expenditures for the General Fund were less than both the original and the final projections. At fiscal year-end, the fund balance was higher than both the original and the final amended budget projection. Revenues Budget vs Actual for Fiscal Year Ended March 31, 2016 Revenues Revenues Variance Variance Revenues Revenues Revenues Actual vs Actual vs Original Final Final Original Final Budget Budget Actual Budget Budget General Fund $ $ $ $ 2203 $ (4286) Road Repair Fund The notes to the financial statements are an integral part of this report. 18

19 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Governmental Funds (Continued) Expenditures Budget vs Actual for Fiscal Year Ended March 31, 2016 Expenditures Expenditures Variance Variance Expenditures Expenditures Expenditures Actual vs Actual vs Original Final Final Original Final Budget Budget Actual Budget Budget General Fund $ $ $ $ (53492) $ (14844) Road Repair Fund (1477) General fund financial and budgetary highlights of the fiscal year include: * General property taxes were very close to budgetary projections. * Intergovernmental funding was less than the final amended budget, coming in at $77,168, compared to the final budgetary total of $78,000. * Expenditures in total for the general fund were $220,492, less than the final amended budget of $235,336 by $14,844. This was due to the fact that expenditures for all Township activities were slightly less than the amounts appropriated for these purposes. The notes to the financial statements are an integral part of this report. 19

20 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Governmental Funds (Continued) Road Repair Fund revenues were slightly more than the final amended budgetary figure. Proprietary Funds The Township s proprietary fund provides the same type of information found in the government-wide financial statements, but in more detail. Net position restricted for utility services of the Water Fund at year-end were $283,568; $3,803,946 of Township equity in the Water Fund was invested in capital assets net of related debt. Total net position for the Water Fund on March 31 was $4,087,514. The change in net position was a decrease of $19,138. Net position restricted for utility services of the Sewer Fund at year-end was $254,938. An additional $1,446,041 was invested in capital assets, bringing the total net position of the Sewer Fund to $1,700,797. The change in net position was a decrease of $42,273. Capital Assets and Debt Administration Capital Assets The Township s investment in capital assets, net of accumulated depreciation, for its governmental and business-type activities as of March 31 was $6,909,383. The investment in capital assets includes land, buildings, improvements, infrastructure, machinery and equipment, and licensed vehicles. Major capital events during the current fiscal year included: Repaired US 2 Lift Station. Worked on making budget cuts due to the lack of millage renewal. Completed work on Lynx Lane and Campbell roads. Maintenance work was completed on Iron Lake Road with a 50/50 match with the Iron County Road Commission. The notes to the financial statements are an integral part of this report. 20

21 IRON RIVER, MICHIGAN PHONE: 906/ FAX: 906/ Priorities for the fiscal year include: Road work will be completed on Mattson Road and maintenance will be completed on Rosetti Road with a 50/50 match with the Iron County Road Commission. Continued work on the budget. The Board will be putting together a timeline for running the millage for the Township operations in 2026/17. Long-term debt As of March 31, the Township (including the enterprise funds) had revenue bonds outstanding in the amount of $1,516,275. State statutes limit the amount of general obligation debt a governmental entity may issue to 10 percent of its total assessed valuation. Since the Township has no general obligation debt, this is not currently a concern to the Township. Other Economic Factors and Next Year s Budget Economic Factors Despite economic uncertainties, the Township will continue to strive to provide good social and cultural conditions that support healthy families, and maintain a safe and clean community in which to live. Requests for Information This financial report is designed to provide a general overview of the Township s finances for all those with an interest in the government s finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to: Township Supervisor Iron River Township 102 McNutt Road Iron River, Michigan The notes to the financial statements are an integral part of this report. 21

22 BASIC FINANCIAL STATEMENTS 22

23 STATEMENT OF NET POSITION Primary Government Governmental Business-type Total ASSETS Activities Activities Reporting Entity Current Assets Cash and Investments (Note C ) $ 719,575 $ 317,753 $ 1,037,328 Receivables Taxes 11,021-11,021 Accounts Receivable - 67,693 67,693 Due from External Parties Internal Balances Total Current Assets 731, ,446 1,116,885 Noncurrent Assets Restricted Cash and Investments - 154, ,490 Capital Assets, Net (Note H ) 143,121 6,766,262 6,909,383 Total Noncurrent Assets 143,121 6,920,752 7,063,873 TOTAL ASSETS $ 874,560 $ 7,306,198 $ 8,180,758 LIABILITIES Current Liabilities Accounts Payable - 1,430 1,430 Accrued Salaries and Benefits 2,480-2,480 Due to External Parties Deposits Current Portion of Long-Term Debt - 48,000 48,000 Total Current Liabilities 2,555 49,430 51,985 Noncurrent Liabilities Bonds/Notes Payable-Long Term (Note I ) - 1,468,275 1,468,275 Long-term Employee Benefits Payable Total Noncurrent Liabilities - 1,468,275 1,468,275 TOTAL LIABILITIES 2,555 1,517,705 1,520,260 NET POSITION Net Investment in Capital Assets 143,121 5,249,987 5,393,108 Restricted for Cemetery Perpetual Care 136, ,646 Restricted for Road Repair 88,617-88,617 Restricted for Utility Services - 538, ,506 Unrestricted 503, ,621 TOTAL NET POSITION $ 872,005 $ 5,788,493 $ 6,660,498 The notes to the financial statements are an integral part of this report. 23

24 STATEMENT OF ACTIVITIES FISCAL YEAR ENDED Functions/Programs Program Revenues Operating Charges Grants & Capital Expenses for Services Contributions Grants Primary Government - General government $ 125,616 $ 7,179 $ - $ - Legislative 24,776 Township property 10, Public safety 19, Public works 131,837 21,485 Cemetery 33,479 30,580 - Parks and recreation 32 Depreciation (Unallocated) 10, Total Governmental Activities $ 355,586 $ 38,174 $ 21,485 $ - Business-type Activities Water Utility 252, ,123 Sewer Utility 142,558 99,575 - Total Business-type Activities $ 395,165 $ 332,698 $ - General Revenues: Taxes: Property taxes levied for general operations Property taxes levied for roads Other taxes and fees State Sales Tax Distribution Interest and Investment Earnings Other Total General Revenues Change in Net Position Net Position - Beginning of year Net Positions - End of year 24

25 STATEMENT OF ACTIVITIES FISCAL YEAR ENDED Net (Expense) Revenue and Changes in Net Position Governmental Business-type Activities Activities Total $ (118,437) $ - $ (118,437) (24,776) (24,776) (9,839) - (9,839) (19,000) (19,000) (110,352) - (110,352) (2,899) (2,899) (32) - (32) (10,592) (10,592) $ (295,927) $ - $ (295,927) (19,484) (19,484) (42,983) (42,983) $ (62,467) $ (62,467) 65,322-65,322 52,255 24,868-24,868 77,168-77,168 3,804 1,056 4,860 1,415-1, ,832 1, ,888 (71,095) (61,411) (132,506) 943,100 5,849,904 6,793,004 $ 872,005 $ 5,788,493 $ 6,660,498 The notes to the financial statements are an integral part of this report. 25

26 BALANCE SHEET - GOVERNMENTAL FUNDS General Fund Road Fund Nonmajor Governmental Funds Total Governmental Funds ASSETS Current Assets Cash and Investments (Note C ) Unrestricted $ 445,015 $ 83,292 $ 191,268 $ 719,575 Receivables: - Taxes 6,126 4,895-11,021 Accounts Receivable Due from Other Funds Total Current Assets $ 451,677 $ 88,617 $ 191,268 $ 731,562 Noncurrent Assets Restricted Cash and Investments $ - $ Total Noncurrent Assets $ - $ - $ - $ - TOTAL ASSETS $ 451,677 $ 88,617 $ 191,268 $ 731,562 LIABILITIES AND FUND BALANCES LIABILITIES Current Liabilities Accrued Taxes and Benefits 2, ,480 Accounts Payable Deposits Due to Other Funds TOTAL LIABILITIES 2, ,678 FUND BALANCES Nonspendable for Perpetual Care , ,646 Restricted for Road Repair 88,617-88,617 Committed for Cemetery Operations ,622 54,622 Unassigned 448, ,999 TOTAL FUND BALANCES 448,999 88, , ,884 TOTAL LIABILITIES AND FUND BALANCES $ 451,677 $ 88,617 $ 191,268 $ 731,562 The notes to the financial statements are an integral part of this report. 26

27 GOVERNMENTAL FUNDS RECONCILIATION OF BALANCE SHEET OF GOVERNMENTAL FUNDS TO NET POSITION Fund Balances - Total Governmental Funds $ 728,884 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and are not reported in the funds. The cost of capital assets is: 534,059 Accumulated depreciation is: (390,938) Long term liabilities are not due and payable in the current period and are not reported in the funds: Bonds Payable - Compensated Absences - Other long term assets not available to pay current period expenditures therefore deferred in the funds - Accrued interest is not included as a liability in governmental funds - Total Net Position - Governmental Activities $ 872,005 The notes to the financial statements are an integral part of this report. 27

28 GOVERNMENTAL FUNDS - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES FISCAL YEAR ENDED General Road Nonmajor Governmental Total Governmental Fund Fund Funds Funds Revenue General Property taxes $ 65,322 $ 52,255 $ - $ 117,577 Other local taxes 5, ,486 Penalties, interest, and fees- taxes 18, ,382 Licenses, permits, and fines Use of money and property 3, ,219 Charges for services 6,589-26,620 33,209 Cemetery lot sales - - 3,960 3,960 Miscellaneous 1, ,415 Intergovernmental State - Sales Tax Distribution 77, ,168 State - Metro Act Distribution - 3,382-3,382 Federal - Schools and Roads 18,103-18,103 Total Revenue $ 178,233 $ 74,799 $ 31,459 $ 284,491 Expenditures Current Operating: General government 125, ,616 Legislative 24, ,776 Township property 10, ,254 Public safety 19, ,000 Public works 40,814 91, ,837 Cemetery ,479 33,479 Parks and recreation Capital Outlay Intergovernmental Payments Total Expenditures 220,492 91,023 33, ,994 Excess (Deficiency) of Revenues Over Expenditures (42,259) (16,224) (2,020) (60,503) Other Financing Sources (Uses) Operating transfers in Operating transfers out Total Other Financing Sources(Uses) Net Change in Fund Balances (42,259) (16,224) (2,020) (60,503) Fund Balances - Beginning of Year 491, , , ,387 Fund Balances - End of Year $ 448,999 $ 88,617 $ 191,268 $ 728,884 The notes to the financial statements are an integral part of this report. 28

29 GOVERNMENTAL FUNDS RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FISCAL YEAR ENDED Net Change in Fund Balances - Total Governmental Funds $ (60,503) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures; in the statement of activities, these costs are allocated over their estimated useful lives as depreciation. Depreciation Expense (10,592) Capital Outlay - Total (10,592) Revenue reported in the statement of activities that does not provide current financial resources and are not reported as revenue in the governmental funds - Accrued interest is recorded in the statement of activities when incurred; it is not reported in governmental funds until paid - Repayment of bond principal is an expenditure in the governmental funds, but not in the statement of activities (where it reduces long term debt) - Increases Decreases in compensated absences are reported as expenditures when financial resources are used in the governmental funds in accordance with GASB Interpretation No. 6 - Change in Net Position of Governmental Activities $ (71,095) The notes to the financial statements are an integral part of this report. 29

30 STATEMENT OF FUND NET POSITION ENTERPRISE FUNDS Total Water Fund Sewer Fund Enterprise Funds ASSETS Current Assets: Cash, unrestricted $ 88,784 $ 228,969 $ 317,753 Receivables, net - Accounts 42,574 25,119 67,693 Due from External Parties Internal Balances (850) Total Current Assets 130, , ,446 Noncurrent Assets: Cash, restricted 154, ,490 Capital Assets: Land and Buildings 26,025-26,025 Equipment 243, , ,319 Infrastructure 5,497,214 2,880,212 8,377,426 Less: Allowance for depreciation (446,457) (1,609,051) (2,055,508) Total Capital Assets, Net 5,320,221 1,446,041 6,766,262 Total Noncurrent Assets 5,474,711 1,446,041 6,920,752 TOTAL ASSETS $ 5,605,219 $ 1,700,979 $ 7,306,198 LIABILITIES Current Liabilities: Accounts payable 1,430 1,430 Due to External Parties Current portion of long-term debt 48,000-48,000 Total Current Liabilities 49,430-49,430 Noncurrent Liabilities: Bonds/Notes Payable-Long Term 1,468,275-1,468,275 Total Noncurrent Liabilities 1,468,275-1,468,275 TOTAL LIABILITIES 1,517,705-1,517,705 NET POSITION Net investment in capital assets 3,803,946 1,446,041 5,249,987 Restricted for utility services 283, , ,506 TOTAL NET POSITION $ 4,087,514 $ 1,700,979 $ 5,788,493 The notes to the financial statements are an integral part of this report. 30

31 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION ENTERPRISE FUNDS FISCAL YEAR ENDED WATER SEWER FUND FUND TOTAL OPERATING REVENUE Charges for Services $ 212,392 $ 88,853 $ 301,245 Penalties and Late Fees 8,436 10,010 18,446 Other Income 12, ,007 TOTAL OPERATING REVENUE $ 233,123 $ 99,575 $ 332,698 OPERATING EXPENSES Personal Services and Benefits 50,062 18,787 68,849 Contractual Services 13,314 50,340 63,654 Repairs and Maintenance 8, ,369 Other Supplies and Expenses 51,329 11,496 62,825 Depreciation 91,540 60, ,532 Miscellaneous 6,295-6,295 TOTAL OPERATING EXPENSES $ 220,966 $ 142,558 $ 363,524 Operating Profit (Loss) 12,157 (42,983) (30,826) NON-OPERATING INCOME Interest Income ,056 NON-OPERATING EXPENSES Interest Expense (31,641) - (31,641) Net Income (Loss) (19,138) (42,273) (61,411) NET POSITION, BEGINNING OF YEAR 4,106,652 1,743,252 5,849,904 NET POSITION, END OF YEAR $ 4,087,514 $ 1,700,979 $ 5,788,493 The notes to the financial statements are an integral part of this report. 31

32 STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS FISCAL YEAR ENDED CASH FLOWS FROM (USED BY) WATER SEWER FUND FUND TOTAL OPERATING ACTIVITIES Net cash received from fees and services $ 239,766 $ 90,955 $ 330,721 Other operating revenues ,230 Cash payments to employees for services (50,062) (18,787) (68,849) Cash payments to goods and services (84,617) (67,432) (152,049) Other operating expenses NET CASH FROM OPERATING ACTIVITIES $ 105,605 $ 5,448 $ 111,053 NON CAPITAL AND FINANCING ACTIVITIES Increase (decrease) in due to other funds - - (Increase) decrease in due from other funds - - Net operating transfers in (out) NET CASH FROM NON CAPITAL AND FINANCING ACTIVITIES $ - $ - $ - CAPITAL AND RELATED FINANCING ACTIVITIES Acquisition and construction of capital assets - (82,424) (82,424) Principal payment on long-term bonds (48,000) - (48,000) Interest paid on long-term bonds (31,641) - (31,641) Proceeds from borrowings Capital Grants NET CASH USED BY CAPITAL AND RELATED FINANCING ACTIVITIES $ (79,641) $ (82,424) $ (162,065) INVESTING ACTIVITIES Interest Income ,056 (Increase) Decrease in Investments NET CASH FROM INVESTING ACTIVITIES $ 346 $ 710 $ 1,056 NET INCREASE (DECREASE) IN CASH AND 26,310 (76,266) (49,956) CASH EQUIVALENTS Cash and Cash Equivalents, Beginning of Year 216, , ,199 Cash and Cash Equivalents, End of Year $ 243,274 $ 228,969 $ 472,243 The notes to the financial statements are an integral part of this report. 32

33 STATEMENT OF CASH FLOWS - ENTERPRISE FUNDS (Continued) FISCAL YEAR ENDED WATER SEWER CASH FLOWS FROM OPERATING FUND FUND TOTAL ACTIVITIES Operating Income $ 12,157 $ (42,983) $ (30,826) Adjustment to reconcile operating income to net cash provided by operating activities:. Depreciation 91,540 60, ,532. Provision for uncollectible accounts. Changes in assets and liabilities : (Increase) Decrease in accounts receivable 7,161 (7,908) (747) Increase (Decrease) in accounts payable (5,253) (4,653) (9,906) Increase (Decrease) in deferred revenue Increase (Decrease) in customer deposits NET CASH FROM OPERATING ACTIVITIES $ 105,605 $ 5,448 $ 111,053 The notes to the financial statements are an integral part of this report. 33

34 FIDUCIARY FUND STATEMENT OF FIDUCIARY NET POSITION Agency Funds ASSETS Current Assets Cash and Cash Equivalents $ 17,019 TOTAL ASSETS $ 17,019 LIABILITIES Current Liabilities Due to Other Funds 843 Due to Other Governmental Units 16,176 TOTAL LIABILITIES 17,019 NET POSITION Restricted - TOTAL NET POSITION $ - The notes to the financial statements are an integral part of this report. 34

35 35

36 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting methods and procedures adopted by Iron River Township, Iron River, Michigan, conform to generally accepted accounting principles as applicable to governmental entities. The following is a summary of the more significant policies: THE FINANCIAL REPORTING ENTITY The Township was organized in 1882 and operates under an elected Board of Trustees (5 people) and provides services to its residents including general administration, and cemetery, water, and sewer services. On July 01, 2000, the City of Iron River was reformed and the Village of Mineral Hills, which had been part of the Township, was annexed by the new City of Iron River. In accordance with professional standards, certain other governmental organizations are not considered to be part of the Township entity for financial reporting purposes. The criteria established by these professional standards for determining the various governmental organizations to be included in the reporting entity's financial statements include separation of electing governing body and legal status, and fiscal independence. 36

37 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES THE FINANCIAL REPORTING ENTITY (Continued) On this basis, the financial statements of certain other governmental organizations are not included in the financial statements of the Township as discretely presented component units. BLENDED COMPONENT UNITS A blended component unit is a legally separate entity from the local unit, but it is so intertwined with the unit that it is, in substance, the same as the local governmental unit. A basic strategy of professional standards is to present financial information for component units separately from the financial information for the primary government. This is achieved through the discrete presentation method. However, in the case of blended component units, GASB believes that it would be more appropriate to use the blending method to incorporate the financial information of a component unit into the reporting entity's financial statements. 37

38 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BLENDED COMPONENT UNITS (Continued) When the blending method is used, transactions and balances of a component unit are merged with similar transactions and balances of the primary government so that there is no way to identify which balances relate to the component unit and which relate to the primary government. On this basis, there are no blended component units to be reported. JOINT VENTURES A joint venture is a legal entity or other organization that results from a contractual agreement and that is owned, operated, or governed by two or more participants as a separate and specific activity subject to joint control, in which the participants retain an ongoing financial interest or an ongoing financial responsibility. 38

39 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES JOINT VENTURES (Continued) An ongoing financial responsibility is determined as a participating government's obligation in some manner for debts or the joint venture's existence depends on continued funding by the participating government. There are no joint ventures to be reported. JOINTLY GOVERNED ORGANIZATIONS A jointly governed organization is a multi-governmental arrangement that is governed by representatives from each of the governments that create the organization, but that is not a joint venture because the participants do not retain an ongoing financial interest or responsibility. West Iron County Sewer Authority The Township of Iron River entered into an agreement with several governmental entities to form the West Iron County Sewer Authority. 39

40 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES JOINTLY GOVERNED ORGANIZATIONS (Continued) West Iron County Sewer Authority (Continued) The Authority was established in August 1972 under the provisions of Act 233, Public Acts of Michigan, 1955, as amended, and was organized to provide sewer service to the cities of Iron River, Caspian, and Gaastra, and a portion of Iron River Township. The first grant applications were filed in Members from each participating municipality are appointed by their respective governmental entities to serve on the Board of Trustees of the West Iron County Sewer Authority. Pursuant to the terms of the Authority's Sewer Use Ordinances adopted by the Authority and each Constituent Municipality, the Authority bills each Constituent Municipality monthly based on such Constituent Municipality's percentage of Equal Dwelling Units ("EDUs") to the total member of EDUs for the entire system. 40

41 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES JOINTLY GOVERNED ORGANIZATIONS (Continued) West Iron County Sewer Authority (Continued) Billing to end users is done by each Constituent Municipality using its own billing system and methodology. Under the EDU system, the Authority adopts a preliminary budget in April of each year for its next fiscal year beginning the following July 01. This preliminary budget is presented to each Constituent Municipality for review and consideration in its budgeting process. Prior to adopting its final budget in June of each year for the fiscal year beginning the following July 01, the Authority holds a public hearing with respect to the preliminary budget. The preliminary and final budgets calculate EDU charges to cover both operation, maintenance, and replacement ("OMR") expenses and debt retirement expenses. 41

42 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES JOINTLY GOVERNED ORGANIZATIONS (Continued) West Iron County Sewer Authority (Continued) Included in OMR charges are funds for future replacements of all major plant equipment. During the fiscal year ended March 31, 2016, the Township of Iron River paid to the Authority fees totaling $45, for OMR and debt retirement. Financial statements for the West Iron County Sewer Authority can be requested by writing to: West Iron County Sewer Authority P.O. Box 246 Caspian, Michigan

43 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES JOINTLY GOVERNED ORGANIZATIONS (Continued) West Iron County Fire Board The West Iron County Fire Board was organized in 1987 and provides fire protection for Iron River, Bates and Stambaugh Townships, and the City of Iron River, Iron County, Michigan. The Board operates under an appointed Board of Commissioners (9 people) and provides fire protection services to more than 4500 residents. The Board is funded by assessments from the participating municipalities. Financial statements are available by writing to: West Iron County Fire Board P.O. Box 203 Iron River, Michigan

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