Franklin Township Lenawee County, Michigan Financial Statements Year Ended March 31, 2014 With Independent Auditor s Report

Size: px
Start display at page:

Download "Franklin Township Lenawee County, Michigan Financial Statements Year Ended March 31, 2014 With Independent Auditor s Report"

Transcription

1 Lenawee County, Michigan Financial Statements Year Ended March 31, 2014 With Independent Auditor s Report

2 Lenawee County, Michigan Independent Auditor s Report Table of Contents PAGE NUMBER Independent Auditor's Report 1 2 Management s Discussion and Analysis 3 8 Basic Financial Statements: Government-wide Financial Statements Statement of Net Assets 9 Statement of Activities 10 Fund Financial Statements Balance Sheets Governmental Fund 11 Statements of Revenues, Expenditures and Changes in Fund Balance 12 Statements of Net Assets Proprietary Fund 13 Statements of Revenues, Expenses and Changes in Fund Net Assets Proprietary Fund 14 Statements of Cash Flows Proprietary Fund 15 Statements of Fiduciary Net Assets Fiduciary Fund 16 Notes to Financial Statements Required Supplementary Information: 27 Budgetary Comparison Schedule General Fund 28 Other Supplementary Information: 29 Combining Schedule of Fiduciary Funds 30 Schedule of Changes in Assets & Liabilities Tax Collection Fund 31

3 Independent Auditor s Report To the Board of Trustees Lenawee County, Michigan I have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Franklin, Lenawee County, Michigan, as of and for the year ended March 31, 2014, 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; 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 My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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, I 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. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions. Opinions In my opinion, 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 the Franklin, Lenawee County, Michigan, as of March 31, 2014, and the respective changes in 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. 1

4 To the Board of Trustees Lenawee County, Michigan 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 pages 3 8 and 28 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 Standards 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. I 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 the information and comparing the information for consistency with management s responses to my inquiries, the basic financial statements, and other knowledge I obtained during my audit the basic financial statements. I 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 s basic financial statements. The combining schedule of fiduciary funds and schedule of changes in the tax collection fund, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining schedule of fiduciary funds and schedule of changes in the tax collection fund are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic 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 schedule of fiduciary funds and schedule of changes in the tax collection fund, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Meredith A. Matthews, CPA Adrian, Michigan September 24,

5 Management s Discussion and Analysis For the year ended March 31, 2014 As management of, Lenawee County, Michigan, we offer readers of Franklin Township, Lenawee County, Michigan s financial statements this narrative overview and analysis of the financial activities of, Lenawee County, Michigan for the fiscal year ended March 31, We encourage readers to consider the information presented here. Financial Highlights The assets of, Lenawee County, Michigan exceeded its liabilities at the close of the most recent fiscal year $3,167,527 (net position). Of this amount, $973,158 (unrestricted net position) may be used to meet the government s ongoing obligations to citizens and creditors. The government s total net position increased $57,168. At the end of the current year, unreserved fund balance for the General Fund was $678,352 or percent of total General Fund expenditures. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to, Lenawee County, Michigan s basic financial statements., Lenawee County, Michigan s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of, Lenawee County, Michigan s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of, Lenawee County, Michigan 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, Lenawee County, Michigan 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, Lenawee County, Michigan that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of, Lenawee County, Michigan include general government, public safety, roads and bridges, and cemetery operations. The business-type activity of, Lenawee County, Michigan includes the sewer system. The government-wide financial statements can be found on pages 9 10 of this report. 3

6 Management s Discussion and Analysis For the year ended March 31, 2014 Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives., Lenawee County, Michigan, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of, Lenawee County, Michigan 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 governmentwide 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. Such information may be useful in evaluating a government 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. By doing so, readers may better understand the long-term impact of the government s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balance provide a reconciliation to facilitate this comparison between governmental funds and governmental activities., Lenawee County, Michigan maintains two individual governmental funds. Information is presented in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the General Fund which is considered to be a major fund., Lenawee County, Michigan adopts an annual appropriated budget for the General Fund. A budgetary comparison statement has been provided for the General Fund to demonstrate compliance with budget. The basic governmental fund financial statements can be found on pages of this report. Proprietary Fund., Lenawee County, Michigan maintains one type of Proprietary Fund. Enterprise Funds are used to report the same functions presented as business-type activities in the government-wide financial statements., Lenawee County, Michigan uses an Enterprise Fund to account for its Sewer Fund. Proprietary Funds provide the same type of information as the government-wide financial statements, only in more detail. The Proprietary Fund financial statements provide separate information for the Sewer Fund, which is considered to be major fund of, Lenawee County, Michigan. The basic proprietary fund financial statements can be found on pages of this report. Fiduciary Fund. The Fiduciary Fund is used to account for resources held under tax collection activity, trailer tax and performance bond activity. The Fiduciary fund is not reflected in the government-wide financial statement. The accounting used for the Fiduciary Fund is much like that used for Proprietary Funds. The basic fiduciary fund financial statement can be found on page 16 of this report. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages of this report. 4

7 Management s Discussion and Analysis For the year ended March 31, 2014 Government-wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government s financial position. In the case of, Lenawee County, Michigan, assets exceeded liabilities by $3,167,527 at the close of the most recent fiscal year. The largest portion of, Lenawee County, Michigan s net position (69.28 percent) reflects its investment in capital assets (e.g., land, buildings, equipment, infrastructure), less any related debt used to acquire those assets that is still outstanding., Lenawee County, Michigan uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. has bonds through Lenawee County related to capital assets., Lenawee County, Michigan s Net Position Governmental Business-Type Totals Activities Activities Current assets $ 683,447 $ 355,161 $ 1,038,608 $ 1,012,056 Capital assets 613,958 1,837,745 2,451,703 2,520,649 Total assets $ 1,297,405 $ 2,192,906 $ 3,490,311 $ 3,532,705 Total liabilities $ 3,987 $ 315,155 $ 319,142 $ 540,649 Net position: Invested in capital assets, net of related debt 613,958 1,582,945 2,196,903 2,126,123 Restricted for expendable trust 1,108 1,108 1,107 Unrestricted 678, , , ,826 Total net position $ 1,293,418 $ 1,877,751 $ 3,171,169 $ 2,992,056 A portion of, Lenawee County, Michigan s net position (0.03 percent) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($973,158) may be used to meet the government s ongoing obligations to citizens and creditors. 5

8 Management s Discussion and Analysis For the year ended March 31, 2014, Lenawee County, Michigan s Change in Net Position Governmental Business-Type Totals Activities Activities Program revenues: Charges for services $ 29,981 $ 92,757 $ 122,738 $ 110,865 Capital grants and contributions - 168, ,779 81,176 Total program revenues 29, , , ,041 General revenues: Property taxes 103, , ,775 Franchise taxes 16,251-16,251 6,025 Intergovernmental - State 239, , ,434 Unrestricted investment earnings 3,412 10,084 13,496 18,821 Other 56,918-56,918 14,363 Total general revenues 420,119 10, , ,418 Total revenues $ 450,100 $ 271,620 $ 721,720 $ 563,459 Expenses: General government $ 190,065 $ $ 190,065 $ 161,124 Public safety 19,290 19,290 17,633 Public works 5,674 5,674 12,026 Community and economic development 107, , ,344 Other 22,301 22,301 18,703 Sewer 197, , ,461 Total expenses 345, , , ,291 Change in net position 104,985 74, ,113 57,168 Beginning net position 1,188,433 1,803,623 2,992,056 2,934,888 Ending net position $ 1,293,418 $ 1,877,751 $ 3,171,169 $ 2,992,056 At the end of the current fiscal year,, Lenawee County, Michigan is able to report positive balances in all three categories of net position, both for the government as a whole, as well as for its separate governmental and business-type activities. Financial Analysis of the Government s Funds As noted earlier,, Lenawee County, Michigan uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of, Lenawee County, Michigan s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing, Lenawee County, Michigan s financing requirements. In particular, unreserved fund balance may serve as a useful measure of a government s net resources available for spending at the end of this fiscal year. 6

9 Management s Discussion and Analysis For the year ended March 31, 2014 As of the end of the current fiscal year,, Lenawee County, Michigan s governmental funds reported combined ending fund balance of $679,460, an increase of $119,142 in comparison with the prior year. The General Fund is the chief operating fund of, Lenawee County, Michigan. At the end of the current fiscal year, unreserved fund balance of the General Fund was $678,352. The fund balance of, Lenawee County, Michigan s General Fund increased by $119,141 during the current fiscal year. A key factor in this increase was the adjustment of revenue sharing due to the most recent census figures. Proprietary Fund -, Lenawee County, Michigan s Proprietary Funds provide the same type of information found in the government-wide financial statements, but in more detail. Unrestricted net position of the Sewer Fund at the end of the year were $294,806. General Fund Budgetary Highlights The actual expenditures for Roads, Bridges and Highways are significantly lower than the budgeted amount due to fewer contracts and projects during the fiscal year. The township board expenditures were budgeted significantly higher, but expenditures were lower than anticipated. Capital Asset and Debt Administration Capital assets., Lenawee County, Michigan s investment in capital assets for its governmental and business-type activities as of March 31, 2014, amounts to $1,837,745 (net of accumulated depreciation). This investment in capital assets includes land, buildings, machinery and equipment, office equipment and computers, and sewer system., Lenawee County, Michigan s Capital Assets Governmental Business-type Totals Activities Activities Land $ 39,312 $ $ 39,312 $ 39,312 Land improvements 32,931 32,931 32,931 Buildings and improvements 591, , ,118 Machinery and equipment 16,176 16,176 12,092 Office equipment and computers 19,287 19,287 19,287 Sewer system 2,739,451 2,739,451 2,739,451 Total $ 698,824 $ 2,739,451 $ 3,438,275 $ 3,434,191 Additional information on s capital assets can be found in Note 5 on page 24. Economic Factors and Next Year s Budgets and Rates The Township anticipates the same level of activity within the governmental unit in the next fiscal year. 7

10 Management s Discussion and Analysis For the year ended March 31, 2014 Requests for Information This financial report is designed to provide a general overview of, Lenawee County, Michigan 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 financial information should be addressed to, 3922 West Monroe Road, P.O. Box 101, Tipton, MI

11 Lenawee County, Michigan Statement of Net Position March 31, 2014 and 2013 Governmental Business-Type Total Activities Activities Assets: Cash and cash equivalents $ 26,616 $ 223,540 $ 250,156 $ 290,518 Investments 648, , ,198 Taxes receivable 1,655 1,655 1,206 Accounts receivable 59,420 59,420 25,537 Due from agency funds - 1,535 Due from other governmental units 7,146 11,846 18,992 19,023 Special assessments receivable 60,355 60, ,039 Capital assets: Land 39,312 39,312 39,312 Land improvements 32,931 32,931 32,931 Buildings 591, , ,118 Machinery and equipment 16,176 16,176 12,092 Office equipment and computers 19,287 19,287 19,287 Sewer system 2,739,451 2,739,451 2,739,451 Less: accumulated depreciation (84,866) (901,706) (986,572) (913,542) Total assets 1,297,405 2,192,906 3,490,311 3,532,705 Liabilities: Accounts payable 3,987 3,987 7,084 Deferred revenue - special assessment 60,355 60, ,039 Bonds payable 254, , ,000 Contract payable - 43,526 Total liabilities 3, , , ,649 Net Position: Invested in capital assets, net of related debt 613,958 1,582,945 2,196,903 2,126,123 Restricted for expendable trust 1,108 1,108 1,107 Unrestricted 678, , , ,826 Total net position $ 1,293,418 $ 1,877,751 $ 3,171,169 $ 2,992,056 9

12 Lenawee County, Michigan Statement of Activities For the Year Ended March 31, 2014 With comparative totals for the year ended March 31, 2013 Net (Expense) Revenue Program Revenues and Changes in Net Assets Capital Primary Government Charges for Grants and Governmental Business- Total Functions/Programs Expenses Services Contributions Activities Activities Primary government: Governmental activities: General government $ 190,065 $ 15,834 $ (174,231) $ $ (174,231) $ (145,057) Public safety 19,290 14,147 (5,143) (5,143) (2,658) Public works 107,785 (107,785) (107,785) (144,344) Community and economic development 5,674 (5,674) (5,674) (12,026) Other 22,301 (22,301) (22,301) (18,703) Total governmental activities 345,115 29,981 - (315,134) - (315,134) (322,788) Business-type activity: Sewer system 197,492 92, ,779 64,044 64,044 8,538 Total primary government 542, , ,779 (315,134) 64,044 (251,090) $ (314,250) General Revenues: Property taxes Franchise fees Intergovernmental - state Investment earnings Other Change in net position Net position - beginning of year Net position - end of year Total general revenues , , ,775 16,251 16,251 6, , , ,434 3,412 10,084 13,496 18,821 56,918 56,918 14, ,119 10, , , ,985 74, ,113 57,168 1,188,433 1,803,623 2,992,056 2,934,888 $ 1,293,418 $ 1,877,751 $ 3,171,169 $ 2,992,056

13 Lenawee County, Michigan Balance Sheet Governmental Funds March 31, 2014 With comparative totals for the year ended March 31, 2013 Nonmajor Total General Permanent Governmental Funds Fund Fund Assets: Cash and cash equivalents $ 26,616 $ 26,616 $ 21,938 Investments 646,922 1, , ,198 Taxes receivable 1,655 1,655 1,206 Due from agency funds - 1,105 Due from other governmental units 7,146 7,146 7,955 Total assets 682,339 1, , ,402 Liabilities: Accounts payable 3,987 3,987 7,084 Total liabilities 3,987-3,987 7,084 Fund Balances: Reserved for: Committed 1,108 1,108 1,107 Unassigned 678, , ,211 Total fund balances 678,352 1, , ,318 Total liabilities and fund balances $ 682,339 $ 1,108 $ 683,447 $ 567,402 Total governmental fund balances $ 679,460 $ 560,318 Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental fund The cost of the capital assets is: 698, ,740 The accumulated depreciation is: (84,866) (66,625) Net differences 613, ,115 Total net position of governmental activities $ 1,293,418 $ 1,188,433 11

14 Lenawee County, Michigan Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended March 31, 2014 With comparative totals for the year ended March 31, 2013 Nonmajor Total General Permanent Governmental Funds Fund Fund Revenues: Property taxes $ 103,863 $ $ 103,863 $ 100,775 Franchise fees 16,251 16,251 6,025 Licenses, permits and fees 29,981 29,981 31,042 Intergovernmental revenues 239, , ,434 Interest 3, ,412 3,404 Miscellaneous revenues 56,918 56,918 14,363 Total revenues 450, , ,043 Expenditures: Current: General government 171, , ,264 Public safety 19,290 19,290 17,633 Public works 107, , ,344 Community and economic development 5,674 5,674 12,026 Other 22,301 22,301 18,703 Capital outlay 4,084 4,084 - Total expenditures 330, , ,970 Change in fund balances 119, ,142 51,073 Fund balances - beginning of year 559,211 1, , ,245 Fund balances - end of year $ 678,352 $ 1,108 $ 679,460 $ 560,318 Change in fund balances - total governmental funds $ 119,142 $ 51,073 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation exceeded capital outlay in the current period. (Total capital outlay $4,084 less total depreciation $18,241). (14,157) (17,860) Change in net position in governmental activities $ 104,985 $ 33,213 12

15 Lenawee County, Michigan Statements of Net Position Proprietary Fund March 31, 2014 and 2013 Assets: Current assets: Cash and cash equivalents 223,540 Business Type Activity Enterprise Fund Sewer Fund $ $ 268,580 Accounts receivable 59,420 25,537 Due from tax collection 430 Due from other governments 11,846 11,068 Capital assets: Sewer system 2,739,451 2,739,451 Less: accumulated depreciation (901,706) (846,917) Sewer assessment receivable 60, ,039 Total noncurrent assets 1,898,100 2,031,573 Total assets 2,192,906 2,337,188 Liabilities: Current liabilities: Deferred special assessment revenue-current portion 60,355 74,922 Bonds payable-current portion 117,000 96,200 Contract payable-current portion 43,526 Noncurrent liabilities: Deferred special assessment revenue-noncurrent portion 64,117 Bonds payable-noncurrent portion 137, ,800 Total liabilities 315, ,565 Net Position: Invested in capital assets, net of related debt 1,582,945 1,498,008 Unrestricted 294, ,615 Total net position $ 1,877,751 $ 1,803,623 13

16 Lenawee County, Michigan Statement of Revenues, Expenses and Change in Fund Net Position Proprietary Fund For the Year Ended March 31, 2014 With comparative totals for the year ended March 31, 2013 Business Type Activity Enterprise Fund Sewer Fund Operating revenues: Sewer usage fee $ 92,757 $ 79,823 Total operating revenues 92,757 79,823 Operating expenses: Operating and maintenance 121,390 79,654 Depreciation 54,789 54,789 Total operating expenses 176, ,443 Operating loss (83,422) (54,620) Nonoperating revenues (expenses): Special assessments 168,779 81,176 Interest income 10,084 15,417 Interest expense (21,313) (18,018) Total nonoperating revenues 157,550 78,575 Change in net position 74,128 23,955 Total net position - beginning of year 1,803,623 1,779,668 Total net position - end of year $ 1,877,751 $ 1,803,623 14

17 Lenawee County, Michigan Statements of Cash Flows Proprietary Fund For the Year Ended March 31, 2014 and 2013 Increase in Cash and Cash Equivalents Business Type Activity Enterprise Fund Sewer Fund Cash flows from operating activities: Cash receipts from customers $ 58,924 $ 75,194 Cash payments to suppliers for services (121,390) (79,654) Net cash provided by (used in) operating activities (62,466) (4,460) Cash flows from capital and related financing activities: Special assessments 168, ,630 Bond repayment (96,200) (98,800) Contract payment (43,526) (43,756) Interest expense (21,313) (18,018) Net cash provided by (used in) capital and related financing activities 7,342 6,056 Cash flows from investing activities: Interest 10,084 15,417 Net increase in cash and cash equivalents (45,040) 17,013 Cash and cash equivalents-beginning of year 268, ,567 Cash and cash equivalents-end of year $ 223,540 $ 268,580 Reconciliation of Operating Loss to Net Cash Provided by (Used in) Operating Activities Net operating income (loss) $ (83,422) $ (54,620) Adjustments to reconcile loss from operations to net cash provided by (used in) operating activities: Depreciation expense 54,789 54,789 Changes in assets and liabilities: (Increase) decrease in accounts receivable (33,883) (7,724) (Increase) decrease in due from county (Increase) decrease in due from tax collection - 2,681 Total adjustments 20,956 50,160 Net cash provided by (used in) operating activities $ (62,466) $ (4,460) 15

18 Lenawee County, Michigan Statement of Fiduciary Net Position Fiduciary Fund March 31, 2014 and 2013 Agency Funds Assets: Cash and cash equivalents $ 53,433 $ 102,500 Total assets 53,433 $ 102,500 Liabilities: Due to taxpayer 14,388 25,813 Due to other funds 3,512 1,734 Due to other governmental units 35,533 74,953 Total liabilities $ 53,433 $ 102,500 16

19 Notes to Financial Statements March 31, 2014 Note 1. Summary of Significant Accounting Policies The financial statements of, Lenawee County, Michigan (Township) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) as applied to government units. A. Reporting Entity is a noncharter township, governed by a Board of Trustees. As required by generally accepted accounting principles, these financial statements present as a primary government. There are no component units to the Township. B. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the Township. The governmentwide financial statements categorize primary activities as either governmental or business-type. Governmental activities, which are supported by taxes and intergovernmental revenues, are reported separately from business type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds, proprietary funds and a fiduciary fund, even though the latter are excluded from the government-wide financial statements. The major individual governmental fund (General Fund) and the major individual enterprise fund (Sewer Fund) are reported as a separate column in the fund financial statements. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. 17

20 Notes to Financial Statements March 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Property taxes, sales taxes, franchise taxes, licenses and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be measurable and available only when cash is received by the government. The government reports the following major governmental fund: The General Fund is the general operating fund of the Township. It is used to account for all financial resources except those required to be accounted for in another fund. The government reports the following major proprietary fund: The Sewer Fund accounts for the acquisition, operation, and maintenance of the Township s sewer system. The government reports the following nonmajor governmental fund: The Permanent Fund is used to account for and report resources that are restricted to the extent that only earnings, and not principal, may be used for purposes that support the Township s programsthat is, for the benefit of the Township or its citizenry. presents a Permanent Fund resulting from funds legally held in trust to care and maintain the grave site of Addie Lindberg as written in her last will and testament. Additionally, the government reports the following fiduciary fund types: The Tax Collection Fund is used to account for assets held by the Township as an agent for other governments, and/or other funds. The Agency Fund is custodial in nature (assets equal liabilities) and does not involve measurement of results of operations. The Bond and Trailer Tax Fund and the Fathi/Schroeder Fund are used to account for assets held by the Township as an agent for other governments, other funds and/or taxpayers. These agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. 18

21 Notes to Financial Statements March 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) C. Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the government-wide and proprietary fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent privatesector guidance for their business-type activity (Sewer Fund), subject to this same limitation. The Township has elected not to follow subsequent private-sector guidance. As a general rule the effect of interfund activity has been eliminated from the government-wide financial statements. An exception to this general rule is payment of utility charges between the Township s sewer function and the general fund. Elimination of these charges would distort the direct costs and program revenues reported for the two functions concerned. Amounts reported as program revenues included 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund s principal ongoing operations. The principal operating revenues of the enterprise fund are charges to customers for sales and services. The enterprise fund also recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the system. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Cash and cash equivalents include cash on hand and deposits with maturities less than three months in the statement of cash flows for the proprietary fund. When both restricted and unrestricted resources are available for use, it is the Township s policy to use restricted resources first, then unrestricted resources as they are needed. D. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 19

22 Notes to Financial Statements March 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) E. Assets, liabilities, and net position or equity. 1. Cash and investments Cash includes amounts in bank accounts, cash on hand and demand deposits. The Township owned investments of certificates of deposit at year-end. The Township s investment policy, in regards to authorized investments, is in accordance with Michigan Compiled Laws Section Receivables and payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either due to/from other funds (i.e., the current portion of interfund loans) or advances to/from other funds (i.e., the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as internal balances. Property taxes receivable is shown net of an allowance for uncollectibles. The Township property tax is levied on each December 1 on the taxable value of property located in the Township as of the preceding December 31. The Township s 2013 ad valorem tax was levied and collectible on December 1, It is the Township s policy to recognize revenue from the current tax levy in the current year when the proceeds of this levy are made available for the financing of Township operations. Payment from the County Delinquent Tax Fund, which purchases the 2013 delinquent real property taxes, is recorded as a receivable and recognized as revenue in the current fiscal year. The 2013 taxable value of totaled $137,623,932. The Township levied.7403 mills (Tax, $103,333) for general operations. 3. Capital assets Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., road, bridges, sidewalks, and similar items), are reported in the applicable governmental or businesstype activities columns in the government-wide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $1,500 (amount not rounded) and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. 20

23 Notes to Financial Statements March 31, 2014 Note 1. Summary of Significant Accounting Policies (Continued) The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed. Property, plant, and equipment of the primary government are depreciated using the straight line method over the following estimated useful lives: Assets Years Buildings 50 Equipment and vehicles Furnishings 30 Sewer system 35 Note 2. Stewardship, Compliance, and Accountability A. Budgetary information The accounting basis used by the Township for budgeting is in accordance with accounting principles generally accepted in the United States of America (GAAP). The Township follows the budgetary procedures outlined by the State of Michigan including public hearings and proper adoption. All funds of the Township have a budget. All annual appropriations lapse at fiscal year end. The budgets are amended during the year as needed. B. Excess of expenditures over appropriations in budgetary funds P.A. 621 of 1978, Section 18(1), as amended, of the State of Michigan provides that a local governmental unit shall not incur expenditures in excess of the amount appropriated. In the body of the financial statements, the Township s actual expenditures and budgeted expenditures for the budgetary funds have been shown on an activity basis. The approved budgets of the Township for these budgetary funds were adopted to the activity level. 21

24 Notes to Financial Statements March 31, 2014 Note 2. Stewardship, Compliance, and Accountability (Continued) B. Excess of expenditures over appropriations in budgetary funds During the year ended March 31, 2014, the Township incurred expenditures in the General Fund which were in excess of the amounts appropriated, as follows: General Budget Fund Appropriations Actual Variance Building inspection 18,800 19,290 (490) Capital outlay 4,084 (4,084) These additional expenditures were funded by greater than anticipated revenues in the General Fund. Note 3. Deposits and Investments Deposits Custodial credit risk is the risk that in the event of a bank failure, the Township s deposits may not be returned to it. The Township does not have a deposit policy for custodial credit risk. As of March 31, 2014, $707,665 of the Township s bank balance of $957,665 was exposed to custodial credit risk as follows: Uninsured and uncollateralized $ 707,665 All deposits are with banks located in Michigan as required by statutes and include amounts listed as Investments on the face of the financial statements. Investments Interest Rate Risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The Township does not have an investment policy for interest rate risk. Concentration of credit risk is the risk of loss attributed to the magnitude of a government s investment in a single issuer. The Township does not have a concentration of credit risk policy. The Township s total investments are certificates of deposit with United Bank & Trust. The weighted average maturity of the fiduciary funds certificates of deposits is 122 days. 22

25 Notes to Financial Statements March 31, 2014 Note 4. Receivables Receivables as of year end for the government s individual major and nonmajor funds, including the applicable allowances for uncollectible accounts, are as follows: General Fund Sewer Total Receivables: Taxes $ 1,655 $ $ 1,655 Accounts 59,420 59,420 Intergovernmental 7,146 11,846 18,992 Special assessments 60,355 60,355 Gross receivables 8, , ,422 Less: allowance for uncollectible accounts - Net total receivables $ 8,801 $ 131,621 $ 140,422 23

26 Notes to Financial Statements March 31, 2014 Note 5. Capital Assets Capital asset activity for the year ended March 31, 2014 was as follows: Beginning Ending Balance Acquisitions Dispositions Balance Governmental activities: Land $ 39,312 $ 39,312 Total assets not being depreciated 39, ,312 Land improvements 32,931 32,931 Buildings and improvements 591, ,118 Machinery and equipment 12,092 4,084 16,176 Office equipment and computers 19,287 19,287 Depreciable capital assets 655,428 4, ,512 Less accumulated depreciation for: Land improvements 14, ,414 Buildings and improvements 31,343 14,731 46,074 Machinery and equipment 10, ,441 Office equipment and computers 10,614 2,323 12,937 Total accumulated depreciation 66,625 18,241-84,866 Net depreciable capital assets 588,803 (14,157) - 574,646 Governmental activities net capital assets $ 628,115 $ (14,157) $ - $ 613,958 Business-type activities: Sewer System $ 2,739,451 $ - $ - $ 2,739,451 Less accumulated depreciation-sewer system 846,917 54, ,706 Business-type activities net capital assets $ 1,892,534 $ (54,789) $ - $ 1,837,745 Depreciation expense charged to functions is as follows: Governmental activities: General government $ 18,241 Total depreciation expense-governmental activities $ 18,241 Business-type activities: Sewer Fund $ 54,789 Total depreciation expense-business-type activities $ 54,789 24

27 Notes to Financial Statements March 31, 2014 Note 6. Fund Balance Fund balances on the Governmental fund balance sheet are classified as either reserved or unreserved. The term reserved indicates that a portion of the fund balance is not appropriable for expenditure or is legally segregated for a specific future use. The reserve for nonexpendable trust represents the principal amount and the reserve for expendable trust represents the earnings on the principal that may be used for care and maintenance of a grave site as stipulated by Addie Lindberg s last will and testament. The designated portion of unreserved fund balance for building and site represents the amount designated by the board for a potential new town hall. Note 7. Long Term Liabilities Business-type activities The Township entered into a contract with Lenawee County and Cambridge Township for the acquisition, construction and financing of the Cambridge/Franklin Sewage Disposal System, as established by the Lenawee County Board of Commissioners. s portion represents 52%, or $2,022,800, of the total $3,890,000 original bonds issued by Lenawee County, dated June 1, The interest rate varies between 4.5% and 7.5% per the bond schedule. The maturity date of these bonds is May 1, The schedule of long term liability activity follows: Sewer Fund share of the Lenawee County Sewage Disposal Bonds Series 1996 Balance April 1, 2013 $ 351,000 ncreases Decreases (96,200) Balance March 31, ,800 Less: current portion (117,000) Total due after one year $ 137,800 25

28 Notes to Financial Statements March 31, 2014 Note 7. Long Term Liabilities (Continued) Debt service requirements at March 31, 2014, were as follows: Year Ended March 31, Principal Interest Total ,000 8, , ,800 3, ,901 $ 254,800 $ 11,934 $ 266,734 Note 8. Risk Management The Township is exposed to various risks of loss related to property loss, torts, errors, omissions, and employee injuries (workers compensation). The Township is a member of the Michigan Township Participating Plan ( Plan ) to establish and administer a risk management program; to prevent or lessen the incidence and severity of casualty losses and to defend and protect against liability or loss. The Plan provides protection to the Township based on its selected risks, limits and deductibles. Any settled claims have not exceeded the limits of coverage in any of the past three years. Note 9. Pension Plan The Township provides pension benefits for elected officials through a defined contribution plan as authorized by IRS code section 401(b). The plan is through John Hancock, an insurance company, in connection with the Michigan Township Association. The contributions to the pension plan are invested in life insurance annuities. Officials are eligible to participate the first policy anniversary date after becoming employed are at least twenty-one (21) years old. Contributions to the plan are based on past service and level of income. Employees must contribute 25% of premium costs and the Township contributes the remaining 75%. The Township s pension expense for the year ended March 31, 2014 was $9,225 and participants contributed $3,075. The Township s pension expense for the year ended March 31, 2013 was $7,820 and participants contributed $2,

29 Required Supplementary Information 27

30 Lenawee County, Michigan Budgetary Comparison Schedule General Fund For the Year Ended March 31, 2014 Variance with Final Budget - Original Final Positive Revenues: Budget Budget Actual (Negative) Taxes: Property taxes $ 95,300 $ 95,300 $ 103,863 $ 8,563 Franchise fees 6,000 6,000 16,251 10,251 Licenses, permits and fees: Permits 17,000 17,000 14,147 (2,853) License fees (76) Other fees 1,000 1,000 4,405 3,405 Cemetery fees 5,500 5,500 11,305 5,805 Intergovernmental revenues: State sales tax 200, , ,675 39,675 Interest 1,500 1,500 3,411 1,911 Miscellaneous 38,500 38,500 56,918 18,418 Total revenues 365, , ,099 85,099 Expenditures: General Government: Township board 79,650 79,650 30,478 49,172 Supervisor 21,000 21,000 16,533 4,467 Clerk 26,500 27,658 21,847 5,811 Treasurer 31,500 34,177 28,595 5,582 Board of review 1,350 1,350 1, Assessor 30,000 30,000 26,994 3,006 Township hall 15,000 15,000 11,964 3,036 Election 5,000 5,000 1,900 3,100 Cemetery 18,000 32,516 32, Public Health and Safety: Building inspection 18,700 18,800 19,290 (490) Public Works: Roads and bridges 150, ,000 96,474 53,526 Drain at large 17,000 17,000 8,289 8,711 Street lighting 3,500 3,500 3, Community and Economic Development: Zoning 11,000 11,038 3,331 7,707 Planning 4,000 4,000 2,343 1,657 Other: Insurance 8,000 8,000 6,711 1,289 Fringe benefits and payroll taxes 7,000 7,000 6, Retirement 13,000 13,000 9,255 3,745 Capital outlay 4,084 (4,084) Total expenditures 460, , , ,731 Change in fund balance (95,200) (113,689) 119, ,830 Fund balance - beginning of year 559,211 Fund balance - end of year $ 678,352 28

31 Other Supplementary Information 29

32 Lenawee County, Michigan Combining Schedule of Fiduciary Funds Agency Funds March 31, 2014 Tax Collection Sand & Evans Lake Fathi/Schroeder Total Fund Weed Control Fund Assets: Cash $ 39,045 $ 12,324 $ 2,064 $ 53,433 $ 102,500 Total assets 39,045 12,324 2,064 53, ,500 Liabilities: Due to taxpayer 12,324 2,064 14,388 25,813 Due to other funds 3,512 3,512 1,734 Due to other governmental units 35,533 35,533 74,953 Total liabilities $ 39,045 $ 12,324 $ 2,064 $ 53,433 $ 102,500 30

33 Lenawee County, Michigan Schedule of Changes in Assets & Liabilities Tax Collection Fund March 31, 2014 Balance Balance April 1, 2013 Additions Deletions March 31, 2014 Assets: Cash $ 76,687 $ 4,294,013 $ 4,331,655 $ 39,045 Total assets 76,687 4,294,013 4,331,655 39,045 Liabilities: Due to other funds 1, , ,896 3,512 Due to other governmental units 74,953 3,924,665 4,148,759 35,533 Total liabilities $ 76,687 $ 4,109,339 $ 4,331,655 $ 39,045 31

34

35

36

37

38 September 24, 2014 To the Board of Trustees Lenawee County, Michigan I have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of (Township) for the year ended March 31, Professional standards require that I provide you with information about my responsibilities under generally accepted auditing standards (and, if applicable, Government Auditing Standards and OMB Circular A-133), as well as certain information related to the planned scope and timing of my audit. I have communicated such information in my letter to you dated May 21, Professional standards also require that I communicate to you the following information related to my audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for selection and use of appropriate accounting policies. The significant accounting policies used by the Township are described in Note 1 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the fiscal year. I noted no transactions entered into by the Township during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the Township s financial statements were: The estimated taxes receivable, estimated capital asset lives for depreciation and the estimated values used for the Township s capital assets upon the implementation of GASB Statement No. 34. Taxes receivable are estimated using the information available as of the date of the auditors report. Management s estimate of values used for the Township s capital assets is based upon either historical cost, if known, or the estimated fair value at the implementation of GASB Statement No. 34. I evaluated the key factors and assumptions used to develop accounts receivable, capital assets and the lives for depreciation in determining that they are reasonable in relation to the financial statements taken as a whole. Difficulties Encountered in Performing the Audit I encountered no significant difficulties in dealing with management in performing and completing my audit. Corrected and Uncorrected Misstatements Professional standards require me to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Management has corrected all such misstatements. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to the financial statements taken as a whole.

39 Page 2 To the Board of Trustees Lenawee County, Michigan Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to my satisfaction, that could be significant to the financial statements or the auditor s report. I am pleased to report that no such disagreements arose during the course of my audit. Management Representations I have requested certain representations from management that are included in the management representation letter dated September 24, Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a second opinion on certain situations. If a consultation involves application of an accounting principle to the governmental unit s financial statements or a determination of the type of auditor s opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To my knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues I generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Township s auditors. However, these discussions occurred in the normal course of our professional relationship and my responses were not a condition to my retention. Other Matters I applied certain limited procedures to the Management s Discussion and Analysis and Budgetary Comparison Schedules, which are required supplementary information (RSI) that supplements the basic financial statements. My procedures consisted of inquiries of management regarding the methods of preparing the information and comparing the information for consistency with management s responses to my inquiries, the basic financial statements, and other knowledge I obtained during my audit of the basic financial statements. I did not audit the RSI and do not express an opinion or provide any assurance on the RSI. I was engaged to report on the Combining Schedule of Fiduciary Funds and the Schedule of Changes in Assets and Liabilities for the Tax Collection fund, which accompany the financial statements but are not RSI. With respect to this supplementary information, I made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with accounting principles generally accepted in the United States of America, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to my audit of the financial statements. I compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statements or to the financial statements themselves. Restriction on Use This information is intended solely for the use of the Board of Trustees and management and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, Meredith A. Matthews, CPA

40 To the Board of Trustees Lenawee County, Michigan In planning and performing my audit of the financial statements of the governmental activities, the business-type activities, and each major fund of as of and for the year ended March 31, 2014, in accordance with auditing standards generally accepted in the United States of America, I considered s internal control over financial reporting (internal control) as a basis for designing my auditing procedures for the purpose of expressing my opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of s internal control. Accordingly, I do not express an opinion on the effectiveness of s internal control. My consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore material weaknesses or significant deficiencies may exist that were not identified. However, as discussed below, I identified certain deficiencies in internal control that I consider to be material weaknesses and other deficiencies that I consider to be significant deficiencies. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. I consider the following deficiencies in internal control over financial reporting to be material weaknesses: Preparation of Financial Statements in Accordance with GAAP Criteria: All Michigan governments are required to prepare financial statements in accordance with generally accepted accounting principles (GAAP). This is responsibility includes a requirement for internal control over both recording, processing and summarizing accounting data and reporting governmentwide and fund financial statements, including the related financial statement footnotes. Condition: The Township has historically relied upon its independent external auditors to assist in the preparation of the government-wide financial statements and footnotes. This reliance is an inadequate design of control over financial reporting, as external auditors should not be included in an entity s internal control process. Cause: Effect: The Township s determined that it is more cost effective to outsource the preparation of its financial statements to the external auditors than to internally develop the necessary expertise. As a result of this condition, there is a reasonable possibility that a material misstatement of the Township s financial statements would not be prevented, or detected and corrected on a timely basis due to the deficient design of internal control. Comment: The Township should continue to carefully review and approve the draft financial statements and accept responsibility for their content and presentation. Response: The Township agrees with this finding and agrees to carefully review and approve the draft financial statements and accept responsibility for their content and presentation.

LODI TOWNSHIP WASHTENAW COUNTY, MICHIGAN FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2016 WITH INDEPENDENT AUDITORS REPORT

LODI TOWNSHIP WASHTENAW COUNTY, MICHIGAN FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2016 WITH INDEPENDENT AUDITORS REPORT FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2016 WITH INDEPENDENT AUDITORS REPORT INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS PAGE NUMBER Management s Discussion and Analysis i v Independent Auditors Report

More information

LODI TOWNSHIP WASHTENAW COUNTY, MICHIGAN FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2014 WITH INDEPENDENT AUDITORS REPORT

LODI TOWNSHIP WASHTENAW COUNTY, MICHIGAN FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2014 WITH INDEPENDENT AUDITORS REPORT WASHTENAW COUNTY, MICHIGAN FINANCIAL STATEMENTS YEAR ENDED MARCH 31, 2014 WITH INDEPENDENT AUDITORS REPORT WASHTENAW COUNTY, MICHIGAN INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS PAGE NUMBER Management

More information

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS

TABLE OF CONTENTS. Page INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS VILLAGE OF BEAR LAKE, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED FEBRUARY 28, 2018 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL STATEMENTS Government-wide

More information

Charter Township of Bedford Calhoun County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2013

Charter Township of Bedford Calhoun County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2013 Calhoun County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2013 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-10 BASIC FINANCIAL STATEMENTS Government-wide

More information

BEDFORD TOWNSHIP Monroe County, Michigan

BEDFORD TOWNSHIP Monroe County, Michigan BEDFORD TOWNSHIP Monroe County, Michigan FINANCIAL STATEMENTS For The Year Ended June 30, 2016 BEDFORD TOWNSHIP Monroe County, Michigan FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2016 Bedford Township

More information

Jasper Township. Financial Statements March 31, 2016

Jasper Township. Financial Statements March 31, 2016 Financial Statements March 31, 2016 Table of Contents March 31, 2016 Independent Auditor s Report Management s Discussion and Analysis... I-IV Basic Financial Statements: Government-wide Financial Statements:

More information

Township of Atlas. Genesee County, Michigan. Annual Financial Statements and Auditors Report March 31, 2013

Township of Atlas. Genesee County, Michigan. Annual Financial Statements and Auditors Report March 31, 2013 Genesee County, Michigan Annual Financial Statements and Auditors Report March 31, 2013 Table of Contents Section Page 1 List of Elected Officials 1 1 2 Independent Auditors Report 2-1 3 Management's Discussion

More information

Township of Johnstown Barry County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2017

Township of Johnstown Barry County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2017 Barry County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2017 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-9 BASIC FINANCIAL STATEMENTS Government-wide

More information

Township of Algoma Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2018

Township of Algoma Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2018 Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2018 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-11 BASIC FINANCIAL STATEMENTS Government-wide

More information

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE , MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial Statements Government-wide

More information

TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018

TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018 TOWNSHIP OF TYRONE LIVINGSTON COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED MARCH 31, 2018 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 5 BASIC FINANCIAL

More information

Township of Riley St. Clair County, Michigan

Township of Riley St. Clair County, Michigan St. Clair County, Michigan Audited Financial Report March 31, 2015 KING & KING CPAS LLC Marlette - Imlay City - North Branch Michigan Annual Financial Report For The Fiscal Year Ended March 31, 2015 Table

More information

BEDFORD TOWNSHIP Monroe County, Michigan

BEDFORD TOWNSHIP Monroe County, Michigan BEDFORD TOWNSHIP Monroe County, Michigan FINANCIAL STATEMENTS For The Year Ended June 30, 2013 BEDFORD TOWNSHIP Monroe County, Michigan FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013 Bedford Township

More information

Charter Township of Texas Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2017

Charter Township of Texas Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2017 Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2017 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-10 BASIC FINANCIAL STATEMENTS Government-wide

More information

Village of Ashley. Financial Statements February 29, 2016

Village of Ashley. Financial Statements February 29, 2016 Financial Statements February 29, 2016 Table of Contents February 29, 2016 Independent Auditor s Report Management s Discussion and Analysis I - IV Basic Financial Statements: Government-wide Financial

More information

TOWN OF PLAINFIELD, CONNECTICUT

TOWN OF PLAINFIELD, CONNECTICUT FINANCIAL REPORT JUNE 30, 2009 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. COMPREHENSIVE ANNUAL FINANCIAL REPORT TABLE OF

More information

Township of Byron Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2014

Township of Byron Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2014 Kent County, Michigan FINANCIAL STATEMENTS Year ended March 31, 2014 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-11 BASIC FINANCIAL STATEMENTS Government-wide

More information

VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016

VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016 VILLAGE OF PIGEON PIGEON, MICHIGAN HURON COUNTY FINANCIAL REPORT FEBRUARY 29, 2016 REPORT OF INDEPENDENT AUDITORS MANAGEMENT S DISCUSSION AND ANALYSIS TABLE OF CONTENTS PAGE NUMBER i - iii iv x BASIC FINANCIAL

More information

CITY OF CARSON CITY, MICHIGAN

CITY OF CARSON CITY, MICHIGAN , MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC CPAs and Consultants TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial

More information

Township of Casco St. Clair County, Michigan

Township of Casco St. Clair County, Michigan St. Clair County, Michigan Audited Financial Report March 31, 2016 KING & KING CPAS LLC Marlette - Imlay City - North Branch Michigan Annual Financial Report Table of Contents Page Number I. Independent

More information

City of Grayling, Michigan

City of Grayling, Michigan BASIC FINANCIAL STATEMENTS June 30, 2016 CITY OF GRAYLING, MICHIGAN ORGANIZATION MEMBERS OF THE CITY COUNCIL MAYOR MAYOR PRO TEM COUNCILPERSON COUNCILPERSON COUNCILPERSON KARL SCHREINER HEIDI FARMER KARL

More information

Township of Riley St. Clair County, Michigan

Township of Riley St. Clair County, Michigan St. Clair County, Michigan Audited Financial Report March 31, 2017 KING & KING CPAS LLC Marlette - Imlay City Michigan Annual Financial Report Table of Contents Page Number I. Independent Auditor s Report...

More information

Fruitland Township Muskegon County, Michigan

Fruitland Township Muskegon County, Michigan Muskegon County, Michigan REPORT ON FINANCIAL STATEMENTS (with required supplementary information) March 31, 2017 TABLE OF CONTENTS Independent Auditor s Report... 1 Management s Discussion and Analysis...

More information

Charter Township of Oshtemo Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2014

Charter Township of Oshtemo Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2014 Kalamazoo County, Michigan FINANCIAL STATEMENTS Year ended December 31, 2014 CONTENTS Page INDEPENDENT AUDITORS REPORT 3 4 MANAGEMENT S DISCUSSION AND ANALYSIS 5 10 BASIC FINANCIAL STATEMENTS Government

More information

Township of Casco Allegan County, Michigan FINANCIAL STATEMENTS Year ended June 30, 2016

Township of Casco Allegan County, Michigan FINANCIAL STATEMENTS Year ended June 30, 2016 Allegan County, Michigan FINANCIAL STATEMENTS Year ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 3-4 MANAGEMENT S DISCUSSION AND ANALYSIS 5-9 BASIC FINANCIAL STATEMENTS: Government-wide

More information

TOWNSHIP OF DENVER ISABELLA COUNTY, MICHIGAN. Financial Statements. For the Year Ended March 31, 2016

TOWNSHIP OF DENVER ISABELLA COUNTY, MICHIGAN. Financial Statements. For the Year Ended March 31, 2016 TOWNSHIP OF DENVER ISABELLA COUNTY, MICHIGAN Financial Statements For the Year Ended March 31, 2016 SMITH & KLACZKIEWICZ, PC Certified Public Accountants Isabella County, Michigan Table of Contents Independent

More information

Audited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity

Audited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity Audited Financial Statements and Other Supplementary Information Town of Jay, Maine June 30, 2014 Proven Expertise and Integrity CONTENTS JUNE 30, 2014 INDEPENDENT AUDITORS' REPORT 1-3 PAGE MANAGEMENT

More information

CITY OF DRIGGS, IDAHO. Basic Financial Statements and Supplementary Information with Independent Auditors' Report

CITY OF DRIGGS, IDAHO. Basic Financial Statements and Supplementary Information with Independent Auditors' Report Basic Financial Statements and Supplementary Information with Independent Auditors' Report September 30, 2017 Table of Contents September 30, 2017 Independent Auditors Report... 1-3 Management s Discussion

More information

PLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2012

PLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2012 Arapahoe and Jefferson Counties, Colorado FINANCIAL STATEMENTS For the Year Ended December 31, 2012 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... I MANAGEMENT S DISCUSSION AND ANALYSIS....1 BASIC

More information

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

IRON RIVER TOWNSHIP. Financial Report With Supplemental Information Prepared in Accordance with GASB 34 MARCH 31, 2016 Financial Report With Supplemental Information Prepared in Accordance with GASB 34 1 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT... 4 MANAGEMENT S DISCUSSION AND ANALYSIS... 8 BASIC FINANCIAL STATEMENTS...

More information

TOWN OF SOUTH PALM BEACH, FLORIDA

TOWN OF SOUTH PALM BEACH, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED SEPTEMBER 30, 2009 PREPARED BY FINANCE DEPARTMENT TABLE OF CONTENTS Introductory Section Letter of Transmittal... i-iv Organizational Chart...v Certificate

More information

CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017

CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2017 TABLE OF CONTENTS ELECTED AND APPOINTED OFFICIALS 1 INDEPENDENT AUDITOR S REPORT 2 BASIC FINANCIAL STATEMENTS

More information

PLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2013

PLATTE CANYON WATER AND SANITATION DISTRICT Arapahoe and Jefferson Counties, Colorado. FINANCIAL STATEMENTS For the Year Ended December 31, 2013 Arapahoe and Jefferson Counties, Colorado FINANCIAL STATEMENTS For the Year Ended December 31, 2013 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... I MANAGEMENT S DISCUSSION AND ANALYSIS....1 BASIC

More information

TOWN OF YARMOUTH, MAINE. Annual Financial Report. For the year ended June 30, 2017

TOWN OF YARMOUTH, MAINE. Annual Financial Report. For the year ended June 30, 2017 Annual Financial Report For the year ended June 30, 2017 Annual Financial Report Year ended June 30, 2017 Table of Contents Statement Page Independent Auditor's Report 1-3 Management s Discussion and Analysis

More information

CITY OF HASTINGS, NEBRASKA FINANCIAL REPORT SEPTEMBER 30, 2014

CITY OF HASTINGS, NEBRASKA FINANCIAL REPORT SEPTEMBER 30, 2014 FINANCIAL REPORT SEPTEMBER 30, 2014 CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-3 Management's Discussion and Analysis 4-8 FINANCIAL STATEMENTS Statement of Net Position 9 Statement of Activities 10-11

More information

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015

CITY OF HEMPHILL, TEXAS ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED JUNE 30, 2015 Annual Financial Report For the Year Ended June 30, 2015 Table of Contents Page FINANCIAL SECTION Independent Auditor s Report... 1-3 Management

More information

CITY OF ROBERTA, GEORGIA INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS

CITY OF ROBERTA, GEORGIA INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS INDEPENDENT AUDITOR S REPORT AND FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS Page FINANCIAL

More information

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE

CITY OF EAST GRAND RAPIDS, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE , MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-8 Basic Financial Statements Government-wide

More information

CITY OF GARDINER, MAINE. Annual Financial Report. For the Fiscal Year Ended June 30, 2014

CITY OF GARDINER, MAINE. Annual Financial Report. For the Fiscal Year Ended June 30, 2014 CITY OF GARDINER, MAINE Annual Financial Report For the Fiscal Year Ended June 30, 2014 CITY OF GARDINER, MAINE Annual Financial Report For the Fiscal Year Ended June 30, 2014 Table of Contents Statements

More information

SALEM CITY CORPORATION FINANCIAL STATEMENTS

SALEM CITY CORPORATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014 TABLE OF CONTENTS Introductory Section: Page Letter of transmittal 3 Financial Section: Independent Auditors Report 7 Management Discussion and Analysis

More information

EASTLAND COUNTY, TEXAS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. September 30, 2016

EASTLAND COUNTY, TEXAS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. September 30, 2016 EASTLAND COUNTY, TEXAS FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT September 30, 2016 EASTLAND COUNTY, TEXAS CONTENTS September 30, 2016 Independent Auditors Report 1 Management s Discussion and

More information

City of Garden City, Michigan. Financial Report with Supplemental Information June 30, 2011

City of Garden City, Michigan. Financial Report with Supplemental Information June 30, 2011 Financial Report with Supplemental Information June 30, 2011 Contents Report Letter 1-2 Management's Discussion and Analysis 3-9 Basic Financial Statements Government-wide Financial Statements: Statement

More information

CITY OF ECORSE, MICHIGAN. Year Ended June 30, Financial Statements

CITY OF ECORSE, MICHIGAN. Year Ended June 30, Financial Statements Year Ended June 30, 2015 Financial Statements This page intentionally left blank. Table of Contents Financial Section Page Independent Auditors Report 1 Management s Discussion and Analysis 6 Basic Financial

More information

CITY OF PAHOKEE, FLORIDA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT THEREON

CITY OF PAHOKEE, FLORIDA FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT THEREON FINANCIAL STATEMENTS WITH INDEPENDENT AUDITOR S REPORT THEREON FISCAL YEAR ENDED SEPTEMBER 30, 2014 FINANCIAL STATEMENTS SEPTEMBER 30, 2014 TABLE OF CONTENTS Pages FINANCIAL SECTION Independent Auditor

More information

Town of Waterford, Maine

Town of Waterford, Maine Audited Financial Statements and Other Information Town of Waterford, Maine December 31, 2016 Proven Expertise and Integrity FINANCIAL STATEMENTS DECEMBER 31, 2016 CONTENTS PAGE INDEPENDENT AUDITORS REPORT

More information

CITY OF KEMPNER, TEXAS

CITY OF KEMPNER, TEXAS ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2017 TABLE OF CONTENTS FINANCIAL SECTION Page Independent Auditor s

More information

Audited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity

Audited Financial Statements and Other Supplementary Information. Town of Jay, Maine. June 30, Proven Expertise and Integrity Audited Financial Statements and Other Supplementary Information Town of Jay, Maine June 30, 2015 Proven Expertise and Integrity CONTENTS INDEPENDENT AUDITORS' REPORT 1-3 PAGE MANAGEMENT S DISCUSSION AND

More information

TOWNS COUNTY, GEORGIA HIAWASSEE, GEORGIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL MATERIAL FOR THE YEAR ENDED

TOWNS COUNTY, GEORGIA HIAWASSEE, GEORGIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL MATERIAL FOR THE YEAR ENDED HIAWASSEE, GEORGIA FINANCIAL STATEMENTS WITH SUPPLEMENTAL MATERIAL FOR THE YEAR ENDED DECEMBER 31, 2016 FINANCIAL STATEMENTS For the Year Ended December 31, 2016 PAGE INDEPENDENT AUDITOR'S REPORT 1-2 MANAGEMENT'S

More information

CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013

CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 CITY OF SKYLINE SKYLINE, MINNESOTA AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013 TABLE OF CONTENTS ELECTED AND APPOINTED OFFICIALS 1 INDEPENDENT AUDITOR S REPORT 2 BASIC FINANCIAL STATEMENTS

More information

Elk Grove Township Cook County, Illinois

Elk Grove Township Cook County, Illinois Elk Grove Township Cook County, Illinois Annual Financial Report Year Ended CONTENTS INDEPENDENT AUDITOR'S REPORT 1-2 MANAGEMENT'S DISCUSSION AND ANALYSIS 3-8 BASIC FINANCIAL STATEMENTS Government-Wide

More information

Audited Financial Statements and Required Supplementary Information. City of Perry. Year Ended June 30, 2016 with Report of Independent Auditors

Audited Financial Statements and Required Supplementary Information. City of Perry. Year Ended June 30, 2016 with Report of Independent Auditors Audited Financial Statements and Required Supplementary Information City of Perry Year Ended with Report of Independent Auditors Audited Financial Statements and Required Supplementary Information Year

More information

HASTINGS AREA SCHOOL SYSTEM FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION JUNE 30, 2011

HASTINGS AREA SCHOOL SYSTEM FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION JUNE 30, 2011 FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION JUNE 30, 2011 Hastings Area School System Contents Independent Auditor's Report 1-2 Administration's Discussion and Analysis 3-10 Basic Financial Statements

More information

Charter Township of Benton, Michigan. Financial Report with Supplemental Information December 31, 2011

Charter Township of Benton, Michigan. Financial Report with Supplemental Information December 31, 2011 , Michigan Financial Report with Supplemental Information Contents Report Letter 1-2 Management's Discussion and Analysis 3-7 Basic Financial Statements Government-wide Financial Statements: Statement

More information

SALEM CITY CORPORATION FINANCIAL STATEMENTS

SALEM CITY CORPORATION FINANCIAL STATEMENTS FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2016 ii Table of Contents Introductory Section Page Letter of transmittal... 3 Financial Section Independent Auditors Report... 7 Management Discussion

More information

Town of Chelsea, Maine

Town of Chelsea, Maine Audited Financial Statements Town of Chelsea, Maine June 30, 2016 Proven Expertise and Integrity CONTENTS JUNE 30, 2016 PAGE INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT S DISCUSSION AND ANALYSIS 4-11 BASIC

More information

Village of Eau Claire, Michigan. Financial Report with Supplemental Information February 29, 2016

Village of Eau Claire, Michigan. Financial Report with Supplemental Information February 29, 2016 Financial Report with Supplemental Information February 29, 2016 Contents Report Letter 1-2 Management's Discussion and Analysis 3-7 Basic Financial Statements Government-wide Financial Statements: Statement

More information

Independent Auditors Report. To the Board of Finance Town of East Haddam, Connecticut. Report on the Financial Statements

Independent Auditors Report. To the Board of Finance Town of East Haddam, Connecticut. Report on the Financial Statements 29 South Main Street P.O. Box 272000 West Hartford, CT 06127-2000 Tel 860.561.4000 Fax 860.521.9241 blumshapiro.com Independent Auditors Report To the Board of Finance Town of East Haddam, Connecticut

More information

CITY OF MARSHALL, ILLINOIS FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION. For the year ended April 30, 2015 and INDEPENDENT AUDITORS REPORT

CITY OF MARSHALL, ILLINOIS FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION. For the year ended April 30, 2015 and INDEPENDENT AUDITORS REPORT FINANCIAL STATEMENTS WITH ACCOMPANYING INFORMATION For the year ended April 30, 2015 and INDEPENDENT AUDITORS REPORT TABLE OF CONTENTS FINANCIAL SECTION: Page(s) Independent Auditors Report... 1-2 Management

More information

CHARTER TOWNSHIP OF PORTAGE HOUGHTON COUNTY, MICHIGAN. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional information)

CHARTER TOWNSHIP OF PORTAGE HOUGHTON COUNTY, MICHIGAN. REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional information) HOUGHTON COUNTY, MICHIGAN REPORT ON FINANCIAL STATEMENTS (with required supplementary and additional information) December 31, 2011 DECEMBER 31, 2011 ELECTED OFFICIALS Supervisor... Clerk... Treasurer...

More information

The Town of Summerdale Summerdale, Alabama

The Town of Summerdale Summerdale, Alabama The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2013 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.

More information

CHEYENNE COUNTY SCHOOL DISTRICT RE-5 Cheyenne Wells, Colorado. Financial Statements. For the Year Ended June 30, 2016

CHEYENNE COUNTY SCHOOL DISTRICT RE-5 Cheyenne Wells, Colorado. Financial Statements. For the Year Ended June 30, 2016 Financial Statements For the Year Ended June 30, 2016 TABLE OF CONTENTS June 30, 2016 Independent Auditor's Report Management Discussion and Analysis -------------------------------------------------------------------------

More information

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT

TOWN OF ASHFORD, CONNECTICUT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT BASIC FINANCIAL STATEMENTS, SUPPLEMENTARY INFORMATION, AND INDEPENDENT AUDITOR S REPORT JUNE 30, 2014 Contents Page Independent Auditor s Report 1 Management s Discussion and Analysis (Unaudited) 3 Basic

More information

Town of Waterford, Maine

Town of Waterford, Maine Audited Financial Statements and Other Financial Information Town of Waterford, Maine December 31, 2017 Proven Expertise and Integrity FINANCIAL STATEMENTS DECEMBER 31, 2017 CONTENTS PAGE INDEPENDENT AUDITORS

More information

CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017

CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 , CALIFORNIA FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED JUNE 30, 2017 PREPARED BY: THE CITY OF ROLLING HILLS, CALIFORNIA FINANCIAL SERVICES DEPARTMENT THIS PAGE INTENTIONALLY LEFT BLANK FINANCIAL STATEMENTS

More information

CITY OF CHILTON, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2012

CITY OF CHILTON, WISCONSIN ANNUAL FINANCIAL REPORT DECEMBER 31, 2012 ANNUAL FINANCIAL REPORT DECEMBER 31, 2012 December 31, 2012 Table of Contents Page No. INDEPENDENT AUDITORS REPORT 1-2 MANAGEMENT S DISCUSSION AND ANALYSIS 3-8 GOVERNMENT-WIDE FINANCIAL STATEMENTS Statement

More information

VILLAGE OF EL PORTAL, FLORIDA BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016

VILLAGE OF EL PORTAL, FLORIDA BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2016 ` VILLAGE OF EL PORTAL, FLORIDA BASIC FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1-2 PAGE MANAGEMENT S DISCUSSION AND ANALYSIS (Unaudited) 3-11 BASIC FINANCIAL

More information

Bellevue Community Schools

Bellevue Community Schools FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT Year Ended Table of Contents INDEPENDENT AUDITOR'S REPORT 1 ADMINISTRATION'S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS Government-Wide Financial

More information

WOODS CROSS CITY CORPORATION FINANCIAL STATEMENTS. For The Year Ended June 30, Together With Independent Auditor s Report

WOODS CROSS CITY CORPORATION FINANCIAL STATEMENTS. For The Year Ended June 30, Together With Independent Auditor s Report CORPORATION FINANCIAL STATEMENTS For The Year Ended June 30, 2017 Together With Independent Auditor s Report Financial Section: WOODS CROSS CITY TABLE OF CONTENTS Independent Auditor s Report... 1 Management

More information

THE COMMISSIONERS OF LEONARDTOWN LEONARDTOWN, MARYLAND FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. For the Year Ended June 30, 2018

THE COMMISSIONERS OF LEONARDTOWN LEONARDTOWN, MARYLAND FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT. For the Year Ended June 30, 2018 LEONARDTOWN, MARYLAND FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT For the Year Ended Table of Contents Page Number INDEPENDENT AUDITORS REPORT 1-3 MANAGEMENT S DISCUSSION AND ANALYSIS 4-13 FINANCIAL

More information

City of Pine City, Minnesota BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2016

City of Pine City, Minnesota BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2016 BASIC FINANCIAL STATEMENTS For the Year Ended December 31, 2016 TABLE OF CONTENTS REFERENCE PAGE INTRODUCTORY SECTION Organization 3 FINANCIAL SECTION Independent Auditor's Report 7 Management's Discussion

More information

FINANCIAL REPORT SEPTEMBER 30, 2012

FINANCIAL REPORT SEPTEMBER 30, 2012 CITY OF HASTINGS, NEBRASKA FINANCIAL REPORT SEPTEMBER 30, 2012 CONTENTS Page INDEPENDENT AUDITOR'S REPORT 1-2 Management's Discussion and Analysis 3-7 FINANCIAL STATEMENTS Statement of net assets 8 Statement

More information

AUDITED FINANCIAL STATEMENTS

AUDITED FINANCIAL STATEMENTS VILLAGE OF JACKSON AUDITED FINANCIAL STATEMENTS DECEMBER 31, 2016 James R. Frechette CERTIFIED PUBLIC ACCOUNTANT TABLE OF CONTENTS Table of Contents Page Independent Auditor s Report 1-2 Basic Financial

More information

Belding Area Schools. Financial Statements With Supplemental Information June 30, 2018

Belding Area Schools. Financial Statements With Supplemental Information June 30, 2018 Financial Statements With Supplemental Information Contents Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-9 Basic Financial Statements Government - Wide Financial Statements:

More information

G R A CITY OF MARENGO, ILLINOIS. Accounting Auditing Consulting. N. Walkup Ave. Crystal Lake, IL T: GRA-CPA.COM

G R A CITY OF MARENGO, ILLINOIS. Accounting Auditing Consulting. N. Walkup Ave. Crystal Lake, IL T: GRA-CPA.COM G R A 44 N. Walkup Ave. Crystal Lake, IL 60014 T: 815-459-0700 GRA-CPA.COM Accounting Auditing Consulting CITY OF MARENGO, ILLINOIS Annual Financial Report For the CONTENTS Independent Auditors' Report

More information

Town of Wellington, Colorado. Financial Statements and Supplementary Information For the Year Ended December 31, 2017

Town of Wellington, Colorado. Financial Statements and Supplementary Information For the Year Ended December 31, 2017 , Colorado Financial Statements and Supplementary Information For the Year Ended December 31, 2017 < Contents Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-15 Basic Financial

More information

CITY OF BRONTE Annual Financial Report Year Ended September 30, 2017 TABLE OF CONTENTS

CITY OF BRONTE Annual Financial Report Year Ended September 30, 2017 TABLE OF CONTENTS Annual Financial Report Year Ended September 30, 2017 TABLE OF CONTENTS Page FINANCIAL SECTION Independent Auditor s Report... 12 Management s Discussion and Analysis... 37 Basic Financial Statements GovernmentWide

More information

CHARTER TOWNSHIP OF PORTAGE HOUGHTON COUNTY, MICHIGAN. FINANCIAL REPORT with Supplemental Information. December 31, 2013

CHARTER TOWNSHIP OF PORTAGE HOUGHTON COUNTY, MICHIGAN. FINANCIAL REPORT with Supplemental Information. December 31, 2013 HOUGHTON COUNTY, MICHIGAN FINANCIAL REPORT with Supplemental Information December 31, 2013 DECEMBER 31, 2013 ELECTED OFFICIALS Supervisor... Clerk... Treasurer... Trustee... Trustee... Trustee... Trustee...

More information

City of Fraser Macomb County, Michigan FINANCIAL STATEMENTS. June 30, 2016

City of Fraser Macomb County, Michigan FINANCIAL STATEMENTS. June 30, 2016 Macomb County, Michigan FINANCIAL STATEMENTS TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT MANAGEMENT S DISCUSSION AND ANALYSIS i-ii iii-vii BASIC FINANCIAL STATEMENTS Government-wide Financial Statements

More information

TOWN OF SHARON FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES. Year Ended June 30, 2011

TOWN OF SHARON FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES. Year Ended June 30, 2011 FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES Year Ended June 30, 2011 BAUDE & ROLFE, P.C. CERTIFIED PUBLIC ACCOUNTANTS 35 Huntington Street New London, CT 06320 TABLE OF CONTENTS INDEPENDENT AUDITOR

More information

CHARTER TOWNSHIP OF COMMERCE OAKLAND COUNTY, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 AND INDEPENDENT AUDITORS REPORT

CHARTER TOWNSHIP OF COMMERCE OAKLAND COUNTY, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 AND INDEPENDENT AUDITORS REPORT OAKLAND COUNTY, MICHIGAN FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 AND INDEPENDENT AUDITORS REPORT C O N T E N T S PAGE INDEPENDENT AUDITORS REPORT 1-2 MANAGEMENT'S DISCUSSION AND ANALYSIS

More information

TOWN OF LEE, MASSACHUSETTS. Financial Statements and Supplementary Information. June 30, Independent Auditors' Report 3-4

TOWN OF LEE, MASSACHUSETTS. Financial Statements and Supplementary Information. June 30, Independent Auditors' Report 3-4 TOWN OF LEE, MASSACHUSETTS Financial Statements and Supplementary Information June 30, 2016 Independent Auditors' Report 3-4 Management s Discussion and Analysis 5 Government-Wide Financial Statements

More information

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016

GAYLORD COMMUNITY SCHOOLS GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016 GAYLORD, MICHIGAN FINANCIAL STATEMENTS JUNE 30, 2016 TABLE OF CONTENTS Independent Auditor's Report 1-3 Management's Discussion and Analysis 4-11 Basic Financial Statements District-wide Financial Statements

More information

VILLAGE OF ISLAND LAKE, ILLINOIS ANNUAL FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION

VILLAGE OF ISLAND LAKE, ILLINOIS ANNUAL FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION ANNUAL FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION YEAR ENDED APRIL 30, 2014 CONTENTS Pages Independent Auditor s Report 1-2 Management s Discussion and Analysis 3-7 Basic Financial Statements: Government-wide

More information

G R A CITY OF MARENGO, ILLINOIS. Accounting Auditing Consulting. N. Walkup Ave. Crystal Lake, IL T: GRA-CPA.COM

G R A CITY OF MARENGO, ILLINOIS. Accounting Auditing Consulting. N. Walkup Ave. Crystal Lake, IL T: GRA-CPA.COM G R A 44 N. Walkup Ave. Crystal Lake, IL 60014 T: 815-459-0700 GRA-CPA.COM Accounting Auditing Consulting CITY OF MARENGO, ILLINOIS Annual Financial Report For the CONTENTS Independent Auditors' Report

More information

TOWNSHIP OF RILEY St. Clair County, Michigan FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION. Year Ended March 31, 2013

TOWNSHIP OF RILEY St. Clair County, Michigan FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION. Year Ended March 31, 2013 FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION Year Ended March 31, 2013 TABLE OF CONTENTS Independent Auditors Report 1 Management s Discussion and Analysis 2-4 Basic Financial Statements: Government-wide

More information

CITY OF FITCHBURG, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2016

CITY OF FITCHBURG, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2016 CITY OF FITCHBURG, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2016 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 4 BASIC FINANCIAL

More information

CITY OF SULLIVAN CITY AUDITED ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2016

CITY OF SULLIVAN CITY AUDITED ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2016 CITY OF SULLIVAN CITY AUDITED ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED SEPTEMBER 30, 2016 City of Sullivan City Annual Financial Report For the Year Ended September 30, 2016 Table of Contents Page Principal

More information

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016

City of Tombstone, Arizona Financial Statements. Year Ended June 30, 2016 City of Tombstone, Arizona Financial Statements Year Ended June 30, 2016 CONTENTS Page INDEPENDENT AUDITOR S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) (Required Supplementary Information) 5

More information

CITY OF ROSEBUD, TEXAS FINANCIAL STATEMENTS AS OF

CITY OF ROSEBUD, TEXAS FINANCIAL STATEMENTS AS OF FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2013 TOGETHER WITH INDEPENDENT AUDITORS REPORT THEREON AND SUPPLEMENTARY INFORMATION Prepared by: Donald L. Allman, CPA Certified Public Accountant 205 E. University

More information

LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012

LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012 LEVY COUNTY, FLORIDA AUDIT REPORT SEPTEMBER 30, 2012 Levy County, Florida Audit Report September 30, 2012 Table of Contents Page INDEPENDENT AUDITOR S REPORT... i MANAGEMENT S DISCUSSION AND ANALYSIS...

More information

LEE COUNTY SCHOOL DISTRICT BISHOPVILLE, SOUTH CAROLINA

LEE COUNTY SCHOOL DISTRICT BISHOPVILLE, SOUTH CAROLINA BISHOPVILLE, SOUTH CAROLINA BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION FISCAL YEAR ENDED JUNE 30, 2013 TABLE OF CONTENTS JUNE 30, 2013 FINANCIAL SECTION: PAGE Independent Auditor s Report...

More information

Roosevelt City Corporation Duchesne County, Utah

Roosevelt City Corporation Duchesne County, Utah Duchesne County, Utah ANNUAL FINANCIAL REPORT For the Year Ended TABLE OF CONTENTS Beginning on page INDEPENDENT AUDITORS' REPORT 1 MANAGEMENT'S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS 13

More information

Town of Ogunquit, Maine

Town of Ogunquit, Maine Audited Financial Statements and Other Financial Information Town of Ogunquit, Maine June 30, 2017 Proven Expertise and Integrity CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1-3 MANAGEMENT S DISCUSSION

More information

DEPARTMENT OF TREASURY Andy Dillon, State Treasurer

DEPARTMENT OF TREASURY Andy Dillon, State Treasurer STATE OF MICHIGAN Rick Snyder, Governor DEPARTMENT OF TREASURY Andy Dillon, State Treasurer Report on Financial Statements VILLAGE OF CHESANING February 2013 Local Audit and Finance Division Bureau of

More information

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2011

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2011 CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2011 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:

More information

DEPARTMENT OF TREASURY Nick A. Khouri, State Treasurer

DEPARTMENT OF TREASURY Nick A. Khouri, State Treasurer STATE OF MICHIGAN Rick Snyder, Governor DEPARTMENT OF TREASURY Nick A. Khouri, State Treasurer Report on Financial Statements VILLAGE OF CHESANING COUNTY OF SAGINAW February 2016 (Revised) Local Government

More information

Bellevue Community Schools

Bellevue Community Schools FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT Year Ended Table of Contents INDEPENDENT AUDITOR'S REPORT 1 ADMINISTRATION'S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS Government-Wide Financial

More information

CITY OF DURAND, MICHIGAN

CITY OF DURAND, MICHIGAN ANNUAL FINANCIAL REPORT with Supplementary Information FOR THE YEAR ENDED JUNE 30, 2016 TABLE OF CONTENTS JUNE 30, 2016 Page Number Independent Auditor's Report 1 Management s Discussion and Analysis 3

More information

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2009

CITY OF HOLYOKE, MASSACHUSETTS. Annual Financial Statements. For the Year Ended June 30, 2009 CITY OF HOLYOKE, MASSACHUSETTS Annual Financial Statements For the Year Ended June 30, 2009 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS:

More information

WALKERVILLE PUBLIC SCHOOLS WALKERVILLE, MICHIGAN

WALKERVILLE PUBLIC SCHOOLS WALKERVILLE, MICHIGAN WALKERVILLE, MICHIGAN FINANCIAL STATEMENTS Vredeveld Haefner LLC CPAs and Consultants TABLE OF CONTENTS FINANCIAL SECTION PAGE Independent Auditors Report 1-2 Management s Discussion and Analysis 3-7 Basic

More information